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subject: Selecting Homeowners Insurance in New Jersey [print this page]


Selecting Homeowners Insurance in New Jersey

In the state of New Jersey, it is not hard at all to obtain homeowners insurance nj, but finding the exact right policy for your home and property is the difficult part. A number of factors enters into your search, such as your budget, the size and condition of your home, and the part or area of town in which you live.

Many insurance companies, unfortunately, do not offer the policy that is most affordable, the HO1 policy. The basics are covered in this particular policy, such as fire, explosions and burglary. Items stored within your home such as a valuable collection, or fine jewelry, may be covered.

Homeowners should consider seriously the advantage of purchasing a policy designed for those areas that have cold winters with lots of snow. In many ways, the HO2 policy is designed for those homeowners, since it will cover damage caused by snow, hail, ice and sleet. It may also cover the occasional plumbing problems, frozen pipes, and power outages accompanying those weather conditions.

Presently, the HO3 homeowners insurance policy NJ is the most popular among homeowners, and the policy is offered by most insurance companies. The HO3 policy does not cover every event or disaster, but it has broad coverage of the home's contents and structure, and flood and earthquakes are covered. If, however, you want even more comprehensive coverage, then the HO5 is the homeowner s's insurance policy to consider. This policy covers all the above, and in addition, a visitor who is injured on your property is also covered.

An insurance policy designed for renters rather than homeowners, is the HO4 policy. The HO4 is the same coverage as in the HO2 and HO3, except it is for renters only, not homeowners. For condominium owners, comprehensive insurance is found in policy HO6, and the extent of coverage is the same as the HO5 is for a regular home.

If your home is older, the HO8 is just the policy for you to consider. The HO8 covers malfunctions and breakdowns of systems, such as heating, and sometimes appliances, in your home. What items are covered, however, depends on how extensive the policy is and the particular company from which you purchase the policy. Always read any policy you purchase in full, including the HO8 policy, in order to understand just what is covered, and the amount of compensation to expect should you need to make a claim.

Do not make a hasty decision in choosing a homeowners insurance NJ company. If you are a first-time homeowner, this is even more important, or if this is the first policy you are purchasing. To compare quotes, terms and coverage, contact several insurance companies for comparison. Be sure to read the policy you are considering carefully, and do not forget to read the fine print in the contract. Understand exactly what is covered in any policy you decide to purchase for your home.




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