Disasters happen. Fires, earthquakes, tornadoes, flooding, even windstorms are all natural disasters that could affect the safety of your home. Natural disasters and man-made accidents are a very real possibility. That’s why every New Jersey homeowner needs insurance on their home, to protect themselves and their families from the dangerous unknown.
Knowing a good insurance provider when you see one
State regulations regarding homeowner insurance vary by state, so it is important to look into, depending on where you live. There are hundreds of New Jersey homeowner insurance providers, so how do you know which one is best for you? Start out by getting a home disclosure report from your real estate agent to see any problems your home might have upfront. Big problems could make it harder for you to get coverage. Also, you should maintain good credit, because bad credit might keep you from getting the coverage you need at a lower, more affordable price. Be sure to pick a consumer-friendly agency that other New Jersey homeowner’s insurance customers are satisfied with—don’t be afraid to ask around. Finally, take any appreciation your home has gained into consideration—your home might be worth more than you think.
What is covered under my New Jersey homeowner’s insurance?
Coverage changes based on which plan you have. Some policies are based on Replacement Cost Settlement basis, meaning that you are covered for the amount it takes to repair or rebuild your home with similar materials. Other protections include:
- Dwelling coverage up to the limits you choose
- Coverage for loss of personal property
- Coverage for structures in addition to your primary dwelling, like boathouses, storage sheds, and pools
- Reimbursement for loss of use of your home by named perils
- Medical expenses, paying for damages if someone is injured on your property
- Liability exposure, protecting you against certain risks for bodily injury or property damage
You can also purchase additional securities, to provide additional coverage for jewelry, watches, personal computer equipment, business property or furs.
I got New Jersey homeowner’s insurance, but what can I do to protect my home right now?
Just because the coverage is there doesn’t mean you have to use it. Emotional damage can never be taken care of by an agency, so be careful with your home and your prized possessions. Take precautions to protect your home from natural calamities like lightning or water damage. Be careful not to let your pipes freeze in cold winters or to let roof mishaps turn to disaster when a big wind whips up. Make sure to install fire alarms and check them regularly to be sure they are in good working condition—efficient fire alarms can save lives if they work. If you have a basement, check to see that its drainage system is working properly to avoid sewage or flooding back up. Taking care of your home now and taking precautions is a great idea, whether or not you have insurance.
By Lyndsey Payzant