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Atlantic City renters insurance protects residents of this resort town from financial loss after a disaster or break-in. Renting a home can be less of a headache than buying one, but it still comes with plenty of responsibility. Your landlord is not responsible for the contents of your rental unit, so you must protect yourself from loss. There are many providers who offer affordable Atlantic City renters insurance, and your agent will help ensure that you are fully covered.

Atlantic City is a vibrant resort town on Absecon Island in New Jersey, sometimes called the "Las Vegas of the East." Atlantic City is known for its casinos, boardwalk and nightlife. Real estate is very expensive in Atlantic City; "Business Week" called the local market "extremely overvalued" in 2009.[1] For this reason, many people choose to rent, and New Jersey renters insurance coverage caters to coastal NJ residents looking for protection and peace of mind.

With so many visitors coming into town during the year, residents are often victims of property crime. A burglary can wipe you out, but Atlantic City renters insurance covers loss from theft, even items stolen from your car. Hurricanes can also batter the Atlantic Coast, so renters should be sure their NJ policy covers hurricane. Other disasters like fire, fallen tree limbs, vandalism, burst pipes and electrical fires are also covered. Review the renters coverage policy before you sign on the dotted line to be sure you are covered in any situation.

Covered Perils and Endorsements

You have the option of buying a named perils policy or an open perils policy. The more common and affordable of the two, named perils policies, cover damage that results from a list of disasters. Typically, that includes fire, fallen objects, theft, electrical fire, burst pipes and wind damage, among others. It does not usually cover flooding, mold, pet damage, natural wear-and-tear or earthquakes. In places prone to hurricanes, insurance companies may also exclude that coverage.

Open perils policies cover damage without exclusions. These are extremely expensive, though they can give you peace of mind. The route many renters take is to buy a named perils policy and fill in the gaps with endorsements or riders. These cover specific additional perils or classes of belongings, and they can be added to a policy for an additional monthly fee.

People in earthquake-prone areas might buy an earthquake endorsement. If your New Jersey renters coverage does not cover hurricanes, it would be prudent to have a hurricane endorsement. People with value collections or single pieces can purchase endorsements to add value to their personal property coverage in case that particular item is damaged or stolen. Riders for fine jewelry, furniture, rugs and furs are common.

Coastal renters could benefit from flood insurance, but this is not available as a rider. Flood coverage must be purchased through a federal government program, the National Flood Insurance Program. When shopping for coverage, find an Atlantic City agent who will write flood coverage for you through this program. The Federal Emergency Management Agency called flooding the No. 1 natural hazard to New Jersey, so seriously consider buying this additional coverage.

Selecting an Agent

Selecting the right Atlantic City renters insurance agent is just as important as the coverage you buy. A good agent will be attentive to your coverage needs and able to anticipate your changing needs as your family grows and evolves. You also want to find a provider with a reputation for good claims service so you don't face the hassle of a stubborn claims adjuster in the wake of a disaster.

Start with the NJ Department of Banking and Insurance, which lists premium comparisons and consumer complaint ratios for Atlantic City renters insurance providers. An Atlantic City company with a large number of complaints probably does not offer great claims service, so avoid those regardless of bottom line. You can also check consumer satisfaction agencies like J.D. Power & Associates and "Consumer Reports" magazine for unbiased reviews of Atlantic City renters insurance providers.

Consumers should compare rates from several Atlantic City renters insurance providers to be sure they are getting the best deal. Often, the best renters insurance rates come from your existing car insurance provider who will give a discount to customers with multiple policies. When you have narrowed down your selection to a few providers, ask about the discounts for which you are eligible. Some Atlantic City renters insurance companies give discounts for added safety features like fire extinguishers, security alarms and gated communities.

Atlantic City renters insurance is an investment in your financial future. You stand to lose everything in your house or apartment if disaster strikes unless you are properly covered. Contact Atlantic City agents today to start building a policy that suits your needs. Retrieved 2012-01-12.