New Jersey Landlord Insurance
- New Jersey Landlord Insurance
With an exorbitant number of rental properties available and people moving to the Garden State, it makes New Jersey one of the best states in the country to invest in rental properties. Whether you’re investing in single- or multi-family homes, apartments or entire apartment complexes, being a landlord in the state’s booming rental housing market means you must protect your investments with New Jersey landlord insurance.
This coverage helps pay to repair your rental home if it’s damaged or destroyed by a covered peril and many other things. If the aforementioned occurrence happens due to something like a home fire or hurricane, having landlord insurance in New Jersey can help to cover costs, including rental income you’re missing out on during the repairs.
What’s Covered With a New Jersey Landlord Insurance Policy?
This covers the actual structure of your home and the components that make it, such as the roof, siding, windows, countertops and flooring. Since you’re not the one living in the home and taking care of it full time, the landlord’s dwelling coverage should be equal to or a little more than your home’s actual value.
Depending on the type of property you own, other structures coverage may or may not apply. If you rent out a house, this coverage extends to things like fences, sheds, carports and detached garages, and is typically up to 10 percent of the dwelling amount. However, if you’re renting one or a few units in a condo complex, there’s a good chance you won’t own any of these types of coverage and, therefore, don’t truly need it.
If you store on the rental property things like a lawnmower, tools for working on the home or other items that directly help you maintain your rental unit, these items would be covered under the personal belongings portion of your landlord policy. Unfortunately, your tenants’ belongings are not covered.
It’s a good idea to maintain adequate landlord liability protection in the event one of your tenants or their guest is injured on the property and you’re held liable. This could happen for a number of reasons, including a broken stair that wasn’t repaired or a faulty fix. This coverage helps to pay for medical bills and legal expenses up to your policy’s limits.
What Are Some Extra New Jersey Landlord Coverages to Consider?
Landlord Contents: For those New Jersey landlords who furnish part or all of their rental properties, there’s an optional landlord contents coverage you’ll want to opt in to. This covers the belongings you keep in the unit, like furniture, electronics and appliances.
Construction: If the building codes change or you’re working on renovations, you’ll want to make sure you have coverage for your rental property that’s under construction. This helps mend the money until the home is ready for occupation again.
Loss of Income: If your rental property is hit by a covered peril and your tenants are forced to temporarily move out of the home, you’re not getting a rent payment each month. Luckily, adding loss of income into your New Jersey landlord insurance policy can help pay you the money you’re losing out on each month until the home is repaired and tenants are able to move back in.
Burglary and Vandalism: If your rental property is broken into and damaged or vandalized, purchasing additional coverage for burglary and vandalism will quickly become your best friend. This can help repair parts of your home that have been damaged or replace your property that was stolen.
What’s the Average Cost of New Jersey Landlord Insurance?
Even if you get multiple New Jersey condo insurance quotes, you may be above or below the state average of $1,400 per year. That’s due to a multitude of factors, including how much coverage you need, the cost of rental properties and your claims history.
- Average Cost of Landlord Insurance in New Jersey: $1,400 per year
Compare and Buy the Best Landlord Insurance in New Jersey
To compare multiple New Jersey insurance quotes for landlords and buy the right policy, Clovered has your back. We maintain partnerships with many of the state’s top insurers so we can always provide the best condo insurance in New Jersey at the best prices.
Simply type your rental property’s address into our multi-rater online quoting tool, answer a few questions and we’ll pair you with a policy in minutes that meets your coverage needs and your budget.
You've worked hard to buy your rental property. Protect it with a custom policy at an affordable price.
The editorial content on Clovered’s website is meant to be informational material and should not be considered legal advice.