Today in Pennsauken New Jersey Renters Insurance is offering hope to three hundred fifty people who were forced to evacuate their homes at the Cooper River Plaza Apartments due to a fire in the office. While the cause is still under investigation, it is known that smoke damage can be seen throughout the building.
So if these people didn’t directly suffer a fire, how is Pennsauken renters insurance helping them out? Read on to find out!
Sure, New Jersey Renters Insurance pays for damage to personal property caused by a fire. It will also pay for the liability you incur if you’re responsible for the fire. But how is it helping these people who were evacuated and suffered smoke damage and other losses that aren’t directly related to the fire?
Renters insurance in South Jersey doesn’t just cover fire. There’s a long list of named perils under which your renters insurance covers personal property. In this case, we’re looking for one specific thing, smoke. You’ll find it on the list of covered perils on the standard policy form, which means that even though it was an apartment office fire, your renters insurance will cover the cost of the damages.
Don’t forget that New Jersey Renters Insurance generally pays for contents (personal property) coverage at replacement cost. This is an endorsement you absolutely need to make sure you have today before there’s a loss – there are still a few companies out there who offer actual cash value policies. Why is this important? The actual cash value of your property can be likened to the “pawn shop value,” or what you’d get for it at a pawn shop. What might they give you for a five or six year old television, a few dollars? What about your couch that’s been sat on by three kids and two dogs? Probably about the same. That’s certainly not enough to buy new personal property or even repair the old from the smoke damage!
But there’s another oft-forgotten coverage on your policy that’s making hundreds of people breathe a sigh of relief that they have South Jersey renters insurance. The standard renters insurance policy form also covers what’s called additional living expenses, or loss of use. Generally when people are evacuated as a result of a fire (covered peril) or smoke (another covered peril) it can be several days or more before they can get back into their apartment. If there is a covered loss, the additional living expenses on your South Jersey renters insurance will protect you by covering the cost of a hotel and other additional living expenses. Hotels anywhere within a hundred miles of Philadelphia tend to be expensive, especially when you hadn’t planned to need one. Your policy protects you from these additional expenses.
There are a number of other ways your South Jersey renters insurance can protect you. To find out more and make sure you have all the coverage you need, just call (800)892-4308 or click to get covered - whether you need NJ renters insurance quotes online or coverage anywhere else!
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