Home Insurance In New Jersey. Is It Needed?
New Jersey home insurance is not required by law, but there are reasons why you may be required to have it.
In New Jersey, car insurance is required by state law, no matter where you live. And though home insurance is different in that it's not required by law, your bank or mortgage lender will require that you have home owner insurance coverage or they won't finance your home. This is so they can protect their interests; if you're home is damaged or burns down and you default on your loan, they can still recoup their investment.
So if your mortgage is paid off, you probably won't be required to purchase home insurance. But in New Jersey, as elsewhere, you are still liable for lawsuits on your property. A standard New Jersey homeowner policy provides liability protection. What's more, all costs of repairs from damage to keep your home habitable will fall directly on you if you don't have insurance. Unless you have enough assets to protect yourself from these financial risks, home owner insurance is your best bet.
Besides liability, a standard home insurance policy will provide coverage for your dwelling (the home), contents (personal belongings), and living expenses while your home is being repaired. If you have expensive items such as jewelry and computer equipment, you can also get extra coverages, or purchase an umbrella policy which provides much higher coverages especially for liability.
If you want to save money on home insurance, the best thing to do is shop around for comparison quotes. Rates between insurance companies in New Jersey vary by hundreds of dollars in the same county, so shopping around could really be worthwhile.
You may also save by taking advantage of discounts such as insuring your car and home with the same company. You can get multiple quotes online by visiting different insurance carrier Web sites. Be sure to provide the same desired coverages to each company to get an accurate comparison. For convenience, visit an online comparison site that allows you to enter your information once and get several quotes back.
In New Jersey, car insurance is required by state law, no matter where you live. And though home insurance is different in that it's not required by law, your bank or mortgage lender will require that you have home owner insurance coverage or they won't finance your home. This is so they can protect their interests; if you're home is damaged or burns down and you default on your loan, they can still recoup their investment.
So if your mortgage is paid off, you probably won't be required to purchase home insurance. But in New Jersey, as elsewhere, you are still liable for lawsuits on your property. A standard New Jersey homeowner policy provides liability protection. What's more, all costs of repairs from damage to keep your home habitable will fall directly on you if you don't have insurance. Unless you have enough assets to protect yourself from these financial risks, home owner insurance is your best bet.
Besides liability, a standard home insurance policy will provide coverage for your dwelling (the home), contents (personal belongings), and living expenses while your home is being repaired. If you have expensive items such as jewelry and computer equipment, you can also get extra coverages, or purchase an umbrella policy which provides much higher coverages especially for liability.
If you want to save money on home insurance, the best thing to do is shop around for comparison quotes. Rates between insurance companies in New Jersey vary by hundreds of dollars in the same county, so shopping around could really be worthwhile.
You may also save by taking advantage of discounts such as insuring your car and home with the same company. You can get multiple quotes online by visiting different insurance carrier Web sites. Be sure to provide the same desired coverages to each company to get an accurate comparison. For convenience, visit an online comparison site that allows you to enter your information once and get several quotes back.