Orlando, Florida Local News
Paying high home insurance prices in Florida? Here’s how experts say you can save some money
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Hurricane season starts June 1, but Karen Harris’ current home insurance policy won’t cover her house near downtown Orlando beyond the first month of what’s shaping up to be a busy season. “I got my notice last fall that Farmers would be dropping me at the end of this term, so July, I’ll be out of luck,” Harris said. Her situation, unfortunately, is not uncommon for Central Florida homeowners who have been navigating the state’s home insurance crisis for more than four years.”It’s getting to where people are going to not have insurance or have to move,” Harris said. Although WESH 2 Investigates has reported this year on some promising trends like fewer citizens policies and more insurance companies operating in Florida, homeowners across the state are still paying about four times more than the national average to insure their homes.In the Orlando area, Insurify estimates that the average homeowner pays $5,700 a year and could spend more than $6,000 by the end of the year. For years, industry experts said Florida homeowners could save money on their premiums by shopping around and comparing policies, but there are other ways to reduce costs. Chase Gardner is Insurify’s data insights manager and says homeowners can save money by making improvements to strengthen their homes against severe weather. “Insurance companies will see that, and they will recognize that that makes your home more resistant to storm damage and they should give you a discount on your premium for having those features in place,” Gardner said. Not only could home improvements help save you money on your insurance premium, but you could get money from the state to make those changes.Under the My Safe Florida Home program, homeowners can apply for a free inspection, which will detail any necessary improvements.If you make the recommended upgrade, you can then apply for a grant from the state, which covers two-thirds of the project cost up to $10,000.Raising policy deductibles may also help save money.”It’s definitely an option for homeowners who maybe feel more secure that they could raise that deductible in a way that they feel financially safe with that,” Gardner said.Until the market calms down, Harris plans to find another company to insure her home.”About six weeks out, I’ll start calling around,” she said. “I’m just going to go with the cheapest.” Have your insurance rates gone down over the past few years? WESH 2 Investigates wants to hear from you. Email Investigates@wesh.com.
Hurricane season starts June 1, but Karen Harris’ current home insurance policy won’t cover her house near downtown Orlando beyond the first month of what’s shaping up to be a busy season.
“I got my notice last fall that Farmers would be dropping me at the end of this term, so July, I’ll be out of luck,” Harris said.
Her situation, unfortunately, is not uncommon for Central Florida homeowners who have been navigating the state’s home insurance crisis for more than four years.
“It’s getting to where people are going to not have insurance or have to move,” Harris said.
Although WESH 2 Investigates has reported this year on some promising trends like fewer citizens policies and more insurance companies operating in Florida, homeowners across the state are still paying about four times more than the national average to insure their homes.
In the Orlando area, Insurify estimates that the average homeowner pays $5,700 a year and could spend more than $6,000 by the end of the year.
For years, industry experts said Florida homeowners could save money on their premiums by shopping around and comparing policies, but there are other ways to reduce costs.
Chase Gardner is Insurify’s data insights manager and says homeowners can save money by making improvements to strengthen their homes against severe weather.
“Insurance companies will see that, and they will recognize that that makes your home more resistant to storm damage and they should give you a discount on your premium for having those features in place,” Gardner said.
Not only could home improvements help save you money on your insurance premium, but you could get money from the state to make those changes.
Under the My Safe Florida Home program, homeowners can apply for a free inspection, which will detail any necessary improvements.
If you make the recommended upgrade, you can then apply for a grant from the state, which covers two-thirds of the project cost up to $10,000.
Raising policy deductibles may also help save money.
“It’s definitely an option for homeowners who maybe feel more secure that they could raise that deductible in a way that they feel financially safe with that,” Gardner said.
Until the market calms down, Harris plans to find another company to insure her home.
“About six weeks out, I’ll start calling around,” she said. “I’m just going to go with the cheapest.”
Have your insurance rates gone down over the past few years? WESH 2 Investigates wants to hear from you. Email Investigates@wesh.com.
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