subject: New Jersey Home Owner Insurance [print this page] New Jersey Home Owner Insurance
In New Jersey, home owner insurance isn't required at all, except maybe, if you have a mortgage. However, a mortgage should not be the sole reason for you to get adequately covered by insurance. There are some areas in the state where crime rates are high, and in such places, crimes against property are the main cause of damage. Add the likelihood of a fire happening and you'll be a sitting duck for disaster.
It would help if you know the basics of home owner insurance premium rates. You'll pay less if you don't include the value of the land. Remember that you'll pay more for a higher-valued home because the insurance company would have a larger amount to pay when something happens. And while land can get messed up in appearance, you can't lose it in a fire or through vandalism. You will also pay less insurance for a house in tiptop shape. There are also higher premiums to pay if there is a smoker in the house as that is deemed a fire-risk.
Most insurance companies in New Jersey will charge higher premiums if your home is in an area where there is no full-time fire service. The amount of premium that you have to pay is also directly proportional to the likelihood of a crime-against-property happening in your neighborhood. If yours have high crime rates, be ready to pay more. You can probably reduce the amount by having a security system set up. Of course if your location is quite near a police station, rates might be lower as well.
Before you purchase any home owner insurance policy, make sure that what you deemed as 'risks' in your neighborhood is sufficiently covered. You shouldn't pay for what you don't need, but you should also make sure that when something untoward does happen, you shouldn't be left in need. Good insurance coverage should take of that.
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