New Jersey Homeowners Insurance

In New Jersey, homeowners insurance you can get here,covers three types of residences; your house if you own it, your home if you rent, and your condominium. These are three different types of policies for specific purposes and perils. A peril is defined as the cause that results in damage or loss.

 

For the homeowner, insurance covers the home, its contents, personal liability, medical costs to others and some living expenses if you cannot live in your house. If you rent, your insurance covers your possessions, personal liability, medical costs to others and some living expenses if you cannot live in your house. A condominium policy covers your possessions, personal liability, medical costs to others and some living expenses if you cannot live in your house, plus improvements, additions and other items that the condominium association’s master policy does not cover.

 

Six Types of Coverage

There are six types of coverage, but not every residence will qualify for each. For instance, Coverage A, Dwelling, would not cover a tenant’s home insurance, since you would not own the home. Talk to your insurance carrier to determine the type and amount of coverage you will need.

 

Coverage A (Dwellings) covers your home and attached structures against certain perils. It also covers plumbing, heating, permanently installed air-conditioning and heating systems, and electrical wiring.

 

Coverage B (Other Structures) covers all the structures on your property that are not attached to your home, such as tool sheds and detached garages, fences, etc.

 

Coverage C (Personal Property)

This coverage takes care of replacing your personal property such as clothing, possessions, and appliances for loss sustained by covered perils. Some personal property, such as firearms, will need a separate policy or rider to cover them. Your insurance agent will know what these are.

 

Coverage D (Loss of Use)

If you can’t live in your home due to a covered peril, this coverage pays for living expenses above and beyond your normal expenses. Lodging, meals, and laundry are some examples.

 

Coverage E (Personal Liability)

In case of personal injury sustained by someone who is on your property or loss or damage to their possessions, Personal Liability covers these costs up to the amount of your insurance policy. Coverage also includes legal expenses.

 

Coverage F (Medical Payments to Others)

In case of personal injury while someone is on your property that requires medical attention, this coverage will take care of medical expenses. This is a very important coverage!

 

Additional Insurance Coverage Available

You can add certain coverages to your policy. Ask your New Jersey homeowners insurance agent about credit card coverage, debris removal (such as after a fire), and damage sustained to trees, plants and shrubs.

Posted on: April 8, 2015, by : Admin