Do you have renters insurance in NJ?

Not having renters insurance could be leaving New Jersey residents vulnerable to unpredictable circumstances.

Michael Thrasher, a research analyst at ValuePenguin which compiled a study comparing renters insurance costs nationwide for apartments and homes, pointed out that what you own is probably more valuable than you think.

"When you start thinking about it, you can ring up a tab really pretty quickly, especially when you start considering electronics and any jewelry that people own, specific articles of clothing, like any kind of furs or anything like that," said Thrasher. Even if you think you live modestly, he added, "It's very, very easy to realize that losing all of your possessions would be a financial catastrophe."

Thrasher noted the most overlooked component of a renters insurance policy are living expenses, in the event the apartment becomes uninhabitable for any reason.

"Without renters insurance, you'd have to pay your way for not only your valuables and things, but a place to stay," Thrasher said.

Thrasher pointed out it also offers liability, or lawsuit protection, in the event someone falls and gets hurt inside or is attacked by an animal in your apartment.

The report compiled by ValuePenguin evaluated quotes for a model home (a rental property with roughly 1,000 square feet of living space and $100,000 in liabilitycoverage) to see which cities were the cheapest and the most expensive using five major carriers across 57 cities.

The study found that the most expensive city in New Jersey costs 72 percent more than the cheapest in the analysis of hundreds of quotes for the study's sample home.

Thrasher noted a carrier's rates are determine by certain factors that can vary state to state, such as climate, storm potential and crime rates.

A comparison of the cheapest renters insurance rates in New Jersey can be found here: http://www.valuepenguin.com/best-cheap-renters-insurance-new-jersey