Insuring Your Home
Imagine if everything inside your home, all of your possessions, suddenly vanished. How much do you think it would cost to replace those things if they were destroyed in a fire? If your home is not protected by insurance, where will you get the money to replace its contents-or a whole new home-if disaster strikes?
You could also be at risk of being asked for money, or even sued by someone claiming to have been physically or financially hurt by something you own, or something you've done.
Before buying a homeowner's insurance policy, it is important to:
1. Understand the way homeowner's insurance works.
2. Identify the kind of policy and coverage you really need.
3. Avoid paying for coverage you don't need.
4. Compare policies from different companies to find the best values.
5. Protect yourself from improper sales practices.
When you first talk to an agent or a company, you should be prepared to discuss your insurance needs and answer questions about your home or property. You will need pertinent information , such as the size, age and construction type of your home ready beforehand.. You should also prepare a list of any questions you wish to ask.
Homeowners insurance is required in order to obtain a mortgage.
The FAIR Plan
In New Jersey, consumers who are unseccuessful in obtaining coverage through a statndard company may apply to the New Jersey Insurance Underwriting Association, known as the FAIR Plan. When a property is rejected by a standard company, the owner is advised of the FAIR Plan. A property owner may apply to the FAIR Plan directly or through any licensed agent. The FAIR plan provides basic property coverage, but does not provide theft.
For more information about the FAIR Plan, contact:
New Jersey Insurance Underwriting Association
744 Broad St.
Newqrk, NJ 07102
(973)622-3838
