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Homeowners Insurance Buyer's Guide

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Homeowners Insurance Buyer's Guide Home Insurance Buyer’s Guide Serving Customers for More Than 100 Years This isn’t just insurance. It’s NJM. njm.com | 1-800-232-6600 EST. This guide contains only general information and is not a legal document. Contents Introduction ............................................................................................................... 1 Section I: Property Coverages ................................................................................1 Coverage A: Dwelling Coverage B: Other Structures Coverage C: Personal Property Coverage D: Loss of Use Which Types of Losses Are Covered by Your NJM Homeowners Policy ............ 3 Deductibles ................................................................................................................4 Section II: Liability Coverages .................................................................................5 Endorsements ............................................................................................................5 Discounts ...................................................................................................................7 Filing a Claim .............................................................................................................8 Third-Party Notification ............................................................................................8 Additional NJM Products ..........................................................................................8 Includes copyrighted material of Insurance Services Office, Inc. with its permission. Copyright, Insurance Services Office, Inc., 1984, 1990, 2010 NJM Customer Service Hours Monday-Friday, 7 a.m. - 9 p.m. Saturday, 8:30 a.m. - 4:30 p.m. Call us toll-free at (800) 232-6600 or (800) 367-6564 (Claims, available 24/7) Online services are available 24/7 at njm.com to access policy documents, make payments, and file claims. More information about NJM is available at njm.com. F-157 Homeowners Buyer's Guide (07/21) i Introduction Thank you for giving NJM the opportunity to protect you, your family, and your home — and the important things inside it! Just keep in mind that this guide contains only general information and is not a legal document. Your homeowners policy serves as the official contract between you and NJM and is available through your online NJM account. We created this Buyer’s Guide to: • Explain some of the coverages provided by your homeowners policy • Help you customize your policy to fit your needs • Advise you of the availability of different discounts and deductibles • Describe how our claim process works • Make you aware of other NJM products that you might find useful, because life happens — and you want to be protected when it does NJM provides two types of policies for homes occupied by the owner: Special Form (HO-3) and Comprehensive Form (HO-5). Both are “package” policies, which means they offer several types of coverage in one contract. Besides your home and personal property (known as Section I), these policies also cover injuries or damage that you or a resident family member may cause (Section II). Section I: Property Coverages Homeowners insurance is made up of coverages that can help pay to fix or replace your home and personal items if they’re damaged by a loss that your policy covers. Coverage A: Dwelling provides coverage for your home itself (while it’s being used as a private residence) and any structures attached to it. To completely protect your home, this coverage has to equal the amount it would cost to fully rebuild it, rather than the selling price. NJM will give you an estimate of how much it would cost to rebuild your home in the event of a total loss. Coverage B: Other Structures provides coverage for things like a garage or storage shed on your property, but not actually attached to your home. Your policy automatically provides the below coverage – just let us know if you need more: • One- and two-family homes: up to 10% of what you insure your home for • Three- and four-family homes: up to 5% of what you insure your home for F-157 Homeowners Buyer's Guide (07/21) 1 Coverage C: Personal Property provides coverage for the stuff you own or use (like furniture, clothes, and kitchenware). Your policy automatically provides the below coverage – let us know if you want to change it: • One- and two-family homes: up to 60% of what you insure your home for • Three-family homes: up to 40% of what you insure your home for • Four-family homes: up to 35% of what you insure your home for Inventory your personal property so you know what you have before a claim. While not required, it can expedite the claims process and help ensure that you have enough coverage. Go to njm.com for tips on how to complete a personal property inventory. Special limits of coverage apply to some categories of personal property; higher limits are available for these coverages. Refer to your policy for the complete list. HO-3 HO-5 Money $200 $500 Securities $1,500 $2,000 Jewelry, watches, furs, $2,500 theft, and precious/semi- $1,500 theft only misplacement, and loss precious stones $3,000 theft, Firearms $2,500 theft only misplacement, and loss $5,000 theft, Silverware $2,500 theft only misplacement, and loss Computer Equipment $4,000 $5,000 Coverage D: Loss of Use provides coverage for additional expenses you’d have, like a hotel, food, or laundry services, if you couldn’t live in your home because of a covered loss. Your policy automatically covers up to 30% of what you insure your home for. Just ask us if you need more coverage! 2 F-157 Homeowners Buyer’s Guide (07/21) Which Types of Losses Are Covered by Your NJM Homeowners Policy An HO-3 policy provides coverage for your home for all causes of loss, unless the cause is specifically excluded. Your personal property is covered against specific causes of loss, such as (refer to your policy for the complete list): • Theft • Fire • Lightning, Windstorm, or Hail • Vandalism or Malicious Mischief An HO-5 policy provides coverage for both your home and your personal property for all causes of loss, unless the cause is specifically excluded. HO-3 HO-5 Personal Property Replacement 4 4 Cost Loss Settlement Water Back-up Coverage 4 4 Limited Fungi, Wet or Dry Rot, $100,000 Included $100,000 Included or Bacteria (Liability) Limited Fungi, Wet or Dry Rot, Base Limit $25,000 Base limit $25,000 or Bacteria Coverage (Property) Higher limit is available Higher limit is available All Risk Coverage on Contents N/A 4 (with exceptions) $500 limit Refrigerated Property $500 per loss per policy year Guaranteed Replacement Cost Coverage (if property is insured 4 4 to value) Lock Replacement N/A 4 5% additional 10% additional Debris Removal coverage coverage Identity Fraud Expense Cover- May be purchased 4 age Property Away From Premises – 10% + $10,000 10% Increased Limit additional F-157 Homeowners Buyer's Guide (07/21) 3 Which Types of Losses Are Not Covered – Damage or Loss Caused By (refer to your policy for the complete list): • Flood • Power failure • Earth movement • Intentional loss • Neglect • Governmental action (the destruction, confiscation, or seizure of covered property by any governmental or public authority) Deductibles The main purpose of homeowners insurance is to protect you against more serious damage, not against smaller losses you could pay out-of-pocket. A deductible is the dollar amount you’re personally responsible for in the event of a covered loss. The higher your deductible is, the lower your premium will be. A hurricane deductible will apply to homes located in coastal regions in the event of a hurricane, which will be a percentage of your Coverage A: Dwelling or Coverage B: Other Structures amount based on your location. If you’re looking to lower your premium, a higher deductible can help. 4 F-157 Homeowners Buyer’s Guide (07/21) Section II: Liability Coverages It’s not something you want to think about, but it’s possible that a guest can get hurt on your property or you can accidently injure someone away from your property (like on a golf course, at a supermarket, or on vacation anywhere in the world). Here’s how your homeowners policy can help: Coverage E: Personal Liability may cover bodily injury or damage to someone else’s property if you’re legally responsible after a claim or lawsuit. HO-3 policies have a $100,000 limit, which can be increased if you feel you need it; HO-5 policies automatically include a $500,000 limit for this coverage. Coverage F: Medical Payments to Others pays the medical bills for people if they get hurt on your property. HO-3 policies have a $1,000 limit, which can be increased if you feel you need it; HO-5 policies automatically include a $5,000 limit. Endorsements NJM offers many endorsements (also known as amendments or riders), that can increase or add coverage to your policy. Below are some of our common endorsements — feel free to give us a call so we can help you choose the right coverage for your situation. • Scheduled Personal Property Endorsement Enhanced protection for specific pieces of jewelry, fur, and/or silverware including accidental loss, with no deductible. Updated appraisals may be needed before we can cover these items; for more information, please request a Scheduled Personal Property application package. • Coverage C Increased Special Limits of Liability Increases the basic coverage limits for money, securities, jewelry or furs, firearms, silverware, or computer equipment listed in the Special Limits section of this guide. • Water Back-Up and Sump Discharge or Overflow Coverage This covers damage caused by water backup and sump discharge or overflow, even if due to a mechanical breakdown of a sump pump. Coverage doesn’t apply to the repair or replacement of a damaged pump or related equipment caused by a mechanical breakdown. • Limited Fungi, Wet or Dry Rot, or Bacteria Coverage Provides increased coverage for the testing and removal of fungi, the tearing out of any part of your property to access fungi, and the repair of the property that was damaged in the process. F-157 Homeowners Buyer's Guide (07/21) 5 • Identity Fraud Expense Coverage Provides reimbursement up to $15,000 for expenses incurred as a result of identity fraud.
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