Four tips on finding low cost homeowner’s insurance in New Jersey

A home is likely the biggest asset the average consumer will have and home insurance should be able to provide the proper protection for that investment. Luckily, New Jersey is right in the middle of insurance premium rates in relation to the other fifty states, as it ranks number 31 on a list of 2018s average cost of Homeowners Insurance by state. Even with this statistic it is important for the homeowner to consider all options and find the best price.

The real trick to finding the best rates is to know and consider some options when shopping through insurance providers. Most consumers want a good number of bedrooms to bathrooms, but are unaware of the hidden increase in premiums that go along with the increase in square footage. These are some tips and tricks to finding the right homeowners insurance rates in New Jersey.

Get references and suggestions: While just shopping around is a great idea to get a scope of what is available to the consumer, sometimes the information they need could lie with a friend or associate. Recommendations might help the homeowner find companies and rates which are not kept in the public eye or advertised enough.

Home value and appraisal: Having a home appraised and assessing the value of it will be the most important information to hold onto when discussing rates with insurance providers. If the property has a lower value, then the insurance rates will be at a lower premium. For the insurance company this means that their payout is lower given lower property values.

Adequate Protections: Having an idea of damage risks will also play a part in purchasing homeowners insurance, as the less prone it is to damage then the lower the premium will be. Insurance companies use actuarials to determine the risk percentages of certain regions to certain natural disasters. For example, the further someone is from the coast in New Jersey then the lower the disaster coverage in their insurance will be.

Deductible discount: This savings factor is by far the easiest to control. There is some risk attached to it, but if a homeowner needs the option of much lower monthly and yearly premiums then this is the way to go. A deductible is the payout from the consumer to the insurance provider in the event of a disaster or damage to the property. The best way to lower premiums is to raise the amount of the deductible. As long as the homeowner has a way to pay the deductible a time of crisis, it is a great gamble to make to keep payments down.

Many consumers consider cheap Homeowners Insurance NJ to be a myth. The truth is that it is available to anyone and everyone who chooses to follow these guidelines and stay informed about their decision to purchase from specific homeowners insurance companies in New Jersey.

Originally published at medium.com/@njinsurors

Chris writes for New Jersey Insurance Agency and has five years writing experience in on topics including, homeowners insurance, and life insurance, insurance claims and how to tips on insurance purchase.