New Jersey Homeowner Insurance

New Jersey Homeowner Insurance

Once you purchase a house, you want to know it is protected. Homeowners insurance, commonly referred to as hazard insurance, is a type of property insurance that covers private residences. This multiple-line insurance offers both property and liability coverage.

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Homeowners Insurance Protects Against Designated Property Losses

Personal insurance protection provided by your homeowner’s insurance policy includes various losses.  Each policy is different but typically homeowner’s insurance policies cover against losses that happen to your home such as loss of its contents or its use.  It may also cover the loss of certain personal possessions that belong to the homeowner.  A renter’s policy is a separate insurance policy used to cover the losses sustained by someone renting the premises.

Homeowners Insurance Also Protects Against Certain Liability Situations

Homeowners insurance also covers the homeowner in some events of liability, such as an accident that happens at the house.  It can also cover an accident that happens to the homeowner within the territory of the policy.  A single premium covers the cost of property and liability homeowners insurance.

The Difference Between a Homeowners Insurance Policy and a Dwelling Policy

In certain instances. Homeowners take out a dwelling policy rather than a homeowner’s insurance policy.  A dwelling policy is similar but used for residences that do not qualify for a homeowner’s insurance policy.  These reasons many include the home’s use as a secondary residence, the age of the home or the house be unoccupied.

What Does Homeowners Insurance Cost? 

The cost of homeowners insurance varies based on several factors.  The cost to replace the house is taken into consideration.  Also considered are the costs to replace the additional items insured in accordance with a rider attached to the policy.  Certain claims might be excluded, such as floods, explosion or termites.  Specialized homeowners insurance can be purchased to cover these circumstances and will add to the cost of the policy.  Most mortgage lenders require homeowners to carry this insurance as a condition of the loan.

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