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Insurance Premiums...A Few Simple Changes Can Save BIG Dollars!
Posted by V.K. [Mel] Melhado P.A. on Saturday, May 5th, 2007 at 5:49am.Insurance premiums are going through the roof, and while the legislators in Tallahassee seem in a quandary as to what to do, we are saddled with rocketing costs. It is our choice to live in a coastal area of Naples, Florida, but still do we have tyo be so heavily penalized for it?
There are some things that we, as homeowners can do to help in holding down the cost. Certainly the first thing is to make sure that you are insuring your dwelling only and not the market value of the property. It sounds simple enough, but there are many people that I have recently talked with that have not looked at their policies in years and have no idea of what they are actually paying for, never mind insuring.
It always is advisable to purchase both your homeowners policy from the same company that you are buying your auto insurance from. Many times you will save a bit that way!
With regard to your homeowners policy, another area where you can cut your cost is your deductible. I would do what I have done and take out the highest deductible allowable that you can afford. For example, if you get a quote on a $5,000 or $2,500 deductible versus a $500 deductible, you will find the annual savings quite dramatic.
A little known fact is the type and breed of dog you own residing in your home can effect your insurance rate. Insurance companies, in many cases, are now raising rates for Pit Bull owners, since historically the owners have a higher rate of liability claims against them.
A few changes here and there with your policy can make a world of difference, while we wait for relief from our legislators!
V.K. [Mel] Melhado PA
Downing-Frye Realty, Inc.
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