Renters Insurance

No matter where you live in New Jersey, it’s important to have adequate renter’s insurance to protect your personal property from loss or damage. Renter’s insurance is designed especially for those individuals who don’t own their own home but are leasing their place of residence. Whether you are renting an apartment, a condo, or a house, you should seriously consider purchasing New Jersey renter’s insurance to safeguard your valued possessions in the event of theft, fire, or weather-related calamities.

Why It’s Important to Have Renters Insurance in New Jersey
If you currently live in a rental property in New Jersey, you may already be aware of the importance of having renter’s insurance. A comprehensive renter’s policy protects your personal property against damages and loss in the event of fire, theft, or natural disaster. It can also provide liability coverage in the event a visitor to your home or apartment injures themselves. Many people don’t think about the consequences of this happening, but unfortunately accidents do occur. Without the proper liability coverage, you can be sued for damages. This can put your income, your savings, your personal property and even your future wages at risk.

Common Myths about Renters Insurance
Here is a sampling of the most common myths:

  • It’s too expensive. Renter’s insurance is really a great deal. An average rental insurance annual premium will generally cost between $200 and $300. The actual amount you will pay depends on many factors such as the type of dwelling you live in, where the property is located, what type of coverage you choose, and the deductible amounts you select. When you consider what it would cost to replace your personal property in the event of theft, fire, or some other covered natural disaster out of pocket, it’s easy to see why having renter’s insurance coverage is a smart choice.
  • I don’t own very much. It’s a well-known fact that most people severely underestimate the monetary value of their possessions. An easy way to calculate this is to make a complete inventory of everything you own and put a current price tag on each item. You will probably be amazed at how quickly it adds up. You should include furniture, clothing, appliances, electronic equipment, rugs, jewelry and all other items inside of your home or apartment. Unless you can afford to personally pay to replace all of this property, renter’s insurance is the safest option.
  • My landlord’s homeowner policy will cover my things. Your landlord’s homeowner insurance policy only covers the actual building (structure) where you are living and the land on which it is built. Everything inside of the apartment or home is the responsibility of the renter.

Smart Tips When Buying a Policy
1. If possible, always buy replacement value coverage. Generally, consumers are given the choice between “replacement cost” and “actual cash value”. They may seem similar, but in fact they are very different options. Actual cash value means that if an item is lost or damaged due to a covered event (such as fire or theft) you will be given what that item costs to replace MINUS the depreciation. Replacement cost coverage will give policyholders the full replacement amount. This type of coverage does cost a bit more than actual cash value but is definitely worth it.

2. Be sure you understand what is excluded from your policy. A typical renter’s policy will not include coverage for damage or loss due to earthquakes or floods. If you live in an area where these natural disasters occur, you will need to add separate coverage for them. Some valuable items such as jewelry, artwork, or antiques may also require separate coverage. Check with your agent when writing up your personal policy.

3. A main factor affecting your monthly premium will be the deductible amount you choose. The higher the deductible, the lower your cost. If you choose a lower deductible, such as $250, you will pay more for your policy. But if you have a claim for loss or damage, you will only have to pay the deductible amount. It’s important to consider your own financial situation when you decide on your deductible.

4. Although it’s not required, it’s always a good idea to catalogue your possessions. For one thing, taking a complete inventory of what you own helps you determine the amount of renter’s insurance you need. Additionally, having a record of your personal belongings can be very helpful if you ever have to file a claim. A written list is fine but it is even better to have photographs and video evidence.

Get Started Today
We are available to assist you 24 hours a day. When shopping around for New Jersey renter’s insurance, it is always a good idea to contact several different companies. This allows you to compare policies and get quotes so that you can make the best decision when it comes to getting renter’s coverage. Our trained staff can help you do this quickly and easily from the comfort of your home or office. Then you can choose a renter’s insurance policy which meets your personal needs at a price you can afford.