Ways to Get the Best Home Insurance Possible

Insuring your Newark, NJ home doesn’t have to cost you an arm and a leg or provide you with minimal benefits. The following tips are what we at E.S.T.I.R. Inc. suggest to all of our clients when it comes to finding great home insurance.

Focus on the Home Itself When Deciding Rebuilding Cost

One mistake that many homeowners make when buying home insurance is creating a rebuilding cost based not on the home itself but on the purchasing price. This is a huge mistake because the purchase price includes the property and any other items on it, including garages and storage sheds. Pricing your rebuilding cost too high will increase your rates and may even complicate the rebuilding process when an accessor claims that your home was worthless. Accuracy is important in this process.

Make Your Home Safer

Homes that lack safety protection – such as security devices and various types of physical home protection – may be insured at higher rates than other homes. Therefore, adding these items is a smart choice because it helps to decrease home insurance rates while also increasing your buying options.

Increase Home Efficiency

Insurance rates are often dictated by a variety of factors, including the efficiency of a home’s various heating and cooling systems. Try to boost your efficiency by adding better windows, improved insulation, and much more to your home. In this way, you can likely get a better rate or even get a more detailed and efficient policy that covers more problems than other coverage options.

Contact Us Today

If you need further help getting high-quality home insurance that meets your needs, please don’t hesitate to contact us at E.S.T.I.R. Inc. We help Newark, NJ residents get the best insurance policies available for their unique needs.

Protect Your Home in Newark, NJ

Owning a home in Newark, NJ is something that many people dream of. If you have achieved this dream and you are loving the home you are in, then you also need to ensure it is protected. The best way to protect your home is by purchasing home insurance.

The key, though, is to get the right type and amount of home insurance for your needs. One of the best ways to do this is by working with a reputable agency, such as E.S.T.I.R. Inc. Some other tips to help you get the proper protection for your home can be found here.

Determine the Type of Insurance Needed

Most people think they can buy a traditional homeowners insurance policy and be fine. However, this isn’t always the case. For example, these policies typically don’t cover flooding – especially if you are in a flood zone. If this is the case, then it is essential that you purchase an additional flood insurance policy. This will ensure you have the coverage needed if a flood ever occurs.

Also, not all basic homeowner’s insurance policies will cover the outlying structures on the property, such as your pool, a shop or any other outdoor feature. If this is the case, you will need to purchase additional protection for these items as well.

Protect Yourself and Your Home

When it comes down to it, you need to purchase home insurance to not only protect your home, but also yourself. For example, if someone were injured while on your property, the right policy will cover this.

If you aren’t sure what type of insurance you need to protect yourself and your home in Newark NJ, then the best thing you can do is work with a quality insurance company serving the area, such as E.S.T.I.R. Inc.

Get an Insurance Review as Part of Home Renovations

New room additions, finishing a basement or an attic, adding a bathroom, and other renovation projects improve a home and increase its value. When considering a renovation project it is also important to talk with your agent at E.S.T.I.R. Inc. serving Newark, NJ and the surrounding areas. You will want to upgrade home insurance coverage to include the construction costs of the renovations to make sure you have adequate coverage.

Covering the Cost of Renovations

Consulting with your agent while making plans for the renovations is a good idea because it is better to have coverage in place before the work is underway, just to make sure there is adequate protection during the entire process. Your agent can give you sound advice on the coverage needed and you can work with the construction estimates until the project is completed and all the final costs are in.

If you do not already have replacement cost coverage for your home, an insurance review along with a renovation project is a good time to consider it and to upgrade home insurance. Older homes may be under-insured simply due to the rising costs of construction and home repairs.

Many Homes Are Uninsured

Not having adequate home insurance is a common problem in the United States. A recent study by the research firm CoreLogic found that 60% of American homes have insurance that is an average of 20% less than replacement value. Many homeowners are not even aware of this problem and only learn about this fact after a catastrophe occurs. This is why it is very beneficial to be proactive about getting adequate home insurance and a renovation project is an especially good time to take care of this.

It is very wise to make sure your insurance needs are not neglected and your coverage is adequate. Contact your agent at E.S.T.I.R. Inc. in Newark, NJ to have a comprehensive home insurance review and get a quote for any needed upgrade to cover the costs of a renovation project.

2 Things to Reassess as a Homeowner

Owning a home is a major accomplishment. Even if you don’t own it outright because you are still making a monthly mortgage payment, you can at least rest easy at night knowing you are investing money toward a piece of property and a home that you are going to one day own in full. As a homeowner, it is your responsibility to make sure you are doing all you can to protect your asset and to increase its value as much as possible. Here at E.S.T.I.R. Inc. serving Newark, NJ, we would like to share two things you should always reassess as a homeowner. 

Your Insurance Coverage

On a yearly basis, you should reassess your homeowner’s insurance to make sure you are being provided with enough coverage. Thankfully, it’s quite easy to do this when you have a qualified insurance agent in your corner. For many people, insurance needs will not vary from one year to the next, but for some, especially for those who do home improvements, insurance needs can vary greatly and it is of the utmost importance that insurance policies be adjusted accordingly.

Potential Home Improvement Projects

It’s also a good idea as a homeowner to think about the many home improvement projects you can carry out, like having a new roof installed. Not only will having a new roof installed help to better protect your home and your belongings, but it can also increase the value of your home. Other projects you will want to consider include updating the kitchen, adding a bathroom, and having an outdoor patio area incorporated into the home’s existing exterior. All of these projects add comfort and value to the home. 

To learn more about being a smart homeowner and the various things you should reassess on a regular basis, please contact E.S.T.I.R. Inc. serving Newark, NJ today.

Homeowner 101 Knowledge About Contractor Insurance

If you’ve had your home in Newark, NJ for a while, you’re likely going to face the reality that a live-in structure will eventually need repair. Or you may have decided it was time for some renovations. Either way, the home needs some help, and a lot of what is involved requires specific skill and expertise to solve. That then means hiring a contractor to come in an do the work. However, before you trigger that latest task app on your phone or call a contractor in the yellow pages, you need to be aware of what contractors insurance means for you, the customer.

Contractors are generally required by law to be licensed and bonded. This means they go through basic skill and knowledge testing, secure a license with the state or local government in Newark, NJ to identify them as a business and individual, and they take out insurance to cover their work. The last part is the critical one because there have been enough cases where a "contractor" takes people’s money for a job and then never completes it, leaving damage and more costs to repair. A bond, essentially an insurance policy, is the homeowner’s protection to seek recovery when a contractor doesn’t follow through on the work promised and paid for or causes even more damage than repair.

Because contractor bonding laws and insurance tend to be a bit archaic, just trying to look up the information on the Internet can be confusing. Instead, working with the staff at E.S.T.I.R. Inc. you can get straight answers about how contractors insurance works as well as your own homeowner’s insurance if needed. Then you can start your project with some peace of mind. Give E.S.T.I.R. Inc. a call today to find out more.

Why Might Home Insurance Rates Increase?

Owning a home is a good long-term financial decision.  While it can be a good idea to own your own property, it is also a very expensive asset that needs to be protected by home insurance.  When you have a home insurance policy in place when you buy your home, you may notice that your rates increase over time.  There are several reasons why Newark, NJ homeowners may see their home insurance rates increase.  

Claims Filed

One of the main reasons why your insurance rates will increase from one year to the next is that you could have filed a claim in the prior year.  Whenever you file a claim on your home insurance policy it will make you appear like a riskier customer going forward.  The home insurance provider will then increase your rates to compensate for that rate increase.  

Aging Home

Another reason why your rates will increase is that your home is getting older.  Older homes tend to provide more risk to insurance companies.  As your home gets older, the likelihood that you will file a claim will increase.  Because of this, the insurance company will increase rates to compensate.

Change to Environment

Home insurance companies are frequently analyzing changes in weather trends, floods, crime, and other expense hazards.  If your home is suddenly considered to be located in an area that poses more risk than before, the insurance company will likely increase your home insurance rates to offset the increased risk.  

For those that are in the Newark, NJ area and are seeing an increase in home insurance rates, contacting the E.S.T.I.R. Inc. could be a great option. E.S.T.I.R. Inc. will be able to help you build a great policy that meets your needs and also comes with a fair rate.  

Protect Your Newark, NJ Home From Weather-Related Damage

Homeowners in the greater Newark, NJ area are familiar with the importance of protecting their homes from damage and theft, but sometimes overlook obtaining coverage for weather-related damage. Many residents do not realize that any weather-related damage protection that is included in their primary homeowner’s policy is often insufficient. By putting additional coverage in place, homeowners can gain the peace of mind that comes with knowing that their home is adequately covered in the event that the northern New Jersey area experiences another catastrophic weather event. The well-trained and knowledgeable staff at E.S.T.I.R. Inc. is here to help you make sure that you have all of the protection that you want.

Another benefit of having comprehensive home insurance in place is the assistance that your insurance agency and policyholder can provide during the claims process. Policies that cover weather-related damage can also be structured to include reimbursement for having to relocate when your home is inhabitable while repairs of the weather-related damage are underway.

Having an agent available to help you navigate the claims process can make the entire process one that is much less stressful. In the event of total home loss, it is unimaginable to consider the outcome if there is no insurance coverage in place. Having the additional coverage that will protect you and your family from any weather-related damage that is caused to your home can give you the added confidence necessary to weather any storm.

E.S.T.I.R. Inc. is dedicated to meeting the comprehensive insurance needs for their clients in the greater Newark, NJ and would welcome the opportunity to work with you and provide the protection most appropriate for the needs of your family. Please call or stop by to meet with one of our dedicated agents today!

3 Reasons to Get a Home Insurance Rider

A standard home insurance policy will provide you with basic coverage to protect your Newark, NJ home and personal effects within certain limits. This policy, however, may be insufficient to cover the cost of repairing or replacing high-end personal effects in the event of damage or loss. This is where an insurance rider or endorsement comes into play.

A rider provides you with extra coverage to protect valuable belongings against such perils as fire, water damage, vandalism and theft. Here are a few reasons why you may want to consider adding a rider to your E.S.T.I.R. Inc. insurance policy.

Costly Investments

If you’ve invested in costly goods such as pricey electronics, fine art or antiques, a rider will protect your interests if these items suffer damage or loss due to a natural disaster. Without adequate protection, your investments could be rendered useless if a fire or storm were to unexpectedly ravage your property. A rider will also cover the cost of replacing these goods if your home is targeted by burglars.    

Family Heirlooms

Rider insurance will cover costly repairs of family heirlooms if they suffer damage from accidents, fire or storm, enabling you to continue the tradition of passing heirlooms to the next generation when the time comes.

Expensive Gifts

In like manner, a rider can protect costly gifts you receive from family or friends over the years. Posh jewelry, designer clothing or a pricey stereo system could be difficult to replace if they are damaged or stolen. If you’ve received gifts that are valued higher than the limits of your current insurance coverage, it’s to your advantage to protect them with a home insurance rider.

For more information on how rider insurance can protect your personal belongings, contact us at E.S.T.I.R. Inc. in Newark, NJ.

 

How Is My Home Insurance Policy Affected If I Rent My Home Out?

At E.S.T.I.R. Inc. serving the greater Newark, NJ area, we are often asked if a home insurance policy needs to change or is affected if a person rents their home out. If you are considering renting your home out, here is some information you need to know about your home insurance.

Your Home Insurance Policy Typically Covers the Owner

Your home insurance policy typically states that it covers the owner of the home and any family that they have living with them. If you rent out your home, or even just a room in your home, those individuals are not covered against property damage resulting from fire, theft, water damage and other damage that you, the owner may be covered against. In this case, the renter will want to purchase their own renters insurance to fully protect themselves in this situation.

You Likely Need a Different Insurance Policy

If you are renting your entire home out, you will likely want to purchase only home insurance or landlord insurance. These types of policies only insure the home, not any belongings inside. This type of policy is often cheaper than homeowner’s insurance because you are not paying to insure your belongings inside. Landlord insurance also may protect you against lawsuits brought against you by a renter who injures themselves or has any guests injured on your property while they are renting out the home.

If you are planning on renting your home out, changes typically need to be made to your home insurance policy. If this is the position you are in, let E.S.T.I.R. Inc. serving the greater Newark, NJ area, help you. Call us today and let us help you find the right insurance policy for your rental home.

Home Insurance Add Ons to Consider

Your home likely stands at your largest investment ever. Due to this, you need to protect your investment whenever possible. Home insurance is a great start but your blanket insurance plan may not fit your needs perfectly. That is exactly why we at E.S.T.I.R. Inc. are here to help answer any questions you may have regarding home insurance for your Newark, NJ home. This includes home insurance add ons to consider. 

Flooding Insurance

Flooding insurance is a must when living in Newark, NJ. From the heavy snow to the possibility of your pipes freezing and bursting while on vacation, there are just so many different ways water can damage your home. Flooding insurance protects you. 

Replacement Cost Coverage

Your home insurance policy likely covers the house, but not the appliances found within the home. Replacing appliances, especially if you need to replace more than one at once, is expensive. A single electrical storm can cost you thousands of dollars in damaged appliances. That is why you need to look towards a replacement cost coverage option if you recently purchased new appliances. 

Sewer and Drain Backup

Your plumbing is something you really don’t think about until there is a problem. The biggest problem you can have is having the sewer line backed up. Whether you are on the city system or a septic system, correcting this issue can end up costing you tens of thousands of dollars without the right insurance. 

Your home is more than just an investment. It is where you develop and create memories. Your family grows up here and you experience life here. You need to protect all of this with the right home insurance policies. That is why we at E.S.T.I.R. Inc. want to help you discover the right policies for your needs.