Protect Yourself With New Jersey Renters Insurance

living room of luxury apartment unit with a green couch

If you’re renting your home in New Jersey, it makes sense to protect yourself with New Jersey renters insurance. Read on to find out why.

What Is New Jersey Renter’s Insurance?

Renters insurance is insurance that will cover your personal property and provide you with liability coverage when you are living in a property, whether that be a house, apartment, or condo, that is owned by someone other than you. They sometimes refer to it as tenants insurance and it’s similar in many respects to homeowners insurance, except it is nowhere near as expensive because only the contents of the property, and not the property itself, are covered.

Are You Required to Have Renters Insurance in New Jersey?

No, there is no legal requirement for anyone who is renting a property to have a New Jersey renters insurance policy. That being said, some landlords do request proof of renters insurance before they will allow prospective tenants to sign the lease. This is less common than them leaving the decision up to you though.

Does It Make Sense to Get Renters Insurance?

If you own little more than a bed, a hairbrush and a handful of clothing, then renters insurance is likely going to cost you more than it would be worth to replace your possessions should they go missing or fall foul of fire, for example.

If, however, you own a lot of stuff, some of it pretty expensive – think flat-screen TVs, jewelry, laptops, furniture, and clothing – then it is almost certainly going to be a good idea to take out a renters insurance policy. Why? Because if those items are lost or stolen, it could be pretty expensive to have them replaced.

Not only that, but if the building you are living in becomes damaged and needs to be repaired, a typical renters insurance policy will help to pay for your living costs during this time. You may think your landlord’s insurance will cover you for this, but most of the time it will not and you will have to find that money yourself, unless you have renters insurance, of course.

What If I’m a College Student?

If you’re a college student, you may not need New Jersey renters insurance if your parent’s own homeowners policy provides coverage for you even while you are away at college, which many policies do. It would be worth checking with them before you sign a policy. In most cases, homeowners insurance will only cover student dependents if they are living on-campus and not if they are living elsewhere, so you need to be careful and ensure that you have the right level of coverage for your needs.

What Does New Jersey Renters Insurance Cover?

Policies can vary depending on the company and the level of coverage you buy, but generally speaking, you can expect a renters insurance policy to cover the following:

  • Personal property (furniture, clothing, electronic devices, and other belonging)
  • Meals and hotel rooms if you are forced to vacate the property for repairs
  • Medical bills if you or anyone else who lives with you is injured in the home
  • Liability (payouts when someone who does not live at the property is injured there)

One thing it is worth noting is that most renters insurance packages will cover many of your possessions, even if they are lost or damaged outside of your home. If, for example, you were to have your phone stolen while out and about you could most likely claim it in your renters insurance although you may need to pay a deductible first.

This means that renters insurance is kind of a proxy insurance for many of your portable possessions too, although you should always check with your insurance provider before you just assume that it will protect your gadgets and other belongings while you’re out.

How Much Renters Insurance Do I Need in New Jersey?

No one renter will have the exact same renters insurance requirements because how much coverage you need largely depends on how many belongings you have and how much they are worth, as well as how much money you have in savings.

Basically, the more you have to lose should your property be stolen or damaged, or should you have to move out of your home for repairs, the higher the level of coverage you will typically need to keep yourself afloat.

Before you take out a renters insurance policy, you should take inventory of your possessions and work out what it would cost you to replace them all should the worst happen. This will help you better determine the level of renters insurance coverage you actually need.

While you’re doing this, it may be worthwhile using one of the home inventory apps that are currently available to inventory your stuff. That way, should you ever need to make a claim, doing so will be a lot easier for you.

How Much Does Renters Insurance Cost?

Again, this will depend on the company and the size of the policy, but according to NerdWallet, the average cost of renters insurance is $14 per month, although it is possible to benefit from a discount if you bundle your renters insurance with other important policies such as your auto insurance.

Another thing that can bring your policy cost down is having building security and things like smoke and CO2 alarms, as well as deadbolts installed on your property, so maybe talk to your landlord about that.

Anderson Insurance Agency Offers New Jersey Renters Insurance

If you want to know more about New Jersey renters insurance, or you would like to buy a renters insurance policy that will start protecting your property right now, get in touch with the experts here at Anderson Insurance Agency right now. We know renters insurance inside out, so you can rely on us to help you find the right solution to keep you and your belongings safe.