Renters Insurance, Why Is It Needed?

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NJ Renters Insurance | Why Is Renters Insurance Needed In NJ?

NJ Renters Insurance | Why Is Renters Insurance Need In NJ?NJ Renters insurance is an option many people weigh and the question on their minds is why is it needed?  The answer to this important question is essential for renters to understand.  Many people are aware of homeowners insurance in Bergen County, noting its necessity for securing a mortgage for one thing but also for protecting homeowners against major catastrophes that can occur. The reality is, however, that renters have possessions too and their personal effects are worth protecting.

Insurance is meant to give policyholders peace of mind, offering the assurance that should something happen they will be protected. NJ Renters insurance covers damage to personal items like furniture, jewelry, bicycles, and the like, in the event of a fire or flood for example. It can also save you should your home be robbed. Renters insurance is typically not very expensive but well worth the investment should you face a circumstance of loss.

Renters insurance in Lyndhurst NJ also covers you against liability should someone get hurt inside of your home. In addition, if something happens to your home that is your fault you will be liable to damages to the property. While you may not leave the stove on on purpose the reality is that if a fire results from your forgetfulness you will be the one responsible for the damages. NJ Renters insurance will save you in this circumstance.

When you are a renter it is important to understand that your landlord’s property insurance will cover structural damage to his property but not account for any of your belongings. It is often hard to envision something awful happening to your home but in the event of a catastrophe you will have no recourse to cover your loss if you do not have renters insurance. In a nutshell, renters insurance protects you and your belongings.

Contact our team at Bogle Agency Insurance today for answers to all of your insurance questions. We welcome the opportunity to inform you, filling you in on what is and what is not covered by typical renters insurance policies. Let our knowledge and experience serve as your guide to insurance in Bergen County. Let us answer you questions about renters insurance and why it is needed.

What Is A Surety Bond?

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Bergen County Business Insurance | Surety Bonds

Bergen County Business Insurance | Surety Bonds

 

What is a surety bond? It is a good question and one often asked by those who are required to purchase one for their business. This type of bond is a type of insurance in that offers a guarantee of coverage when compliance is not met. When a job requires a surety bond a company will purchase one through a Bergen County business insurance company.

How does a surety bond work? There are three parties involved in a surety bond, the principal, the surety, and the obligee. The principal is the person, or business, that buys the bond and is performing the services for which the bond covers. The surety is the insurance company guaranteeing the obligation of the principal. The person, or business requiring the bond is referred to as the obligee. In most cases the obligee is a governmental entity, whether it be local, state, or federal.

An example of a surety bond would be in the case of road work. The businesses bidding on the road work know they will be required to present a surety bond to proceed with the work. The winning bidder will get the bond, assuring the governmental entity charged with the road that the work will be completed and if it is not the work will be guaranteed.

A surety bond is required only when requested. While this type of insurance is typically only required when public entities are involved there are times when they come into play. These bonds are typically associated with large construction projects. Most insurance agents in Lyndhurst NJ can help explain the need for a surety bond as well as how to obtain one.

fails to comply with bonding terms and requirements, the surety company is financially obligated to cover damages up to the bond limit (or penalty) of the bond. The surety bond principal is also required to reimburse (or indemnify) the surety for losses paid to damaged parties.

The party requiring the bond is called the obligee. Each obligee has a specific bond form that is prepared and pre-populated for your convenience by Surety Bonds Direct. The specific bond limit, term, and other key information related to the customer and obligation can be found on the bond form.

Contact our team at Bogle Agency Insurance today to learn more about Bergen County business insurance and surety bonds in Bergen County NJ. We welcome the opportunity to answer all of your insurance questions. Let our knowledge and experience help you understand what type of insurance you need. We welcome the opportunity to answer your question, whether it be what is a surety bond? or something else entirely.