Many people I’ve talked to lately are frustrated by the increasing costs of insurance, and rightly so.  This has crept up over the past few years and have impacted mortgage payments and tightened expenses for other things.  Here are three things you can do now to try to reduce, or get the best deal on your insurance:

1. Get a Wind Mitigation report. Contact your property inspector to get a Wind Mitigation report done and send it to your insurance company to get the discount added to your rate. If you have a new roof installed or are thinking about it, this report does not come with your roof as it cannot be done by a roofer.  This report has to be done by a licensed home inspector, or if you are already renovating, your general contractor can provide it.  It is a questionnaire they fill out which covers several items, including the shape of roof, decking, thickness, impact rated windows and doors, inside attic, etc. The number one discount associated with this is hurricane clips/straps (roof to wall attachment), which was brought into the building code in 2002, and some homes may have had these installed pre the building code update. A contractor can repair your roof to wall attachments to add a third nail, and this hurricane clip update may save you around 40% on your annual insurance. Clips or straps can be also added on older homes. A wind mitigation report generally costs around $150.
2. Ask your insurance company about what the Assumptions on your home are. Insurance companies may adjust your premium as they have made assumptions about what is in the home, the age of the roof, overhanging trees etc.  They have not seen your house but may have had someone drive by. Regardless they may have made assumptions without knowing what your repairs might have been.  By asking what these are you may be able to prove updates and be eligible for a reduction.  This can easily and without question can be fixed by doing a Four Point Inspection and getting this report to your insurance agent.
3. Keep documentation of every update you have made to be ready to provide to the insurance company i.e: roof updates, water heater, air conditioning, etc.

Do you have other ways of getting your premiums down?  Tell me about it so I can share with others!  mindy@investwithmindy.com