How Homeowners Can Save Money on Their Home Insurance

If you are in the market for NJ home insurance, there are ways you can lower your overall cost and still adequately cover your home and your family against losses and liabilities. 

Many factors affect the cost of homeowners insurance plans starting with your insurance agent. When you work with a captive agent who only represents one carrier, you will get one company rate. A multi-line agency can shop and negotiate for the best rates with multiple insurance companies on your behalf. 

Factors that Affect NJ Home Insurance Premium

Among the many considerations that drive insurance costs, there are some that you cannot change. For example, your home’s age and type of construction, your home’s proximity to bodies of water and fire stations, and your claims history are not changeable. However, your credit history, roof condition, deductible amounts, liability limits, and remodeling are among the factors to review that can change your homeowners insurance premium. 

Choose Larger Deductibles and Avoid Small Claims

Increasing your deductible makes a big difference. If you are at $500, consider upping your deductible to $1,000. This one move can save you as much as 20% on your NJ home insurance policy. We mentioned claims history is not changeable, but you can avoid adding to your claims history by not putting in claims for small amounts. If you are better with a $500 deductible, you might consider not claiming $600 to repair a fence damaged in a storm. Besides not negatively affecting your rate, avoiding small claims may qualify you for a claims-free discount after a time set in your policy.

Think Safety and Remove Risks

Most insurance carriers provide discounts for safety features such as monitored security and fire alarm systems, smoke detectors, and deadbolts. You can also consider removing items that are considered hazards. These include swimming pools, spas, trampolines, playground equipment, and certain breeds of dogs. 

Upgrade Your Safety and Infrastructure

If you remodel in ways that strengthen your home, your rate may go down. Having storm shutters, shatterproof glass, and fire-and-impact-resistant roofing can help lower your premium price. Likewise,  upgrading the plumbing and electrical systems in an older home can save on your insurance costs. Be sure to let your agent know, as an inspection of the improvements is often required to evaluate the home’s condition before lower rates apply.

Check for All Discounts

Look for every discount that applies. The deals differ by carrier, but some examples include discounts to seniors, for payments via direct deposit, loyalty, non-smokers, and paperless billing. Certain professions such as engineers, architects, firefighters, and teachers are rated as low risks and get a small discount. Your agent should know but asking leaves no stone unturned.

Bundle Your Policies

Bundling your policies is a money-saver. Besides the convenience of having one insurance agent who understands all your needs, you’ll enjoy lower premiums when you bundle your home with your auto policies. But don’t stop there. Talk to your agent about life insurance as well. The third type of policy with the same company can add a deeper discount on top of bundling your home and auto. When you work with an agency that puts a team of professionals on your account, you get expertise on all your unique insurance needs.

Work with an Experienced Team

The best way to get peace of mind when buying insurance is to work with a trusted multi-line agency with dedicated staff that will thoroughly review your situation to ensure you have the protection you need at competitive rates. That’s the Dickstein Agency’s goal for working with new and existing clients on NJ home insurance and all your personal and business insurance needs.

About Dickstein Associates Agency

Dickstein Associates Agency has distinguished itself as a leading provider of personal and business insurance in the tri-state area for over 55 years. We pride ourselves on being advocates for our clients and providing them with quality and affordable coverages. As Trusted Choice™ independent insurance agency, we partner with various national and regional carriers, allowing for flexible and unbiased coverage for each client’s unique circumstances. For more information on how you can leverage all of your insurance to work best for you, and how we can secure the best insurance in the marketplace based on your specific needs and business objectives, contact us today at (800) 862-6662.