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Rock Insurance
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142 Route 70, PO Box 775
Medford, NJ 08055

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5 Things to Know Before You Get Home Insurance in New Jersey

Homeowners insurance can be a complicated matter. You don’t always know what type of policy and what level of coverage you need. That’s why it’s a good idea to assist an expert agent who knows the in’s and out’s of home insurance. An independent agent at Rock Insurance Agency Inc. of the Medford, NJ area can help you with this process.

Everyone Should Have Home Insurance

Many mortgage lenders require that you have homeowners insurance. Even if yours doesn’t, it’s still in your best interest to have this in place. It will protect not only your property but also offers at least some coverage for your valuable items.

The Amount of Coverage Varies

You’ll need to know your property’s value to determine the amount you should have in insurance coverage. You won’t have to pay as much out-of-pocket if your insurance is set at a higher coverage level.

Property Value Is Calculated Differently

There are different methods of calculating property value. This includes market value and replacement value. Market value is the amount at which your house is likely to sell, and replacement cost is how much it would cost to rebuild the house.

More Than Property Damage

Home insurance policies not only cover repairs after your home has been damaged due to tornadoes, fires, and other major events. It also covers incidents such as if there’s been a theft and if someone’s been injured on your property, you can get the coverage that would apply towards their medical payments.

Annual Reviews Are a Must

It’s ideal to have your agent review your policy and needs every year. This way, you know you’re getting the right amount of coverage for your changing situation.

At Rock Insurance Agency Inc., we’re proud to set up home insurance for residents in the Medford, NJ area. Contact us today with your questions and to get started.

What things aren’t covered by home insurance

Home insurance is what lets homeowners sleep at night. It protects the place you and your family enjoy your lives. If you already have a home insurance policy, have you ever read it? If, like most people, you haven’t, don’t feel bad. It would be enough to put you to sleep. But it does include some vital information about the things excluded from the policy. At Rock Insurance Agency Inc. in Medford, NJ, we make sure our customers have all the facts about their home insurance policy. 

Floods

Probably the most shocking news to most homeowners is their policy does not cover flooding. Flooding causes devastating damage, and even just one inch of water in the home can cost you $25,000 in damages. The good news is you can purchase flood insurance through the NFIP.  

Earth movement

If you feel the earth moves under your feet, you should be anxious because your home insurance will not cover it. Whether it is an earthquake, landslide, or a sinkhole, any time the earth moves, it is excluded, but you can buy an endorsement or an additional policy to cover it.

Sewer backup

This is a disgusting thing to even think of and even more so when you have to pay for the cleanup yourself. Again, you can add an endorsement. 

Preventable damage

Your insurance carrier assumes you are going to maintain your home. If you allow your roof to become so old that it allows water to damage your ceiling, your insurance won’t cover it. If you get termite damage, this is something treatment could have prevented, so no coverage is standard. This is an excellent reason to do the necessary repairs and maintenance to your home.  

When you’re ready to update your home insurance, give Rock Insurance Agency Inc. in Medford, NJ a call or stop by our office to get your free quote. 

What is not covered by a home insurance policy

As a homeowner, your homeowners’ insurance policy is one of the most critical protections one can invest in. It is crucial to understand the coverages provided under the policy. However, it just as important to understand the types of events excluded under the policy. 

Floods 

It is critical that homeowners in the Tri-State area know that flood insurance is not automatically covered under a home insurance policy. So many homeowners assume that flood coverage is included because their policy has water damage coverage. Water damage coverage is meant for events such as a burst pipe or an overflowing dishwasher. Flood coverage needs to be purchased as a separate policy from the government. 

Damage as a result of homeowners’ failure to maintain the home. 

As a homeowner, it is critical that you perform regular maintenance on your home. Failure to properly maintain the house could result in the denial of coverage in the event of a claim.  If it is determined that the damage to your home is the result of your failure to maintain the home, such as not having your water heater regularly serviced, you could be denied coverage. 

Dog bites

Many homeowner insurance policies exclude coverage for aggressive breeds such as Pitbulls. However, some carriers exclude coverage for dog bites altogether. It is essential to check with your insurance agent at Rock Insurance Agency, Inc. in Medford, NJ to confirm your level of coverage. If you have a dog, you may want to consider an umbrella policy for extra protection. 

Jewelry

If you own an expensive jewelry collection, it is important to know it may not be fully insured under your policy. While there may be a small limit under your policy, it will most likely not be enough coverage in the event your collection is stolen. If you have expensive jewelry, you will want to speak to your agent about adding additional coverage. 

If you live in the Tri-state area and would like to learn more about homeowners’ insurance, reach out to a specialist at the Rock Insurance Agency, Inc. in Medford, NJ today.