Property Insurance in Ewing, Hamilton NJ, Morrisville and the Surrounding Area
New Jersey Homeowners Insurance Information
Whether you own a house, condominium or townhouse, for most people their home is their most important investment. AEI Insurance Brokerage, 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 secure quote request form for a lower cost New Jersey Homeowners Insurance policy that will provide excellent insurance coverage at an affordable cost. Or you can speak with our New Jersey Homeowners Insurance specialist at (866) 771-1313 to discuss the policy features in more detail.
Or learn more about Homeowners coverages
clicking the links below
Replacement Cost or Actual Cash Value
All Risks or Named Perils
Coinsurance Penalty
Personal Liability
Replacement Cost or Actual Cash Value Option
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.
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.
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.
In a New Jersey homeowners insurance policy, personal liability 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.