Thanks for taking a few moments to review our Paterson, NJ Renters Insurance Guide. New Jersey Renters Insurance isn’t terribly complex, but there might be a few things in the policy you’re not aware of. That’s why we create these local renters insurance guides, and that’s why it’s so important to work with the Paterson renters insurance experts at Effective Coverage.
Effective Coverage knows you’re busy, and we’ve worked hard to make the process of buying Paterson, NJ renters insurance more efficient at every turn. Where once you had to spend all day on the phone and maybe even go into an office to sign paperwork, we’ve made it possible to get covered in just minutes. Effective Coverage renters insurance experts can help you figure out how much coverage you need, make sure you’re covered for the things you’re concerned about, and get you on your way in just a few minutes.
Did you know that even though renters insurance doesn’t cover floods, it can cover vandalism or theft that happens when you’re forced to evacuate because of a threat of flood? Most people don’t give much thought to the specifics of renters insurance, and they know that flood isn’t covered so they assume that associated losses won’t be covered either. But, broadly speaking, theft is theft and fire is fire, so those could potentially be covered losses even though they happened because you evacuated to avoid the flood. Twists like that are the reason it’s important to work with Paterson, NJ renters insurance experts. It just takes one phone call or click to protect your family.
Effective Coverage offers the nation's only completely mobile platform to quote and purchase renters insurance right from your phone or tablet in just one minute. Get an online renters insurance quote today and protect your family.
Paterson, NJ Renters Insurance
Why Do I Need Paterson, NJ Renters Insurance?
Chances are high that your landlord or property management company requires Paterson, NJ renters insurance. It’s quite common, because they want to know that you have the liability coverage it the worst should happen. An additional benefit, of course, is that you get personal property coverage as well. That way it’s clear to both residents and landlords who’s responsible for insuring contents as well as who’s responsible for making good on losses to contents. That can help prevent misunderstandings at the time of loss, as some people hold incorrect beliefs about who is responsible for their personal property.
Your lease probably contains a clause something like this:
“Resident agrees to purchase and maintain at least $100,000 of liability coverage, commonly known as renters insurance, during the term of the lease. Resident shall name Owner as an additional interested party on the policy. For every day or part of a day tenant does not comply with this provision, a fee of ten dollars per day shall be due and payable as additional rent. This fee is liquidated damages for the risk to Owner caused by Resident’s failure to maintain insurance and does not provide any insurance coverage of any kind, nor does it release Resident from future compliance obligations.”
What does that mean to you? In the above (admittedly strongly worded) clause, you’d find yourself paying ten dollars per day due and payable as additional rent for each day you didn’t have insurance! In less than three weeks, you could have paid for the entire year of coverage at that price, and probably still had enough left over to grab drive through chicken on your way home. It’s obviously better and less expensive to just buy a Paterson, NJ renters insurance policy.
What Happens If I Don’t Have Renters Insurance In Paterson, NJ?
Bad things happen if you don’t have renters insurance in Paterson, NJ. First of all, your landlord can charge you additional money or take other action against you if the requirement is in your lease. In the event that there’s a loss, whether it’s your fault or not, there’s no coverage if you don’t have Paterson renters insurance. You’re responsible to cover your own personal property. If there’s a fire, for instance, the landlord doesn’t protect your things. The landlord can’t insure your things, as a matter of fact, because he doesn’t own them
If you don’t have Paterson, NJ renters insurance, you could lose everything you’ve worked your whole life for. The average cost of renters insurance in New Jersey is about fifteen dollars a month, which makes it an affordable, worthwhile investment to protect your family.
Renting In Paterson, NJ
Paterson, NJ is the largest city in Passaic County, as well as the county seat. With a population of over 140,000 proud citizens, Paterson is the third largest city in New Jersey by population. It also holds the rank of the second highest density of population of any U.S. city, behind only New York City, as well as housing the second largest Muslim population of any city in the United States.
Government is Paterson’s single largest employer, followed by healthcare and the textile industry that still exists in Paterson, but there are many private companies and smaller industries that keep the city running and contribute to its low unemployment rate. Buying a house or renting an apartment to live here is inexpensive compared to many other cities in the area, and the low unemployment rate mean the expenses of moving here quickly pay dividends. The estimated median home value is about $254,000 and the median gross rent is about $1,000, making Paterson a much less expensive place to live than other parts of New Jersey.
Paterson traces its history back to when Alexander Hamilton made plans to develop an industrial area here back in 1792 that would help cut our fledgling country’s reliance on foreign goods and allow the country to develop their own industries. The idea was successful, and that industrial area became Paterson. The whole industrial area was powered by the Great Falls of the Passaic with a system that converted the kinetic strength of water to energy used to power the whole city. Originally, the city had mills and many factories producing textiles. Later, silk and railroad locomotive production became important. Through the second half of the 19th Century, silk became the main industry and was the base of Paterson’s most prosperous period. With the city mostly working in that industry, Paterson was nicknamed “Silk City.”
The Paterson Museum is a good place to learn about the history of this fine city. The Museum contains relics from each era of the city. From cotton machines and trains from the industrial era, through medicine bottles and items from hospitals for the post-war era, to Wright airplane engines and Colt firearms. Great Falls National Historic Park is also worth mentioning. With breathtaking sights with many opportunities to take a picture of a memorable moment, this park is part of Paterson’s history, a show of the force that nature can provide, so powerful it was able to power the entire city.
All in all, this is a great city to live in, with affordable homes and a vibrant culture. Make sure you protect your new home with Paterson, NJ renters insurance and you can relax, knowing you’re safe.