Homeowner’s insurance policies cover many types of disasters, but there are a few natural disasters which will not be covered in the standard homeowner’s policy. One example is floods. For protection against flood damage and loss, you will need to carry separate flood insurance.
Losses you experience due to a flood are covered by flood insurance New Jersey, and the list of items the standard flood policy covers is significant. Your flood insurance New Jersey will cover structural damage, the replacement of most major appliances, plumbing and electrical systems, carpeting, and debris cleanup.
You also have the option to add additional coverage which would cover certain belongings such as furniture, food, and items of significant value such as jewelry or artwork. Of course all of this coverage would only apply up to the limits outlined in your policy.
There are flood insurance New Jersey policies suited to people in various housing situations. Homeowners would carry a dwelling flood insurance policy. For those leasing their housing, the best flood insurance policy would be a general property policy, which covers much of their property but not structural damage.
Of course some areas are more prone to flooding than others. If your home is in a floodplain, your mortgage lender will likely require you to carry flood insurance. Many mortgage lenders will require you to carry flood insurance in the maximum limit available for the type of structure you are purchasing, and will require that you carry this insurance for the full term of your mortgage loan.