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NJ Homeowners Insurance for First-Time Buyers

There is a certain kind of excitement that comes with buying a first house. There can also be a steep learning curve for all the ins and outs of homeownership. Fortunately, it is possible to demystify NJ homeowners insurance quotes with some basic background information.  

Homeowners Insurance Coverage Varies

  There are a range of insurance packages available on the market today. A homeowners policy may include several types of coverage, such as protection against:  
  • Damage to your home
  • Damage to or theft of your belongings
  • Liability, which includes court and legal fees that arise when somebody is injured on your property or a member of your family causes damage to somebody else’s property
  For a first-time homeowner, it is a good idea to start with a basic package that offers standard coverage elements. Then it is always possible to make changes down the road as a homeowner acquires additional valuables or takes on additional risks.  

Some Basic Terminology

  As first-time buyers compare a range of NJ homeowners insurance quotes, there are a few terms they should keep in mind. The premium is the amount the homeowner pays for the insurance policy. Premiums may be due annually, semi-annually, quarterly, or monthly, depending on company policies.   For each type of coverage included in a particularly policy, the insurance company will typically place a cap on the maximum amount the company would pay out for that type of claim. This is called a coverage limit.  Policies that have higher coverage limits usually have higher premiums.   With some basic terminology, first-time homeowners should be well on their way to understanding NJ homeowners insurance quotes and choosing the policy that is right for them.