Homeowners who harden their homes against storm damage are realizing a substantial premium reduction on their Homeowners Insurance.
We had hurricane shutters installed on our windows, doors and sliding glass doors two years ago. When our Insurance police renewed we were given a credit of over $500.00 because of the additions.
Citizens Insurance, the insure of last resort in the State of Florida, has credited 470 million dollars to 46% of their policy holders. These policy holders hardened their homes and applied for the mitigation credit.
Citizens expect to credit back more then 640 million to policy holders in 2009.
At the outset homeowners may consider the hardening expenditures to be too costly, however the premium savings alone will cover the expenditure in most cases in less then five years. Beyond that the savings would be like new found money.
In our case, we will have recovered our outlay in full with-in the first four years.
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