Florida consumers see relief in auto, homeowners insurance costs

SARASOTA, Fla. (WWSB) – Florida consumers may be starting to see some relief in auto and homeowners insurance costs.

Mark Friedlander, senior director of media relations for the Insurance Information Institute, said legislative reforms aimed at legal system abuse and claim fraud have helped lead to more competition and better average insurance pricing across the state.

Friedlander said some insurers are already announcing savings for Florida customers. He said USAA recently announced nearly $1 billion in combined savings and returns to eligible Florida members, including a $500 million dividend.

But consumers may not have to wait for lower average rates to find savings.

Friedlander said one of the most common ways drivers and homeowners can reduce costs is by bundling home and auto insurance with the same company. He said that can generate savings of up to 25% on both policies, depending on the insurer and coverage.

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Other bundling options may also be available. Friedlander said some companies offer discounts for combining auto insurance with renters insurance, recreational vehicle coverage, umbrella insurance, life insurance or even pet insurance.

There is one challenge in Florida. Friedlander said some regional home insurers do not write other types of coverage, which could limit bundling options for some customers.

Drivers may also qualify for discounts by paying their premium in full, choosing electronic billing, insuring multiple vehicles, maintaining a safe driving record or qualifying for a good student discount.

Additional discounts may be available for seniors who complete a state-approved defensive driving course, active-duty military members, veterans, federal government employees, teachers, alumni groups and professional organizations.

Another option is usage-based insurance.

Friedlander said drivers who sign up for a telematics program may be able to save money by allowing their insurer to track driving habits. Those programs often consider factors such as mileage, braking, speed and the time of day a person drives.

Homeowners may also be able to lower their premiums by adding safety and security features.

Friedlander said protective devices such as fire alarms, indoor sprinklers, carbon monoxide detectors, deadbolts and burglar alarms can lead to discounts. Smart home technology may also help, including monitored systems, smart locks and water leak sensors.

Storm protection can make a difference, too.

Friedlander said homeowners who make their properties more resilient to windstorms, such as upgrading a roof to FORTIFIED standards, can generate a premium discount. He said that discount is required under Florida regulations.

Consumers can check their insurer’s website or contact their insurance agent to find out which discounts they qualify for.More information on ways to save on auto and home insurance is available from Triple-I:

https://www.iii.org/article/nine-ways-to-lower-your-auto-insurance-costs

https://www.iii.org/article/how-to-save-money-on-your-homeowners-insurance

More information is also available from Triple-I at iii.org.