New Jersey (NJ) homeowners insurance
Depending on the location of your home, you may need a well-designed insurance package to protect your property from fires and weather events.
New Jersey can be a great place to live. As the saying goes, location is everything, and residents can take advantage of living close to both the New York City metro area and the famed Jersey Shore. If you’re a fan of the outdoors, including overnight camping, the state’s 11 national parks are also a big plus. Whether you already own a home in the Garden State or plan to buy one soon, it may not be in your best interests to skimp on your New Jersey homeowners insurance coverage.
New Jersey has much to offer, but it’s also an eastern seacoast state with about 1,800 miles of tidal coastline. The state’s shoreline, bay and riverside areas affect 17 out of 21 New Jersey counties. The proximity of water, including streams and creeks, increases the risks associated with severe weather and could cause flood damage to a home. However, the cost of homeowners insurance in New Jersey is about 50% lower than rates in other states when compared to the national average.
Cost is often a factor when deciding how much coverage you should get, but you could also consider your home one of your most valuable possessions. You can purchase a minimal amount of homeowners insurance in New Jersey, but are you getting all the coverage you really need? The best approach is to review your options and compare New Jersey homeowners insurance quotes from VIU by HUB.
Meeting your coverage needs while staying within your budget is not out of reach if you search carefully. You won’t need to spend hours on the phone or conferencing with insurance reps to choose your carrier and coverage policy. VIU by HUB, a digital platform based on trusted brokerage advice and cost transparency, can make it easy for you to decide which policy and carrier best meets your specific needs.
When comparing New Jersey homeowners insurance quotes, view your coverage needs in the following categories:
• Liability Coverage covers the medical costs related to accidental harm caused to guests or visitors in your home or on your property, such as a loose stair or dog bite.
• Personal Property coverage protects the items you own, such as appliances, furniture, rugs and clothing.
• Other Structures coverage pays to repair or replace property not attached to your home, such as a fence or shed.
• Additional Living Expenses (or Loss of Use coverage) covers the cost of hotel rooms, pet boarding and meals if an occurrence covered by your policy forces your household to seek temporary lodging or relocate.
• Dwelling Coverage pays for the repair or replacement of your home if it’s damaged or destroyed by one of the perils insured against in your policy.
A typical New Jersey homeowners insurance policy covers common damages and protects you from personal liability if someone is hurt on your property. That doesn’t necessarily mean that the policy will cover all possible dangers to your home. Your coverage may not include coverage for landslides, earthquakes or floods; those may require coverage in a separate or comprehensive policy. You’ll also need a separate policy if you operate a business from your home.
Most policies will cover damage caused by windstorms, vandalism, theft and fire. Your personal property is usually covered, but you should take note of the dollar value limits. A policy may not cover the full Replacement Cost of certain valuable possessions. If, for example, if you own a $10,000 ring in a policy that has a limited Jewelry Coverage cap of $5,000, you won’t have enough insurance in the event of a loss.
Many New Jersey homeowners insurance companies provide optional policies that cover these types of high-value personal items. The carrier may refer to the option as a scheduled Personal Property or valuable items endorsement. If you have any high-value possessions, it’s a good idea to look into optional coverage endorsements when you’re reviewing New Jersey homeowners insurance quotes.
The cost of insurance protection for your home has much to do with location. For a house near the Jersey Shore, for example, you could expect to pay a higher rate. The Garden State’s Atlantic Ocean shoreline has suffered hurricane damage in the past, and rates for coastal homes are higher than those for properties in central New Jersey.
Crime is another factor that affects New Jersey homeowners insurance costs. If your home is in Camden or Trenton, you’ll pay higher rates than you would for a property in Ringwood or Sparta. However, a vacation home in a low-crime area might also have expensive coverage rates based on the greater risk of damage or loss when a property isn’t lived in all year round.
On the plus side, you can also check the discounts carriers offer for having certain systems in your home that lower the risk of damage. Some of the risk-reduction additions you may wish to consider include sprinkler systems, smoke alarms and home security systems. A carrier may also provide a worthwhile discount if you pay the full amount of your annual premium in advance.
This information is intended for general informational purposes only and is not intended to constitute legal advice.
