One of the most overlooked assets for those who rent homes, condos or townhouses in New Jersey is renters insurance. Renters insurance in New Jersey can provide a tremendous value. However, the truth is that many renters in New Jersey cannot justify spending the money on this asset. There are several reasons why buying renters insurance should be justified.
First, the price is not as high as you may think. In the state of New Jersey, renters insurance is just $179 per year. That’s less than $15 per month. With this service, you will be getting $20,000 worth of quality coverage for your home and your belongings.
The second reason that you should consider renters insurance is that you’re spending that money anyway. Likely, you have numerous needless expenditures throughout the year. These can easily add up to more than $15 per month. For this reason, it makes sense that you could justify spending $15 per month or less on renters insurance.
The fact of the matter is that this is a worthwhile investment that can save you thousands of dollars in the long run. No one expects to use renters insurance, but if you have it when you need it, you’ll be more than thankful.
Why Renters Insurance in New Jersey Is Important
Even if you don’t have a lot of expensive things, you still need renters insurance. It is a common mistake to assume that the cost of your belongings doesn’t add up to much. Many people think that what they own is not valuable enough to insure. That’s because we normally acquire our belongings over many years and decades, and this makes it seem like we don’t spend too much on our belongings. But if you actually added up the costs that it would take to re-buy all of the things in your home, you would be surprised at the cost in the end.
It’s when you start thinking about the cost of replacing your items that you realize how valuable everything you own really is. Think about your couch, for example. Perhaps your couch is an inexpensive one that you’ve had for many years. You feel that it’s almost worthless, and it may be true that your couch isn’t worth much if you were to try to sell it. But at the same time, do you realize how much it would cost to replace your couch? This principle applies to everything that you own.
Another reason why renters insurance is important but why many people don’t buy it is that people assume that their property owner’s insurance will cover anything that is lost in the event of an accident or fire. This simply is not true. In general, homeowners coverage will only cover the property itself. This means that your actual apartment could be fixed and renovated if something were to happen, but your property owner’s insurance would not cover the cost of replacement for your lost items.
Understanding Coverage for New Jersey Renters Insurance
As stated earlier, buying standard renters insurance in New Jersey would cover property protection. A general policy will reimburse you for the cash value of items that were lost. For a small added costs, you can also upgrade to coverage that will reimburse you for the cost of replacement. For example, if you lost your old couch that was only worth $50, with a slightly upgraded coverage plan, you could be covered for a brand-new couch replacement that was worth more than $50. If you purchase good renters insurance in New Jersey, this can also provide you with temporary housing in the event that you needed to vacate your home because of the extent of the property damage.
Finding New Jersey Renters Insurance and Discounts
There are multiple ways to find New Jersey renters insurance from Melville to Atlantic City. There are even discounts available in some situations. As you gather quotes, you’ll notice that there are a wide variety of prices.
You’ll want to learn about the legal standing, reputations and exact coverage plans for each of the quotes that you get. In order to find the best renters insurance, make sure to do good research online and choose a plan that works specifically for you and your family.