How Can I Reduce My Cost of Home Ownership in Fort Lauderdale?

There are many reasons to reduce the cost of home ownership in Fort Lauderdale. You might be approaching retirement, and your new financial reality might require you to make certain sacrifices in life. Perhaps you are earning less income than you were a few years ago. Whatever the case may be, there are many steps you can take to reduce your costs. You might want to continue this conversation with a Fort Lauderdale insurance lawyer, especially if you’re struggling with denied claims and other insurance-related issues.

Could Florida End Property Taxes? 

Many homeowners are excited about the prospect of eliminating their property taxes in the near future. This is something that Governor DeSantis has been discussing for some time, and it could soon become a reality. If the governor is successful in passing this new law, all homeowners will have more money to spend each year. The average Florida homeowner pays about $3,000 each year in property taxes.

However, not everyone is enthusiastic about this idea. Some say that local municipalities will lose considerable income as a result of this change, and this might make it more difficult to pay for various types of infrastructure. Some also say that it will boost the property market, making it difficult for first-time buyers to gain a foothold.

Can I Reduce My Property Insurance Premiums?

One of the most expensive aspects of home ownership in Florida is the cost of property insurance. As a result, perhaps the most obvious way to reduce your living costs is to lower your property insurance premiums. However, this is also one of the most difficult things for homeowners to do in Florida. For some, it might be downright impossible.

The good news is that as the property insurance market recovers in Florida, more companies are coming back to the Sunshine State. With more competition comes more options, and this gives you the ability to “shop around” for more affordable insurance policies. If you haven’t checked your options within the past few years, you might find various opportunities waiting in Florida’s newer, more stable insurance market.

You should also know that premiums can come down on their own. Although premiums have been increasing for years in Florida, these costs fluctuate based on various factors. In the future (at least in theory), premiums could fall as the market continues to stabilize.

You can also decrease your premiums by increasing your deductible, although this strategy comes with notable risks. Always research your options thoroughly before making any decisions, and consider speaking with a professional to discuss the implications of these choices.

Contact Our Fort Lauderdale Property Insurance Lawyers Today

At Fuxa & Tyler, our legal team is made up of a diverse combination of attorneys who are well-positioned to protect the legal rights and financial interests of policyholders. If your property insurance claim was denied, we can help. For a free consultation, please call us today at (954) 990-5251. With an office in Sunrise, we represent policyholders in Broward County and throughout the state of Florida.

Sources: 

newsweek.com/florida-battle-against-property-tax-could-upend-housing-market-2075274

wlrn.org/business/2025-02-11/property-insurance-home-citizens