While there is a great deal of attention focused on the need for people who own their homes to have insurance coverage, people who rent, also need to protect their personal possessions and more with insurance policies specifically designed for renters.
At Insurance Center of North Jersey we have a long record of helping renters in New York, New Jersey, and Pennsylvania, just like you, get the insurance coverage they need to not only protect their belongings when disaster strikes, but also to protect your interests when accidents occur.
What is Renters Insurance?
This type of insurance is designed to provide many of the same protections to renters that a homeowner’s insurance policy provides to homeowners. While it isn’t necessary to cover the structure of the home with an insurance policy for renters, it is provides other coverage options that are highly beneficial to renters.
Many renters are under the mistaken impression that their landlord’s insurance will cover their possessions in the event of a covered event (fire, theft, etc.), but that is generally not the case as the owner is not responsible for the personal possessions of tenants.
As a tenant or renter, the right policy can help you cover the costs of separate living arrangements while your property is being repaired, replace possessions within your apartment – up to a specified dollar amount, and help pay legal fees and liability awards if someone is injured inside your apartment. It’s invaluable coverage for any renter.
Items of exceptional value that you own, such as electronics, business equipment, collections, antiques, etc. may require an additional policy in order to provide adequate protection if those items are stolen, damaged, or destroyed by a covered peril as your insurance for tenant’s policy may not be adequate to cover the costs of replacement.
What Does Renters Insurance Cover?
While policies vary from one provider to the next, there are a few things most renter’s policies do cover. The following incidents are among those commonly offered through a standard renter’s policy.
- Fire and Smoke Damage
- Hail Damage
- Wind Damage
Check with your local New Jersey insurance agent to see if there are specific coverage types of coverage, flood insurance for renters, for instance, you may need to purchase in addition to the standard policy in order to provide more complete and robust coverage.
How Much is Renters Insurance?
The cost of insurance for renters varies depending on the insurance company chosen and according to what your specific needs are from your policy. People who live in rental apartments may have different needs than those who live in houses. Needs will vary according to income, whether you operate a business from your home, and what kinds of possessions you own.
An apartment filled with expensive rugs, artwork, and other collectibles, for instance, warrants a more significant investment in insurance coverage, for instance, than one belonging to a college student or recent graduate who has few possessions at this stage of their life.
For an average rental unit, however, the costs are generally quite manageable with some carriers offering coverage for around one dollar a day or less.
Why Choose Insurance Center of North Jersey?
There are many reasons to trust us with your important insurance purchasing decisions. In addition to our 80 year history of serving North Jersey and beyond from our Maywood office, we also take great pride in bringing you the many benefits of doing business with an independent insurance agency.
What does that mean for you?
It means you get outstanding flexibility when building policies custom-created to meet your insurance coverage needs, a wide range of price options to match your budgetary needs, and personal service that comes with dealing with a local agent rather than a call center across the country or around the world.