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For Immediate Release: |
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New Jersey Department of Banking and Insurance Reminds Renters of the Importance of Having Renters Insurance
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TRENTON – Department of Banking and Insurance Commissioner Ken Kobylowski today reminded consumers of the importance of having renters insurance and provided tips on shopping for the coverage. “Some recent events, most notably the apartment fire in Edgewater earlier this year, demonstrate how important it is for renters to have renters insurance,” said Commissioner Kobylowski. “Many renters, whether they are living in a house, an apartment, or a condominium, may not realize that they are responsible for the contents of their home in the event of a fire or a theft. While the landlord or property owner is responsible for the building itself, renters are responsible for their contents, such as furniture, clothing, and electronic equipment. Anyone who is renting a property should seriously consider purchasing renters insurance,” said the Commissioner. Consumers considering buying renters insurance should understand the following: Renters Insurance Defined
Reasons to Purchase Renters Insurance
Renters Insurance Policies
Consumers should make sure they understand whether the policy pays the actual cash value or replacement cost of personal items. Actual cash value pays the current value of personal effects including depreciation, less the deductible. Replacement cost pays for a new item less the deductible. Make Sure the Insurance Company is Licensed
To File a Complaint
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