Coverage You Might Be Paying for That You Don’t Need, and How to Look for It
New Jersey home, auto and business owners may be surprised to hear an independent insurance agent warn against overinsuring their assets. But, depending on your lifestyle, possessions, and the costs to insure vs. replace, you may be able to save money on premiums by increasing deductibles or reducing coverages you’re less likely to need.
To determine if you’re overinsured, first you need to understand what coverage you do have. Next, you’ll want to take an inventory of your most valuable assets and their replacement costs. Finally, you should look into what options are available to cover what’s really necessary so you can save money where possible.
Sound confusing? That’s where an independent insurance agent comes in. Their expert guidance can help you make sense of what’s actually needed, and what you may be able to reconsider.
Understanding Automobile Insurance Coverage in New Jersey
By law, New Jersey drivers are required to carry a minimum amount of liability coverage and uninsured motorist coverage in their auto policy. In some cases, depending on your individual assets, these minimums may not be enough, and your agent may recommend increasing your minimums for added protection.
Collision and comprehensive coverages are not required by law in the state of New Jersey. And, while it may be advisable to include these coverages in your auto policy depending on the cost to replace your vehicle or personal assets, it is possible to lower your auto insurance policy by excluding them. Your agent will be able to help you assess your risk, and whether it is worth forgoing these options.
Understanding Homeowners Insurance Coverage in New Jersey
When deciding on how much homeowners insurance you actually need, remember to insure for the repair or replacement of the structure, not the real estate market value. In other words, you need to insure the building, but not the land. Replacement and repair costs include materials and labor, so the calculation can be somewhat complicated. Here’s where your experienced independent agent comes in. They have the resources and know-how to help you work out these numbers.
Trying to save on your homeowners insurance can be a tricky equation. Most homeowners policies limit coverage for your possessions inside the home to about 70% of the structure’s value, which may or may not be adequate depending on high-value items and the location of your home. On the other hand, certain safety measures such as security cameras, alarm systems, and how your valuables are stored can affect your coverage, potentially reducing your premium. It’s worth the extra step to talk with your agent to thoroughly understand what you need, and how you can save.
Understanding Business Insurance Coverage in New Jersey’s
By now, you can see how speaking with an agent may be able to save you money on your home or auto policy in New Jersey. This becomes even more of a challenge—with potential for a lot of extra money spent unnecessarily—when it comes to business insurance. Your local independent agent is a New Jersey business owner’s best ally when it comes to finding the right coverage to meet your unique needs – especially in today’s world, where complicated coverages like business interruption, contingent business interruption, and cyber liability may be worth considering. Independent agents understand New Jersey’s business laws, requirements, and landscape inside and out, and can set you up with a policy that gives you the best protection at the right price. Remember, as business owners themselves, they know first-hand how critical it is to carry the right insurance without overpaying.
Why Work with a New Jersey Independent Insurance Agent?
In order to get the protection you need and deserve, you’ll want to work with a trusted expert. And who could be better for the job than a local agent who shares your zip code? New Jersey independent insurance agents are armed with knowledge about what coverage is needed in your area, and take the time to learn exactly how much coverage is necessary for your individual needs.
These agents act as your own personal insurance shoppers, offering you more options than one-policy companies. With just one call, they’ll start gathering multiple quotes for you to review so you can be sure you get the right coverage at the right price.
And, because they’re your dedicated agent, they’re not just there at the beginning. They're also there to help walk you through the claims process and make sure you’re getting the benefits you're entitled to should an event occur.