What is renters insurance and why do you need it?

Renting is how most of us start out when we move away from home – even if we’ve spent four years in college accommodation, that first real grown up home is more than likely to be a rented place shared with friends. It’s very easy to get caught up in the excitement of it all, but don’t forget you have other grown up things to consider, including renters insurance NJ.

What is renters’ insurance and why do you need it? You don’t need building insurance when you rent, so why do you need to think about insurance at all for this home you don’t own? You might not have to think about building insurance, but what about your personal possessions? Apart from basic furniture, do you have a television, DVD player, Playstation, stereo system, computer or any other expensive electronic equipment? Can you afford to replace them if something happens and they are stolen or damaged? Also, what if you have a party and someone gets hurt – do you have the funds to help pay for any medical or hospital treatment they might need?

This is where renters insurance NJ comes in. The two most important elements of a basic policy are for your contents – your personal goods, and liability coverage – against those accidents that might happen. Call an insurance agent to discuss what you need and be aware that in shared accommodation, each individual must insure their own possessions. Ask the agent about options for more than one person living in the same house or apartment.