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Re: NJ Manufacturer Home Owner insurance
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Home away from home
 
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I just had a look at my policy and "N/A" is written in the column for Dwelling. My coverage is for Personal Property and Loss of Use. This is an HO6 policy specifically for condo owners. This is my second condo in JC, and both condos had similar policies under different insurers. The way it was explained to me both times was that the Dwelling would be covered under the building's master insurance policy, which is the responsibility of the condo association. The HO6 policy is designed to cover everything inside the walls of your condo unit - kitchen, bathroom, appliances, clothing, furniture, etc. So, if the building is a total loss, the building's master policy would cover rebuilding the entire structure, but your HO6 policy would cover replacing everything inside the unit itself. I'm in a one-bedroom, and I renewed my policy for around $400/year about a month before Sandy ($100k personal property and $41k for loss of use). It will be interesting to see how much of an increase I'll get socked with when I renew later this year. I have friends in other buildings who have been warned that they're likely to be hit with an increase in monthly maintenance fees because the building is facing a steep hike in the premium for the master policy post-Sandy. Anyway, looking at your earlier post, it sounds like the premium Manufacturers quoted you is for a single-family home and not an HO6 for a condo. You are in a condo, right? If I had the opportunity to switch to NJM, I would seriously consider it - even if the premium were higher than others. One of the consistent things I've heard about them is when the shit hits the fan, they do step up and pay up when other insurers are looking for ways to weasel out of paying you or to shortchange you. I wouldn't just look at the premium pricing alone, but I'd also look at the reputation of the company and how they treat people.
Posted on: 2013/5/17 3:39
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Re: NJ Manufacturer Home Owner insurance
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Home away from home
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@JadedJC: I thought kitchen would fall under "Dwelling"? I was told that anything move-able goes under "Personal", and anything that does not move (e.g. stove, cabinets, fridge, etc) goes under "Dwelling".
I believe my insurance agent (at the time) offered me that explanation. Quote:
Posted on: 2013/5/17 0:59
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Re: NJ Manufacturer Home Owner insurance
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Home away from home
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Seriously, I'd be interested in hearing what quotes other people are getting (either new customer, or renewal) - whether somehow they quoted me a high premium by mistake somehow, or if their rates have really gone through the roof.
TIA. PS I'll probably take some time out and do an inventory now - $75K perhaps is high. I'm curious now to get some "hard" / realistic numbers.
Posted on: 2013/5/17 0:57
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Re: NJ Manufacturer Home Owner insurance
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Home away from home
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Actually, it's not for a condo. That's a minimum amount for a one-bedroom (my mortgage bank actually required me to get $100K). The figure doesn't just cover your personal effects (clothing, electronics, etc.). Let's say a fire or flood necessitated the gutting of your home. That amount would also cover a new kitchen, which could easily cost $30k - $40k.
Posted on: 2013/5/14 13:17
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Re: NJ Manufacturer Home Owner insurance
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Home away from home
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Hmmm.. I wonder what my renter policy will do when it comes up for renewal. I am almost exactly 100 ft above sea level. It would take a comet or meteor strike to make a wave big enough to flood here. If that did happen, I wouldn't be around to even file a claim, let alone collect.
Posted on: 2013/5/14 12:55
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Re: NJ Manufacturer Home Owner insurance
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Home away from home
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75K for personal property seems rather high, unless you are ensuring a lot of valuable jewelry. If you were to do an inventory of all your material possessions inside your unit, do you really get up to 75K?
Posted on: 2013/5/14 3:17
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Re: NJ Manufacturer Home Owner insurance
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Home away from home
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I use the Philadelphia Contributionship for renters insurance. The other day I got a letter in the mail from them saying the average Tenants policy will see a rate increase of 1.9% for next year. The average Condominiums policy will see a rate increase of 9.4% for next year. But the average homeowners policy will see a rate change of 28.8%! I think the take home message is living in JC will screw you for homeowner's insurance no matter where you go.
Posted on: 2013/5/14 3:15
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Re: NJ Manufacturer Home Owner insurance
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Home away from home
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Another update:
I called and spoke with someone on the phone at NJM. According to her, the reason this is "through the roof" (my words) is because Jersey City is now considered a "coastal area" (thanks Sandy!). I had the lady run a second quote with exactly the same coverage as my current Travelers insurance, and here's the comparison: Travelers: $540 / year, $500 deductable; NJM: $817 / year, $1500 deductable (high because of JC is "coastal area") I'm shocked and disappointed. In addition to good customer service, I always though NJM had the best price too. I was hoping to save a hundred or so going forward  Can I just chalk it up to bad timing (thanks to Sandy)? Does anyone who has NJM currently see their premium go up (significantly)?
Posted on: 2013/5/14 2:25
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Re: NJ Manufacturer Home Owner insurance
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Home away from home
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Was the quote from NJM insurance or from their RE-insurance division?
Posted on: 2013/5/13 19:08
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Re: NJ Manufacturer Home Owner insurance
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Home away from home
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I must have done something wrong! I just got an estimated quote back from NJM on my application, and the premium is $1013 (!!!) for my 2 Bedroom. That's at least double what I pay Travelers currently!!! Did I mention the deductible is $1500!?!?!?!?
So - my questions is: if my condo is worth $500,000 (assuming / hopefully!), how much dwelling should I get? It's about 1200 Sq ft., in a 5-unit brownstone building. I'm wondering if I set this too high? I also requested $75K for personal property, and $37K for loss of use. Are these excessive? These are what I have on my Traveler's insurance currently (I think).
Posted on: 2013/5/13 18:39
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Re: NJ Manufacturer Home Owner insurance
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Quite a regular
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correct .. they are a non-profit insurance company so anything left over at the end of the year not paid out in claims (and other expenses) is returned in the form of dividends. i think its roughly 5-7% of your premiums
Posted on: 2013/5/7 0:23
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Re: NJ Manufacturer Home Owner insurance
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Home away from home
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We use them for condo and auto. They have always been inexpensive and are very pleasant on the phone when we've added, changed stuff. They also send an occasional check out to us - kinda like dividends I guess?
Posted on: 2013/5/6 20:03
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Re: NJ Manufacturer Home Owner insurance
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Home away from home
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wow - almost all positive feedback! Amazing!!!
I just faxed in my application today - hopefully they'll accept and give me a quote for comparison.
Posted on: 2013/5/6 19:16
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Re: NJ Manufacturer Home Owner insurance
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Just can't stay away
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I wouldn't consider any other insurance company. I've been using them for car insurance for 15+ years and condo insurance for 7 years. They are a hassle free company with excellent customer service.
Posted on: 2013/5/6 17:35
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Re: NJ Manufacturer Home Owner insurance
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Quite a regular
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I have NJM right now for my condo insurance. i didnt even think twice about going elsewhere, but i dont think you'll find a lower rate. as far as customer service, they've always been great when i had car insurance, and i haven't needed them for condo insurance yet..
sidenote, my folks have NJM property insurance and have needed them due to storms and such, and they've been nothing but helpful
Posted on: 2013/5/6 17:18
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Re: NJ Manufacturer Home Owner insurance
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Newbie
 
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I've had NJM for my car insurance for 15 years and for my condo for the past 7+. I have nothing but good things to say about them and my experiences.
When I signed up with them, I worked for a large, publicly traded company. You do not have to work for a private or state job only.
Posted on: 2013/5/6 17:09
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Re: NJ Manufacturer Home Owner insurance
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Just can't stay away
Joined:
2006/4/29 14:15 Last Login : 2020/12/8 23:34 From The Italian Village
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I have both my car and home owner's insurance with NJM since 2006, and I am very pleased with their rates and service. You should certainly check with them and find out what quotes they would offer for you, particularly if your company is part of their member program.
Posted on: 2013/5/6 17:07
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Re: NJ Manufacturer Home Owner insurance
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Quite a regular
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I have for my car but didn't really like the options for condo. They do not offer any low deductibles in Jersey City due to floor zones. Also, they were no cheaper than my current policy.
Posted on: 2013/5/6 16:56
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Re: NJ Manufacturer Home Owner insurance
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Home away from home
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yes, either that, or your (private) company is part of their member program. My new employer is in NJ and is part of the program, that why I want to see if it's worth switching.
Quote:
Posted on: 2013/5/6 16:48
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Re: NJ Manufacturer Home Owner insurance
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Home away from home
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Don't you have to work for a public job like the City of J.C. State of N.J. or any other government type job in the state of New Jersey to get coverage from N.J. Manufacturers ?
Posted on: 2013/5/6 16:46
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Get on your bikes and ride !
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Re: NJ Manufacturer Home Owner insurance
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Home away from home
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NJM Insurance is a non-profit. My homeowner rates for my old 2 family dropped by about 50% vs Travelers. I have renter insurance with them right now (even though I technically rent from myself).
Posted on: 2013/5/6 16:40
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NJ Manufacturer Home Owner insurance
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Home away from home
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Does anyone here use NJ Manufacturer's Home Insurance for a condo? I've heard great things about them - both pricing and customer service. But that was several years ago, so I want to get some feedback to see if it's worth a switch (I currently have Traveler's insurance).
TIA.
Posted on: 2013/5/6 16:37
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