It can be somewhat difficult for a person to fully understand their homeowners insurance coverage for New Jersey consumers. Policies often have pages upon pages of technical insurance jargon that the layman just can't decipher. This is an issue because it results in many policyholders not knowing what is and what isn't covered.
Fortunately, this should change with the 1-page New Jersey coverage summary that all homeowners insurance policyholders will receive in June.
The 1-page coverage summary will clearly explain all the terms, coverages and exclusions of your homeowners insurance policy. Insurers are now required by law to send these out to New Jersey consumers that are buying or renewing their homeowners insurance, renters insurance, condo insurance, mobile home insurance, or dwelling fire insurance.
The main reason the coverage summary is required by law in New Jersey is due to the Hurricane Sandy disaster. Many homeowners insurance policyholders assumed that their homes were covered after they were damaged by flooding only to find out that they were not. This was because coverage against flooding required additional insurance to be purchased. Unfortunately, many policyholders had no idea, assuming that any damage done to their homes would be covered.
With this coverage summary, homeowners will know exactly what is covered and what isn't, which means they won't be caught by surprise after it's too late.
Expect a 1-page summary of homeowners insurance coverage for New Jersey consumers in June. Contact us at CCW Insurance for more information about your homeowner insurance coverage.