Short-Term Rental Insurance in New Jersey
Short-Term Rental Insurance in New Jersey
Why you need short-term rental insurance in New Jersey
The landlord-tenant laws favor the tenant more than the landlord in New Jersey. Despite New Jersey being more tenant-friendly, there are many opportunities as the number of renters is increasing statewide. Here are a few tips on being a landlord in New Jersey:
- Rent Control Laws– Be aware of the local laws as there are rent control laws in certain regions of New Jersey.
- Landlord Registration Act- requires your rental properties to be registered with the states. In some cases, there are fees.
- Rent Security Deposit Act- the landlord must return the tenant’s security deposit within 30 day period after the tenant has vacated the rental property (They have returned the keys and have taken their belongings). Note: The deposit must be returned within five days if the case was flood, fire, condemnation, or evacuation.
- Free Resources For Landlords In NJ
Who is short-term rental insurance for?
Short-term rental insurance protects your investments when they are rented as a vacation rental, AirBnB, VRBO, etc. Short-term rental insurance covers rental periods as short as one night. This insurance offers coverages for:
Short-Term rental insurance coverages in New Jersey
Your insurance policy can cover a wide range of risks, or you can choose a limited set of coverages for a lower premium.
Fire
Because of modern safety codes, fires have become rarer, but the fires that do start tend to cause total destruction of the property.
Water
Broken pipes and appliance leaks are the most common and overall the most expensive property damage for rental properties.
Windstorm, hail, & lightning
Roof damage from storms has become increasingly common as the intensity and frequency of storms have increased over the last two decades.
Lawsuits
Liability protection covers the cost of defending you and settling claims from tenants and their guests for injuries sustained on your property.
Riot and civil commotion
When violent protests break out, riot coverage can pay to fix property damage caused by looters and protestors.
Vandalism & theft
Malicious mischief coverage, as it’s known, covers repairs to broken glass, graffiti removal, and replacement of stolen or damaged property like shared washing machines.
Injury
Injury protection can keep you from getting stuck with the cost of medical bills if a tenant or visitor gets injured on the property.
Bonus coverages
Many policies also include coverage for a long list of other perils such as riots or civil commotion, explosions, volcanic eruptions, and damage caused by vehicles.
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