Thirty-six percent of households in the United States rent, and few can afford to lose their possessions. If you are among the families that rent, renters insurance is critically important to protecting your family and helping everyone to get back on their feet if certain losses occur. The York Jersey Underwriters Inc. team, located in Tinton Falls, NJ, can help you understand your options and the benefits of renters insurance.
What Does Renters Insurance Cover?
A renters insurance policy covers losses due to fire, theft, vandalism, certain types of water damage, and a few other situations. Among the policy benefits is coverage of the following:
- Your Personal Property: furniture, electronics, clothing, and other household items
- Loss of Use: pays your additional living expenses if you must temporarily leave your dwelling due to damage
- Personal Liability and Medical Payments: legal fees and medical bills if you are legally responsible for injuring another person or damaging their property.
Like other types of insurance, you can have your renters' policy reimburse the "actual cash value" or the replacement cost of your losses. The actual cash value of your possession is the amount they are worth, accounting for wear and tear. For example, two-year-old electronics and furniture are worth less than new versions of the same models, so the actual cash value is often less than the amount needed to replace them. A replacement value policy costs more than one based on the actual cash value but will ensure you have the money to replace your household possessions.
Working with York Jersey Underwriters Inc.
York Jersey Underwriters Inc., located in Tinton Falls, NJ, has experience covering the full range of renters insurance issues. We will work with you to find a policy that meets your needs. So call us today to ensure your renters' insurance policy protects your household.