Posts Tagged ‘NJ insurance’
What is covered by a property insurance policy?
Your property is covered against sudden and accidental damage. There are key exclusions, notably flood, earthquake, sinkhole collapse, wear and tear, pollution (an oil tank that leaks, for example), damage caused by vermin, intentional acts, and others. Mold coverage may be limited, and water backup typically needs to be added.
Read MoreWhat is building ordinance coverage?
If you are required to rebuild your property differently because of laws or ordinances – such as changing the setback of a building – you are not covered unless your policy contains this coverage.
Read MoreWhat kind of insurance do I need for a commercial real estate investment?
A Business Owners Policy is usually the best value for a small to medium sized commercial investment property, providing coverage for a building, contents, loss of business income, and premises liability in a single policy.
Read MoreWhen do I need a commercial policy?
If your building has a business in it, or if you have five apartments or more you need a commercial policy to cover your property.
Read MoreDoes a policy on a multi-family home cover loss of rental income?
A good one should provide at least 12 months of lost income if your multi-family is damaged by a covered peril. More can be added to ensure that you have enough money to cover for the rent you can’t collect while the house is being repaired.
Read MoreWhen do I need a landlord policy?
If you completely rent a one to four family house and there is not a business on the premises, you need a landlord or dwelling insurance policy. Dwelling policies are similar to home insurance in many respects but are more expensive, as there is a greater chance of having a claim when the owner is…
Read MoreWhat should I require from my tenants?
We suggest that all of your tenants be required to carry renter’s insurance for themselves as part of their lease with at least $500,000 in liability coverage. We also suggest that your lease require you to be named as an additional insured. Renter’s insurance is normally inexpensive, and your policy as a landlord provides no…
Read MoreInsuring New Jersey Coastal Properties
Q: How does an investment property get valued for insurance? The best coverage will require that a building be valued at the reconstruction cost, which often is more than the cost to purchase, particularly if a building is distressed. This will allow you to have replacement cost coverage. Conversely, many policies will allow you to…
Read MoreInsurance Tips For Newlyweds
Being newly married is exciting, but it also comes with a lot of new responsibilities. One important responsibility is reevaluating your insurance coverage. Use the following tips to make sure you are adequately protected: Check Your Health Care Coverage Options Health care coverage is important because it covers the costs of preventative checkups, medications, and…
Read MoreHow to Properly Insure Your Jewelry
An antique brooch from your grandmother, the engagement ring you take off and carefully place when you’re cooking. Beautiful, one-of-a-kind earrings you received as a gift. For many, jewelry isn’t simply a fashion statement. Earrings, rings, bracelets, and other items often hold sentimental value and become part of family tradition. Just as with everything that…
Read More