Home Insurance

The Coverage Characteristics of Home Insurance in Randolph, NJ

Posted on by AgentInsure

Homeowners in Randolph, NJ face a variety of risks, most of which you can protect against with the right insurance policy. You know you need to protect your biggest investment, but choosing the right home insurance company and understanding the coverage options available can seem like a nightmare. It doesn’t have to be. These tips will help break down your home insurance options so you know what you’re looking for before you start collecting quotes.

Types of New Jersey Home Insurance Coverage

Coverage A: Dwelling Insurance

This type of coverage protects the structures of your home against damages; that includes the plumbing, wiring, heating and cooling systems, and other built-in features. The exact amounts covered and the causes of these damages vary in each policy.

Coverage B: Other Home Structures

This type of coverage insures any other structures on your property, including sheds, separate carports, and fences, up to a certain limit.

Coverage C: Personal Property

This type of coverage receives the most claims; it includes coverage against theft, vandalism, and damages caused by storms, fires, or other risks covered by your policy. Most personal property policies insure items for their actual cash value, though most policies limit the amount they’ll reimburse for valuable items like electronics and jewelry.

Coverage D: Loss of Use

Loss of Use coverage applies when your home is damaged to the point that it’s no longer livable. In this case, your policy will pay for alternate housing and possibly even restaurant meals until your home can be repaired.

Flood Insurance

The State of New Jersey makes it clear that standard homeowners’ insurance policies exclude flood insurance. You’ll have to purchase flood insurance as a separate policy if you want the coverage. A local, independent home insurance company will be able to talk to you about your options and suggest coverages that will best protect your home.

Average Cost of Homeowners Insurance in New Jersey

Posted on by AgentInsure

Buying a house and purchasing insurance coverage to protect your new asset can seem complicated. Since your mortgage lender may set a minimum standard for your coverage, it can be hard to determine if it is possible to save on your homeowners insurance rates. Although averages can give you a rough estimate of the fair price, you should be aware that several details and factors can contribute to the rates that you are offered.

Basic Coverage

The basic coverage that you can expect for your personal property can vary based on a variety of factors. For example, you may discover that your mortgage lender requires a greater amount of protection than average or that you are only purchasing the minimum coverage that is necessary to protect your home.

Depending on your goals, you may decide that the basic coverage is not enough to address your needs or your concerns. As a result, the type of coverage and the amount of protection that you purchase will impact your homeowners insurance rates.

Other Factors

There are several factors that impact the rates that you are offered. In some cases, you may discover that the rates are based on your credit history or your previous history with homeownership. If you have never purchased a house in the past, then you can expect higher rates when compared to individuals who have owned a house previously and who have information that is available for the insurance company to use as a baseline for the rates.

Since several factors contribute to the rates that you are offered, averages are not a good way to determine the amount that you can expect to pay. To learn more about saving on your homeowner’s insurance policy, contact us to talk to an agent today.