Homeowners Insurance NJ

Homeowners insurance is essential for anyone buying a home in New Jersey with a mortgage. Even if you are fortunate enough not to have a mortgage, it is still highly recommended to protect yourself with homeowners insurance in the event of damage to your property and any injury caused to others whilst on your property.

Homeowners insurance is required by the mortgage company and a receipt for one year’s payment is expected at closing. Monthly premiums are added to monthly mortgage payments, and the lender submits quarterly payments to the carrier. When shopping for homeowners insurance, always comparison shop; be sure to check the insurance company’s track record prior to purchasing any insurance policy. Begin this process as soon as possible; it can take upwards of 30 days.

Other Insurances For Homeowners

Title Search Insurance
A Title Search is ordered by the buyer’s attorney. The title search will identify any weak links in the chain of ownership that need to be explained or cleared prior to closing. Title search insurance is paid in full at the closing table.

Flood Insurance
A determination (Flood Certification) is made by the buyer’s attorney on all properties that are to transfer title whether or not they are in a flood zone - even a condo on the 40th floor! Anyone who purchases a property in a “high-risk” area and plans on using a federally backed mortgage will be required by law to purchase flood insurance.

See Flood Maps & High-Risk Flood Zones for help.

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