Monthly Archives: January 2020

Is Home Insurance Required?

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With auto insurance and health insurance being a requirement, it makes sense to wonder whether home insurance is also required. Bloomfield, NJ residents, E.S.T.I.R. Inc. has the answer you are looking for: home insurance is actually not required by law. Before writing off home insurance completely, though, there are other questions that you need to ask yourself.

1. Are you currently paying on a mortgage loan for your home or have some other lien on the home? If so, you may need it. Most mortgage companies require that you keep homeowners insurance while paying on the mortgage, at least until a certain amount of the mortgage has been repaid. If you do not keep your insurance, you are breaking the contract, and the lender can take legal action. If you owe anything on your home, double check your contracts first.

2. If something were to happen to your home right now, could you afford to fix it or replace it on your own? Insurance is not something that we use every day, but it is something that can help us get back on our feet when certain events occur. Consider a house fire. If your home were to burn down, could you afford to buy a new home? Do you have enough money saved to repair any damages the home sustains? If not, having homeowner’s insurance should still be a priority, even though it is not required by law.

Homeowner’s insurance may seem like an unnecessary bill, but it is actually a great way to help protect your investment. For more information on how homeowner’s insurance can help protect your Bloomfield, NJ home, stop by or give E.S.T.I.R. Inc. a call today!

 

What does a comprehensive auto policy cover?

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When you own a vehicle there are many things that can happen to it. Some things can happen that have nothing to do with driving. Bloomfield, NJ is no exception, it offers just as many challenges to drivers and vehicle owners like any other city in the United States. At E.S.T.I.R. Inc. we are here to help you to make sure that you have all the auto insurance coverage that you need at a price you can live with.

If you have a vehicle for which you have a loan or a lease, they will require that you carry insurance to protect their investment. Comprehensive insurance is one of these coverages. It is often referred to as non-collision insurance since it does not cover your vehicle from a collision with another vehicle or stationary object. That sort of event is covered by collision insurance.

So what does the comprehensive auto insurance cover? It covers certain weather events. It will pay to repair the damage done by hail which in New Jersey can sometimes be quite large and damaging. It covers damage caused by strong winds which can cause the limbs of trees to fall on vehicles. Comprehensive insurance will also cover your car from flood damage which can be caused by hurricanes or just excessive rain.

In the event that your car is involved in a hit and run and you no idea who caused the damage, if you have comprehensive insurance you will be covered. It will also replace your windshield if it is cracked or a chip. If you travel in the countryside of New Jersey and a deer jumps into the road and you make contact with it, the damage can be devastating, luckily it will be covered. But perhaps the most important coverage is theft if your car is stolen your insurance will replace it up to the value of your policy.

There are other coverages that you may get with a comprehensive policy, at E.S.T.I.R. Inc. in Bloomfield, NJ we will find the right policy from the carrier that offers the coverage you need. Give us a call or stop by for a no-obligation quote.