Although New Jersey is one of the smallest states in the country, it is the most densely populated among all 50. Situated within the sprawling metropolitan regions of New York City and Philadelphia, it is also the third wealthiest state, according to recent median income statistics. All of this combines to create a very strong environment for rental housing. Many homeowners in New Jersey have become landlords for a variety of reasons.
Retirees who move to warmer climates can maintain additional income by renting their properties. Others are in the business of developing rental property. Regardless, most find that New Jersey landlord insurance is fundamental to protecting their investments. A local independent insurance agent in our network can present a variety of New Jersey landlord insurance quotes for you to compare. There are over 22,000 member agencies in the U.S. Contact a member agent near you today to find the right insurance company for your needs and circumstances.
New Jersey Renter Demographic Statistics
- Population of occupied housing units in NJ: 8,634,918
- Total number of apartment residents in NJ: 1,028,282
- Average household size of renter-occupied housing units in NJ: 2.43
As property values begin to rebound from the recession, it is reasonable to expect that there will be an increasing number of renters paying higher rents to landlords.
What Does New Jersey Landlord Insurance Cover?
Landlord insurance is different from homeowners insurance. Policies do not cover the contents, as that becomes the responsibility of the tenants. All of this information is applicable to you if you rent any property you own, whether it is your primary residence, a townhouse, a condo or a large apartment complex. A basic policy will cover the following:
- The structure: Covers the building’s structure if it is damaged by perils such as a fire, a storm, or vandalism. It also covers internal systems, such as heating and air conditioning, built-in appliances, and plumbing and electrical supply.
- Other buildings: Covers other detached structures such as a shed, garage, laundry building or workout facility.
- Landscaping: Provides coverage for the improvements and landscaping on the property.
- Your liability: Provides liability protection in the event a tenant or guest is injured on the premises and chooses to file a claim or a lawsuit. Legal claims can result from a range of causes, in particular when there is record that the landlord failed to make a needed repair.
Landlords should also consider coverage for tools and equipment they own that are stored and used on the rented premises.
Additional Landlord Coverage
Depending upon your financial situation, you may need additional protection beyond the basics:
- Loss of rental income: This will replace your lost income if one or more of your rental units become uninhabitable due to causes such as fire or damage caused by a tenant.
- Umbrella liability: Provides much broader liability coverage with higher limits, to help cover calamitous injuries and legal claims.
- Workers compensation: Provides protection for any staff you employ, such as administrative staff, and grounds or building maintenance personnel.
- Flood insurance: This provides protection against flood damage, and is an important coverage to complement your business insurance portfolio.
How to Lower Your New Jersey Landlord Insurance Premium
- Compare New Jersey landlord insurance quotes from more than one company.
- Ask about discounts for property improvements, such as security systems or fire sprinklers.
- Request higher deductibles.
- Bundle your insurance policies into the same carrier. This practice varies from insurer to insurer.
- Reduce your premiums by maintaining and upgrading your property.
Where Can I Buy New Jersey Landlord Insurance?
Many landlords are completely unaware of the need for landlord insurance. Your homeowners policy may not cover you if it is determined that a tenant started a fire or was simply occupying premises that require repair. Beyond that, you can be held liable for injuries or property damage your renters or their guests experience. Without insurance protection, your entire business is at risk.
To find affordable and competitive New Jersey landlord insurance quotes, you can speak with an independent agent in our network. This network has over 300,000 business owners, employees, and agents nationwide who provide individuals and business owners like you with insurance services.
Whether you rent out part of your home or own hundreds of apartment units, you can benefit greatly by finding your nearby member agent now.