Most homeowners are constantly looking for ways to reduce the cost of home ownership. However, one expense that many homeowners hesitate to reduce is their NJ homeowners insurance policy. Basing insurance decisions on coverage needs rather than pricing is a smart decision, but fortunately, there are a few ways homeowners can lower policy costs without leaving themselves financially exposed.
1. Fortify the Home
Taking steps to improve home security or make a home more impervious to natural disasters can lead to lower premiums. Many insurers offer discounts to homeowners who install security systems, alarms, or fire sprinkler systems. Homeowners who undertake useful improvement projects, such as installing storm shutters, may also earn discounts.
2. Reconsider the Cost of Rebuilding
Homeowners should remember that the value of a home is not necessarily equal to the cost of rebuilding it. The home value includes the underlying and surrounding land, which should hold its value even after a disaster. Insuring the full value of the home may result in excessive coverage.
3. Ask About Special Discounts
Many homeowners do not realize they may qualify for special discounts on NJ homeowners insurance. As an example, people who work from home and retired people may receive discounts because they can easily keep an eye on the house and maintain it. Homeowners should ask an insurance agent about discounts they may qualify for.
Other Ways to Save
Finally, if the steps above don’t help, shopping around can be a great way to save on homeowners insurance. Homeowners should regularly review their coverage and learn about policies offered by other insurers to make sure that they are getting the best deal available.