Cut your home insurance in half

Posted at 1:59 PM, May 17, 2016
and last updated 2016-05-17 23:06:13-04

WEST PALM BEACH, Fla. - "I like it because it's a pool home on the golf course with a beautiful view out the back," explained homeowner David Boston.

Boston got hit hard when he tried to insure his new home.

"I was quoted $4,000," Boston said. "I thought it was pretty high. I wasn't happy about it."

As a realtor, Boston knew his roof was to blame for those sky high rates.

"It wasn't secure. This home was built in 1961 and back in those days they didn't have the standards they have now," explained Boston.

So Boston hired Wind Mitigation Retrofits of Florida LLC to update his home.

Extra nails or screws are added to each hurricane strap.

"How much stronger will this roof be?" Strathman asked.

"Oh, twice as strong as it was before," explained Ron Witherow ofWind Mitigation Retrofits of Florida LLC .

The average job is $1,200 to $1,800. Money experts say you typically make back in one year. Then the real savings begin.

"Now my insurance went from $4,000 to $1,900 a year," explained Boston.

"It's really a bit of a secret. The insurance company isn't going to tell you. They want the money. They have been charging these fantastic rates or ridiculous rates," explained Witherow.

If your home was built before the updated building code in 2002, Lee Wiglesworth of Wiglesworth - Rindom Insurance , says there may be work you can do to reduce your insurance rates.

"The policy has to tell you what percentage credit you are getting," Wiglesworth explained.

Insurance companies give credits for your roof attachment, garage door, and shutters if they meet the updated standards.

"It's a sticker. The garage doors, the shutters, the impact windows. They all have to have documentation what code it meets," explained Wiglesworth.

Bringing your home up to code takes about a day.

"By doing what we do the roofs will not come off," explained Witherow. "Therefore saving all the stuff in the house."

That could mean a lifetime of memories is saved too if a hurricane washes through your home.

"My goodness. A walk down memory lane," Boston said as he looked at photos.

To see if you have the maximum discounts on your home, call your insurance agent or look at your policy to see which discounts you are getting. You will need to have a wind mitigation done which can cost a few hundred dollars. That report will be used by a third party contractor to fix any issues that could save you money.