As every homeowner knows, property insurance is a necessity. This is especially true at the Jersey Shore, where many homes border the Atlantic Ocean. The cost of adequate insurance may seem daunting initially, but there are certain steps you can take to reduce your costs to a reasonable level.
1. Shop around for the best value. Check online for quotes from at least three reputable agencies. Be aware that some companies offer a discount of 30% to 40% if you buy online. Other possible discounts can result from insuring both the home and the contents or by insuring your home and your car with the same firm.
Also know the replacement value of your home, taking into consideration any unique features that will be expensive to replace. Keep in mind probable inflation increases at renewal time. Does your insurer automatically adjust your coverage or do you have to request the change?
A) replacing the existing heating system to one which is safer and more cost-efficient.
B) keep plumbing in good working order and protect it from freezing
C) replace fuses. Inspectors are looking for circuit breakers and a safe wiring system
D) install fire detectors or even a central alarm system. Be sure to keep a record of all repairs/replacements and inform your insurance company of each one.
3. Maintain the building and grounds. Regular repainting or installing siding is essential to protecting your Jersey Shore home from moisture damage. Hire professionals to clean any chimneys and check for termites. Repair unsafe sidewalks and remove dangerous tree roots. Again, keep your insurance company current on your efforts to eliminate hazards.
4. Consider tenant-based liabilities. The type of dog you allow on your property influences your insurance rate, as does permitting smoking on the premises. You may also want to specify acceptable locations for outdoor grill use and make renters aware of their responsibility to cover damages caused by them and the need for renters’ insurance.
By following these tips and consulting with your insurance representative, you should be able to lower your premium, avoid cancellation, and stay off the industry’s “bad list.” Also think about raising your deductible amount and avoid making too many small claims to keep your premium costs down.