Home insurance, also commonly called Hazard Insurance, HO3 or HO5 (a type of property insurance that covers an owner occupied private residence.)
What’s covered; what’s not:
Most homeowners insurance policies will cover damage caused by such perils as fire, windstorms, hail, lightning, theft or vandalism. There are other homeowners policies that cover additional perils as well. Typically, floods and earthquakes are always excluded. It’s important to talk to a knowledgeable agent at Kape Insurance to learn what your policy may and may not cover. And for those perils that are not covered, there may be supplemental insurance you can purchase.
Most Standard Homeowners policies provide:
- Dwelling coverage – Pays to repair or rebuild your home – including electrical wiring, plumbing, and heating and air conditioning – if damaged by a covered cause of loss. It’s important to buy enough dwelling coverage to cover the cost to rebuild.
- Other structures coverage – Pays for damages to detached structures like garages, sheds, fences and cottages on your property.
- Personal property coverage – Reimburses you for the personal items in your home that may be damaged or destroyed by a covered cause of loss, which could include your furniture, clothes, sporting goods and electronics.
- Loss of use coverage – Pays your additional housing and living expenses if you must move out of your home temporarily while it’s being restored.
- Liability insurance – Helps protect your assets and cover your defense costs in the event of a lawsuit because you or your family members are responsible for causing injuries or damage to other people or their property.
Home Insurance Policy coverages, terms and rates may be very different depending on the company and options you select.
We’ll work with you to select a homeowners insurance policy that fits your needs and budget. As an Independent Insurance Agency, we can compare prices and plans among multiple carriers to get the best deals for you. Additionally we can help you look at bundling insurance policies that may really help the savings add up for New Jersey families.