Home Insurance in New Jersey

Why You Need Home Insurance

Home insurance is only required if you are paying off your home with a mortgage. However, owning a home in New Jersey can come with its challenges. Winters can mean ice, snow, and frozen pipes. The hot summers mean hail and thunderstorms, which can damage property, and there is also the possibility of hurricanes. In order to protect your home and one of your biggest assets, it’s recommended that you have home insurance in Wall Township, NJ, even if it isn’t required.

Things to Consider When Buying Home Insurance in New Jersey

When discussing a home insurance policy in Wall Township, NJ with your agent at Creative Risk Management LLC, you will have to decide on the amounts of insurance needed for your dwelling, liability, and medical payments. For dwelling coverage, it helps to know the difference between market value and replacement cost. You need to insure your home based on replacement cost, which is what you need to rebuild it if it is destroyed, and not the market value, which is what your home could get if you sell it now. The cost to rebuild the home can be high and usually exceeds market value. Your personal property coverage should be enough to cover your belongings, with riders or endorsements for expensive items. A home inventory can help determine this amount. For liability, many policies come with $100,000 but this usually isn’t enough. Many experts will recommend you up this to $300,000 in order to protect your assets. The cost to pay for medical expenses and defend a lawsuit can increase quickly. Medical payments coverage does differ from liability and will pay for injuries to guests in the home, regardless of who is at fault for the injury. It is for minor incidents so you can typically get coverage for either $1,000 or $5,000. You will also decide on a deductible, which will be applied to dwelling coverage.

Contact Creative Risk Management LLC or visit our website to get a quote on home insurance.