Category: Homeowners Insurance

Protecting Homebuyers with Peace of Mind

2/19/2025

Buying a new home is an exciting experience, but it can also be a daunting one, especially when it comes to navigating the warranty and maintenance aspects of homeownership. In New Jersey, the state's New Home Warranty Program provides an added layer of protection for homebuyers, ensuring that they receive a quality home that meets certain standards.

The New Jersey New Home Warranty Program is a consumer protection program administered by the New Jersey Department of Community Affairs (DCA). The program requires builders and developers to provide a warranty on new homes sold in the state. The warranty covers defects in materials and workmanship for a specified period, typically one to two years, depending on the type of warranty chosen.

By understanding the program's details, homebuyers can make informed decisions when purchasing a new home in New Jersey. If you're a homebuyer considering purchasing a new home in the Garden State, be sure to ask about the New Jersey New Home Warranty Program and how it can benefit you.

At Suburban, we offer homeowners insurance that provides financial protection against disasters. A standard policy insures the home itself, or apartment or condo, and the things you keep in it.

Homeowners insurance is a package policy. This means that it covers both damage to your property and your liability or legal responsibility for any injuries and property damage you or members of your family cause to other people.

Before buying a homeowners insurance policy, it's important to:

Understand the way homeowner's insurance works
Identify the kind of policy and coverage you really need
Compare policies from different companies to find the best values

It is really all about protecting yourself financially if something unexpected happens to your home or possessions. That's important because chances are your home is likely one of your largest investments.

It is important to know that homeowner’s insurance is meant to cover unexpected damage, not routine maintenance.

Ask your Suburban agent to talk about what is covered and be sure to read your policy so you know exactly what's included and what is not.

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Choosing a Homeowner Insurance Carrier

11/22/2024

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I often receive inquiries asking me how to determine the best home insurance carriers. Selecting the right one for you involves several steps to ensure you find the right policy that meets your specific needs.

Assess Your Needs – Write them down

Determine Coverage Requirements: Consider the value of your home and personal belongings, as well as any special items that may require additional coverage (e.g., jewelry, art, etc.).
Liability Coverage: Think about how much liability insurance you need, especially if you have a pool, pets, or frequently host gatherings.
Deductibles: Decide on an acceptable deductible amount, as this will affect your premium and out-of-pocket costs in the event of a claim.

Call your Insurance Agent – Suburban Brokers

Insurance agents are equipped with specialized knowledge and resources regarding homeowners' insurance policies that the average individual may not have. Here are several key aspects where we provide expertise:

1. Carrier Comparison: We have access to multiple insurance carriers and can compare different policies, coverage options, and premiums that individuals might not have the time or expertise to analyze.

2. Policy Details: We are well-versed in the specific terms, conditions, exclusions, and endorsements of various homeowner’s policies, helping clients understand the nuances that could affect their coverage.

3. Risk Assessment: We can assess your unique risks based on your location, home type, and personal belongings, allowing us to recommend suitable coverage levels and options.

4. Claims Process: We understand the claims process in detail and can guide you through it, helping you gather necessary documentation and communicate effectively with the insurance company.

5. Discounts and Incentives: We are knowledgeable about available discounts, such as bundling policies, protective device discounts (e.g., alarms or smart home technology), and loyalty rewards that you may not be aware of.

6. Local Knowledge: We have insights into local regulations, risks (like specific natural disasters in an area), and community resources that can help navigate the right insurance choices.

7. Policy Reviews: We can conduct periodic reviews of existing policies to ensure that homeowners maintain adequate coverage as your needs change over time or as market conditions shift.

8. Understanding of Legal Requirements: Many regions have specific insurance requirements for homeowners, and we can ensure that you are compliant with local laws and regulations.

By collaborating with us, you can navigate these steps more effectively and choose a home insurance carrier that best meets your needs. At Suburban, we can offer the right coverage with the personal touch you would expect from your neighborhood insurance agency.

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12 Ways to Lower Your Homeowners Insurance Costs

8/16/2024

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If you are a homeowner, you know very well about the increase in homeowners insurance nationwide. The average home insurance premium increased 21% between May 2022 and May 2023, according to recent analysis by insurance marketplace Policygenius. In some states, the jump was 30% or more.

Weather is the main reason insurance rates are climbing, but inflation is also playing a role, said Daryl Fairweather, chief economist at Redfin. "When inflation is on the rise, it basically means that the cost of everything is going up," Fairweather told CBS News. "And that includes the cost of maintenance for homes, the cost of remodeling homes. And that goes into the equation for home insurance."

What can homeowners do? Insurance Information Institute shows us 12 ways to lower your homeowners insurance costs below. Click the link above for the full article.

Shop around.
It'll take some time but could save you a good sum of money. Ask your friends, check the Yellow Pages or contact your state insurance department. Call us here at Suburban and we can research different carriers and policies and get the best discounts for you.
Raise your deductible.
The higher your deductible, the more money you can save on your premiums. Nowadays, most insurance companies recommend a deductible of at least $500. If you can afford to raise your deductible to $1,000, you may save as much as 25 percent.
Don’t confuse what you paid for your house with rebuilding costs.
The land under your house isn't at risk from theft, windstorm, fire and the other perils covered in your homeowners policy. So don't include its value in deciding how much homeowners insurance to buy. If you do, you will pay a higher premium than you should.
Buy your home and auto policies from the same insurer.
Some companies that sell homeowners, auto and liability coverage will take 5 to 15 percent off your premium if you buy two or more policies from them. But make certain this combined price is lower than buying the different coverages from different companies.
Make your home more disaster resistant.
Ask us what steps you can take to make your home more resistant to windstorms and other natural disasters. You may be able to save on your premiums by adding storm shutters, reinforcing your roof or buying stronger roofing materials. Older homes can be retrofitted to make them better able to withstand earthquakes. In addition, consider modernizing your heating, plumbing and electrical systems to reduce the risk of fire and water damage.
Improve your home security.
You can usually get discounts for a smoke detector, burglar alarm or dead-bolt locks. Some companies offer to cut your premium if you install a sophisticated sprinkler system and a fire and burglar alarm that rings at the police, fire or other monitoring stations. Before you buy such a system, find out what kind your insurer recommends, how much the device would cost and how much you'd save on premiums.
Seek out other discounts.
Companies offer several types of discounts, but they don't all offer the same discount or the same amount of discount in all states. For example, since retired people stay at home more than working people, they are less likely to be burglarized and may spot fires sooner, too. Retired people also have more time for maintaining their homes. If you're at least 55 years old and retired, you may qualify for a discount at some companies.
Maintain a good credit record.
Establishing a solid credit history can cut your insurance costs. Insurers are increasingly using credit information to price homeowners insurance policies. In most states, your insurer must advise you of any adverse action, such as a higher rate, at which time you should verify the accuracy of the information on which the insurer relied. Check your credit record on a regular basis and have any errors corrected promptly so that your record remains accurate.
Stay with the same insurer.
If you've kept your coverage with a company for several years, you may receive a special discount for being a long-term policyholder. Some insurers will reduce their premiums f you stay with them for three to five years or more. But make certain to periodically compare this price with that of other policies.
Review the limits in your policy and the value of your possessions at least once a year.
You want your policy to cover any major purchases or additions to your home. But you don't want to spend money for coverage you don't need. If your five-year-old fur coat is no longer worth the $5,000 you paid for it, you'll want to reduce or cancel your floater (extra insurance for items whose full value is not covered by standard homeowners policies such as expensive jewelry, high-end computers and valuable art work) and pocket the difference.
Look for private insurance if you are in a government plan.
If you live in a high-risk area -- say, one that is especially vulnerable to coastal storms, fires, or crime -- and have been buying your homeowners insurance through a government plan, you should check with an insurance agent or company representative or contact your state department of insurance for the names of companies that might be interested in your business.
When you’re buying a home, consider the cost of homeowners insurance.
You may pay less for insurance if you buy a house close to a fire hydrant or in a community that has a professional rather than a volunteer fire department. It may also be cheaper if your home’s electrical, heating and plumbing systems are less than 10 years old. If you live in the East, consider a brick home because it's more wind resistant. If you live in an earthquake-prone area, look for a wooden frame house because it is more likely to withstand this type of disaster. Choosing wisely could cut your premiums by 5 to 15 percent.

If you are considering lowering your homeowners insurance costs, give us a call so we can review your policy and any potential changes in your house or household or other discounts that might now apply to you. We’re always here for you. Reach out at 201-796-1881.

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Protecting Homebuyers with Peace of Mind

Choosing a Homeowner Insurance Carrier

12 Ways to Lower Your Homeowners Insurance Costs

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Leighton Annis

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Protecting Homebuyers with Peace of Mind

Choosing a Homeowner Insurance Carrier

12 Ways to Lower Your Homeowners Insurance Costs

BLOG​Leighton Annis

Archives

Categories

BLOG
Leighton Annis