There’s a lot we must consider when buying or renting a new home: location, cost, and size amenities, among others. At the forefront of your concern should be homeowners  insurance because protecting assets you accrue over the years is important, and having insurance coverage will save you money in the long run if anything were to happen. However, homeowners insurance premiums can vary widely, ranging anywhere from $600 to over $2,000 annually (all depending on house value and insurance policies).

At NJM Insurance Group (NJM), one of the Mid-Atlantic region’s leading property and casualty insurers, it doesn’t matter if you own or rent a house or condo; there are policy options offered to fit your specific needs from HO3 and HO5 policies for owned homes to HO4 for renters and HO6 for condominium owners. The company takes into consideration that it’s not only about paying to own a home, but that there are valuable items inside. NJM coverage goes beyond the walls, roof and floors— protecting the items that truly make the house a home.

To understand your homeowners insurance policy, you should make note of everything it can cover. “It covers the structure of the home, any detached structures on the property, personal property in the home such as furniture, clothes and electronics,” says  Pamela Septer, NJM’s property underwriting administrator.  “[It covers] loss of use in the event you’re unable to reside in your home for a period of time, and it also covers personal liability and medical payments to others.”

It’s imperative homeowners list more than just the essentials to the homeowners policy. “If you have any jewelry,  furs or silverware that are of high value, you’ll want to be sure to insure them separately  through a scheduled personal property endorsement,” Septer says. “The identity fraud expense endorsement, which would cover you if you have incurred any expenses as a result of identity fraud; home systems protection  and service line coverage and also water backup and if you have a sump pump water backup and sump overflow coverage.”

For those who already own a home, a few upgrades can not only increase the value of the home, but also lower the insurance premium.

 A roof replacement is a big undertaking, but putting off replacing a bad roof can cost more out of your pocket—a leaky or weak roof can cause even more damage inside the home. Likewise, updating pipes inside the home along with electrical wiring and boxes can lower insurance premiums. If you’re unsure how a voluntary upgrade will impact your insurance premium, it’s best to reach out to your insurance agent or company for answers on how the upgrade could impact the policy.

Aside from upgrades, certain features of the home can qualify you for premium prices or discounted rates. “Certain home features may qualify you, such as protective devices including a fire or burglar alarm, or a smart home system such as a water leak detection system, and also generators. Automatic and portable can also qualify for discounts,” Septer says.

When it comes to claims from clients, the most common NJM sees are “water damage due to pipe breaks and water appliance failures. Also, sump pump overflows, roof leaks and wind damage which result in down trees and missing roof shingles,” according to Septer.

 “Anyone who owns a home or a condo would need homeowners insurance, or should have homeowners insurance, but also if you rent an apartment, home or a condo, you should consider buying renters insurance,” Septer adds. “ It’s not a mandated coverage, but if somebody has a loss like a burglary or a fire, it’s a very expensive loss. It would really benefit people to have homeowners coverage.” NJM encourages taking pictures and video of the home before a loss to substantiate the personal property.

Since 1921, NJM has been providing its clients reliable homeowners coverage for their property and belongings. The insurance company has accrued a number of different insurance policies including auto and recreational, home and property, renters, umbrella and workers’ compensation for New Jersey and Pennsylvania residents. NJM specializes in  different areas making the company a trustworthy source for insurance needs and customer claim satisfaction.

NJM Insurance Group
Trenton, Parsippany and Hammonton, N.J.
1 (800) 232-6600 | NJM.com

Published (and copyrighted) in House & Home, Volume 19, Issue 7 (January 2019). 
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