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Finding Cheap Homeowners Insurance in New Jersey

While not everyone in New Jersey has a home to insure, every NJ homeowner needs homeowners insurance protection to protect what generally is the single largest investment most people make during their lifetimes. But with the recent economic downturn still negatively impacting many New Jersey homeowners and driving down the value of their investments, finding the best deal on cheap homeowners insurance coverage is critical.

Finding the best deal on New Jersey homeowners insurance means shopping around for the most reputable companies licensed to do business by in NJ. Checking with the NJ Insurance Department and the National Association of Insurance Commissioner’s Web site can determine if a particular insurance company is licensed to do business in New Jersey, provides financial information and any history of complaints from other NJ homeowners. And third-party ratings services, such as A.M. Best, provide independent reviews of New Jersey insurance companies’ financial strengths and weaknesses.

Once you’ve found a reputable, financially stable insurance company offering cheap NJ homeowners insurance rates, it’s important to ensure you get the level of coverage necessary. With New Jersey home values decreasing greatly in recent years, many NJ homeowners make the mistake of insuring their homes based on their current value. While doing so can lower your annual insurance costs, a highly destructive fire, flood or other peril could result in a total loss of your New Jersey home and leave you with an insufficient amount to rebuild. Instead, insuring a New Jersey home based on the cost to rebuild it rather than its current value will leave you with more protection and peace of mind should you suffer a complete loss.

It’s also important to insure high-value items that might be in your home. Many New Jersey homeowners insurance policies provide only $2,500 or so coverage for personal belongings. But the replacement cost for high-dollar electronic items, such as computers, flat-screen televisions and audio-video equipment, easily can exceed the minimum amount of coverage provided by standard NJ home insurer policies. And if you have expensive jewelry, antiques, artwork or other items, it’s very important to have them fully insured and listed on your inventory.

Once you’ve found a suitable New Jersey home insurer offering a good, cheap rate for the amount of coverage you need, adjusting your deductible amount can save you up to a third off on your NJ homeowners insurance premiums, according to the nonprofit Insurance Information Institute. A $500 deductible can save an average 12 percent annually on homeowners insurance premiums while a $1,000 deductible can double your savings, depending on where you live in New Jersey. A $2,500 deductible will save an average 30 percent off insurance rates, while a $5,000 deductible can save 37 percent, according to the Insurance Information Institute. But high deductibles should be used only when you easily can pay the deductible amount in the event of an emergency.

Finding good, cheap homeowners insurance in New Jersey doesn’t have to be hard. That’s why Cheap Insurance in New Jersey.com is here. To take the hassle out of your insurance shopping experience and give you good, cheap insurance coverage for your New Jersey home.

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