Cracking the Code to Cheaper Homeowners Insurance in Florida
Wind Mitigation Inspections
Florida homeowners are in a bit of a bind. The current insurance predicament has caused rates to climb and coverage/insurance company options to shrink. Many are left figuring out how to protect their homes without stretching their budgets too thin. Some homeowners are only left with options that are outright unaffordable. However, there's an often understated solution: wind mitigation inspections.
Why? A Practical Investment
Homeowners, take note. A wind mitigation inspection (often shortened to ‘Wind Mit’), while costing you upfront anywhere from $75 to $200, can yield annual insurance discounts anywhere from a few dollars to a whopping few thousand. Best part? This discount sticks with you for five years.
Do the math. If you spend $200 on an inspection and it slices off $200 from your yearly premium, you've already balanced your books in year one. Over five years, that's a net saving of $800. Now, if your annual discount leaps to $1,000, that's a stellar $4,800 saved over the five-year period.
Is this a guaranteed discount? Frankly, no. But the chances are high. Out of my last five clients who didn’t already have a Wind Mit, four of them were able to save significant amounts of money on their homeowners, $749 on average (the fifth, unfortunately, saw marginal savings). Still, those are good odds and for a potential 1875% return of investment over 5 years. Even Warren Buffet can’t beat that.
What are Wind Mit Inspections?
It's a special type of home assessment to gauge how well a property can stand up to wind damage in severe weather events like hurricanes. This is particularly relevant us in Florida, where hurricanes and high-speed winds are par for the course. The end goal of a wind mitigation inspection? To pinpoint the features and construction elements that make a property more wind-resistant.
Advocating for Transparency
It honestly surprises me that I’ve been hearing this a lot lately from my newer clients: "You're the first agent to mention this. My previous insurance agencies never brought it up."
Regrettably, not all insurance agencies take the time to educate clients about their policies, including the advantages of wind mitigation inspections. This could be a training issue or maybe they assume the customers know, who knows?
Regardless, at J Lee Insurance Agency, we champion transparency and robust communication. We aim to equip our customers with easy-to-understand, comprehensive information. We want you to be aware of all discounts and benefits, enabling you to make well-informed decisions that best secure your home and finances.
And Wind Mit inspections deserve more attention than they currently get, it seems.
How They Work
In a wind mitigation inspection, a licensed home inspector or general contractor will look over various parts of a home's construction and design that add to its wind resistance. They'll be eyeing the roof, windows, doors, and other structural components, and will also pore over home documentation like building permits and certificates.
After the inspection, they'll put together a comprehensive report on the wind mitigation features of the home. This report is your golden ticket when negotiating insurance premiums with your insurance company.
Wind Mitigation Features to Know
There are several wind mitigation features that can help homeowners score insurance discounts. These include, but are not limited to:
Hurricane shutters
Impact-resistant windows and doors
Reinforced roofs
Roof-to-wall connections
Secondary water barriers
Bear in mind that these features need to meet certain standards to be eligible for insurance discounts. So, always ensure they're installed correctly and kept in good shape to get the most out of them.
Gearing up for a Wind Mitigation Inspection
Before a wind mitigation inspection, round up all the necessary documents, like building permits, receipts, and records of any wind mitigation enhancements. Make sure the inspector can easily access the attic, windows, and doors, and consider booking the inspection well ahead of time to allow for any repairs or improvements.
I personally recommend Don Meylar Inspections. My clients have had positive experiences with them so far. Certain carriers even only accept Wind Mit reports from specific home inspection companies, Don Meylar is one of the names I see most frequently in the bulletins. They’re also currently selected by the State of Florida’s Department of Financial Services as an authorized Wind Certification Entity for the My Safe Florida Home program.
Common Questions:
Do I have to get a wind mitigation inspection in Florida?
No, it's not mandatory, but it's a no-brainer considering the potential return of investment and when you take into consideration the current market’s caution as far as Floridian homes goes.
How long does a wind mitigation inspection take?
It can vary based on the size and complexity of the property. Usually, inspections last between one to two hours.
Will my insurance company automatically apply discounts after the inspection?
This varies on a carrier by carrier basis but usually the discount is applied at the beginning of a new policy/at renewal. Covering all the stipulations for each homeowners insurance carrier would be beyond the scope of this article; but if you’d like to reach out about your particular carrier, whether you’re a client of my agency or not, I’d be happy to answer any questions and offer guidance.
Can I benefit from a wind mitigation inspection if my home is old?
Absolutely. Keep in mind there is still a possibility the dollar savings won’t be much up front. But especially for older homes, the upper range can be quite high. Even if it isn’t, it still is prudent to think about home improvements as important as your roof over your head in Florida. An inspection can bring to your attention roof leak potentials or other issues that can be taken care of now, so that in the long run, you save your future self tens of thousands of dollars and less headache trying to find a new insurance company.
This past year has been a roller coaster ride for Florida homeowners. With the aftermath of Hurricane Ian and the subsequent market shake-up, insurance rates have soared. Some homeowners have seen their premiums double or even triple, turning what was once a routine expense into a significant financial burden.
In these times, wind mitigation inspections are more than a way to safeguard homes against storms; they've become a vital tool for economic survival. Many homeowners are less focused on the next hurricane and more worried about how they're going to foot their next insurance bill without sacrificing their way of life.
At J Lee Insurance Agency, we're here to be a lighthouse amidst the storm. We've seen firsthand that many of our new clients weren't even aware of wind mitigation inspections and the potential savings they offer. Our goal is to change that. We're dedicated to educating our clients, helping them understand how these inspections can unlock discounts, and ultimately, make their insurance costs more manageable. After all, it's not just about surviving the storm, it's about thriving in its wake.
Take the first step now. Visit this link to answer 5 simple questions. We'll get back to you via your preferred communication method—call, text, email, or in-office—about potential savings.
