Your dog bites the mailman. Your neighbor’s oven sets the building on fire. A burglar steals your valuables while you’re away. While all of these scenarios may never happen, there is always a chance that they could. Here at Obrella, we have your best interest at heart. That’s why we did the research and created a guide designed for New Jersey renters looking for the inside scoop on renters insurance available.
How Much it Costs on Average
New Jersey renters insurance typically costs $166 per year. That’s 11% less than the national average and can potentially save you thousands if you suffer property loss or incur medical or legal expenses after an injury on your property. A phone, TV, piece of furniture, and outfit can cost more to replace than the New Jersey rental insurance annual premium. That’s why you need a renters insurance plan–so you’re protected from unfortunate incidents.
Rental Insurance Coverage in New Jersey
In 2012, there were 183,042 burglaries in New Jersey. If you have a renters insurance policy, you will likely be reimbursed for all of the items you lose if this happens to you. Renters insurance also covers your property in the case of fire, smoke damage, water damage (not flood), and wind, in most cases. If someone gets hurt on your property, rental insurance may also cover medical and legal costs too. Considering that a lot could go wrong, it’s a smart decision to purchase a New Jersey renters insurance policy.
How to Save
A lot goes into your renters insurance policy. Factors such as rental location, your personal property amount, and if you’ve ever filed a claim before can make your price go up or go down. Here are some renters insurance discounts that can help you save:
- Multi-policy: Combine your policy with another like auto and you’ll save money.
- Claims history: You can get a discount if you haven’t ever filed a claim.
- Safety equipment: Having safety precautions like security systems and smoke alarms can lower your premium.
- Higher deductibles: Agreeing to pay more in the case of a claim can lower your rates.
Facts about New Jersey Renters
In New Jersey, 34% of people rent. With the state’s average rent costing $1,309 for a two-bedroom unit, the annual premium amount is only $166. What that means–if you’re earning the minimum wage of $8.38, then you only need to work 20 to pay for your annual premium!
Get Help From Insurance Experts
If you’re looking for additional information, have questions, or just ready to start shopping, call 855-462-2213 . Insurance experts are waiting to hear from you.