Maximizing Savings: Tricks to Lower Insurance Premiums

Maximizing Savings: Tricks to Lower Insurance Premiums

Florida’s Chief Financial Officer Jimmy Patronis told on Friday that if you can prove you’ve made specific home modifications, your insurance company is required by law to cut your price.

He thinks conducting little research can help you save money on insurance.

“We used to go to the Yellow Pages but go Google, find other agents in your market, and get a different set of quotes from other carriers that may be different from what your agent has available,” he stated.

Patronis advocates making it a practice to check on your insurance policy.

“Call your insurance agent and I would, I would suggest you call them at least every year,” he said.

He claims that inflation makes it vital to examine your deductible because it will cost more to rebuild your home or repair your car.

“If you’ve got the ability to raise that deductible higher, you raise your deductible. If an accident happens, then you’re going to have more out-of-pocket expenses at the time of the claim. So, if you then just set aside more money in your savings account to be prepared for that,” Patronis suggested.

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You could get aid from the My Safe Florida Home program.

“We’re going to prioritize seniors and low-income when it comes to having access up to $10,000 and that’s the form of a grant. That means its free money, but you’re about to go make improvements on your house, either replacing your windows with impact Windows, replacing your doors with impact doors, maybe replacing your roof,” he continued.

He claims that the average person saw their premiums drop by $1,000 per year. The program starts on July 1st.

Patronis thinks you can save money by removing things like rental car insurance and roadside assistance from your insurance coverage.

If you want to make sure you’re working with a reputable organization rather than a fraudster, he also stated that insurance companies in Florida must have a physical site.

“Kind of a rule of thumb, if there’s an office in your market, that means they’re probably a pretty reputable operation to go to. But again, if you’ve ever got a question regarding insurance, call us at 1-877-myFLCFO. This is what we do. Our Consumer Service division. They’re very good at what they do and holding people’s hand through any insurance issue that they may run into,” he said.

Reference