Home insurance is a vital part of owning your home. After all, your home, no matter how humble, is your castle – something that is your most significant asset. If you experience damages or losses to your home or personal property, insurance will protect you. If someone else is injured on you property or incurs damage because of your property, insurance will shield you from the financial liability.
NJ Homeowners Insurance Policy Check
1: Conduct a home inspection before buying your home. In the event the assessment reveals a hidden problem (i.e. termites) that the standard policy excludes, you should be made aware of it.
2: Determine how much coverage your home, its contents and personal property need. Take into account your lender’s coverage requirements, if any. Bear in mind when comparing policies and coverage amount that greater coverage generally means a higher premium. You may want to consider increasing your deductible to lower coverage costs.
3: Weigh the benefits between coverage for replacement of losses or damages or actual cash value of the losses or damages:
- Replacement cost: the sum total of replacing or reconstructing your damaged home or repairing damages with building matter of the same or equal type and quality with no depreciation of value.
- Actual Cash Value: the sum total of repair work or replacement of home damage in relation to depreciation value.
4: Become an educated consumer by taking advantage of the services of an agency that offers advice while shopping the wide network of insurance companies for the best policy at the competitively lowest quote.
5: Remember that each homeowner and home is unique. Those that live in Deal, NJ and other coastal areas will need a plan to cover hurricane and other related risks. Your agent should present standard insurance packages that are tailored to your specific risks.
6: Don’t be afraid to inquire about savings because they do exist! An independent agency that has the acknowledgement and admiration of the leading companies will be able to offer discounts for bundled auto and home policies, homes with alarm system installation and roof replacements, etc.
7: Study your Homeowners Insurance policy. This is a legal agreement between you and the insurance company representing you. Your agent should be able to assist you in clarifying any points. Make sure to store this document in a secure spot.
8: Review your policy annually. Make a yearly appointment to consult with your agent to fine-comb details and assess whether last year’s coverage still applies in relation to any changes to your home. Your insurance agent should also be able to advise about additional coverage needs if necessary.
PRIME Insurance is a three-generation family-run independent agency. We’re proud partners with many of the leading companies in the industry – big names such as ACE, ASI, ASSURANT, CHUBB, CNA, FOREMOST, Liberty Mutual, MetLife, PROGRESSIVE, Safeco, StillWater, Travelers, USLI, ZURICH and more. With thousands of satisfied customers, we benefit policyholders by reviewing current coverage, as well as by shopping our wide network to locate customized policies at competitively lowest quotes.
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Summary: The NJ Homeowner must consider a host of things before buying the right insurance policy. Prime Insurance provides important recommendations that will guide you in choosing the protection for you, your home and your property.