Homeowners Insurance · Insurance

What to Look for in NJ Homeowners Insurance

It’s very important that you review your NJ homeowners insurance policy from time to time in order to know exactly what is and isn’t covered. After all, every insurance plan varies in both coverage and cost, so you need to be prudent and understand what your particular policy includes. While every plan is certainly not the same, there are at least a few aspects of insurance that practically every policy has in common, including coverage, liability, and deductibles.

Before buying any policy, as a new homeowner you should take the time to take a deeper look into what’s currently available in the homeowners insurance market. A qualified agent can help you by explaining exactly what is in a typical policy that most insurance companies have to offer. By knowing what most insurance plans cover, you’ll be able to purchase a policy that fits your needs.

Standard insurance policies typically provide coverage for any sudden or accidental damages or destruction to your home, while also protecting the contents inside your home such as furniture, appliances, equipment, and clothing. Personal property coverage replaces these items if they are ever stolen, damaged or destroyed.

Liability coverage

Liability coverage provides you with legal representation and some much-needed financial protection if you’re ever sued and determined legally responsible for injuries to someone while on your property, or any damages caused to their property. This policy will also protect you from lawsuits for certain civil damages caused to others, for example, accusations of libel or slander.

Medical expense coverage

Medical expense coverage will provide coverage for any medical bills of others who are injured while on your property and can also provide indemnification for injuries to others that occur away from your home.

There are many common perils that are not covered, or are limited in the amounts of coverage available on standard home policies. Some common exceptions not covered by a typical nj homeowners insurance policy includes normal wear and tear and long-term deterioration, sinkholes, earthquakes, flood damage, mold (particularly a long-term, gradual issue), and termite damage. Your policy may include other exceptions, which is why it is recommended that you read the policy language thoroughly. Speak to an agent who can discuss your concerns regarding this product.