New Jersey Landlord’s Guide to Renter’s Insurance
Owning rental property is a great investment. And dealing with tenants can be just as pleasant as long as you take some precautions when selecting them. It’s also best to protect yourself from frivolous lawsuits and misunderstandings by asking your renters to carry insurance. Here are some important things to know about renters insurance in New Jersey.
What does renters insurance cover?
There are various types of policies that cover various things. For example, if you live in cooperative housing, you can speak to your agent about co-op insurance in New Jersey. But most renters insurance in New Jersey covers the following:
- Personal property: covers renter’s property if it is damaged, stolen, or destroyed.
- Loss of use: covers renter’s cost of living if misplaced due to a disaster. These costs might include temporary housing, food, and other essentials.
- Liability: covers court costs renters might incur if found legally liable