There are many forms of insurance NJ. While some forms of insurance are required by law, others are not. A person living in New Jersey should have at least the minimal insurance required by state law. Auto insurance is legally required; one should not attempt to drive without it. A person who owns a business is required to take out adequate business insurance. However, there are also some forms of insurance that are not mandated by law but are still very important to have.
Home Insurance
Having home insurance is important. This form of insurance is not only for homeowners. A person renting a house, apartment or condo can take out a specialized form of insurance that will provide compensation should the residence be damaged or broken into. Home insurance will also provide compensation should someone be injured in the house.
When taking out home insurance, it is important to purchase a policy that provides adequate coverage. The HO-3 policy is in most cases the best option, as it provides a high level of coverage at a reasonable price. The HO-2 home insurance policy is also good to have, as it specifically covers damage that tends to occur in the cold winter months.
Health Insurance
Many people believe that health insurance NJ is simply nice to have but not an absolute necessity. However, what people do not realize is that they can be denied medical treatment without proper insurance. A hospital emergency room will admit an uninsured person in a life or death situation. However, a hospital can refuse to admit an uninsured person who is very sick if it deems that sickness is not a "life or death" matter. A severe or prolonged illness can also put a severe strain on one's finances. A person who feels that health insurance is not affordable should have a look at his or her budget and see what other, unnecessary expenses could be cut.
Auto Insurance
As was noted above, New Jersey law requires that a driver take out auto insurance. However, a couple forms of auto insurance are not required by law but are still good to have. These are uninsured and underinsured motorist coverage. Uninsured and underinsured coverage will provide compensation if a policy holder or member of his or her family is hit by a person without proper insurance, or is a victim in a hit and run accident.
Having good insurance will give one peace of mind. Unfortunate incidents, accidents and sicknesses occur, no matter where a person lives or what he or she does for a living. Taking out adequate insurance NJ will help a person to get through a difficult situation without having to worry about paying off unexpected large bills.
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