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New Jersey Home Insurance
New Jersey home insurance offers the necessary property damage coverage for your home. Homes are covered from such perils as fire, smoke, hail, wind, falling objects, theft, vandalism, vehicles, aircraft, frozen pipes, a sudden cracking, and overflowing steam from air conditioners and water heaters with the more basic HO-2 Policy. The more common HO-3 policy offers bodily injury liability coverage for your home. When you purchase a home, the mortgage lenders usually require New Jersey home insurance for the duration of your home.
New Jersey Home Insurance Coverage
In New Jersey, homeowners must be prepared for natural heavy storms, including the effects of a hurricane. New Jersey home insurance does not offer coverage if your home floods. Homeowners must purchase additional flood insurance to cover costs stemming from flood water. Most costs that are caused by Hurricane weather are covered by New Jersey home insurance, but you may have to pay a deductible. You should check both your “declarations” page and your “exclusions” pages of your policy for information on how your insurance company will pay for damages, and for what damages the policy covers.
New Jersey Home Insurance Rates
When we look at the 2003 averages, New Jersey home insurance rates were below the national average. Homeowners paid on average $585 for their annual premium in 2003. The average cost of New Jersey home insurance rose 11.9% from 2001 to 2003.
Many homeowners want to lower their premium rates. There are a few standard improvements you can do to a home in order to receive a discount. For instance, you can install storm shutters, reinforce a roof, and use storm grade materials for your roof to receive a discount from the insurance company. Others who live in a high crime area can install an alarm system, deadbolts, and smoke detectors to receive a discount. Savings can be found by shopping around before buying your New Jersey home insurance.
New Jersey Department of Banking and Insurance
Department of Banking and Insurance
P. O. Box 325
Trenton, NJ 08625-0325
For other New Jersey Insurance Resources, See:
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