As of 2016, New Jersey has the largest share of homes currently in foreclosure.  With millions of homeowners and some of them struggling, understanding payments associated with home insurance NJ, as well as how the process works, is crucial.  With that in mind, below is a brief guide designed to cover what you need to know before beginning, the one page summary, information you will need to provide for quotes, and what to do when you experience a loss.

What You Need To Know Before Beginning

Prior to signing up for home insurance NJ, you will need to know the following three things.  The first thing you will need to know is how home insurance works.  Information on the basics can be found online through both independent sources and on the New Jersey state website.  Be aware that how New Jersey handles home insurance will be different than other states.  The second thing you will need to know is the kind of policy you will need.  While home insurance is not required by law, almost every mortgage provider out there will require you get home insurance so that they can help protect the investment they are making.  The third think you will need to know how to do is compare policies.  Understand that the majority of home insurance NJ providers will allow you to get free quotes.  We will discuss what information should have for these free quotes further down.

The Home Insurance NJ One Page Summary

In 2015 and onward, home insurance providers are required to create a one page summary that lists in clear English what is covered, the costs, and the time of coverage.  This information will be given to you yearly and it is a great way to review your policy with a quick glance.  Prior to this, some homeowners insurance companies would hide stipulations in the small print.

Information You Will Need To Provide For A Quote

Getting a quote for home insurance NJ requires that you have some information on hand.  Collecting this information now will make going through insurance far easier.  You will want to write down a description of the current state of your house, your complete address, the building material of your house, the number of stories, the number of rooms, the age of the house, the square footage, the distance from the nearest fire department or hydrant, security devices, coverage you want, and deductibles you want.

What To Do Before And After A Loss

Prior to a loss occurring, be sure to read over your policy carefully to see what is covered.  Make an inventory of everything in your home, including pictures of your belongings and receipts.  Keep all of this information in a safe, secondary place like a bank box.  After a loss occurs, call the police, followed by your insurance company.  You will have to determine the extent of the damage, submit a copy of the list of things that were destroyed to your insurance company, and seek to claim additional living expenses as you repair.