Why Do You Need Renters Insurance?

If you’re renting an apartment or home, you’ll need a renters insurance policy to cover your belongings. Your landlord’s property insurance policy covers losses to the building itself, however, your personal property and certain liabilities are covered only through a renter’s insurance policy that you, as a tenant, must secure.

The best NJ renters insurance provides coverage for your personal belongings, whether they are in your home, car or with you while you’re on vacation, and covers you if someone is injured in your home or if you accidentally cause injury to someone.

The Coverages

Property that a renter’s insurance policy covers:

  • Clothes
  • Jewelry
  • Luggage
  • Computers
  • Furniture
  • Electronics

You do not want to be stuck scrapping funds to replace these items. Renter’s policies protect against many perils. A standard renter’s policy can even cover losses to personal property from perils including:

  • Damage caused by aircraft
  • Damage caused by vehicles
  • Explosion
  • Falling objects
  • Fire or lightning
  • Riot or civil commotion
  • Smoke
  • Theft
  • Vandalism or malicious mischief
  • Volcanic eruption
  • Weight of ice, snow or sleet
  • Windstorm or hail
  • Damage from water or steam (from household appliances and systems)

Your Landlord Might Require It

It is very common for landlords to require tenants to have secured their own renter’s insurance policies, and they will need proof of this before agreeing to living agreements. Whether it be a personal landlord request or from a landlord’s insurance company, the idea is that the tenants are covered themselves so some responsibility can be shifted away from the landlord.

Liability Coverage

Liability coverage is also included in standard renter’s insurance policies, which offers protection if someone is injured while in your home or if you (or another covered person) accidentally injure someone. It will cover the court fees and legal expenses, up to the policy limit. Most policies provide a good amount of liability coverage for medical-payments coverage as well. Speak to your agent to determine what is best for you and your unique risks.

Do You Travel?

Renter’s insurance even covers your personal belongings whether they’re at home, in your car, or with you while you travel. Your possessions are covered from loss due to theft and other covered losses anywhere in the world. Review your policy or ask your agent for details on what constitutes as “other covered losses.”

Additional Living Expenses

If you were no longer able to live in your home as a result of one of the covered perils, your renter’s insurance policy may cover additional living expenses, such as the costs of temporary living agreements, food and more. Check your policy to find out your additional living expenses coverage details.

About SB One Insurance Agency

At SB One Insurance Agency, we have served the businesses and residents of New Jersey, New York, and Pennsylvania for more than 60 years. We are a wholly-owned subsidiary of Provident Bank, the region’s premier banking institution, and we are prepared to offer you personal, business, employee benefits, and risk management solutions. To learn more about our coverage options, contact our specialists today at (888) 990-0526.