Is Renters Insurance Really Worth It?

Renters insurance is something many people, especially those who need it most, have never heard of. But, for people who rent, it is essential protection for their financial well-being. Whether you are asking, “Should I get renters insurance?” or not, the answer is simple. You should. Renters insurance offers affordable, essential protection for you and your family.

Look at it this way: You’ve moved into your dream apartment and furnished it with beautiful furniture, decorated it to look like a model home, and filled it with your treasured belongings and precious collectibles. The value of all these items can add up quickly. If you suffer a loss, whether, from water damage, fire, theft, lightning, or other peril, the replacement cost of these items could be substantial and out of your reach.

Since landlord insurance doesn’t cover your personal belongings, you need to protect yourself by choosing renters insurance from Insurance Center of North Jersey.  Unfortunately, all too often, renters learn too late that their landlord’s insurance policy excludes coverage for a tenant’s personal property. And, their landlord’s policy doesn’t cover the renter’s personal liability either. Fortunately, renters insurance does.

Why Renters Insurance is Necessary

First and foremost, renters insurance is designed to protect a tenant’s personal property. Luckily, it goes beyond that by providing the opportunity of personal liability protection in the happenstance you are sued as a result of an accidental injury in your rental unit.

One of the most important, and often overlooked, benefits of renters insurance is the liability protection it provides. If someone trips on your doormat and injuries themselves, your liability insurance protects from the financial fallout of that incident.

If your Thanksgiving turkey catches on fire in your oven and causes smoke or water damage to the apartment next door, you have liability protection for that damage. Otherwise, you would be financially responsible for the medical bills, repairs, and replacing your neighbor’s damaged products.

The benefits of something like apartment insurance go beyond this liability protection. Even if you have precious few possessions, replacing them all at once can be a costly proposition. Things like furniture, appliances, televisions, and computers that you acquired slowly, over time, add up even faster. The combined financial value of belongings is often a lot higher than people think.

Some of the personal belongings  items that renters insurance from Insurance Center of North Jersey covers, includes:

  • Antiques
  • Apartment or Condo Personal Decor
  • Art Collection
  • Appliances
  • Books
  • Bicycles
  • Clothing
  • Collectibles and Keepsakes
  • Dishes and Cookware
  • Furniture
  • Electronics
  • Jewelry
  • Musical Instruments
  • Sporting Equipment
  • Silverware
  • Tools

Your renter’s insurance policy is a small price to pay each month to know that you can survive, financially, if a disaster occurs and wipes out your apartment or if someone becomes injured on your property or by your property.

What Types of Properties does Renters Insurance Cover?

Renters insurance is available for practically any type of rental property. These are just some of the types of rental properties you can purchase insurance for:

  • Apartments
  • Houses
  • Duplexes
  • Townhomes
  • Condos
  • Flats

Wherever you rent, there is likely to be a renters policy perfect for your needs.

What is the Purpose of Renters Insurance?

The purpose of renters insurance is simple. It provides financial protection for covered events that might otherwise place your financial future in serious jeopardy. It is hard to overcome the burden of replacing all your possessions.

It is even more difficult to recover from the legal costs of a lengthy trial and the financial fallout of a settlement against you for a liability issue. The liability protection renters insurance provides shields renters from the legal costs and settlements — up to the policy limits, of course.

Make sure you discuss exclusions, like flood damage which provides specific coverage available through the National Flood Insurance Program (NFIP), and deductibles with your insurance agent when buying insurance. You may choose to increase your deductible in exchange for a more affordable premium.

Also, you should also know that renters insurance is much cheaper than home insurance because it doesn’t cover the structure of your rental unit, only your possessions. It is a small price to pay for peace of mind.

Renters insurance also covers temporary living expenses if, for instance, you must stay in a hotel while repairs are being made to your rental unit. These expenses add up fast, especially at a time when you may find yourself replacing certain necessities. For some people, this is one of the most important benefits of renter’s insurance.

How to Buy Renters Insurance

At Insurance Center of North Jersey, we are happy to work with you to find the perfect policy to meet your needs. As independent agents, we can shop multiple providers to find the right combination of cost and coverage to help you get the vital protection all renters need.

Contact us today to learn more about renters insurance.