Renting a new home or apartment is an exciting thing. Did you know, though, that it is also quite risky? Many renters mistakenly believe that the landlord’s insurance will not only cover any liability issues that arise on the property, but also the contents of their rental if something goes wrong, such as a fire, theft, or even storm damage.

That generally isn’t the case however. Most landlords only have insurance to protect their personal interests in the property— leaving you needing to protect your own.

The sad thing is that most renters don’t even discover this fact until after a disaster or lawsuit has occurred – when it’s too late to get the protection you need. Sadder still, is that the costs of rental insurance are typically quite reasonable – especially when bundled with other insurance products, such as auto insurance.

Phoenix Insurance Group offers renters insurance to North and Central New Jersey tenants (and throughout the country) in order to protect their possessions they’ve worked hard to earn.

What is Renters Insurance?

Rental properties insurance coverage will not undo damage that’s done to your rental home, but it will help your life return back to normal after a covered event much faster. Whether your apartment was broken into or there is smoke or fire damage to your furniture and belongings from a fire in your apartment (or nearby), you’ll have different priorities for repairs, cleaning, and replacements.

Without renters insurance coverage, you’re left on your own to cover all the costs. You may not think you have a lot in terms of belongings and possessions. In the event of a total loss of your apartment or rental home, though, you’ll soon discover just how much money is invested in the contents of your home.

From things you rarely think about like towels, dishes, clothing, and jewelry – things you’ve spent a lifetime accumulating, to the more costly items you’ve worked hard and saved long to acquire such as electronics equipment, furniture, and luxury items, it all adds up to more than you think.

Renters insurance helps you replace some or most of those items when specified, covered events take place. Rental property coverage also helps to protect renters from liability claims when someone is injured in their rental home or apartment. This is no small amount of protection to consider in today’s society where lawsuits are quite common.

What Does Renters Insurance Cover?

Renters insurance covers a wide range of potential problems. The total coverage will vary from one policy to the next. Most policies will cover some degree of coverage for the following:

• Fire
• Lightening
• Wind
• Smoke
• Burglary
• Vandalism
• Liability

Who Needs Rental Property Insurance Coverage?

If you rent a home or apartment, you need rental property insurance. The peace of mind it provides alone is worth the investment. Knowing that if your unit catches on fire and damages your neighbor, you’ll have help dealing with the financial fallout and pending legal battle, is priceless.

There are some items you want to make sure your policy covers as well. These are coverages that go beyond the standard policy, but that will make your life so much easier if your rental home is robbed, damaged, or destroyed.

Additional Living Expenses Coverage. This pays for temporary living expenses while your apartment or home is in the process of repairs.

Rider Policies. If you have any kind of art collection, antique furniture, expensive electronics, furs, jewelry, etc. in your home, you need insurance coverage that goes beyond the standard content coverage that only allows for $1,000-$2,000 of coverage on these items.

Flood Insurance. – This type of insurance isn’t included in a standard rental insurance package. It’s something you must purchase in addition to the standard coverage and will help you replace items that are damaged or destroyed in the event of a flood.

Phoenix Insurance Group believes that rental insurance is one of the most important investments you can make as a renter today. Call today 908-879-6500 to discuss your rental properties insurance coverage needs, how to keep costs low, and to get a free quote.