Your home is an investment deserving the protection that only an experienced insurance professional can provide. Let us help you decide the best coverage that is right for you.
A homeowners policy is a form of package policy as it includes property and liability insurance in one policy. The first coverage part is the property insurance for the house, detached structures and contents, which include furniture, appliances and clothing. The policy provides coverage for loss caused by a wide variety of perils including windstorms, fire, lightning, smoke, hail, theft and much more. A “special form” policy offers the broadest coverage and is the most costly. This covers all perils except those specifically excluded in the policy. This policy is designed to meet most of the insurance needs for the owner occupied home. It cannot provide coverage for rental property (see rental property insurance on this website). Business contents should not be insured on a homeowner’s policy, and detached structures used for business cannot be included under the homeowner’s policy.
The homeowner’s policy includes a wide variety of coverage extensions and provides small amounts of insurance for items such as jewelry, cash, guns, credit card forgery, etc. If you have more than the amount included with the basic policy, you can increase the limit for an additional premium. Some items may need appraisals.
New Jersey homeowner’s insurance policies provide some coverage for personal property off premises. The policy limits off premises contents coverage to 10 percent of the policy limit. If your personal property limit is $100,000, you would have $10,000 coverage for personal property that is away from home. This does not include coverage for any other home you own; you need specific coverage for other owned homes.
Homeowners insurance also covers additional living expenses. Known as “Loss of Use”, this provision in the policy reimburses the policyholder for the extra cost of living elsewhere while the house is being restored after a covered loss.
A homeowner’s policy also includes Comprehensive Personal Liability insurance. This portion of the policy covers the homeowner for accidental injuries caused to third parties and/or their property, such as a guest slipping and falling down improperly maintained stairs, children hurt while playing, dog bites, etc. It can also be endorsed to include coverage for “Personal Injury” Liability (libel, slander, false arrest, etc). Your policy may exclude or limit coverage for underground storage (oil) tanks. Most homeowners insurance companies will not provide coverage if you own certain aggressive pets (i.e. Rottweiler, Chow, Pit Bull, etc.) or have a trampoline on premises. The liability coverage will not extend to sail boats over 26′ long, any aircraft or automobile or recreational vehicle, including motorized toy cars. Specific insurance is needed to insure these.
All homeowners policies issued in New Jersey include Workers Compensation insurance for residence employees.
Damage caused by flood and/or earthquakes are excluded and must be purchased separately.