It may come as a surprise to many homeowners, but you may be able to substantially reduce your homeowner’s property insurance premiums by just looking through the provisions of your policy. Specifically, most homeowner’s insurance policies set forth numerous premium “credits” for which you can qualify based upon the age and condition of your home. These available credits are usually listed in the documents you receive along with your annual policy renewal – you know, the stuff you never read and immediately throw away.
For instance, you may be entitled to a substantial premium discount if your roof has wind mitigation straps. These straps literally “tie” your roof to your exterior walls and may help avoid the structural failure of your roof and walls during a high wind event. If your home was built after 2002 or if your roof has been recently replaced, your home most likely has these straps as the use of such was mandated after the building code was amended in 2002. You should hire a wind mitigation specialist to do an inspection and to determine whether your roof has these wind mitigation straps and whether you qualify for any other premium discounts. These inspections usually cost between $75.00 to $100.00 – a small investment considering the reduction in premiums you may be able to obtain.
As with many things, the devil is in the details, and this process will require that you take the time to read the onerous and often-times purposefully confusing provisions of your insurance policy – but you may be able to save several hundred dollars (every year!) in homeowner’s insurance premiums. Better in your pocket than in your insurance company’s wallet! As always, should you have any questions regarding your insurance policy, please feel free to give our office a call.