New Jersey Home Insurance
If a fire struck your home, could you afford to replace it? If someone fell on your front step and sued you for negligence, could you afford to pay the court costs?
Most of us cannot afford these expenses, which is why purchasing a New Jersey homeowner's insurance policy is so important.
InsureMe is here to take the guess work out of shopping for New Jersey homeowner's insurance. Simply enter your information to the right and receive up to five free quotes from agents in your area.
Getting Acquainted with New Jersey Homeowner's Insurance
Why do I need New Jersey homeowner's insurance?Without New Jersey homeowner's insurance you risk losing your home and its contents in the event of a disaster. You also put yourself at risk for being sued in court by someone claiming to have been physically or financially hurt in your home or on your property.
New Jersey homeowner's insurance helps to protect you from such disastrous situations.
My mortgage lender required me to purchase New Jersey homeowner's insurance when I bought my home. Is that all I need?
Not necessarily. Lenders require buyers to have some sort of homeowner's insurance to protect the structure of the home but not the contents its contents. For example, if your home is taken by a fire, your policy may provide coverage for structural damage but it not for your furniture, clothing or electronics.
Read your New Jersey homeowner's insurance policy carefully to make sure it covers everything you want protected. If not, give your agent a call and ask how to get the coverage you desire.
Is there such a thing as too much New Jersey homeowner's insurance?
Yes. You might be paying for coverage on items you no longer own, like Aunt Mildred's fur coat that you sold last year. Or you may find that the cost to insure your possessions is more expensive than the replacement price. Review your policy and make changes accordingly.
What kinds of New Jersey homeowner's insurance are available?
The most common types of New Jersey homeowner's insurance are HO-2, and HO-3.
HO-2: This is a broad policy which offers protection from 11 basic perils plus six more. Some of these include fire and smoke, windstorm and hail, riot and civil misconduct, falling objects, weight of snow or ice and accidental water leakage from home appliances.
HO-3: This is an extended policy for special homeowner items. It provides protection from 17 perils not cited in your policy with the exception of earthquake, war and nuclear accident.
There are other forms of New Jersey homeowner's insurance available; if types HO-2 and HO-3 don't suit your needs, be sure to ask your agent about other options.
What factors are used to determine the insurability of my home?
Every New Jersey insurance company has a set of underwriting guidelines that they use to determine which risk factors it will accept or reject. The New Jersey Department of Insurance reports the following as commonly considered factors:
- The presence or absence of utility upgrades in the home
- The overall condition of the property
- If there is a trampoline on site
- If there is a vicious dog kept on the property
- If there is a swimming pool on site
- The claim history of the consumer
Your agent may also inquire about the type of job you have, where you work and what hobbies you have to determine your risk factor for New Jersey homeowner's insurance.
I was turned down for New Jersey homeowner's insurance. Where can I turn?
You may be eligible to obtain coverage through the New Jersey Underwriting Association, also known as the FAIR plan. For questions about the FAIR plan, or to apply for FAIR coverage, contact the New Jersey Underwriting Association at (973) 622-3838.
Don't Leave your Home at Risk!
Start shopping for your New Jersey homeowner's insurance today! Enter your information to the right and receive up to five free quotes from agents in your area. Shopping for New Jersey homeowner's insurance has never been easier!
