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Condo & Renters Insurance

New Jersey condo insurance and New Jersey renter’s insurance are great ways to protect your property. These policies are different from homeowner’s insurance because with an apartment or condo, you are not responsible for the building itself. However, you still need to protect your personal property.

Even though you don’t have the burden of doing lawn maintenance or making your own repairs, there are other liabilities from which you will need to protect yourself.


New Jersey Renter’s Insurance

When you rent an apartment or are part of a condo association, you need to protect your personal property inside your home.

Furniture, electronics, and other personal possessions are not covered under the property owner or condo association’s insurance. The property owner is only responsible for the structure itself. Everything within the walls of your space needs to be insured by you, the tenant. Both renter’s insurance and condo insurance are designed specifically to meet the unique needs of these types of homes.

Renter’s insurance covers your personal items inside the apartment, such as furniture you brought in, clothing, décor, and electronics. It can help cover your property from theft, destruction, or damage from a named peril or other accidents that can occur.

Renter’s also covers bodily injury. If someone is injured in your home, they can sue you for medical payments and any damages. The liability section of your renter’s insurance is designed to provide coverage for injuries that occur in or around your apartment or condo.

New Jersey Condo Insurance

With an apartment, condo, or townhouse, you most likely will have common areas such as a media room, pool, or club house. These common areas are specifically covered in condo insurance in case someone is injured or property is damaged by a guest. If that were to happen, you could be held responsible to pay.

Unique to condos, the coverage needed is sometimes based on the insurance that the condo association has. Condo associations have a few different coverages available. They can cover:

  • the primary building and common area only;
  • the building and any items in your unit other than personal property;
  • or the building, your unit, and any fixtures or improvements you make in your unit.

Depending on which type of policy the association has, it can affect the types of coverages you may need for your personal condo insurance policy.

What Do Renter’s Insurance And Condo Insurance Cover?

Condo and renter’s insurance offer basic coverage such as:

  1. Personal Property Coverage for:
  • Fire or Lighting
  • Windstorm
  • Smoke
  • Vandalism or Malicious Mischief
  • Theft
  • Accidental discharge of water
  1. Liability Coverage
  2. Guest Medical Coverage
  3. Reimbursed Living Expenses
  4. Building Property Protection – Coverage for items such as kitchen cabinets and appliances would be needed based upon the master plan of the condo association.
  5. Loss Assessment Coverage — If something happens to your condo’s shared building or common areas and the damage exceeds the condo association’s insurance limits, all unit owners may be required to pay an assessment towards repairs. This add-on covers your share of the loss assessment.
  6. Identity Restoration Coverage

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