You may be young and renting your first apartment. Money may be tight, and you may own mostly used furniture, dishes, linens and other electronics. So why bother with the added expense of renters’ insurance? Mainly because your landlord’s insurance covers the structure of your building but not the cost of replacing your personal possessions. For renters insurance New Jersey an agent can help you obtain the right coverage for your possessions while helping you stay within a tight budget.
You most likely did not accumulate your borrowed and used possessions all in one day, and they may not be individually expensive, but what would you do if suddenly they were all gone? How would you afford to replace them all at once? Paying a small premium for financial protection in the event of a disaster at your apartment may make more sense than running the risk of having to come up with the money to replace everything in one go.
Yet another reason to have this type of insurance is that should a friend or other visitor be injured at your apartment, you may be liable for their medical expenses. Renters’ insurance typically includes liability coverage for such situations. Renters’ insurance generally covers theft as well, but not damage from flood or earthquake. Separate policies may be needed for those types of disaster. Renters insurance New Jersey may be important for you even when you do not have expensive possessions. Check with your agent to find out what insurance options are available for your circumstances.