20
Jan

The Three Basic Types of Renters Insurance in New Jersey

Anyone who lives in a residence under a lease should consider renters insurance in New Jerseyand tenants are no exception. Your landlord, while he or she may be the owner of the proper, is not required to replace or repair your personal belongings after a disaster. Renters’ insurance can help cover your losses due to specific events such as fire, theft, and vandalism. Similar to homeowners’ coverage, renters will have multiple options in policies.

Generally considered the most affordable option, a standard policy offers assistance after only the perils listed in your policy. With basic coverage, your premiums will be minimal, but so will your protection.

A broad form policy is one step up from standard coverage. Along with protection from the specified disasters, you also may have the option of additional endorsements. An example of the elective coverage would be receiving the cash value or replacement costs of certain stolen or damaged items.

The final, and often the most expensive option, is a comprehensive policy. It usually covers a wide variety of risks and damages as well as offers the policyholder specific protections for certain items, such as jewelry or art.

How do you choose the right type of renters insurance in New Jersey? New Jersey residents should examine their belongings, their neighborhood, and the local climate to determine their individual risks. To receive help in choosing the right coverage, contact a representative from our agency.