New Jersey Condo Insurance

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The location of the Garden State which has its cities spread out across the river from the biggest city in America, a few miles away from a booming city with multiple pro sports teams and nearly 130 miles of beachfront property, there are many locations to choose from when buying a condo. Luckily, there’s only one option when it comes to protecting your unit, and that’s by investing in a New Jersey condo insurance policy.

Condo insurance in New Jersey covers the most important facets of your unit, including building and personal property coverage. These two coverages are arguably the most important and can protect your unit and belongings if they’re damaged or destroyed by a covered peril like a fire or burst pipe.

What Insurance Do I Need for a Condo in New Jersey?

Personal Property

☘ Since it’s a walls-in policy, meaning only what’s inside the four walls of a condo are typically covered, an HO6 begins with coverage for personal belongings. This helps to protect items you keep inside your home, such as clothing, computers, furniture and TVs. Since condo owners don’t own the property outside their unit, belongings that are permanently kept outdoors may not be covered.

Loss of Use

☘ If a peril occurs that damages or destroys your condo, causing you to temporarily move out, loss of use can help to cover monthly rent at an equivalent home, storage fees, pet boarding and many other expenses you wouldn’t have incurred had you been living in your unit. Since your neighbors may not be as careful as you, loss of use is pivotal in protecting your wellbeing. 

Personal Liability

☘ If an accident occurs to a guest in your condo unit and you’re deemed liable, personal liability coverage can step in and help pay for medical bills and legal expenses for major incidents like dog bites, broken bones or even accidental death. For condo owners, personal liability is typically the highest amount of coverage you’ll maintain.

Medical Payments

☘ MedPay, as it’s often called, is similar to personal liability in that it covers injuries that occur on your property. But with medical payments coverage, only medical bills for minor injuries will be paid — no matter whether you’re at fault or not.

Loss Assessment

☘ If the condo’s master HOA policy maximums don’t pay for significant damages or incidents, each owner will have to pay a special assessment. This add-on protects policyholders from paying significant special assessment fees handed down by the condo complex.

Building Property Protection

☘ Condo insurance is a walls-in policy, so you don’t have to protect the building’s structure. But building property protection protects the walls and interior of your condo unit if they’re damaged or destroyed by a covered peril, which is important since you may have many neighbors.

How Much Is Condo Insurance in New Jersey?

Condo insurance in New Jersey is a fraction of the cost as its mighty neighbor to the East, coming in at just under $40 per month. That’s extremely affordable when you consider the perils faced by condo owners and the average cost of condos in the Garden State.

How to Get the Best Condo Insurance in New Jersey

To get the best condo insurance in New Jersey that’s both affordable and reliable, look no further than Clovered to fill your needs. At Clovered, we partner with the state’s top insurers to provide every resident of the Garden State with adequate coverage at the best price.

Simply get a fast, free quote from us in minutes and you’ll have the ability to choose from the best condo insurance in New Jersey with a click of a button.

A Simpler Way to Get Condo Insurance

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The editorial content on Clovered’s website is meant to be informational material and should not be considered legal advice.