Whether you rent a small studio apartment on a month-to-month basis or have a long-term lease on a spacious 3-bedroom home, you can benefit from renters insurance. Here are three reasons why every tenant should think of renters insurance in NJ as an investment rather than an expense and purchase a policy.
- Your possessions aren’t covered by your landlord’s policy.
A common misconception among renters is that their landlord’s insurance policy covers everything inside the rental unit. Typically, however, a landlord policy only covers physical property damage. If you are a victim of a fire, robbery or other incident, renters insurance in NJ protects you from financial loss and allows you to replace your possessions.
- Everything in your home is covered.
Many people don’t think that their belongings are valuable enough to warrant the expense of renters insurance, but chances are the replacement cost of your television alone is worth the cost. What’s more, this type of insurance covers everything in your home, not just expensive electronics or valuable jewelry. Appliances, bedding, bikes, clothing, cookware, furniture and more are covered. One look around your home and you will quickly see just how much you could lose if these things are damaged or stolen.
- Things outside of your home may also be covered.
Certain policies extend beyond your home and also cover possessions in your automobile or losses while on vacation. When shopping around for renters insurance in NJ, be sure to inquire if the policy includes additional theft or hazard coverage.