Is Home Insurance Required?

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With auto insurance and health insurance being a requirement, it makes sense to wonder whether home insurance is also required. Bloomfield, NJ residents, E.S.T.I.R. Inc. has the answer you are looking for: home insurance is actually not required by law. Before writing off home insurance completely, though, there are other questions that you need to ask yourself.

1. Are you currently paying on a mortgage loan for your home or have some other lien on the home? If so, you may need it. Most mortgage companies require that you keep homeowners insurance while paying on the mortgage, at least until a certain amount of the mortgage has been repaid. If you do not keep your insurance, you are breaking the contract, and the lender can take legal action. If you owe anything on your home, double check your contracts first.

2. If something were to happen to your home right now, could you afford to fix it or replace it on your own? Insurance is not something that we use every day, but it is something that can help us get back on our feet when certain events occur. Consider a house fire. If your home were to burn down, could you afford to buy a new home? Do you have enough money saved to repair any damages the home sustains? If not, having homeowner’s insurance should still be a priority, even though it is not required by law.

Homeowner’s insurance may seem like an unnecessary bill, but it is actually a great way to help protect your investment. For more information on how homeowner’s insurance can help protect your Bloomfield, NJ home, stop by or give E.S.T.I.R. Inc. a call today!

 

What does a comprehensive auto policy cover?

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When you own a vehicle there are many things that can happen to it. Some things can happen that have nothing to do with driving. Bloomfield, NJ is no exception, it offers just as many challenges to drivers and vehicle owners like any other city in the United States. At E.S.T.I.R. Inc. we are here to help you to make sure that you have all the auto insurance coverage that you need at a price you can live with.

If you have a vehicle for which you have a loan or a lease, they will require that you carry insurance to protect their investment. Comprehensive insurance is one of these coverages. It is often referred to as non-collision insurance since it does not cover your vehicle from a collision with another vehicle or stationary object. That sort of event is covered by collision insurance.

So what does the comprehensive auto insurance cover? It covers certain weather events. It will pay to repair the damage done by hail which in New Jersey can sometimes be quite large and damaging. It covers damage caused by strong winds which can cause the limbs of trees to fall on vehicles. Comprehensive insurance will also cover your car from flood damage which can be caused by hurricanes or just excessive rain.

In the event that your car is involved in a hit and run and you no idea who caused the damage, if you have comprehensive insurance you will be covered. It will also replace your windshield if it is cracked or a chip. If you travel in the countryside of New Jersey and a deer jumps into the road and you make contact with it, the damage can be devastating, luckily it will be covered. But perhaps the most important coverage is theft if your car is stolen your insurance will replace it up to the value of your policy.

There are other coverages that you may get with a comprehensive policy, at E.S.T.I.R. Inc. in Bloomfield, NJ we will find the right policy from the carrier that offers the coverage you need. Give us a call or stop by for a no-obligation quote.

4 Questions to Ask When Choosing Contractor Insurance

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When you decide to get contractor insurance, you want to get what’s going to properly protect you and meet your needs. If you’re in the Bloomfield, NJ area, E.S.T.I.R. Inc. can help you get the coverage that’s right for you. Don’t hesitate to ask plenty of questions, either. That’s what your agent is there for. With the right questions and answers, you’ll feel secure in the policy you choose and have confidence that the coverage you have is going to properly protect your interests. We can help with that because we understand the importance of having the right insurance.

Don’t Choose Contractor Insurance Without Information

Your agent should be able to answer all the questions you have about contractor insurance and what kind of policy you need, including:

1. How much coverage do you need?

2. Are there any extra riders or coverage options you should choose?

3. How often should you review or update your policy?

4. Is there more than one kind of contractor insurance to choose from?

By getting your questions answered, you can make a knowledgeable choice about the level and type of contractor insurance you actually need to be successful in your business. With good coverage, your peace of mind will be higher and you can get back to the business of running your contracting company.

Reach Out to a Trusted, Reliable Insurance Agent Today

If you’re in the Bloomfield, NJ area, contact us today at E.S.T.I.R. Inc. We can help you get the contractor insurance you need, and we’ll be more than happy to answer all the questions you have about any policy we suggest to you. As your business grows and changes, we can also help you make changes so you always have the level of protection you really need the most.

What Business General Liability Insurance Means in New Jersey

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Do you own a small business in the Bloomfield, NJ area? If so, you’d do well to get set up with general liability commercial insurance. Read on to learn what general liability coverage means in this state and contact E.S.T.I.R. Inc. with any additional questions.

General Liability Definition

This is the most basic type of commercial insurance. Also known as Comprehensive Commercial Liability, it covers bodily injury claims, as well as claims about other physical injuries and property damage. This includes expenses related to defending or settling claims, regardless of whether or not they’re fraudulent ones. You must remember that such policies exclude professional liability claims that are against your business.

Customize Your Policy

After you have your basic liability insurance policy set up for your business, make sure to look into coverage that will insure against risks that are relevant to your type of business. If you get a property package added on, this can cover theft and damage to your business property, such as computers and hardware.

Requirements for General Liability in NJ

General Liability coverage is required in New Jersey for the majority of business owners. This is in place to protect business owners from having to pay a large amount of out-of-pocket expenses for direct or indirect damages to another party. The insurance will help you pay for damages that have been caused by the actions of your employees or business itself. This includes the personal injuries of your visitors, sub-contractors, and customers. It also will cover damages to an individual’s property, whether it’s on your business property or damaged by a company vehicle or the work activities of an employee or sub-contractor.

If you’d like to learn more about general liability insurance and the options you have, contact E.S.T.I.R. Inc. of the greater Bloomfield, NJ today. You won’t regret reaching out for assistance with your general liability matters. 

 

Why People in New Jersey Need Auto Insurance

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If you live in the Bloomfield, NJ area, owning a car is normally a very good idea as it will make it much more convenient for you to get to and from work, school, and any other daily chores that you have. Before you go out and buy your next car, you should also carefully consider your auto insurance needs. There are several reasons why someone in this area will need to have auto insurance coverage.

State Law

One important reason why people in Bloomfield need to have insurance is that it is mandatory under state law. New Jersey drivers need to meet the minimum level of liability insurance whenever they are driving on a public roadway. This will ensure that they are able to pay for damages if they are at fault in a driving accident. 

Lender Requirements

While you are only required by law to carry liability insurance, if you take out a loan to buy your car you are also going to need collision and comprehensive insurance. Since the lender will be taking the car as collateral, they will want you to be fully covered by these policies. This will ensure you receive coverage for virtually any type of situation that could cause a loss.

There is a clear benefit to having auto insurance in place at all times if you are in the Bloomfield, NJ area. When you are looking for your next auto insurance policy, you should call the team at E.S.T.I.R. Inc. When you reach out to these professionals, you can get a lot of great information and advice that will help you get into a great policy. E.S.T.I.R. Inc. can answer any questions you have about any type of coverage that could be included in your policy. 

Sheds, Garages, and Outbuildings: What You Need To Know About Backyard Structures and Insurance

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Like many Bloomfield, NJ homeowners, you may have a shed, detached garage, or outbuilding on your property. Any freestanding structure should be protected with a homeowner’s insurance policy in the event of an incident that causes damage or loss, but the policy you currently have on your home may or may not automatically cover them all. Because coverage amounts and exclusions from that coverage may differ, be sure to discuss any freestanding structures when you review your E.S.T.I.R. Inc. Homeowners policy.  

Garages, Sheds, and Other Outbuildings and Structures 

The most common detached structures found on a typical residential property are garages, sheds, decks, and fencing. While most of these structures are typically covered under the average homeowner’s insurance policy, it is important to check for any limitations of coverage, because not all policies include the same coverage. 

Stored Personal Items 

Do you know if the personal items you store in your detached structures are covered by your homeowner’s insurance policy? While typical items stored in outbuildings are usually covered, you should review your coverage with your insurance agent, because there may be limitations. For example, there may be a reimbursement limitation in your policy for certain items such as sporting equipment, machinery, marine equipment, or other high-value belongings. You may need to obtain separate coverage for those items, add a rider to your policy, or increase your personal property coverage limits. 

Is It Time to Review Your Homeowners Insurance Policy? 

Have you built or installed a new deck or shed? If you aren’t sure if your homeowner’s policy covers your freestanding structures and stored personal belongings, it’s time to have your policy reviewed to ensure you have protection for all your property. For answers to all your Bloomfield NJ homeowners insurance questions, give us a call today. Getting the right amount of protection for your home and property is easy with E.S.T.I.R. Inc. 

How Commercial Insurance Boosts Business Reputation

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Whether you are an established business in the Bloomfield, NJ area or looking to start up soon, choosing commercial insurance can boost your reputation and give you positive word-of-mouth marketing from one customer to the next. At E.S.T.I.R. Inc. we want you to gain the benefits of a reputation boost with commercial insurance. 

Have the funds to make it right.

No matter what business you are in, accidents happen where the customer is negatively impacted and compensation is required. Having commercial insurance that covers liability and other types of protections based upon the services you provide. Customers who receive advice through your business may end up being negatively impacted, leaving your business at fault. With the right coverage, you can have the funds to make it right and protect your reputation either verbally or across social media. 

Secure your contract project and employees.

If you are a contractor who visits the private homes of your customers for your work, then it is critical to have insurance for any damages that could happen while you are working. When you come prepared and covered to work sites, your customers will refer your business and make a note of your responsibility on social media. 

Give your employees more than the minimum coverage.

While New Jersey requires your business to carry Worker’s Compensation coverage, take your coverage to the next level and offer full coverage to protect them in the event of danger or missed pay periods due to tragedies beyond their control. A business who protects its employees will have minimal retention, loyal employees, and a growing reputation among their clientele. 

In the Bloomfield, NJ area?

If you are in need of commercial insurance or shopping around for a new policy, contact the agents at E.S.T.I.R. Inc. for more information. 

Insurance for New and Established Contractors in New Jersey

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Here are some tips for new and established contractors in New Jersey that can be used to make sure their insurance coverage is adequate. Work with your insurance agent at E.S.T.I.R. Inc. serving Bloomfield, NJ and the nearby communities to get your questions answered.

The Basics

A contractor in New Jersey needs to have workers’ compensation insurance to cover on-the-job injuries or accidents. General liability insurance is also necessary to provide the basic minimum coverage for business operations. 

Commercial vehicle insurance is required for any vehicles used in the business, even if they are only used occasionally for business purposes. For example, if the owner drives his or her vehicle to the job site that is usually considered commercial use of the vehicle. This means it is better to have commercial auto insurance for that vehicle than to rely only on personal auto insurance.

Insurance Extras

A contractor may need to carry professional liability insurance depending on what kind of construction that they do. Examples, where professional liability insurance is usually required or preferred, include working on hospitals, banks, and some government contract jobs.

Some projects require bonding, which is a type of insurance that guarantees the construction will be completed.

It is an excellent strategy to carry umbrella insurance. Umbrella insurance extends the policy limits of underlying insurance policies so that it can be accessed to cover a claim that exceeds those lower limits. It also may provide coverage for other things that are not covered in other policies.

Also, consider having business interruption insurance that will help pay the bills if the business is interrupted by circumstances that are beyond the owner’s control and key person life insurance on the owner to protect his or her family. 

Summary

Having adequate insurance coverage for your contracting business is like using quality tools and materials to do a good job. Contact your agent at E.S.T.I.R. Inc. serving Bloomfield, NJ to get a commercial insurance review and a quote for contractor’s insurance.

Home Insurance for a Second Home In New Jersey

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If you are planning to buy a second home in New Jersey, work with your agent at E.S.T.I.R. Inc. serving Bloomfield, NJ and the surrounding communities. Make sure you get adequate insurance coverage. Your agent will conduct an insurance review of your existing home insurance policy and then make a professional recommendation about how to insure the second home.

There may be an option to use the same insurance company, which you already have, to extend the coverage to the second home or you may want to consider getting a new policy. Your agent will explain the details.

Things to Consider About Insuring a Second Home

A second home has different insurance needs than your primary residence.

Here is a list of important questions to consider and discuss with your agent:

  • Will the home be vacant part of the time?
  • Will you rent the home out to others?
  • Should you get replacement cost coverage?
  • Do you need extra coverage for personal property?
  • What is the risk of damage by water from flooding or storm surge?

Leaving the Home Vacant

A vacant home is more attractive to burglars who can break in when nobody is there. Security systems can be installed to help mitigate this risk. This may help with insurance coverage.

Renting the Home

Renting the home to others can provide income to help offset expenses. This is a commercial enterprise. You will want to have commercial insurance to cover the paying guests and the use of the home as a rental property.

Replacement Cost Coverage

Replacement cost coverage is very helpful because if the home is damaged, repairs can be made that will bring the home back to a similar condition before it was damaged.

Personal Property

Be sure there is adequate coverage for any valuable contents of the home as well.

Water Damage

Home insurance does not usually cover flooding, so be sure to talk about adding flood insurance.

Conclusion

Ask your agent about any other concerns that you have about insuring a second home. To get an insurance review and a quote, call us to speak with your agent at E.S.T.I.R. Inc. in Bloomfield, NJ.

Do I need more than basic auto insurance coverage

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In Bloomfield, NJ basic auto insurance mandated by state law is  $5,000 for each accident and personal injury protection of $15,000 for each person. You are not required to have anything else by the state. If you have a loan or a lease on your vehicle, you will likely have to carry additional insurance to protect the lender or lessors investment.  E.S.T.I.R. Inc. can help you to understand if additional coverage is something you need to consider. 

Additional liability 

If you are young, single, a renter and own nothing, basic insurance is fine. However, if you have moved beyond that and have assets that have some value, adding additional liability insurance is worth considering. If you are sued, in this day and age, it could go way beyond the very minimal amount of a basic policy. You work too hard to accumulate what wealth you have to place it at risk. 

Collision coverage

Collision coverage protects your vehicle in the event you are in an accident where you are deemed at fault or are the victim of a hit and run. If you crash into your garage or a pole, you are the only driver involved. If your vehicle is old and has little value or if you would be able to pay for the repairs that might be required then collision insurance is probably not necessary. If however, you can not afford to be without your vehicle and you don’t have the ready cash to replace or repair it, collision is an affordable option. 

Comprehensive coverage

Your vehicle can be stolen or damaged by hail, wind or vandalism. If this happens and you don’t carry comprehensive coverage you will need to repair or replace your vehicle yourself. 

If you live in or near Bloomfield, NJ, E.S.T.I.R. Inc. is there to help you to decide what the best coverage options are for you. Stop by the office or give us a call for a no-obligation quote.