for rent sign against a wall

Who Needs NJ Renters Insurance & What is Covered?

If you’re a renter in New Jersey, you need renters insurance.

This is a specific insurance that offers renters protection for unforeseen circumstances.

You may not understand who needs NJ renters insurance and what it covers, so allow us to explain everything for you.

Who Needs Renters Insurance?

Renters insurance is specifically for people living in rented accommodations in New Jersey.

You could rent a house, a condo, dorm room, apartment or even a room in somebody’s house – it doesn’t matter what type of property you live in, all that matters is that you’re renting it.

Why Do You Need Renters Coverage?

When you own a property, you take out a house insurance policy. This covers any damages to your building, but it could also include coverage for belongings inside the property.

If they get damaged because of unforeseen circumstances out of your control, you can replace them or pay for repairs through your insurance.

When you rent a property, you don’t get house insurance.

Your landlord will have their own insurance, but this won’t cover you or your belongings. They only really have this in place to protect the building itself.

You need renters insurance to provide coverage for everything that your landlord’s insurance doesn’t deal with.

This includes all of your belongings and other items. If you don’t have this insurance, you might lose thousands of dollars if something terrible happens.

What’s Covered Under a Renters Policy?

NJ renters insurance covers three main things:

  • Personal property
  • Personal liability
  • Temporary living expenses

Personal Property

Renters insurance kicks in when your personal effects are damaged. If we take an in-depth look into this, personal property refers to almost any item you bought and keep in your home.

However, there are a few crucial things to note regarding damages. In most cases, if your belongings have been damaged by something that wasn’t your fault, you can make an insurance claim to replace them.

NJ renters insurance doesn’t provide coverage for any damages sustained thanks to earthquakes, flooding or general use.

If damages occurred due to fires, thunderstorms, water damage from a burst pipe, gas explosions or even smoke, you can make a claim.

Similarly, renters insurance also covers your belongings if they’re stolen from your property.

Personal Liability

Personal liability refers to incidents where someone gets injured in your home, and you are at fault.

For example, if you’re hosting a party and someone slips on your wet bathroom floor and breaks their ankle.

In this situation, they might sue you for compensation.

With renters insurance, you get personal liability coverage that will come into action and pay for your legal costs. It will cover the fees for a lawyer, court appearances and help pay for any medical bills.

Temporary Living Expenses

What happens is a disaster strikes your home, making it unlivable?

This means you’ve been forced to leave your home and find somewhere else to stay while repairs are sorted out. You might live in temporary accommodation for weeks – maybe even months.

With NJ renters insurance, your temporary living expenses can be covered in this scenario.

If you’re forced to stay in a hotel, then the bill will be covered through your insurance provider, as will any other expenses you’re likely to incur after being forced out of your property.

If you didn’t have insurance, then you could end up paying thousands and thousands of dollars as you wait for your home to become liveable again.

Renters insurance in New Jersey doesn’t kick into action for every single instance where you’re made to leave your property. You’re only covered if you’re forced from your home because of an insured disaster.

Fires, storms, a burglar destroying your home, smoke damage, plumbing problems, and so on, are all covered, but as with personal property coverage, floods and earthquakes don’t count.

You can add further coverage to your renter’s insurance policy. This includes:

  • Personal injury coverage to help pay for your own medical bills if you’re injured in your home
  • Earthquake coverage
  • Flood coverage
  • Water backup coverage that helps pay for water damage repairs if they’re caused by sewer backup up

What’s Not Covered?

NJ renters insurance only deals with the things mentioned above. It only really looks inside your property.

If your belongings inside are stolen or damaged, you’re covered. If the inside is so severely damaged that you can’t live there until it’s repaired, you’re also covered.

If you experience any issues with the outside of your property, this is not covered. This can include damaged roof tiles, cracks in the outer walls, and anything similar to this should be covered by your landlord’s insurance policy.

They must take care of it, not you.

How Much Insurance Do You Need?

Everyone that rents a property in New Jersey needs renters insurance, but you might require more insurance than someone else.

It all depends on your property, your personal belongings and how much you can afford.

Do you really need to cover every single item in your home?

In most cases, you can save money by only taking out enough NJ renters insurance to cover the most expensive things you own. Think about the extra policies, too.

Is there some additional coverage you desperately need?

It’s vital you get renters insurance because you need to protect yourself if something bad happens. As an experienced insurance broker in New Jersey, we can help you find the ideal products for your needs.

We look at all the different renter’s insurance providers around and match you up with one that gives you the most value for money, and all the protection you need.