Renters Need Insurance Too!

Just because you do not own a property does not mean you do not need property insurance. As a renter, you can still face financially damaging losses that may severely impact your life. Without renters insurance New Jersey you are responsible for replacing your belongings with money you may not have on hand. Understand how a renter’s insurance policy will protect you and your assets. Once you see how an insurance policy for tenants can protect you, you will be on your way to your agent’s office to quote a new policy.

Personal Property Coverage

When you rent a property you have no financial interest in the dwelling itself. While you do not have a financial interest in the property, you do have a financial interest in your personal belongings. If you have ever completed an inventory of all of the things you own you were probably amazed at the value your belongings. Your TVs, CDs, electronics, appliances, clothing, and furnishings can add up in value quickly. Most renters’ insurance policies estimate a value of $20,000 or more in personal property. Are you pay this amount out-of-pocket? If not, you should invest in renter’s insurance and you are only responsible for paying a small $500 deductible.

Liability

Just because you do not own a home does not mean you cannot be sued. If someone is injured and he or she claim your negligence caused for their injuries, they have the right to sue you in civil court. The judge can award monetary compensation to the party and can garnish your wages to ensure the compensation is paid. To avoid this, invest in renters insurance New Jersey. Every policy comes with $100,000 in liability coverage. You can also increase this limit for an additional charge. Your liability coverage will cover you anywhere in the world and not just in your home.

Loss of Use

Have you planned where you will stay if your apartment burned down? If you are renting a property from a private party, you are still required to pay your rent if the home burned down and was in the process of being rebuilt. While you may be able to fight it, you do have a lease agreement and the fire was more than likely not the property owner’s fault. Loss of Use will pay the increased cost to live somewhere else while your apartment is being repaired. This can last a period of a few days or several months.

As you can see, you cannot afford not to carry renters insurance New Jersey. If you obtain insurance with your auto insurance provider you will receive sizable discounts. Sometimes, the discounts applied to your auto insurance will pay for the renters insurance in full. Set up an appointment and bind insurance today.