A house may be your most valuable asset. As such, the insurance coverage you select for it should offer the right types and amounts of coverage. Whether you are looking to insure a primary, vacation or rental home, it will be helpful to keep these facts about home insurance in NJ in mind.
Main Types of Home Insurance Coverage
Dwelling coverages provide for the replacement of your home’s structure in the event it is destroyed. It also covers repairs necessary after a covered occurrence, such as a fire, storm or vandalism. Specialty policies can cover damages from certain natural disasters like floods and earthquakes that are generally not covered by standard home insurance in NJ.
Your personal belongings are insured separately from the home’s structure. You can tailor the coverage amount for any specialty, antique or custom items that might have an unusually high value.
Liability insurance covers the costs of medical care and legal fees plus any settlements or awards made in legal cases in the event that someone is injured on your property.
Deductibles and Coverage Limits
The deductible is how much you will have to pay out of pocket before any insurance payments are made after a claim. You should select an amount that you are comfortable paying in the case of an emergency. Coverage limits are the maximum amounts an insurer will pay. This should be an amount sufficient to rebuild your home and replace your belongings in the case of a total loss.
The right insurance policy can help pay for damage to your home. A knowledgeable agent can help you select the right types and amounts of coverage for your needs.