A study by insuranceQuotes.com reveals that adjusting deductibles can significantly reduce homeowners insurance costs. In New Jersey, raising the deductible from $500 to $1,000 can save 7% annually, while increasing it to $2,000 can save 14%. North Carolina leads with a 41% savings. Homeowners should set deductibles between 0.5% and 1% of their home's value. Other savings tips include avoiding minor claims, bundling policies, and shopping around for better rates. The average home insurance premium is $1,034.