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Homeowners Insurance in New Jersey

New Jersey homeowners insurance is not mandatory by law for residents to purchase, unlike auto insurance. While state law does not require residents to purchase it, homeowners insurance coverage provides many benefits to those who opt for purchasing a policy. Home and property insurance is invaluable in that it protects you from loss when it comes to what is the most valuable asset in any family, their home. Homeowners coverage shields those with a policy from loss due to many reasons, including fires, theft, accidents and natural disasters. There are many homeowners insurance companies from which to choose, so you should not have any trouble finding a policy that fits your needs and your budget. Get homeowners insurance quotes here.

What your New Jersey Homeowners Insurance Policy Covers

Home and property insurance policies typically cover your dwelling’s structure. This homeowners coverage provides compensation in case of damage or destruction as a result of the different types of causes listed on your policy. Homeowners insurance also guards against damage to other structures such as sheds, detached garages and even fences. Home and property insurance typically covers the contents of your home, such as your personal belongings. Personal effects protected by a New Jersey homeowners policy include furniture, clothes, appliances, computers, electronics such as your televisions, jewelry, firearms and other valuables. New Jersey homeowners insurance policies include what is called a loss of use component. If your home is damaged by a covered loss that makes it unlivable, your homeowners insurance pays the living expenses you incur as a result of temporarily not being able to reside in your home. The costs your homeowners policy covers include things like having to pay for housing, food and other daily living expenses. Personal liability coverage on your home and property insurance is for protection for losses due to civil court actions against you if you are deemed liable for the injuries or damage to property of someone else. Your homeowners coverage insures you for medical payments made to others. This means that your homeowners insurance covers the medical bills of anyone hurt on your premises. It can even cover incidents that do not happen on your property. For example, your homeowners policy may cover you if your dog happens to bite someone while at the local dog park. Some people may look for cheap homeowners insurance in NJ, but it is advisable to find the policy that suits you best.

Policy Features

All homeowners insurance policies limit what they will cover. Certain types of damage are excluded from coverage. Homeowners insurance policies also include a deductible. This is a portion of the cost to cover your losses for which you are responsible to pay. Home and property insurance policies may require separate riders for violent weather, such as hurricanes or tornadoes. Homeowners insurance companies also often offer optional coverage for a variety of incidents and items. These can include coverage for mishaps with oil tanks, water tank accidents, pump problems or earthquakes. Homeowners insurance companies may also require homeowners to take out additional coverage for special items such as furs, fine art, valuable jewelry, antiques, etc. Get quotes for home and property insurance here.

Covered Losses

Covered losses, according to homeowners insurance policies, typically includes fire and lightning, damage caused by smoke, explosion, theft, vandalism and damage from aircraft and other vehicles. Losses covered under home and property insurance also include loss due to extreme wind and/or hail, water damage, the weight of snow or ice causing damage, and damage from riots or civil unrest. Your homeowners policy in New Jersey will not cover losses due to flooding or tidal damage, although you may purchase special coverage for this. Home and property coverage will not cover damage caused by earthquakes, sinkholes, mudslides or other instances of moving earth. Termites, vermin, insects and bird damage are also excluded. Homeowners insurance will also not cover you against loss from freezing pipes, mold (unless it results from a covered loss), intention damage caused by you or other residents, or damage from war or nuclear disasters.

Getting New Jersey Homeowners Insurance Quotes

Homeowners insurance coverage is available through most major insurance companies. For a $200,000 in dwelling coverage with a $1,000 deductible and liability limits of $100,000, the average homeowners policy premiums are $1,431 per year in the most expensive zip code and $485 in the cheapest. You can get NJ homeowners insurance quotes here to figure out what your rate may be.

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