Archive for the ‘homeowner insurance’ tag
Top 5 Home Insurance Myths Debunked
Myth #1: Standard home insurance covers flood damage.
Fact: Standard home insurance does NOT cover damage caused by a flood. If you feel that you need coverage for a flood you should purchase a separate flood insurance policy.
Myth #2: The Medical Payment portion of my homeowners insurance will cover injuries to me and my family.
Fact: MedPay, a common feature of standard home insurance policies, is there to protect you in the event that someone other than you or your family (a neighbor, friend, etc) gets hurt on your property and they do not want to sue you. MedPay will typically cover up to $1,000 for each covered claim to someone outside of your family. If you or your family, however, gets hurt on your property they are not covered by your home insurance policy.
Myth #3: If my home is ever lost, my insurance company will reimburse me for whatever I tell them I owned at the time of loss.
Fact: In the event of a covered loss your home insurance company will ask you to make a list of everything you own and include specific details such as purchase price, date of purchase, serial numbers, etc. (Imagine trying to do this from memory!) The best way to avoid this situation is to have a home inventory already put together. Use a checklist like this one: http://homeinsurance.com home insurance home inventory checklist. Make sure to include photos, receipts, serial numbers and anything else that will help you prove ownership. Don’t risk not having everything replaced in the event of a disaster. Make sure to keep your inventory in a fire proof safe or at a friend’s house so it is still around when you need it!
Myth #4: If I file a home insurance claim, my home insurance premium will definitely go up.
Fact: While many home insurance companies do look at your claims history, there are many other factors that determine how much you will pay for home insurance. Filing one claim over a period of a few years might not increase your home insurance premium. To be on the safe side, always think twice before filing a claim for minor damages to your home. Consider your deductible. If the total cost of repair is not too much more than your deductible you might want to consider paying for the repairs yourself. While this might cost you more upfront, it might save you from an increased premium. If, because of a stroke of bad luck, you have to file multiple claims over a period of a few years and your premium is steadily increasing, rest assured there are other ways to save on your home insurance. Ask your agent about home insurance discounts. Sometimes simply installing a smoke alarm, burglar alarm system or by adding your auto policy to your home policy, you can save a great deal of cash.
Myth # 5 All of my valuables- like jewelry -will be covered in the event of a burglary.
Fact: There are limits on the amount of coverage you can receive for valuable such as jewelry, furs, etc. For example, most companies put a cap of $1500 on total jewelry lost during a burglary of your home. If you find that your jewelry values over $1500 you should talk to a home insurance agent and schedule an endorsement on your policy giving you additional coverage.
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How To Go About Arranging New Jersey Homeowners Insurance
Irrespective of which state you reside in, if you own your own home you will need to have your home protected by some sort of insurance. This is certainly true if you are residing in New Jersey and New Jersey homeowners insurance is very similar to the type of insurance that you would arrange in any other state.
There are a number of things which you need to bear in mind when you are trying to purchase a policy in New Jersey which would include how much coverage you will get and the cost you will have to pay.
The type of coverage that you will get can sometimes be a bit difficult to understand, particularly if you are not familiar with the different types of cover that are available to you. Most of the time the insurance agent who you are talking to will be able to guide you in the right direction and to give you an overview of the types of coverage that you are interested in and, if you have a mortgage, he or she will also take into consideration your mortgage company as some of them have stricter rules than others. At the end of the day however it is very helpful if you have a bit of knowledge from the start so that you know which questions you should be asking when you are talking to your insurance agent.
Something that you may want to think about when you are taking out New Jersey homeowners insurance are any deductibles attached to a policy. In many cases you can adjust a deductible and this will greatly affect the amount of money which you are going to have to pay on the plan each month. Because the majority of these insurance policies are going to be considered in with your mortgage it can really help to reduce one of the bigger bills that you will have to pay each month.
Naturally it is always wise to do a little comparison shopping if you are looking for your New Jersey homeowners insurance plan. The simple fact that you use a particular insurer for other reasons does not necessarily mean that it will be the best choice when it comes to protecting your property. Do not forget that this is a decision which you will have to live with for quite some time so ensure that you do the research that is necessary to make it a good one.
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