New Jersey Insurance and What You Should Know

Admin / August 28, 2015

New Jersey Insurance and What You Should KnowNew Jersey insurance is regulated by the Department of Banking and Insurance.   This government entity ensures that laws surrounding insurance are complied with and that consumers receive fair treatment.   Insurance is available in New Jersey for home, auto and health.

Home insurance is required by mortgage lenders.  This is an extremely important insurance to have to protect such a valuable investment.   In order to obtain this valuable New Jersey insurance you can go online and visit newjersey-insurance.net for fast friendly service.  It is important to understand what coverage you are obtaining and to not simply get a policy for the loan amount on your home.  This can often catch you underinsured in the case of a disaster.   You will want to look at replacement value when shopping for home insurance.  This covers the actual cost of replacement not the value of the home so if it costs $120 per square foot to rebuild that is the amount you will receive versus the $90 per square foot the insurance company deems as the value of your home with age, wear and tear etc.

New Jersey insurance for health is designed to be made available to everyone despite age, location or pre-existing conditions under the 1992 law put in place to protect the citizens of the state.   The law was enacted to give fair insurance access to those not covered under their spouse’s policies or denied due to pre-existing conditions.   The law calls for basic and essential coverage with guaranteed coverage and renewal provided the premiums are paid.  This was enacted long before the Affordable Care Act went into effect.  The Affordable Care Act can be accessed via the Marketplace or Exchange created by the each state.  Private insurance is also available in New Jersey through many companies.

New Jersey also has car insurance available.  There are laws in place to require minimums of coverage in the state.  Auto insurance is mandatory in New Jersey and the bare minimum required is the Basic Policy.  The biggest issue with New Jersey auto insurance is the right to sue.   New Jersey allows you to choose the level of right to sue with the policy.   A basic policy includes the limited right to sue.  

New Jersey insurance is well regulated by the Department of Banking and Insurance.  They are active in protecting the citizens of New Jersey in providing, home, health and auto insurance to ensure coverage for everyone.