Home Insurance

There is a reason why realtors and lenders all over New Jersey trust us with their clients, and why we write 9 out of every 10 homeowners insurance policies we quote. We have contracts with 25+ of the best home insurance companies in NJ, and our advice and consulting is second to none.

There are several standard coverages that make up the standard homeowners policy.

Dwelling coverage pays to repair or rebuild your home if it is damaged or destroyed by fire, hurricane, hail, lightning, or other disaster covered by your policy. Earthquake coverage is usually not included, but can be easily added to a home policy in NJ. Flood insurance is not covered by a standard home policy. A separate Flood Insurance policy is required to cover flood.

Most standard policies also other detached structures you may have on your property. Examples include garage, pools, tool sheds, and gazebos.

This part of your policy covers your personal belongings that are not permanently attached to your house. Most companies automatically provide coverage for 50% to 70% of the amount of insurance you have on your home.

Certain high-value items like jewelry, furs, collectibles and silverware are covered, but there is usually a separate, smaller limit in the case of theft. This limit can be as low as $1,000 and can be increased to up to as high as $5,000, $10,000 or $25,000 depending on the insurance company. In order to insure these items to their full value, it is necessary to buy an endorsement. This endorsement is often referred to ‘scheduled personal property’ or as a ‘floater’, sometimes even (incorrectly) as a ‘rider’. This also insures that the item will be covered in the case of “mysterious disappearance”, e.g. in case you lose something on the beach.

The liability portion of your policy pays in the event you are sued for injury or damage caused to others. It includes coverage for both the cost of defending you in court and any court awards—up to the limit of your policy. Liability coverage can often not only cover you for things that happen on your property, but also things that happen away from your premises. For example, it can provide coverage in the event you accidentally injure someone with a golf ball or cause someone to trip in a public place.

There is no definitive answer to how much liability coverage you should have, but it becomes more important to have a higher limit the more you have in the way of assets. Most home policies will cover up to $500,000 or $1,000,000. You can purchase an umbrella or excess liability policy to go above your prior policies and provide higher limits. Generally, umbrella policies cost between $150 to $350 for $1 million of additional liability protection. Ask us about why an umbrella may be a good idea for you.

There are quite a few other coverage considerations when it comes to home insurance, and it can get a little complicated. That’s why we’re here to guide you. Here are some other examples of coverage we may recommend:

Water back-up of sewers, drains and sump pumps: This, like most of the examples included here, is an example of something that is typically excluded, but you have the option to buy back. This coverage is most important if you have a finished basement, but it is one of the most common claims we see in general.
Sewer line coverage: This provides coverage in the event there is damage to the line that runs between your house and the sewer. This is another common claim.
Equipment breakdown: This can cover you in the event of a sudden and accidental breakdown of your HVAC system, appliances and other electrical and mechanical systems in your home.

Am I covered if someone slips on my property & sues me?
The liability portion of your homeowner policy was designed for just this situation. Your insurance policy provides for payment of medical expenses and for the legal costs of defending you against a claim. In addition, your coverage goes much further than this. Your liability coverage follows you around away from your home, providing coverage for many possible situations. Contact us for more details.

Does Homeowners Insurance cover my trampoline?
It depends. Some insurance companies will provide coverage and some will not. The important thing to remember is to talk to us about it, BEFORE you purchase a trampoline. Here are some additional Trampoline Safety Tips.

My child is away at college. Does my homeowners policy cover possessions he took for theft and damage?
Yes. Personal property normally located at your residence but which is at another location is typically covered. Check with your agent for the specific amount of coverage—electronic equipment taken to college can quickly exceed the standard coverage you may have.