New Jersey is an area prone to hurricanes due to its proximity to water bodies. The place has also been experiencing massive wind damages to properties. Given these unfortunate happenings, residents in the state of NJ require homeowner insurance policies to cover their properties. For instance, the Jersey City that is located along River Hudson experiences periodic flooding. Other cities that experience similar calamities are Atlantic City along the shores of the Atlantic Ocean.
Coverage types for Homeowners Insurance in New Jersey
- HO-3. This is the most extensively used policy in NJ. It covers the home for all risks causing physical loss with a few exceptions for instance war, earthquake and war. This policy will also offer cover for the contents of the home if damaged by the perils.
- HO-4(Tenants or Renters Policy). It offers protection to personal and family property against several causes of financial loses. It also provides liability coverage to the home owner if in any case the tenant causes damage to the house.
- HO-5(Comprehensive Form Policy). It offers cover to the same perils as HO-3 but with additional personal possessions coverage. This policy can also be implemented buy purchasing a HO-3 cover with an endorsement of special personal property cover.
- HO-6(Condominium Owner’s policy). This insurance policy covers the personal and family property with additional coverage for alterations to items such as appliances and fixtures.
- High Value Items Coverage. This offers cover to valuables such as jewelry, fine arts and other collectibles. The peril can be fire, vandalism or other means that can lead to loss of the valuables.
- Manufactured Home Insurance. This covers anything that regards to the home and the family; for instance, the payment for repairs made in the home, providing legal representation and protection of the family against judgments. It also covers for the medical expenses incurred by visitors injured at the home and reimbursement for costs of temporary housing during reconstruction.
Factors to Consider Before Buying Homeowners Insurance Policy
- Understand the way the home insurance works so as to know exactly what is insurable and what is not. Ensure you find out the kind of insurance policy that works for you. This is to avoid instances of over and under insurance.
- It is also advisable to compare polices offered by various companies and the benefits from each company. This enables one to reap maximum value for money.