an assortment of orange and purple umbrellas

Should I Purchase Umbrella Insurance for My Home?

Taking out insurance can be a great way to protect your interests and safeguard your finances. However, most people need multiple policies to get the coverage they need. You might have car insurance for your vehicles, health insurance for medical costs, and home insurance for your residence, for example.

While individual policies can provide an impressive level of coverage, it's difficult to keep up to date with exactly what level of coverage you have under each policy. For example, do you know off the top of your head how much the excess is on your home insurance policy or the limit of legal coverage that your car insurance policy includes? If not, it could be a sign that you need umbrella insurance!

What Is Umbrella Insurance?

Umbrella insurance is personal insurance that’s designed to offer extra coverage that goes beyond what your regular insurance policies offer. While it doesn’t directly cover your property, it does cover injuries to other people and/or damage to their property.

Every standard insurance has a maximum claim limit, although this is often made up of several components. If an incident occurs and your liability exceeds your claim limits, you would need to fund the additional costs or compensation payouts yourself. With umbrella insurance, however, these costs can be covered so that your savings and assets remain secure.

To get a better idea of how umbrella insurance works, look at the following example:

A guest at your home trips on uneven paving stones in your backyard and sustains a broken leg and head injuries. They subsequently sue you for their medical costs, pain and suffering, lost wages, and future loss of earnings. They’re awarded a compensation payout of 2 million dollars.

Your home insurance policy has a maximum payout limit of $1 million, which means that you’re personally liable for the remaining $1 million that still needs to be paid. To cover this, you might need to empty your savings, sell your assets, and cash out investments.

With umbrella insurance, however, the outstanding 1 million dollars is covered by the policy, so your personal finances remain unaffected.

As you can see, the right type of umbrella insurance can save you from financial ruin and the stress associated with an outstanding lawsuit.

When Can Umbrella Insurance Be Used?

Every insurance policy is different, and this applies to umbrella insurance policies. Because of this, it’s important to get independent and impartial advice when deciding what type of insurance to purchase and which provider to use.

Umbrella insurance can be added on to home insurance policies and auto insurance policies. It also can cover every member of your household, rather than just the policyholder. Think of it as a viable way to protect your family’s interests.

If your child inadvertently damages a guest’s expensive computer equipment, for example, umbrella insurance can ensure that you have the right level of coverage in place to fund a replacement and lost wages that might arise from the situation.

Alternatively, if your dog bites someone on your property, umbrella insurance can provide the enhanced coverage you need to fund their medical bills, physical rehabilitation, and compensation for lost earnings and pain and suffering.

With so many situations where it can come in handy, it’s easy to see why umbrella insurance is becoming increasingly popular among homeowners.

What Are the Benefits of Umbrella Insurance?

If you’re not sure if umbrella insurance is right for you, just look at some benefits associated with it:

1. Low Cost

In most cases, an umbrella insurance policy can be obtained relatively cheaply. This means you can extend your personal liability coverage by a significant amount with minimal outlay. With cheap premiums, it’s an easy and low-cost way to enhance the level of protection your family benefit from.

2. Protect Your Assets

Material items may not be the most important thing in the world, but you spend your life investing in your home and your assets. When someone makes a compensation claim against you, your property and assets could be in jeopardy, particularly if your standard insurance policy doesn’t provide enough coverage to pay the associated costs.

With the right type of umbrella insurance, you can ensure that your home and your assets are safeguarded and reduce the likelihood of them being put at risk if someone takes legal action against you.

3. Enjoy Peace of Mind

Insurance should give you peace of mind that yourself, your family, your possessions, and your assets are properly protected. However, it’s not unusual for personal injury lawsuits to result in settlements that stretch into millions of dollars and few standard policies will cover this. By taking out umbrella insurance, you can enjoy peace of mind knowing that you have the level of coverage you need, no matter what happens.

4. Flexible Policies

Although every umbrella insurance policy is different, they’re typically fairly flexible. As they cover members of the household, rather than single policyholders, they can cover a wide variety of situations and, therefore, many types of potential claims. This effectively improves the applicability of your umbrella insurance policy, without you needing to take out multiple policies or plans.

5. Limit Your Liability

If someone attempts to sue you, but you don’t believe you’re responsible for the incident, you may defend the action in court. However, you’ll need to fund the costs of your legal defense, unless your insurance policy covers this. With enhanced protection via umbrella insurance, you could mount a comprehensive defense that allows you to show that you’re not responsible and, therefore, not liable.

Finding the Best Insurance Policy

With so many benefits associated with umbrella insurance, it’s easy to see why so many homeowners view this type of coverage as essential. However, it’s vital to take out the right type of policy if you want to get the best level of coverage. For help and advice, contact Rosell Insurance Agency now.

keys in lock in open door

10 Reasons to Buy the Right Homeowners Insurance

Homeowners insurance is an important policy that protects you, your home, and your assets. There are just some scenarios you cannot foresee, such as a fire, tornado, or hurricane, and they can prove costly to repair the damage, rebuild structures and replace belongings, without the right homeowner's insurance in place.

Homeowners insurance is not a requirement by law, but is often required by your mortgage lender. However, regardless of whether it is required or not, it is certainly a worthwhile investment.

Homeowners insurance requires you to pay a small fee each month, which is usually tacked into your escrow payments, for peace of mind and security in return. Your home is an enormous investment filled with precious belongings and memories (and maybe even a costly extension!) and insurance will help you protect your investment in a variety of ways.

There is a range of different insurance policies to choose from, and the right one will depend on a variety of factors, which an insurance agency will be able to assist with.

Now without further ado, here are 10 reasons homeowners insurance is crucial.

1) Value for Money

The cost of homeowners insurance will vary by the insurance company, the type of property, the value of the property, how old your property is, the location, number of assets, and your credit score.

The right kind of insurance company will tailor a solution to provide you with a comprehensive solution that proves valuable for its costs. This means the cost of the insurance is invaluable if your property was damaged and required repair or replacements, as the cost without insurance will break the bank.

2) It’s a Requirement With Your Mortgage Lender

In most cases, homeowners insurance is required by your mortgage lender. This is to ensure the financial investment they are making on your property is adequately protected if the property was damaged by a fire or natural disaster, for example. Your mortgage lender will require proof that your property has been insured by a trusted agency.

There are some additional types of insurance policies that may be required by your lender, such as flood insurance if your property is located in a high flood area.

3) Protects the Equity You Have Built

Purchasing a property is a large investment, and often one of the biggest we will ever make in a lifetime. The key is to keep the value of your property more than the outstanding debt of your property in mortgages and other liabilities.

If you choose to build on or renovate your home, you are building equity. Protecting the equity in your property is crucial to saving you from having to rebuild if there was any damage or loss to your property.

4) Protects Dwellings

The right type of homeowners insurance will not only cover your home, but also other structures that you own within the vicinity to your property if they are also damaged or destroyed. This can include structures such as your shed, garage, decking, or fences. You must make your insurance company aware of these dwellings to ensure they are secured against the policy.

5) Protects Your Assets

Homeowners insurance does not just protect the physical structure of your property, dwellings, and equity, but it also protects your assets. These can include your furniture, clothes, kitchen appliances, electronic appliances, and much more.

If your property is damaged or destroyed, it can become costly to replace all your belongings. An insurance policy will require a detailed inventory of your belongings when taking out the policy to ensure that it can be covered in the event of loss or damage. It is also important to update your policy if you purchase expensive items after the initial inventory is taken.

6) Protection From Disasters

Homeowners insurance will cover your house if it is damaged or destroyed by a man-made or natural disaster. This can range from a hurricane, tornado, fire, and much more that will be detailed within your policy. These kinds of disasters, although not common in some areas, can wreak havoc and devastate your property. Costs for reconstruction can be expensive.

However, most insurance companies will not cover the costs of floods. This usually requires an additional policy for those in a high flood risk area. The right insurance will ensure the entire property is covered in such an event and will replace your property or repair any damages caused this way.

7) Personal Liability

Homeowner's insurance will provide you with personal liability to protect you from lawsuits. In the unfortunate event that someone is injured in or on your property, even accidentally, you or your family could be held legally responsible.

The right kind of insurance will cover you for anything from a slip or a fall to a dog bite. The insurance typically covers the injured party's medical bills and any subsequent damage to the property as a result. They may also assist with legal fees if the matter goes to court.

8) Protection Against Crimes

As long as your policy accurately represents your possessions, your homeowners insurance will not only cover the damage created by acts of robbery and theft, it will also cover the costs of replacing the items that were stolen. Your policy also needs to be updated regularly if you have new, expensive items in your home.

9) Provide You With a Rental or a Hotel

In the unfortunate event that your property is no longer habitable after damage, your homeowners insurance may cover the costs of a hotel or rental property for you and your family to stay in until your property has been restored.

10) Peace of Mind

The most important thing your homeowners insurance can provide you with is peace of mind. The right kind of insurance will protect you from any type of loss or damage caused by a natural disaster or crime, such as a robbery. With homeowners insurance, you will never be left out of pocket or have to worry about the costs of fixes or replacements.

Buying Homeowners Insurance

Homeowners insurance is important to keep you and your property protected, as well as your equity and belongings. Unfortunately, there are just some events that cannot be controlled and they can have a devastating impact on your home. Without the right type of insurance, you risk being left with the astronomical costs of repairing, rebuilding, and replacing your property and belongings.

Contact your insurance agency today, so you can find the right policy that will protect your property!

collection of dusty wine bottles in a cellar

Covering High Net-Worth Items With Insurance

There is a lot that you need to consider when it comes to buying insurance for your various items today. With so many insurance policies on the market, it can feel impossible to know where to begin. However, there is no need to panic, as we have got you covered.

In this blog post, we are going to take a look at insurance for high net-worth items, in particular. Read on to discover whether this type of insurance is something you require. And, if so, some of the different factors you need to consider when looking for the best policy for you.

What Is High Net-Worth Insurance?

This type of insurance policy is one that is designed to cover items that have a high value. High net-worth insurance is a collective term, so it is important to realize that there are differences from policy to policy. Nevertheless, the term is used to describe any sort of possessions or properties that have a high value. Examples include collectibles, art, and fine jewelry.

Standard home insurance plans have been created to meet the coverage needs of the broad consumer market, so coverage is aimed at medium and small-sized properties, and they do not cater it toward people who have a property that has a high residential value. The good news is that there are specialized insurance plans for upscale properties and their positions, and that is where high net-worth insurance comes in.

Also known as high-value home insurance, high net-worth home insurance offers coverage for properties that are valued at a minimum of $750,000 or above. These sorts of properties can include heritage and luxury houses or homes that have a special design or architectural features. These sorts of policies will provide comprehensive packages and coverage limits that are a lot higher, ensuring that valuable items inside the property are protected as well.

Properties that have lavish elements are considered high-value as well. This includes guest houses, swimming pools, upscale outdoor living areas, intricate landscape, and such. It also relates to properties that contain expensive fixtures, appliances, antiques, furnishings, jewelry, wine collections, and expensive art.

It is also important to point out that houses are not the sole items covered when it comes to these sorts of plans. There are a lot of different providers in the insurance market that have created policies for high-value condos within their portfolios as well.

What Will Be Covered In a High Net-Worth Insurance Plan?

A high net-worth home insurance plan will give you greater coverage benefits and limits than you would receive with a typical home insurance plan.

When it comes to a structural replacement for repair, for instance, the cost of coverage tends to be guaranteed, which enables the policyholder to rebuild their property to the condition it was originally in even if the expenses go past the coverage limit stated. Nevertheless, there are some policies that will ensure that replacement coverage is limited to a specific percentage.

The majority of high-value property insurance plans on the market today will also fund the cost of replacing any belongings that have been broken or damaged. A number of home insurance businesses will supply higher coverage for items that are valuable, such as business property at home, collectibles, jewelry, and artworks.

Another important factor to keep in mind is that for the majority of typical policies, it will be 10 percent more costly for you to insure items at a replacement cost when compared with the standard cash value.

Some of the different insurance policies for high net-worth homes will give you protection for things that do not typically get covered by a standard homeowner insurance plan. Examples include the likes of ransom or kidnap, lock replacements, identity theft, and even food spoilage.

A lot of the plans for high-value coverage will provide you with protection for personal liability, which includes loss assessments and medical bills. A number of policies will extend this protection to injuries that are non-physical, like slander, libel, and defamation.

Finding The Best High Net-Worth Insurance Provider For Your Needs

It is important to take the time and make the effort to find a high net-worth insurance provider with a lot of care. There are many different insurers in the marketplace today, but not all of them provide the same level of coverage and assistance. This is why you need to narrow down your options carefully.

It makes sense to carefully read the terms and conditions of the policy. You need to find out everything you should know about what is covered, and what is not covered. You also need to make sure that you fully understand any exceptions or anything that would end up making your policy invalid.

Finally, we recommend that you take the time to assess the credentials and worth of the insurance provider. Read reviews that have been left by others. Also, read up on the history of the provider. When did they start in the industry? What accolades have they achieved for the work? This can be insightful.

To conclude, high net-worth insurance can be important in a lot of cases. We hope that the details provided gave you a better understanding. The only thing that you need to do now is to make sure that you find the ideal insurance policy for you. Take the time to look with care. There are a lot of different insurance providers out there, so the last thing you want to do is end up paying for an insurance company that has a poor reputation in the industry.

Contact us when you're ready to learn more and we'll help steer you in the right direction.

male and female high five over moving box

Paying the Right Price for Homeowners Insurance in NJ

If you own a home in New Jersey, then you need homeowners insurance in NJ - there is just no way of getting around that fact.

What Is Homeowners Insurance in NJ?

Homeowners insurance is an insurance policy that protects your property and your possessions against a range of potential threats, including damage and theft. Pretty much every mortgage company will require its borrowers to purchase home insurance coverage for the value of their property, which means it is often impossible to get a home loan without also getting a homeowners insurance policy.

A lot of people think that getting homeowners insurance in NJ is as simple as getting a quote, but it’s a bit more complicated than that. There are many different types of homeowner loans available and which one you want/need will change the price significantly. But, before we get into that, let’s take a closer look at homeowners insurance and what it covers.

What Does Homeowners Insurance in NJ Cover?

Different policies vary, and you can often chop and change them to suit your needs, but typically, homeowners insurance will cover the following:

Damage to Your Home

Most policies will cover a wide range of damage to the interior and/or exterior of your home, including damage from fire, vandalism, lightning, or other common natural disasters, although floods and earthquakes are often not included so do check before signing a policy. However, if your home is poorly maintained, your policy will typically not cover any damage that comes about as a result, so it is very important that you take care of your property.

Your Possessions

Homeowners insurance will also cover your personal belongings like consumer electronics, clothing and furniture - basically, the bulk of the contents of your home should be covered by your homeowners insurance, but again, it’s always best to clarify in advance what will and will not be covered should theft, damage or disaster occur.

It’s also worth noting that, often, homeowners insurance in NJ will cover your possessions for loss, theft, or damage wherever you may be, so even if you are not at home you’ll be able to claim anything taken from your domicile on your homeowners insurance. That’s a pretty good deal.

Personal Liability

Homeowners insurance will also cover you against lawsuits filed by people who were injured on your property, which is really important as injury suits can cost hundreds of thousands of dollars to settle.

Accommodation Costs During House Repairs

Most homeowners insurance policies will also cover the cost of a hotel or house rental should you need to vacate your property for a period if your home is damaged and needs extensive repairs. It may even cover the costs of your meals and any other incidental costs you incur.

What Are the Different Types of Homeowners Insurance in NJ?

In the US, there are basically three different types of homeowner coverage available, and quotes don’t often distinguish between the three easily, which means you often won’t know which type you’re buying.

The three primary kinds of homeowners insurance are:

Actual Cash Value

This covers the property cost plus the value of your property considering depreciation.

Replacement Cost

This covers the actual cash value of your property and belongings without considering depreciation, which means repairs and rebuilds could be made at the same level as the home’s original value.


An extremely comprehensive level of coverage that includes an inflation buffer, which means you will get however much money you need to rebuild or repair your home even if it exceeds your policy limit (up to around 25 percent maximum in most cases)

Many insurance providers would suggest that anyone who owns a home pAy for a guaranteed homeowners insurance policy because that is the only policy that will allow them to fully rebuild their homes should the worst happen.

That’s because the housing market is always fluctuating, and what may be a decent level of coverage for your home now, may not give you enough leeway to fix any problems in a few years' time. The guaranteed option is usually the best, but if you are unsure, speaking to an adviser is a sure-fire way to get some clarity on the situation.

How to Get the Right Homeowners Insurance Policy in NJ

Now that you know a bit about what homeowners insurance can offer, let’s talk a bit about why it’s more than just a simple quote, and how you can get the right homeowners insurance policy.

Although most homeowners insurance policies share a number of commonalities, there will always be variations in what each policy can offer. For example, some policies will only cover up to 50 percent of your home’s value, while others will pay out the equivalent of 70 percent, according to Investopedia, which means you can’t simply ask for a quote and expect all things to be equal.

Not only that, but some homeowners insurance policies will not be suitable for the very well-off who own homes worth $1 million or more. Those people may be better off talking to insurance companies in New Jersey in person to see what they offer. Often, they will access a special umbrella policy that will give them the level of coverage they need because of the high value of their home and contents.

Quotes Don’t Tell the Whole Story

Another reason why paying the right price for homeowners insurance in NJ isn’t as simple as just getting a quote is because you can’t always trust a quote. Some companies will lowball in order to draw you in. By the time you’ve added on all the extras you need, they’re no cheaper than other quotes you find. They may even be more expensive.

Not only that, but when you go to an insurance company directly, you can often haggle and get a much better deal than you would by relying strictly on quotes.

Contact Rosell Insurance Agency

Contact Rosell Insurance Agency if you’re looking for fair, affordable homeowners insurance in NJ, sold to you by a friendly face.

someone dropping a coin into a blue piggy bank

How NJ Insurance Agencies Help You Save Money

Insurance is one of the most sensible financial investments you can make. There are many kinds of insurance, and each of them is designed to help give you greater peace of mind while protecting your finances as best as possible in the long run. But when you are trying to find how to purchase the right insurance and who to purchase the insurance from, you can easily feel lost in the woods.

In particular, you don’t want to overspend on your premium, but you do want to get the necessary protection that you are looking for, whether it’s motor insurance, home insurance, or business protection. One way to save money throughout all this, while also making the process so much easier to manage, is to use an insurance agency.

Here are some of the major ways in which using an NJ insurance agency can help you save money. After reading this, you might decide to never try finding your own insurance again.

1. Finding the Right Policy for Your Needs

When you are searching for insurance policies on your own, it can be difficult to determine which is likely to be right for you, and which you should probably do away with. You might simply try to choose one almost at random, based on the prices that seem right when you research. But often, these prices do not reflect quality, and you might accidentally sign up for a policy that will not give you what you need. It could also raise its price later on.

When you use a reputable insurance agency, they are going to help you find the right policy for your needs. They will consider what your budget is, and you'll also be likely to receive a policy that is going to protect you in the way you would hope. That will mean you are better off financially in the long run, while also having greater peace of mind than you would otherwise.

2. Access to a Wide Range of Insurers

Here’s something you might not know: when you do your own research of different insurers in NJ, you are unlikely to find them all. Just looking online or even calling around will not cut it, as there are so many insurers out there that are hard to find - and one or two who even actively only work through agencies.

So when you use an insurance agency instead, you are going to be opening yourself up to a much higher number of options. That’s obviously really helpful, and it means that you will have a much better chance of getting what you need at the right price.

Your insurance agency will save you money in the long run while finding you a policy that will provide you with the protection you have been looking for.

3. Open Up Your Payment Options

When you go directly to insurers of all kinds, they will be keen to push a monthly payment for the premium. At first glance, this can seem very helpful. After all, you might have a fluctuating income and so you want to make sure that they can still cover later you in the year, no matter what happens. But when you look into it, you are more often than not paying quite a lot more for this pay monthly option. Try to avoid that.

If you seek out insurance through an insurance agency, however, you will generally have many more options available to you than just the monthly one. You will still have that option, if you prefer, but you can also choose to pay for your annual premium in one go, which usually means that you are going to be making a saving overall.

This can be an especially beneficial choice for businesses, or if you know that you have the money upfront and don’t want to pay more by paying monthly.

4. Time Costs Money

The amount of time you spend on trying to find the perfect insurance can end up being huge. And when you are running a business or just trying to get more work done personally, you know that time is money. Avoid spending more time than you absolutely have to by utilising the right NJ insurance agency.

When you have an agency on your side, you will be able to let them do the hard work, meaning that your time is freed up to do with as you please. Whether that means doing more business or enjoying more leisure time is up to you.

5. Take a Second Look at Your Current Policy

You are unlikely to be in the best financial standing if you never take a second look at your current insurance policy, so this is something that you should think about and take seriously. When you simply let your policies renew automatically year after year, it is unlikely that you are going to be paying the fairest price for what you are getting.

That’s another great reason to get in touch with an NJ insurance agency - they will be able to check your policies for you, making sure they up to date and that you have the best ones for your financial needs at all times. All that without you having to lift a finger.

Save Money With An NJ Insurance Agency

If you are keen to save money on your insurance policies, make sure you get in touch with a trustworthy and reliable insurance agency as soon as possible. It could be one of the best moves you have ever made regarding your finances.

businessman handing a contract to a client to sign

Insurance Agencies vs. Insurance Companies in NJ

It’s no secret that many people find it challenging to distinguish between an insurance agency and an insurance company. Many individuals assume they are the same and assume that both terms get used interchangeably. Of course, there is a difference.

When it comes to insurance agencies vs. insurance companies, it makes sense to learn more about their fundamental differences. The following clarifies the two terms and discusses why it makes sense for you to use an insurance agency.

What Is an Insurance Agency?

In a nutshell, an insurance agency is a professional or a group of insurance professionals that sell insurance products to consumers. They do so on a commission basis, but effectively act as an insurance company’s representative.

An insurance agency acts as an intermediary between consumers and insurance companies and has a legal duty to help find their customers the right coverage at the best prices. They must be licensed, bonded, and insured to sell insurance products to customers.

You should keep in mind there are two types of insurance agencies:

  • Captive insurance agencies are professionals that only sell insurance products from just one insurance company;
  • Independent insurance agencies, such as Rosell Insurance Agency, represent a broad selection of insurance companies.

As you might expect, an insurance agency earns commissions through both new insurance products sold and renewals for existing policies. Being the public face of insurance companies, an insurance agency’s aim is to prioritize its customers’ needs.

What's the Point of a Captive Insurance Agency?

You might be wondering why consumers would elect to buy from a captive insurance agency. After all, an independent one offers a greater choice because of insurance products available from several insurance companies.

The truth is, captive insurance agencies may choose to work with a sole insurance company for several reasons. For example, they may only wish to specialize in very specific niche markets, such as farm insurance or high-risk markets.

What's the Point of an Independent Insurance Agency?

For some insurance agencies, offering a handful of products from a sole insurance company might be a better fit for their target market. Independent insurance agencies prefer to have an array of insurance products available to encapsulate a large target audience.

Independent insurance agencies like Rosell Insurance Agency don’t just sell products from several insurance companies; they also provide coverage for all kinds of uses. Examples might include auto insurance, business insurance, and home insurance.

What Is an Insurance Company?

An insurance company is an entity that provides or ‘underwrites’ policies sold by insurance agencies. They are the organization that offers insurance products, assesses claims made by policyholders, and pays out when insurance claims from consumers get approved.

As you might expect, an insurance company is heavily regulated by the government. That’s because they must have the financial resources available to cover the risk they protect through the policies they underwrite.

Like insurance agencies, an insurance company must also be appropriately licensed, bonded, and insured themselves. There are two types of insurance companies: mutual companies and proprietary companies.

A mutual insurance company is wholly-owned by the policyholders. Their sole purpose is to provide coverage to its members (the policyholders), and those members get to choose who manages the company.

Mutual insurance companies may also invest in portfolios like mutual funds. All profits generated by mutual insurance companies get distributed to their members through dividends or reduced insurance policies.

A proprietary insurance company works similarly to a mutual one, except that the business gets owned by shareholders. Any profits made by a proprietary insurance company gets distributed to its shareholders and doesn't necessarily benefit any policyholders.

In any event, an insurance company can choose to specialize in one niche market or offer to underwrite policies for multiple audiences. For example, one insurance company might only provide auto insurance, whereas another may offer that and home coverage.

Insurance companies will sell only the products they provide, unlike an independent insurance agency that can sell products from various companies. They can also sell directly to consumers if those customers wish to avoid using an insurance agency.

Why Use an Independent Insurance Agency in NJ?

You will now undoubtedly have a better understanding of insurance agencies vs. insurance companies and can make a clear distinction between the two. But why should you use an insurance agency in NJ when you can easily approach an insurance company directly?

Arguably the main reason to choose an insurance agency is value for money. As mentioned, an insurance company will only sell you coverage from the policies they underwrite. They won’t offer any products from competing providers.

If you use an independent insurance agency, you’ll get the best value for money because they will recommend products that best serve your needs. Also, they’ll do so while finding you the most affordable coverage available.

Secondly, an independent insurance agency is a professional with whom you can establish a long-lasting business relationship. An advantage of independent insurance agencies is they get to know their clients and learn a lot about their requirements.

That gives them the edge to provide insurance coverage from a selection of insurance companies that best meet their needs. If that same customer approached an insurance company, they are unlikely to get that same level of personal service.

An independent insurance agency can often secure lower premiums for policies than is possible by going directly to insurance companies.

How to Choose the Right Insurance Agency for You

Finally, now that you understand the benefits of using an insurance agency, how do you select the best one for you? When creating a shortlist of insurance agencies to consider, you must ensure that each one is appropriately licensed, bonded, and insured.

Next, you should determine their level of customer satisfaction. Are they interested in forging long-lasting working relationships with their customers, or do they only care about their commissions? And can you approach them with any after-sales questions or complaints?

Consider Rosell Insurance Agency, a long-established, family-run independent insurance agency based in New Jersey that offers a range of personal and business insurance products and serves thousands of customers. We'll do right by you.

image of a coastal home property

Do You Need to Buy Coastal Home Insurance in New Jersey?

Owning a piece of beach property is a dream come true for lots of people. Unfortunately, that dream can come with the reality of hurricanes, floods, storms, and other hazards. To protect your home, you need to make sure that you have homeowners insurance that is designed for coastal areas.

What is Coastal Homeowners Insurance?

The standard homeowners’ insurance is usually comprehensive enough to cover most of the incidents that can happen to a regular property, such as fire, theft, fallen tree branches, and so on. However, coastal homes have more specific insurance needs that standard home insurance might not be able to provide. A lot of insurance carriers don’t offer standard homeowner’s insurance to coastal homes because of the much higher risk of storms and flooding.

If you live within five miles of the coast, coastal homeowners insurance can provide additional coverage for the higher risks you face living near water. This insurance can fill the gaps that aren’t covered by standard homeowners’ insurance. A policy like this usually separates wind, named storms, and hurricanes. These events will each have their own deductibles, which are a flat fee or between 1-5% of the value of the property.

It excludes flood insurance, even with a named-storm deductible. This means that if your home is damaged by flooding, your insurance won’t cover it. You will need to buy additional flood insurance to protect your coastal property from the increased risk of flooding. Your mortgage lender will usually require you to hold flood insurance if you live in a flood zone.

How is Coastal Homeowners Insurance Different From Standard Homeowners?

Homeowner’s insurance for a coastal property is basically standard insurance, with a few important differences. Coastal homes are a greater risk, so insurers remove some privileges of standard home insurance, like coverage for winds and storms. Your insurer doesn’t want to take on the extra risk of a beach property.

Coastal homeowners insurance will reinstate that coverage to make sure you are protected from storms, weather, or hazards. As your home is more prone to these risks, you need insurance that will best address these hazards with proper coverage limits and fair premiums. Coastal home insurance is designed to fill these gaps and raise the coverage.

Tips for Homeowners’ Insurance in Coastal Areas

Get Insured Before Hurricane Season

Insurance and flood policies usually take at least 30 days to activate. Insurance providers won’t offer new insurance policies if there is a storm expected. This is why you need to get fully insured before the storm is a threat.

Remember that there is no safe time for your home, so always have insurance to protect against possible hazards. Don’t reduce or lapse in your coverage over the winter just because it isn’t hurricane season. Every season comes with risks, so you need insurance coverage all year round.

Never let your coverage lapse. Pay your bills on time and don’t let your policy expire. One missed payment could drive up your premiums considerably.

Pick the Right Deductibles

Homeowners’ insurance for coastal homes will usually have multiple deductibles for different areas of your policy, such as deductibles for wind, named storms, and hurricanes. A deductible is how much you will be responsible for out of pocket before your insurance will cover the rest, up to your coverage limits.

Remember that if you are hit by more than one storm in succession, then you will be responsible for the expense of the deductible per storm. In a stormy season, you will incur this expense multiple times. You need to make sure your deductible is fair, and low enough for you to pay out of pocket a few times over.

Speak to Rosell Agency to learn more about flood insurance options.

Know Your Coverage

A coastal home will have a different policy from a standard homeowners policy. Check your plan to see what kind of coverage you have, your deductibles, and where there might be a lapse in your coverage, such as flood damage.

Don’t try to go it alone or go with an agent that you don’t trust, or you could end up under-insured for the unique risks that come with a beach home. Speak to an insurance agent to help you go through different policies to make sure that you have all the coverage that you might need for a beach-front home at a reasonable price.

Get Flood Insurance

Flood insurance is essential for coastal homes. Flooding is common along the coast, whether from storms, large waves, or a pipe breaking.

Coastal areas are considered high-risk flood zones, which means you need flood insurance, even if your lender doesn’t require it. Without flood coverage, a flood can be devastating. Just a few inches of water can do thousands of dollars of damage to the structure of your home, your furniture, or your foundations. Flood insurance is the best way to make sure your finances don’t take a dramatic hit.

Ask About Discounts

Homeowners’ insurance for a coastal property is usually more expensive than standard insurance, because of the increased risks. Despite the cost, you want to make sure that you’re not skimping on all the coverage that you need just because of the price tag. Ask your insurance agent for help with finding out what discounts could apply to your coastal homeowners’ insurance, so you can be protected fully.

The biggest discounts usually come from home safety features, such as flood-proofing your foundation or adding hurricane shutters to your windows. You could also get a discount by signing up for email bills or auto-paying them. It’s always a good idea to look for discounts that you could qualify for.

Searching for a bargain on your homeowners’ insurance could, however, mean that you are underpaid or not paid at all, if a disaster happens in your home, like a storm. Don’t take the risk with your home or your belongings. Get full coverage secured first and then ask about discounts and ways to save.