Wednesday, September 21, 2011

New Jersey Homeowners insurance and Your Valuables

Most people know how important it is to have insurance in place to protect their home. New Jersey Homeowners insurance exists to provide financial support in the event your house is damaged or destroyed, and it can also cover your home contents and personal possessions. It’s important to be clear however on exactly what is and isn’t covered in a specific policy, and how much you could receive in the event an item was damaged or stolen. This is particularly important when it comes to your jewelry and valuable items.

Many people don’t realize that standard homeowners’ insurance policies have a relatively low limit on what can be claimed for jewelry. Limits can vary across insurers, but often, the limit is around $2000. Would that be enough to replace your jewelry if it was stolen during a burglary?

You may also have paintings or other artworks, electronic equipment, music instruments, silverware or even something like a stamp collection. If any of these are worth a substantial sum then you should you speak to your insurer or agent about your options. In many cases it’s possible to purchase extra cover specific for items such as these. This is called a floater or option, and the price will be determined by the value of your items.

Whether you already have homeowners insurance in New Jersey in place or are in the process of purchasing insurance, it’s important to read any policy thoroughly, work out what you are covered for, and speak to your insurance agent about any shortcomings. Some planning now may save you valuable dollars in the future.

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