Homeowners insurance rates in Florida are going nowhere but up, at least that’s the way it’s been in recent years. While there is hope for some market relief due to legislative reforms, any change will be slow coming. Whether you live in a state with some of the most expensive premiums in the country (ahem, that’s us, Florida) or elsewhere, it’s a best practice to routinely review your insurance coverage and shop around for better rates. But just how frequently should you shop around for coverage? Here are some suggestions.
How Often Should You Review Your Insurance Policy?
Typically, we recommend that homeowners shop around for insurance coverage at least once a year – but every six months is better if you have the time. However, certain situations might warrant shopping around more frequently.
- At renewal time – Most policies are renewed annually, and this is the perfect time to review your coverage, check for any changes in rates, and see if you can get better deals elsewhere. Insurers often adjust premiums based on various factors, such as market conditions, claims history, or changes in your property’s value. By comparing quotes at renewal, you can ensure you’re not overpaying.
- After significant life changes – If you’ve made substantial changes to your home, such as renovations, adding a swimming pool, or upgrading your roof, your coverage needs may have shifted. Major life events like buying a second property, refinancing your mortgage, or improving your credit score may also affect your insurance rates. After these events, it’s a good time to shop around and make sure your coverage reflects your new circumstances.
- Following premium increases – If you’ve been stiffed with an increase in your insurance premium without any corresponding changes to your property or coverage, start shopping for a better rate. Reach out to an insurance broker if you need help comparing coverage and finding the best deal.
- After legislative or regulatory changes – Florida’s insurance laws and regulations can change rapidly. Legislative reforms, like those aimed at reducing fraudulent claims and litigation costs, can impact insurance rates. After major regulatory updates, shopping around could reveal new opportunities for savings.
Reviewing your policy and shopping around regularly for homeowner insurance can help you save money and ensure you are adequately protected. Although it requires some effort, your pocketbook will thank you and you can feel confident you have the right level of coverage for your needs. Contact us today to learn more about how we can assist you with insurance disputes, claims, or questions about your coverage in Florida.
