Who doesn’t like a dip in a nice, cool pool on a hot summer day? Swimming pools are popular, but before you decide to install one, take a hard look at how it might impact your New Jersey homeowners insurance from https://newjersey-insurance.net/new-jersey-homeowners-insurance/. When carriers conduct a risk assessment to set your premium rate, how much will it increase for the potential liability of a swimming pool? Is it acceptable to you?
The same is true with back yard trampolines, which cause almost 100,000 hospital visits a year. Are you willing to take the risk?
Other factors affect your risk profile, as well. How are meteorological conditions in your area? Is your city apt to get hurricanes, tornadoes, ice storms or floods? If you live in a high-risk area, expect to pay more for coverage, and also expect that some events, such as floods and earthquakes, require additional coverage beyond your standard policy.
Homeowners insurance discounts
To keep your premium affordable, start by looking at the kinds of discounts you might qualify for. Do you have a monitored home security system up and running in your home? You’ll find discounts for that.
Have you combined all your coverage under one carrier to take advantage of multi-policy discounts? Check into the savings. Have you weatherproofed your home and does what you have done qualify you for a discount? It is worth looking into. What about a new, impact-resistant roof and new plumbing? Have you put in new wiring? They might also save you money on premiums.
Have you claimed a discount for being a non-smoker? How about a discount for living in a gated community? Have you been claim-free? You will get a discount for that. If you have bought a new home, you may find lower rates, too. There is even a mature insured discount for retirees over age 55.
Necessary homeowners insurance
Do not consider opting for less coverage4 as a way to save money. It is impossible to predict when you might be the victim of fire, theft or a bad weather event and suffer a catastrophic loss. You do not want to be caught without enough insurance should that occur.
The value of comparing various carriers is that each one offers a slightly different discount structure and rates that can vary significantly for the same coverage. If you get one rate that seems too high, the next might be much lower. Comparisons are vitally important to getting affordable coverage.