New Jersey Insurance: All Your Needs in One Place

If you have purchased a house in New Jersey, you can protect your investment and your finances by covering it with a homeowners insurance policy. In New Jersey, home insurance can cover:

• Damage to your property: Dwelling insurance covers the structure of your home while contents insurance covers your personal property.  
• Extra living expenses if you are displaced from your home: Loss of use insurance covers your extra living expenses if you are forced to seek alternate accommodations because of damage to your home caused by a covered event.
• Costs related to liability lawsuits: Homeowners liability insurance covers expenses related to liability lawsuits if you or a member of your household is on the wrong end of a personal liability lawsuit.

When you work with a local independent insurance agent, you can get advice about how much coverage is sufficient in each category and can rest assured that the policy you choose offers the protection you want at the most affordable price.

Car insurance is required in New Jersey. In this state, vehicle owners can opt to purchase either a basic or a standard policy. While a basic policy is the least expensive option, its coverage is very limited.

Coverage Requirements for a Basic Car Insurance Policy in NJ

• Auto liability insurance: This covers other people’s property damage if you are at fault for a collision. A basic policy provides $5,000 in property damage coverage per accident. Bodily injury liability coverage is not included in a basic policy.
• Personal injury protection insurance (PIP): This covers medical expenses if you or your passengers are injured in a collision, regardless of fault. A basic policy provides $15,000 in PIP coverage per person with up to $250,000 for certain injuries like irreversible brain damage.

Coverage Requirements for a Standard Car Insurance Policy in NJ

• Liability insurance: A standard policy must include, at a minimum, bodily injury liability coverage of $15,000 per person and $30,000 per accident; and property damage coverage of at least $5,000 per accident
• Personal injury protection insurance (PIP): A standard policy must include at least $15,000 in PIP coverage per person with up to $250,000 in coverage for certain serious injuries
• Uninsured motorist insurance (UM): This can pay for property damage and medical bills that exceed what your PIP insurance can cover if you are in a collision caused by an uninsured or underinsured driver. Your policy must include, at a minimum, UM bodily injury coverage of $15,000 per person and $30,000 per accident; and UM property coverage of at least $5,000 per accident.

Optional coverage in NJ

In addition to the required coverage mentioned above, your insurance company is likely to offer several options such as collision insurance, comprehensive insurance, gap insurance, and roadside assistance.

Talk to a local independent insurance agent to learn more.

No matter how large or small your business is, you can benefit from the protections of a business insurance policy. Depending on the size of your business, you may have the option of buying your coverage through a business owners policy (BOP) or a traditional business insurance policy package.

• Business owners policy: Most small, low-risk businesses qualify for a BOP. These policies are the least expensive option, but only provide general liability insurance, commercial property insurance, and business interruption insurance.
• Business insurance policy package: Medium- and large-sized companies and high-risk small businesses need a business insurance policy package. Buying coverage this way lets business owners choose from a wide variety of liability, property, and other commercial insurance products so they can tailor their insurance to their company’s specific coverage needs.

If you own a company in New Jersey, consult a local independent insurance agent for help finding suitable coverage at the most affordable price.

If an employee is injured on the job or is diagnosed with an occupational illness, workers’ compensation insurance can help by covering medical treatment, disability pay, vocational rehabilitation, and other related expenses.

With very few exceptions, all employers in New Jersey must carry workers’ compensation insurance.

Policies may be purchased from a commercial insurance provider that is authorized to write workers’ compensation policies in New Jersey. You can talk to an independent insurance agent for help finding a plan that works for you. With approval, qualified businesses have the option to self-insure.

Residents of New Jersey can purchase insurance products that are designed to protect against losses caused by hazards they are likely to encounter. In this state, these risks include:

• Severe weather: Damaging weather events that can impact property owners in this state include windstorms, thunderstorms, tropical storms, hurricanes, heavy snow, ice storms, and prolonged freezing temperatures.
• Falling objects: Hazards like uprooted trees, fallen branches, and hailstones can damage property.
• Fires: Most insurance policies cover damage caused by flames, smoke, and firefighting efforts.
• Floods: Around 17% of properties in New Jersey are at risk for flood damage.
• Property crimes: Insurance can cover losses related to burglary, vandalism, and arson.

Independent agents live and work in your community so they are aware of the risks you face as a property owner in your New Jersey city. Talk to an independent insurance agent near you for help ensuring that you are suitably covered against all potential risks.

Nearly half a million properties in New Jersey have a risk of sustaining significant flood damage over the next 30 years. Unfortunately, most homeowners, renters, and business insurance policies exclude coverage for damage caused by floods, even when the flooding is the direct result of a covered hurricane or storm.

The good news is that property owners in this state can protect themselves by supplementing their property coverage with flood insurance. Affordable policies are available through the National Flood Insurance Program (NFIP), a program administered by FEMA. An independent insurance agent can help you find the best plan for you. 

Unless your property is located in a flood zone and you are still paying on a mortgage, flood insurance is optional. When deciding whether to purchase a policy, consider that the average compensation per flood claim in New Jersey is $37,600.

There are some landlords and rental agencies in New Jersey that require their tenants to carry renters insurance. However, most do not, so this coverage is, more often than not, optional.

Whether or not you are required to carry it, renters insurance is a good idea. That surprisingly affordable coverage is designed to shield you from financial losses related to hazards like property damage, theft, displacement, and liability lawsuits.

In New Jersey, the average renters insurance policy costs just $165 a year. That is less than $15 a month for the peace of mind a policy can provide. Talk to a local independent insurance agent to learn more about what renters insurance can do for you.

Umbrella insurance is a secondary insurance policy that is designed to significantly boost the liability protections offered by the policies you already have. Because coverage does not kick in until your primary insurance’s liability coverage has been exhausted, umbrella policies are typically very affordable.

Umbrella policies are available for individuals and businesses in New Jersey:

• Personal umbrella insurance policies are typically sold in million-dollar increments at a cost of about $200 to $300 a year for every million dollars in coverage purchased
• Commercial umbrella insurance policies typically cost about $500 a year for every million dollars in coverage purchased.

Talk to a local independent insurance agent to get more information about umbrella insurance.

Independent insurance agents live and work in your community, so they are aware of the risks you face in your New Jersey city. These agents can ensure that you are covered by suitable policies and that you are getting your coverage at a competitive price.

Talk to an independent insurance agent near you to learn more about your insurance coverage options and to start comparing customized quotes from some of the best insurance companies in New Jersey. With nearly 500  independent agencies located throughout the state, it should be easy to find an experienced agent near you.