Renting may offer you a certain amount of flexibility – after all you’re not committed to one place beyond the terms of the lease. However, the flip side of that is that your landlord isn’t necessarily committed to you as a tenant beyond the terms of that lease either! It could mean that you move a lot, which also means that you may find yourself struggling to fit all your belongings in a new place if it’s smaller than the one you left. You may need a storage unit for the surplus, and you may wonder what that means for your renters insurance NJ.
Storage facilities rent out space, which means signing a lease for your unit there in the same way you would for your rented home. Just as for your home, the building insurance is something managed by the storage company. Ask about insurance for your goods when you get the lease to see if any coverage is included; if not you will need to check if the stored items are covered under your renter’s policy or if you will need to purchase extra coverage.
You need to balance the cost of storage and extra insurance costs against a higher rent for a bigger place that would fit in all your things. There may or may not be much difference. By doing a bit of work on your budget, you may find you can manage a larger apartment – especially if the combined costs of storage and any extra insurance bring your overall expenditure to similar amounts. Contact us for more information on insurance for items in storage, or if you are unsure about the coverage in your renters insurance NJ.