Volume 3 Number 37
September 11, 2006

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WANT TO SAVE MONEY ON YOUR INSURANCE PREMIUMS?

Many Floridians who live in homes built after 2002, or after 1994 in Miami-Dade or Broward counties, do not realize that their homes may qualify for one or more insurance discounts.

Tools and resources are available at www.mysafefloridahome.com to help you learn what you can to do strengthen your home against hurricanes and the insurance discounts that may be available when you apply hurricane-resistant building techniques to your home.

Take the Florida Wind Insurance Incentives Survey
Provided by the Florida Department of Community Affairs at www.FloridaWindIncentives.org. (http://www.dca.state.fl.us/fdem/mitdb/index.cfm)

This web site allows Floridians in single-family homes or duplexes to see what insurance discounts are available based on certain building features that better protect the home or duplex from hurricane damage. Some features include improved roof shingles, hurricane clips or straps, shutter protection for windows and other construction techniques.

DISCLAIMER: The discounts presented at the end of the survey are given as a percentage of the wind portion of your total insurance premium. The wind portion of your premium is between 15 and 70 percent of your total premium, depending where you live in Florida.

Discount Sheet by Insurance Company
Provided by the Office of Insurance Regulation at https://apps.MyFloridaCFO.com/WindMitigation/   

Florida law requires insurance companies to offer homeowners discounts or credits for existing building features or home improvements that reduce damage and loss from hurricanes. Florida insurance companies are required to file these discounts with the Office of Insurance Regulation.

This website offers homeowners general discount information by insurance company and explains what range of discounts may be available. Discount information is available for an estimated 60 insurance companies, and updates continue to be posted.

DISCLAIMER: A new law passed during the 2006 Session requires the Office of Insurance Regulation to evaluate all discounts filed by insurance companies and to ensure insurance companies are providing eligible homeowners with applicable discounts by July 1, 2007.  The discounts presented at the end of the survey are given as a percentage of the wind portion of your total insurance premium. The wind portion of your premium is between 15 and 70 percent of your total premium, depending where you live in Florida.

HOW TO APPLY FOR YOUR INSURANCE DISCOUNT

1. Contact your agent or your company directly to find out the specific items for which discounts are available.

2. Verify the amount of the discount for each item as it applies to YOUR policy. Example: Hurricane shutters will result in a 30 percent discount on the windstorm premium. The windstorm premium, in this example, is $300 of the total $600 annual premium. Therefore, the discount will equal a $90 annual savings on the premium.

3. Request the specific criteria that is needed to apply for and receive the discounts that are listed for your company. Example: Does the roof need to be inspected by a certified wind inspector? Do the shutters need to meet a specific wind-resistance rating?

4. Verify the documentation that needs to be submitted in order to apply for and receive the discounts. Example: photos of the items installed, proof of purchase and installation.

5. Verify to whom the documentation should be submitted. Be sure to keep copies of all documentation, the date submitted and the mailing verification information.

6. Request confirmation of when the discount will take effect.

7. Verify if the discount will be in the form of a premium discount, a credit to your premium balance or a refund on premium paid.