Why To Invest In Optional Renters Insurance New Jersey
If you are renting an apartment or a home in New Jersey
, it is important to consider investing in renters insurance. While you may not own the property you reside in, you do own your personal property and you do have liability exposures even as a renter. Renters protection is usually optional unless the property manager responsible for the premises requires tenants to carry insurance. Even though renters insurance New Jersey is optional, you must realize the importance of carrying this type of insurance to prevent unexpected financial loss. Below is a breakdown of important renters protection coverage options that you may not be aware of.Even if you have no financial interest in the property you are renting, you do have a financial interest in your furnishings and belongings inside of the residence. Personal property coverage in a renters protection contract is designed to cover the tenants personal property when it is lost or damaged due to a covered risk or exposure. Most renters insurance policies will cover damage to personal property because of fire, smoke, vandalism, theft, hail damage, rain, explosion, civil riot and more. It is important to review exposure that are and are not covered. Remember, you will have to choose a policy deductible for your insurance policy. The deductible must be met before any personal property claims can be filed.
Loss of use coverage is another important coverage that many renters overlook. If the premises you are renting is damaged and must be repaired, chances are you will be required to stay at another location for weeks or even months. Renters insurance New Jersey policies will include loss of use coverage. While some of these policies will have a monetary limit, others will have a time limit. This coverage will pay the increased cost to live while you are staying at another location. It may also pay for food, clothing and other necessities required when you are re-located.
Liability insurance is automatically included in a New Jersey renters insurance policy. The standard liability limit is $100,000 and this limit can be increased for higher premiums. Liability coverage will pay for injuries or damages caused to a third party due to your negligence. These claims can arise on or off the rented premises. If you do not carry renters insurance, you could face serious civil lawsuits that could result in the loss of your assets.
Several property and casualty insurers in New Jersey offer renters insurance New Jersey policies. Compare policy premiums and coverage limits. If your auto insurance provider offers renters insurance you may want to consider binding coverage through them for multi-policy discounts on both your auto and renters policies. Obtain quotes and bind coverage for your protection.
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