Few people know that they could be eligible for significant savings on the rate they pay for homeowners insurance. The fact is many qualify for discounted rates because of unique construction methods that make their homes more resistant to wind damage. Let’s take a look at exactly what homeowners can do to lower their premiums.
According to Florida Statute 627.0629, insurance companies are required to offer homeowners “discounts, credits, or other rate differentials…” for particular construction techniques that help to reduce wind damage caused by hurricanes, tropical storms and other extreme weather claims. Typically, the windstorm portion of your policy accounts for 15% to 70% of your total premium. This depends on where you live in the state. Your home has wind resistive features and these are what qualify you for the expected savings. In some cases, this can total 45% of the original policy’s premium. Since the destruction caused by Hurricane Andrew in 1992 and the powerful 2004 storms, the state of Florida has looked for ways to incentivize homeowners to ensure that their homes are adequately equipped to withstand extreme weather. This enables insurance companies to reduce their exposure in the event of a catastrophic strike to the state. By insuring more secure, less damage-susceptible homes, these companies can protect themselves while homeowners enjoy a significant reduction in their insurance premium.
To qualify for these savings, homeowners should have a qualified inspector who meets the minimum qualifications as set by law and the Florida Office of Insurance Regulation perform a wind mitigation inspection. This inspection identifies all of the wind resistive features used in the construction of your home. Single family homes, multi-family & commercial buildings, condominiums, and townhomes are all eligible for wind mitigation savings. The three main factors that determine a home’s eligibility are: the amount of wind resistive features, the location of the home and the value of the property. The shape of your roof, reinforced roof decking and shingle attachment method also help determine whether you are eligible for discounts. An inspector will evaluate the wind-mitigating characteristics of your home. Following an inspection, they will offer recommendations for any improvements or repairs the property owner can make to their roof or on their home to enhance its strength against windstorm damage. The report is then submitted to your insurance company who will determine the amount of premium reduction, which can be anywhere from a few hundred dollars to over $1000 annually.
The inspection usually takes no more than an hour and if you qualify for a discount your insurance company should issue you a check within 3-6 weeks. Make sure that the Jacksonville roofing company that you choose to perform the recommended improvements is fully licensed and BBB accredited. StormForce of Jacksonville maintains a list of professional wind mitigation inspectors for you to choose from with no absolutely obligation.