What You Need to Know About Renters Insurance

With the cost of real estate in the metropolitan New Jersey area skyrocketing, more and more people are choosing to rent instead of owning their home. When renting, it is important to protect the property inside your home or apartment with renters insurance. New Jersey has one of the highest crime rates in the US, and insurance can help you replace your lost goods in the event of a burglary.

A common misconception is that renter’s insurance is expensive.However, it is surprisingly affordable, with many plans running as low as a dollar per day.When determining the amount of coverage you need, take a thorough inventory of your property, including electronics, furniture, and the cost of recovery for data on your computer.

Renter’s insurance acts much like homeowner’s insurance, except the policy is designed to cover only the renter’s personal possessions. Renter’s insurance offers coverage for risks like theft and fire. However, if you have a home-based business, renter’s insurance will not usually cover your business property or equipment unless for example, your run a small enterprise using nothing but your family PC.

While it may seem like another item to add to an already tight budget, you can save thousands of dollars in the event of a burglary or natural disaster with proper renters insurance New Jersey. With typically low premiums, this type of coverage generally represents value for money.