NJ Renters Insurance
So, you signed a lease and you start planning a move into your new place. What are some of your first steps? You might start packing your things or going out to shop for some of your needs and wants. This is an exciting time. In this excitement you can forget some important protections you need to consider.
If there is an unexpected disaster do you know what to do? Does your landlord’s insurance cover your loses? Can you cover the cost of a temporary move if needed? What about medical bills if someone is hurt in your home? Accidents and disasters will happen, our decision is to protect ourselves with Renters Insurance in the event of these occurrences with the least affect on ourselves and our families.
First, who is responsible? In the case of unexpected disaster your landlord’s insurance is only responsible for the building itself not your property. Your policy will help your repair or replace your property in the event of a disaster. Renters insurance can also help alleviate the cost of temporary housing if needed. If someone is hurt on the premise it becomes your responsibility. In this case renter insurance can also help you. Even if something happens off property you may have coverage. For example, if your dog bites someone in the park.
Actual Cash Value vs. Replacement Cost
Another option to consider when shopping for renters insurance is “actual cash value” versus “replacement cost” coverage. In the event of a covered loss, Actual Cash Value coverage will reimburse you for the value of your personal property as it is now, considering age and condition (less your deductible). Insurers may offer an option to purchase an endorsement for Replacement Cost coverage on personal property. This is would pay the actual cost of replacing your possessions with no deduction for depreciation (but still less your deductible). Although this coverage will result in some increase in your premium, it may be a consideration.
Even the most comprehensive coverage will exclude certain types of damage. For instance, flooding is NOT covered. Having an agent will allow you to understand all your coverages and help you with any questions you may have. Here at BEW Financial Solutions we are able to sit with you and review your options along with answering any of your questions. Please feel free to reach out to us anytime!
BEW: The Right Fit
Since insurance is such an important part of our life planning you should speak to someone who knows the information you need to know. You need to talk to someone who understands how important this is to you and your family. You need someone who can treat you like family.
Knowledge and compassion fit are what BEW is about. We have been in the business for over twenty years. We are a local small business that has been a part of our community for many years. We have raised a family and helped many local families as well. We love to educate our clients about the different aspects of insurance and find what is best for them. We want you to understand and are always here to help.