Most New Jersey property owners understand the importance and value of comprehensive homeowners insurance. Homeowners insurance is essential for residents looking to ensure that their property is fully protected in the event of a home invasion, vandalism, natural disasters, or other loss causing event. The standard New Jersey homeowner’s insurance policy will cover a property owner’s primary residence and accompanying structures from these hazards and more, but the limits of the policy only extend so far. In most cases standard homeowner’s insurance policies are not designed to protect secondary properties, such as rental or vacation homes, that New Jersey residents may own. Secondary properties require additional insurance coverage designed to fit the specific risk exposures property owners face.
Some property owners choose to rent out a room in their home for extra income, or will rent out their home for a few months while they are away. In these cases, additional coverage may be necessary on the part of the homeowner in the form of a homeowner’s insurance policy addendum which will extend coverage limits. A homeowner’s insurance policy is designed to protect the policy holder so long as they are the primary occupants of the property, thus additional policies are only needed when the property is not the primary residence of the policy holder. For property owners with more than one holding, all properties classified as secondary residences, rental or investment properties require additional policies. The types of properties, the locations, and number of properties possessed will help determine the type of additional coverage needed to protect each asset.
Business property insurance, for example, is essential for property owners with real estate holdings being utilized as an income generating opportunity. Business property policies, such as rental property insurance, cover physical damage to the structure of the home caused by many external factors such as weather, theft and third party damage. These policies will also cover any of the owner’s personal property left on-site for maintenance or tenant use such as furniture, appliances and maintenance tools. Basic liability coverage is also often included, to help policy holder’s cover legal and medical fees in the event an accident occurs on their property.
For residents with vacation property holdings or secondary residences, there are many options. Some property owners choose to rent out their vacation homes, in which case they would need rental property insurance. However, many vacation properties are occupied seasonally by the owner and left vacant for large chunks of time throughout the year. A property is often legally considered vacant after 30 consecutive days without occupation, and requires additional coverage from a standard homeowner’s policy. Some insurers offer vacation property insurance or vacant property insurance to protect these properties that are regularly left uninhabited for more than a month.
At Tri-State Insurance Agency we specialize in helping our clients manage all their property assets. Our NJ Property Insurance specialists can help assess your needs as a property owner and help craft policies that will cover all your property risk exposures. Whether you are renting out you properties or looking to protect your primary and secondary residences, our NJ property insurance policies will protect you and your holdings against damage, theft, vandalism and liability hazards. To learn more about our coverage, give us a call today at (888) 990-0526.