In addition to the protection provided by your standard renters policy, you may choose to expand your insurance coverage through the use of endorsements. An endorsement either can increase the dollar limit of coverage for certain items, or extend coverage to items not included in the standard renters insurance policy.
Your NJM renters policy provides reimbursement for covered personal property losses (not the building itself) based on the actual cash value at the time of the loss but not exceeding the amount necessary to repair or replace the covered property.
This means that after determining the amount to repair or replace the covered property at today's costs, a deduction will be made for any depreciation.
If this endorsement is attached to your policy, covered personal property losses will be settled at replacement cost value, meaning that we will settle any claims at the amount necessary to repair or replace the covered property at today's costs.
Your NJM renters policy does not provide coverage for damage caused by water that backs up through sewers or drains or from a sump area. However, coverage may be purchased to insure against these types of events with the Water Back-up Endorsement (HO-95X) and Water Back-up and Sump Overflow Endorsement (HO-95).
These endorsements provide up to $5,000 per occurrence (minus the deductible) for this type of loss. Please note that you can only select one of the two endorsements. The HO-95 is for homes with a sump pump. The HO-95X is for homes without a sump pump. The HO-95 provides coverage even if the loss is caused by mechanical breakdown of the sump pump.
The maximum benefit limit is concurrent with your other coverage amounts; it does not increase the total limit of Coverage A (Dwelling), B (Other Structures), C (Personal Property) or D (Loss of Use) stated in your policy declarations.
Use this endorsement to provide broader protection for specific articles of jewelry, fur and/or silverware.
An up-to-date appraisal, subject to underwriting review, is required for each item before coverage can be provided. In addition to an appraisal, documentation regarding the item is required, such as a sales receipt or photos.
Your NJM renters policy will pay up to $500 if your credit card or fund transfer card is used by an unauthorized person, or if you experience a loss as a result of a check forgery or the acceptance of counterfeit money. If you feel that $500 is not enough protection, this endorsement is used to increase your coverage.
Policy deductible does not apply.
Other endorsements are available. See the home insurance Buyer's Guide for more information.