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Homeowners insurance, is an insurance policy that combines various personal insurance protections which can include losses occurring to one’s home, its contents, loss of its use, additional living expenses, loss of other personal possessions of the homeowner, as well as liability insurance for accidents that may happen at the home.
The cost of homeowners insurance in New Jersey often depends on what it would cost to replace the house and which additional riders additional items to be insured-are attached to the policy. The insurance policy itself is a lengthy contract, and names what will and what will not be paid in the case of various events. Typically, claims due to earthquakes, floods, “Acts of God”, or war (whose definition typically includes a nuclear explosion from any source) are excluded. Special insurance can be purchased for these possibilities, including flood insurance and earthquake insurance.
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About the policies
The largest single investment most consumers make is in their home. In order to best protect your family, your home, and your possessions, it is wise to take the initiative to fully understand your homeowners insurance policy. While it is difficult to predict future loss, you can minimize the impact of loss on yourself and your family by spending the time necessary to familiarize yourself with your policy and how it specifically addresses your needs in the event of a loss.
Homeowners insurance is a package policy consisting of different types of coverage for the house, its contents, additional living expenses, personal liability claims against the policyholder and other members of the household, and medical payments to others. The policyholder pays a single premium amount for the combination of coverage listed in the policy..
When you purchase home insurance, it is important to remember to shop for insurance in the same way that you shop for any other consumer product. Take the lead in shopping for and understanding your insurance policy. Make sure to compare prices, policy coverage and conditions, and complaint information. Also, research the coverage options that are available to you. Don’t rely only on the word of someone else, including an insurance agent or broker, as to what is the “best coverage” for you. Find an agent or broker who is willing to spend time discussing your needs and how specific insurance coverage can best meet your needs. It is always wise to compare policies on your own to help determine the best product for you. The largest single investment most consumers make is in their home. In order to best protect your family, your home, and your possessions, it is wise to take the initiative to fully understand your homeowners insurance policy. While it is difficult to predict future loss, you can minimize the impact of loss on yourself and your family by spending the time necessary to familiarize yourself with your policy and how it specifically addresses your needs in the event of a loss.
Always try to plan ahead when you need to purchase insurance. Allow the proper amount of time to make an informed decision. Never make important decisions on the spot without conducting research first. Remember, this is your home, not the insurance agent’s or lender’s. You should always take the lead in deciding what sort of insurance to buy and how much insurance you need.
The NJ home insurance policy is usually a term contract a contract that is in effect for a fixed period of time. The payment the insured makes to the insurer is called the premium. The insured must pay the insurer the premium each term. Most insurers charge a lower premium if it appears less likely the home will be damaged or destroyed: for example, if the house is situated next to a fire station, or if the house is equipped with fire sprinklers and fire alarms. Perpetual insurance, which is type of home insurance without a fixed term, can also be obtained in certain areas.
In New Jersey, most home buyers borrow money in the form of a mortgage, and the mortgage lender always requires that the buyer purchase NJ homeowners insurance, sometimes called mortgage protection insurance, as a condition of the loan, in order to protect the lender if the home were to be destroyed. Anyone with an insurable interest in the property should be listed on the policy.
As described in Wiening et. al. (2002: 5.3-5.4), prior to the 1950’s, there were separate policies for the various perils that could affect a home. A homeowner would have had to purchase separate policies covering fire losses, theft, personal property, and the like. During the 1950s, policy forms were developed, allowing the homeowner to purchase all the insurance they needed on one complete policy. However, these policies varied by insurance company, and were difficult to comprehend. The need for standardization grew so great that a private company based in Jersey City, New Jersey, Insurance Services Office, also known as the ISO, was formed in 1971 to provide risk information and issued a simplified homeowners policy for resell to insurance companies. These policies have been amended over the years until currently, the ISO has six standardized homeowners insurance forms in general and consistent use . read more…
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