Homeowners Insurance New Jersey

New Jersey Homeowners Insurance

(also Pennsylvania)

Whether you own a house, condominium or townhouse, for most people
their home is their most important investment. New Penn Insurance
Associates offers New Jersey homeowners insurance policies that have
flexibility to meet your individual needs and above all, provide you with the
security that comes only from the knowledge that your home is safe.

Insurance for your home is one of the most popular and important forms
of personal insurance and the typical New Jersey

Homeowners Insurance policy has two main sections:

Section I - insurance coverage for your property

Section II - personal liability coverage (to cover you in case of lawsuits
arising from things that happen on your property)

Homeowners insurance is often required by lenders to obtain a
mortgage and nearly everyone, whether you own or lease property,
should have the protection of homeowners insurance.

Click on the link below to fill out a quote request form for a New Jersey
Homeowners Insurance policy that will provide excellent insurance
coverage at an affordable cost. Or speak with our Personal Insurance
agent specialist at 609-466-5300 to discuss the features.

Click here to fill out a

New Jersey Homeowners Insurance

Policy quote request form

Replacement Cost or Actual Cash Value Option
in New Jersey Homeowners Insurance Policy

Covered losses under a New Jersey homeowners insurance policy can be paid on either a
replacement cost basis or on an actual cash value basis. When "actual cash value" is used,
the policy owner is entitled to the depreciated value of the damaged property. Therefore, the
older the item is, the less money you may receive for it. If you choose the "replacement
cost" coverage, the New Jersey homeowners insurance policy will reinburse the amount it
costs to replace the property with something of a similar type and quality at current prices.

New Jersey Homeowners Insurance Policy FAQ

Coinsurance Penalty in New Jersey Homeowners Insurance Policy

If your policy limit is less than 80% of the replacement cost of your home, you will face a
"coinsurance penalty," which means you'll have out-of-pocket expenses to cover costs
beyond the policy deductible you chose. For example purposes we will assume your home's
estimated replacement value (RCV) is $100,000. The co-insurance clause requires you carry
at least $80,000 (80% of your RCV). If you chose to purchase only a $40,000 New Jersey
Homeowners Insurance policy you would be underinsured by half. Therefore, in the example
the insurance company would pay one-half of a loss less the policy deductible, so if you
suffered a $10,000 covered loss to your house, condominium or townhouse and had a $500
deductible, your policy would only pay $4,500.

All Risks or Named Perils in New Jersey Homeowners Insurance Policy

An "All Risks" policy provides the broadest New Jersey homeowners insurance protection
because it will cover losses that are due to any peril except those specifically excluded in the
policy. A "Named Perils" policy covers losses that are due to only those perils listed in the
standard New Jersey Homeowners Insurance policy and typically include fire, hail,
windstorm, and other physical losses.

New Jersey Homeowners Insurance Policy FAQ

Click here to fill out a

New Jersey Homeowners Insurance

Policy quote request form

New Jersey Homeowners Insurance Policy FAQ

Personal Liability in a New Jersey Homeowners Insurance Policy

Personal liability in a New Jersey homeowners insurance policy is also an important part of
having security from accidents that may occur on your property. We suggest you choose
coverage limits that are not less than those on other liability insurance you own, such as car
insurance.

Click on the link below to fill out a quote request form for a New Jersey Homeowners
Insurance policy that will provide excellent insurance coverage at an affordable cost. Or
speak with our New Jersey Homeowners Insurance agent specialist at 609-466-5300 to
discuss the features.

Click here to fill out a

New Jersey Homeowners Insurance

Policy quote request form

New Jersey Homeowners Insurance Policy FAQ

**The information, pictures, and other content in this website about particular insurance services is
only provided for informational purposes. Any decisions regarding your insurance needs should be
discussed with a licensed insurance agent.

Personal Liability

All Risks or Named Perils

Coinsurance Penalty

Replacement Cost or Actual Cash Value