NEW JERSEY RENTERS INSURANCE
New Jersey renters insurance may be the most overlooked asset for anyone renting a home in the state. It offers tremendous value and protection for a very low price, yet many New Jersey renters do not have it for their house. Some may feel it is an extra expense they cannot afford, while others may simply regard it as a waste of money. It is also likely that a lot of people here are unaware that they can even get New Jersey renters insurance to protect the belongings in their apartment.
According to statistics compiled by the National Association of Insurance Commissioners, the average yearly cost for New Jersey renters insurance is $179, or just under fifteen dollars a month for $20,000 worth of coverage . Frankly, even in this economy most of us in New Jersey and elsewhere probably waste at least that much money every month on needless expenditures, yet many of us justify not carrying renters coverage by citing the financial premium. Rather than focus on the upfront cost of insurance for your belongings, consider the protection provided in the event of damage to your condo or townhouse.
Why You Need New Jersey Renters Insurance
It is easy for anyone to think of their own possessions as not being valuable enough to insure. We acquire our belongings over such a long period of time that it really doesn't feel like their replacement cost would be that high. Most renters insurance agents will tell you that people more often than not undervalue their belongings, believing their replacement cost to be much lower than it actually is. One reason for this is our tendency to depreciate our belongings in our own assessment of their value. If you have an old couch in your condominium, you may think of it as being almost worthless; yet its replacement value relates to the cost of a new couch, not to how much you could get for your old one in a garage sale.
Another misconception common among renters is that the property owner's own insurance policy will take care of any loss sustained in a fire or flood or some other circumstance leading to a claim. The truth is that the homeowner's coverage will usually only cover damage to the property itself and will not cover items owned by tenants. There are exceptions to this rule, but generally a student in Trenton or any other town in New Jersey renting a house or loft needs to provide their own coverage for their belongings if they want them protected should a loss occur.
What's Covered by New Jersey Renters Insurance?
Your policy offers personal property protection as discussed earlier. A basic policy will reimburse you for the actual cash value (ACV) of an item in the event of loss. A recommended upgrade is available for relatively little additional cost, covering your belongings for their full replacement value rather than their ACV. This kind of coverage makes more sense to put money into, because even if a microwave or a television is several years old, chances are you will be replacing it with a new item if it is destroyed .
Beyond personal property protection, New Jersey renters insurance can also provide you with temporary housing in the event of property damage extensive enough to necessitate vacating your home. In addition, liability coverage is offered to meet medical expenses of anyone else injured while on your rental premises, as well as to cover lawyer fees if you are sued for an injury or loss sustained at your dwelling. New Jersey renters insurance policies are generally very inexpensive to buy and can really protect you from tremendous personal expenses if anything should happen to force you to file a claim.
How to Search New Jersey Renters Policies
For a young person or senior citizen in New Jersey renters insurance is an important thing to have, and it is also very affordable. You can price out policies online to get the most value on your New Jersey renters insurance policy. Most companies today are on the Web giving you the freedom to shop for insurance at your convenience. Our site allows you to search for New Jersey insurance providers for free. Just enter your zip code in the box at the top of the page and follow the prompts to get started. There are many providers available to quote you a New Jersey renters insurance policy, so you have an excellent chance of finding a great policy with the right level of coverage to fit your family.
Determining the right level of coverage can be a challenge. A $20,000 policy is a somewhat standard level of coverage for New Jersey renters insurance, but every situation is different. It is worthwhile to take inventory of your belongings to come up with an estimate of their total replacement cost. There are many strategies to help you come up with an accurate figure, with many sample methods available online. In general, you need to come up with a detailed list of all your possessions along with an estimate of their replacement cost. Keep this list in a safe place so it can be accessed in the event of a loss.
Finding Discounts on New Jersey Renters Insurance
While it is true that renters from Atlantic City to Millville can generally find New Jersey renters insurance coverage at a reasonable price, there are some ways you can make your New Jersey insurance policy even more affordable. For example, some providers offer a discount for policies covering multiple tenants. If you have a roommate, you can share coverage to save both of you money.
To find even more affordable renters insurance, you can also get a multi-policy discount. Many New Jersey renters insurance providers are the same companies selling auto and life insurance policies to customers across the state. Some policy holders have found that adding renters coverage to their umbrella policy partially or even completely pays for itself. With the potential for this kind of savings, there is really no reason not to purchase an insurance policy to protect your belongings at your New Jersey rental home.
When you gather quotes for New Jersey renters insurance, you will quickly learn that while coverage is really quite affordable as a general rule, there can be quite a range in prices quoted by different companies. With this in mind, get a few extra quotes to ensure you are getting the best deal. Before you make a final selection, make sure the New Jersey company you have selected will stand behind its coverage and keep its promises. You can find out more about each company you are considering by checking online. Learn about their reputations, their legal standing and their financial health.
State residents living as tenants in houses, condos and apartments can greatly benefit from purchasing a renters policy that protects them financially against property loss and personal liability stemming from unforeseen events occurring within their dwellings. Use the abundant resources available online to find and purchase a New Jersey renters insurance plan that works for you. For a small price, you can buy very big protection.
So what are you waiting for? Compare cost and coverage details from the New Jersey cities of: Jersey City, Newark, Union, Edison, Camden, Atlantic City, Bridgeton, Elizabeth, Ewing, Millville, Ocean City, Paterson, Trenton, Vineland and more...
 http://www.insure.com/articles/homeinsurance/average-home-premiums.html Retrieved 2009-10-27.
 http://personalinsure.about.com/cs/renters/a/aa102102a.htm Retrieved 2009-10-28.
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