Many homeowners tend to think homeowners insurance offers comprehensive coverage against all kinds of damage and losses. Though this insurance is essential, it doesn’t independently protect against every possible scenario. It’s important that homeowners recognize this and consider looking for the following two types of coverage when they are comparing NJ homeowners insurance quotes and options.
- Flood Insurance
Homeowners insurance typically covers water damage from an interior source but excludes damage from floods, which can cause extensive destruction. Homeowners who lack flood insurance may independently have to cover the cost of replacing personal possessions and restoring the home to inhabitable condition. Even homeowners who don’t live in flood plains can benefit from this insurance, since catastrophic flooding can still affect locations that are considered low-risk.
- Fine Collectibles
Most homeowners insurance policies set coverage limits on personal possessions and only reimburse homeowners for the actual cash value of covered possessions. This can leave people with valuable items such as jewelry or fine art collections facing significant losses. These homeowners should protect themselves with floater insurance or with a specialized policy designed to cover the specific category of item.
Other Complementary Policies
Depending on a homeowner’s income, assets, location, and other variables, additional supplementary insurance coverage may be advisable. When homeowners are renewing or shopping for insurance, rather than simply comparing NJ homeowners insurance quotes, it is crucial that they discuss these secondary options with an insurance agent.