Homeowners insurance is one of the most important insurance policies to have. A person’s home and the items within it are of utmost importance, and are often considered the most highly valued assets. When these assets are not appropriately protected the turmoil that can follow, both financial and emotional is huge. The problem is that understanding New Jersey homeowners insurance quotes is notoriously difficult, as there are not developed for the average person to understand easily. Here are some questions that you should ask about your quote before you purchase any insurance policy.
- What structures will the policy cover?
There are different levels to the coverage offered for structures. The most basic level is dwelling coverage, and this only covers the actual building of your home. If you have other structures on your property, such as an outhouse or a shed then they will not be protected under dwelling coverage. Make sure you ask what structures your policy will cover so you can ensure all of your structural assets are protected.
- What other elements are covered?
As well as understanding what structures will be covered in your policy, you also need to know what else is covered. In most cases there is the option to purchase personal property coverage. This coverage is usually limited to 50% of the dwelling coverage, however it can be used to cover any and all of the personal property within your home, including expensive items such as electrical appliances and furniture. However in most cases this coverage is directly applied to breakage and loss of use and would not cover theft.
- What protection is offered for personal liability?
Personal liability coverage can be purchased as part of most homeowners insurance policies. This kind of coverage is extremely important because it can offer you financial protection if a legal case is brought against you. Situations in which this may arise, include considerable damage being caused to another person’s property in your home, and also another person being injured as a result of an accident in your home. Personal liability coverage can help you to pay for legal defence, and can also help you to cover and compensation you would need to pay out in the event of a loss. If you consider your home to be of high risk, then it is worth asking about your option regarding personal liability coverage. E.g. increasing the coverage limit.