Insurance for Homeowners in New Jersey
If you have been searching for reliable homeowners insurance, the representatives at Muller Insurance in Hoboken can help you find the policy you need to ensure your property is protected in the event of a disaster. When you take out a home insurance policy, not only is your house protected, but so are your possessions. Standard policies cover both damage to your home and legal responsibilities in the event you or a member of your family causes property damage to someone else. Keep in mind that damage caused by flood and earthquakes are covered in separate policies.
What You Need to Know
Like most types of insurance, there isn’t just one kind of home insurance policy. There are different options available to suit a wide range of needs. The type of insurance policies you can choose from include the following:
HO-3: One of the most popular policies, this protects your home from all perils except those specifically excluded.
HO-4: This policy is available only for renters. It protects possessions that are damaged in a rental property, but does not cover any damage done to the property itself.
HO-5: This policy covers all perils to the structure of the building and the contents inside, except those specifically excluded. HO-5 usually has higher limits for personal property than HO-3 coverage, though this type of policy is only available for properties that qualify.
HO-6: For people who own a condo or a co-op, this policy will provide protection for belongings and interior structural damage. Coverage for the rest of the building or structure should be covered by other policies.
Standard homeowners insurance policies do not provide coverage from damages caused by flooding, sewer backups, mold, earthquakes or termites. They also do not provide reimbursement for relocation expenses during times when the home is lost. These policies will also not cover liability damages for injuries caused by the use of a swimming pool or a trampoline. These type of coverage’s need to be added to a specific policy at an additional cost. And not all insurance companies are willing to extend all extra coverage.
Muller’s policies are written on a Replacement Cost basis, meaning they cover rebuilding your home or replacing your possessions without a deduction for depreciation. Guaranteed or extended replacement cost pays whatever it costs to rebuild your home as it was before a fire or other disaster, regardless of the policy limit. There are also extended policies available that pay a percentage of the rebuilding cost. They will generally pay 20 to 25 percent over the limit.