PDF《Insuring Your Home》

A consumer guide to Homeowners, Renters and Insuring Your Home New Jersey Department of BANKING AND INSURANCE Phil Murphy Governor Sheila Oliver Lt.

Governor Marlene Caride Commissioner A consumer guide to Homeowners, Renters and Condominium Insurance The New Jersey Department of Banking and Insurance (NJDOBI) prepared this Guide to help you understand the sometimes complex world of Homeowners, Renters and Condominium Insurance. If you are like most people, your home and the things inside it make up one of the biggest financial investments you have. This can be just as true for renters as homeowners. All those clothes, furniture, appliances, tools, toys, and electronics can really add up. If your home and its contents are not protected by any insurance, where will you get the money to replace your possessions if disaster strikes? Could you afford to protect yourself if someone fell on your property and decided to sue you for injuries? Generally if you own a home, your homeowner'

s policy covers your home and its contents as well as personal liability, (the amount you are legally responsible to pay for injuries or damages to others), medical payments to others, and additional living expenses in the event you cannot stay in your home (called loss of use). If you rent, a renter'

s policy (also sometimes called tenants insurance) covers your personal belongings, personal liability, medical payments to others, and additional living expenses. A condominium policy provides protection for your personal property, improvements, additions and items that are not covered by the condominium association'

s master policy, personal liability, medical payments to others, and additional living expenses. These coverages are explained in greater detail in this guide. With the help of this Guide you can: ? Identify the kind of coverages homeowner policies offer so you can buy what you really need. ? Learn the information you need to shop for coverage in order to find the best values. ? Understand how homeowners insurance works, and how NJDOBI can help you. Please take a few moments to review this Guide. The answers to many questions can be found here, or on our website at www.dobi.nj.gov. If you have questions, please don'

t hesitate to contact our Consumer Inquiry and Response Center (CIRC) at 609-292-7272 or 800-446-7467. Homeowner Insurance Basic Coverages Homeowner insurance policies provide protection for several different things all in one policy. The coverage parts of a homeowner policy are listed below. Keep in mind that your policy may provide more or less coverage depending on your needs and the type of policy you purchase. For example, a renter'

s policy will not provide Coverage A C Dwelling, since you do not own the property where you live. Your insurance agent or insurance company can help you determine which coverage and homeowner policy form is right for you. ? Coverage A C Dwelling This coverage protects you for insured damages to your home, including plumbing, wiring and permanently installed heating and cooling systems as well as attached structures. ? Coverage B C Other Structures This coverage provides protection for unattached structures like sheds or fences. Usually, coverage is limited to

10 percent of the amount of your Coverage A limits;

however it may be possible to purchase additional coverage. ? Coverage C C Personal Property This coverage offers protection for the contents of your home and items belonging to other family members residing with you. The personal property coverage limit is typically