The Wrong Impression Of Renter’s Insurance in NJ

Many renters may be under the wrong impression when it comes to renters insurance in NJ. A couple weeks ago there was a fire that swept a portion of Brighton Avenue in Long Branch. Many of the people affected were under the impression that the land-lord had them covered. With the fire displacing tenants of 14 apartments that were either destroyed or damaged, many of them had nothing to go back to literally.

A poll taken last year by the Insurance Information Institute found just 29 percent of renters nationwide have insurance. By comparison, 97 percent of homeowners are insured. The funny thing is that the average renter’s policy in New Jersey in 2009 was $169 a year, according that group – relatively cheap!

The lesson here is to be better safe then sorry. Renter’s insurance in NJ covers personal belongings, furniture, electronics, clothing and so on that have been damaged or lost due to events such as fire, smoke, water, vandalism, and theft.

-Robert Catalano