Monthly Archives: September 2019

Home Insurance for a Second Home In New Jersey

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If you are planning to buy a second home in New Jersey, work with your agent at E.S.T.I.R. Inc. serving Bloomfield, NJ and the surrounding communities. Make sure you get adequate insurance coverage. Your agent will conduct an insurance review of your existing home insurance policy and then make a professional recommendation about how to insure the second home.

There may be an option to use the same insurance company, which you already have, to extend the coverage to the second home or you may want to consider getting a new policy. Your agent will explain the details.

Things to Consider About Insuring a Second Home

A second home has different insurance needs than your primary residence.

Here is a list of important questions to consider and discuss with your agent:

  • Will the home be vacant part of the time?
  • Will you rent the home out to others?
  • Should you get replacement cost coverage?
  • Do you need extra coverage for personal property?
  • What is the risk of damage by water from flooding or storm surge?

Leaving the Home Vacant

A vacant home is more attractive to burglars who can break in when nobody is there. Security systems can be installed to help mitigate this risk. This may help with insurance coverage.

Renting the Home

Renting the home to others can provide income to help offset expenses. This is a commercial enterprise. You will want to have commercial insurance to cover the paying guests and the use of the home as a rental property.

Replacement Cost Coverage

Replacement cost coverage is very helpful because if the home is damaged, repairs can be made that will bring the home back to a similar condition before it was damaged.

Personal Property

Be sure there is adequate coverage for any valuable contents of the home as well.

Water Damage

Home insurance does not usually cover flooding, so be sure to talk about adding flood insurance.

Conclusion

Ask your agent about any other concerns that you have about insuring a second home. To get an insurance review and a quote, call us to speak with your agent at E.S.T.I.R. Inc. in Bloomfield, NJ.

Do I need more than basic auto insurance coverage

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In Bloomfield, NJ basic auto insurance mandated by state law is  $5,000 for each accident and personal injury protection of $15,000 for each person. You are not required to have anything else by the state. If you have a loan or a lease on your vehicle, you will likely have to carry additional insurance to protect the lender or lessors investment.  E.S.T.I.R. Inc. can help you to understand if additional coverage is something you need to consider. 

Additional liability 

If you are young, single, a renter and own nothing, basic insurance is fine. However, if you have moved beyond that and have assets that have some value, adding additional liability insurance is worth considering. If you are sued, in this day and age, it could go way beyond the very minimal amount of a basic policy. You work too hard to accumulate what wealth you have to place it at risk. 

Collision coverage

Collision coverage protects your vehicle in the event you are in an accident where you are deemed at fault or are the victim of a hit and run. If you crash into your garage or a pole, you are the only driver involved. If your vehicle is old and has little value or if you would be able to pay for the repairs that might be required then collision insurance is probably not necessary. If however, you can not afford to be without your vehicle and you don’t have the ready cash to replace or repair it, collision is an affordable option. 

Comprehensive coverage

Your vehicle can be stolen or damaged by hail, wind or vandalism. If this happens and you don’t carry comprehensive coverage you will need to repair or replace your vehicle yourself. 

If you live in or near Bloomfield, NJ, E.S.T.I.R. Inc. is there to help you to decide what the best coverage options are for you. Stop by the office or give us a call for a no-obligation quote.