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.
While your landlord may have a dwelling or homeowners policy to cover the building and their property, you need a renters policy to cover yours. This includes anything from personal property coverage to medical payments, personal liability, and additional living costs if you’re displaced.
What Is The Cost of Renters Insurance 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.
Basic renters coverage could cover $10,000 or more in personal property. It also offers a certain amount of liability, medical payments, and additional living expenses. If you want more coverage in those areas, you can increase your limits with modest increases in average cost. You may also want to add on extra coverage for expensive computer equipment or other higher end valuables.
Even when you go outside standard coverage, renters insurance companies generally offer affordable premiums that are well within even the tightest budget. If you have to use it, that policy you got for less than $200 a year could save you thousands in losses.
Who Needs 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 and protection is so cheap, it’s a smart decision to purchase a New Jersey renters insurance policy. You should always make sure you have enough coverage for your unique situation. Some renters may want more liability coverage, for example, if they work at home or have more people over. A college student might look at policies differently than a retiree.
How Can You Save with Renters Insurance Companies?
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 on both policies. When getting renters insurance quotes, make sure to check the box for combined policies.
- 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. Of course, this should always be balanced against your costs should you have to file a claim. With an average cost below $200 for most renters, this may be counterproductive.
- Coverage Limits: Take a quick inventory of your personal property. You may want to give yourself a little wiggle room, but there’s no reason to pay to insure belongings you don’t have. A higher cost of renters insurance doesn’t guarantee the company will just pay you extra money. Insurance is predicated on correcting losses.
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
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