Renters Insurance is a type of property insurance that is available only when you are renting a place. However, the renting place may be a home, condo, apartment, loft, studio, or duplex. It protects your personal belongings in case of theft or damaging and loss events. Besides, it also pays for the losses for which you are liable to third parties.
The insurance plan of the landlord only protects the property and belongings of the landowner. Therefore, there is a need for an insurance plan that protects the tenant’s belongings in case of loss. This insurance plan caters to the needs of the tenant and safeguards his belongings.
Why do you need Renters Insurance?
Let us understand this concept with the help of an example. Take an example of a girl who was living in a far off town. But to continue college education, she has to come to New Jersey. Here, she has taken an apartment on rent near her college.
Days pass by, and finally, her summer break comes. She goes back to her home to meet her family after a long time. After three months of summer break, when she comes back to the apartment, she sees that it’s completely ruined. Her TV was not there, her cupboard locks were opened, pillows were thrown on the floor. Everything was messed up, that it was hard to walk on the floor. She felt completely lost and helpless because she has to pay for all the loss now.
The girl is now liable to pay for all of the losses. The situation would have been entirely different if she had Renters Insurance in New Jersey. Because in that case, her insurance company would be liable to pay for all the losses. This insurance plan not only protects your belongings, but it also pays for the losses you are liable to pay.
This case highlights the importance of having an insurance plan for renters. It is because the landowner’s policy only protects his property and belongings. But the tenant should also keep himself prepared for the worse conditions.
What is covered and not covered under this policy?
It covers the following coverage plan:
- Coverage to Personal Possessions
- Liability Coverage
- Additional Living Expense Coverage
To be more explanatory, the insurance company will pay for perils like fire, vandalism, lightning, and windstorm, etc. These perils may change depending upon the policy you have chosen. However, there are some things that the policy does not cover. Let us now see a list of them:
- Expensive Collectible
- Small Business operating from home
- Vehicles parked inside your rented property
It may be hard for you to choose the right coverage plan for yourself. That is why you need expert advice to select the best plan. MKZ Insurance helps you to select what is best for you by looking at your requirements.
If you want to have Renters Insurance in New Jersey, visit or contact us!
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