New Jersey Homeowners Insurance Information
Whether you own a house, condominium or townhouse, for most people
their home is their most important investment. Your Life Solutions offers
New Jersey homeowners insurance policies that have flexibility to meet
your individual needs and above all, provide you with the security that
comes only from the knowledge that your home is safe.
Insurance for your home is one of the most popular and important forms
of personal insurance and the typical New Jersey
Homeowners Insurance policy has two main sections:
Section I - insurance coverage for your property
Section II - personal liability coverage (to cover you
in case of lawsuits arising from things that happen
on your property)
Homeowners insurance is often required by lenders to
obtain a mortgage and nearly everyone, whether you
own or lease property, should have the protection of
homeowners insurance.
Click on the link below to fill out a quote request form
for a New Jersey Homeowners Insurance policy that
will provide excellent insurance coverage at an
affordable cost. Or speak with our NJ Homeowners
Insurance Agent Specialist to discuss the features.
Replacement Cost or Actual Cash Value Option
in New Jersey Homeowners Insurance Policy
Covered losses under a New Jersey homeowners insurance policy can be paid on either a
replacement cost basis or on an actual cash value basis. When "actual cash value" is used,
the policy owner is entitled to the depreciated value of the damaged property. Therefore, the
older the item is, the less money you may receive for it. If you choose the "replacement
cost" coverage, the New Jersey homeowners insurance policy will reinburse the amount it
costs to replace the property with something of a similar type and quality at current prices.
All Risks or Named Perils in New Jersey Homeowners Insurance Policy
An "All Risks" policy provides the broadest New Jersey homeowners insurance protection
because it will cover losses that are due to any peril except those specifically excluded in
the policy. A "Named Perils" policy covers losses that are due to only those perils listed in
the standard New Jersey Homeowners Insurance policy and typically include fire, hail,
windstorm, and other physical losses.
New Jersey Homeowners Insurance Policy FAQ
Coinsurance Penalty in New Jersey Homeowners Insurance Policy
If your policy limit is less than 80% of the replacement cost of your home, you will face
a "coinsurance penalty," which means you'll have out-of-pocket expenses to cover
costs beyond the policy deductible you chose. For example purposes we will assume
your home's estimated replacement value (RCV) is $100,000. The co-insurance
clause requires you carry at least $80,000 (80% of your RCV). If you chose to
purchase only a $40,000 New Jersey Homeowners Insurance policy you would be
underinsured by half. Therefore, in the example the insurance company would pay
one-half of a loss less the policy deductible, so if you suffered a $10,000 covered loss
to your house, condominium or townhouse and had a $500 deductible, your policy
would only pay $4,500.
New Jersey Homeowners Insurance Policy FAQ
Personal Liability in a New Jersey Homeowners Insurance Policy
Personal liability in a New Jersey homeowners insurance policy is also an important
part of having security from accidents that may occur on your property. We suggest
you choose coverage limits that are not less than those on other liability insurance
you own, such as car insurance.
Click on the link below to fill out a quote request form for a New Jersey
Homeowners Insurance policy that will provide excellent insurance coverage
at an affordable cost. Or speak with our New Jersey Homeowners Insurance
Agent Specialist to discuss the features.
We are your local northern New Jersey insurance agency, offering affordable homeowners
insurance policy premiums to residents in the following cities and counties: Succasunna,
Boonton, Boonton Township, Brookside, Budd Lake, Butler, Cedar Knolls, Chatham,
Chester, Convent Station, Denville, Dover, Dover Annex, East Hanover, Fayson Lakes,
Flanders, Florham Park, Gillette, Green Village, Greystone Park, Hibernia, High Crest,
Ironia, Kenvil, Kinnelon, Lake Hiawatha, Lake Hopatcong, Lake Intervale, Landing,
Ledgewood, Lincoln Park, Lindy Lake, Long Valley, Lower Montville, Lyonsville, Madison,
Mendham, Meriden, Millington, Mine Hill, Montville, Montville Township, Morris Plains,
Morristown, Mount Arlington, Mount Freedom, Mount Olive, Mount Tabor, Mountain Lakes,
Netcong, New Vernon, Parsippany, Pequannock, Pequannock Township, Picatinny Arsenal,
Pine Brook, Pinebrook, Pompton Junction, Pompton Plains, Powerville, Ralston, Randolph,
Riverdale, Rockaway, Rockaway Valley, Schooleys Mountain, Stirling, Tabor, Taylortown,
Towaco, Troy Hills, Wharton, Whippany, Stanhope, Hopatcong, Espanong, Hurdtown,
Cranberry Lake, Andover, Greendell, Woodport, Springdale, Oak Ridge, Milton, Sparta, Lake
Lenape, Newton, Ogdensburg, Saxton Falls, Johnsonburg, Allamuchy, Vienna,
Hackettstown, Beattystown, Marksboro, Hope, Townsbury, Washington, Newark, Elizabeth,
Rahway, Colonia, Iselin, Avenel, Woodbridge, Port Reading, Carteret, Perth Amboy, Fords,
South Amboy, Metuchen, Plainfield, Dunellen, South Plainfield, Green Brook, Fanwood,
North Plainfield, Cranford, Scotch Plains, Westfield, Union, Millburn, Springfield,
Mountainside, Gillette, Warren, Watchung, Stirling, Millington, Middlesex, Martinsville,
Piscataway, Edison, New Brunswick, Highland Park, Somerset, Milltown, South River,
Bound Brook, Somerville, Bridgewater, Fairview, Ridgefield, Fort Lee, Leonia, Palisades
Park, Englewood Cliffs, Englewood, Bergenfield, Teaneck, Paramus, Bogota, Ridgefield
Park, Little Ferry, Hackensack, Maywood, Teterboro, South Hackensack, Rochelle Park,
Moonache, Lodi, Hasbrouck Heights, Saddle Brook, Garfield, Elmwood Park, Woodridge,
Carlstadt, East Rutherford, Lyndhurst, Rutherford, Wallington, Passaic, Clifton, Paterson,
Totowa, West Paterson, Little Falls, Great Notch, North Caldwell, Cedar Grove, Verona,
Montclair, Bloomfield, West Orange, Glen Ridge, Belleville, Nutley, Kingsland, North
Arlington, Kearney, Harrison, East Orange, East Newark, Orange, Irvington, South Orange,
Hillside, Townley, Livingston, Wayne, Morris County, Sussex County, Somerset County,
Pasaic County, Bergen County, Hunterdon County, Union County, and Warren County, NJ.
We also offer homeowners insurance services throughout the state of New Jersey, including
the greater New York City area.
New Jersey Homeowners Insurance Policy FAQ
**The information, pictures, and other content in this website about particular insurance
services is only provided for informational purposes. Any decisions regarding your
insurance needs should be discussed with a licensed insurance agent.
Replacement Cost or Actual Cash Value
New Jersey Homeowners Insurance Policy FAQ
All Risks or Named Perils
Coinsurance Penalty
Personal Liability
New Jersey Homeowners Insurance Policy FAQ
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