Renters Insurance in New Jersey
The Garden State is a beautiful place to call home, from the coast to the countryside.
It’s also among the most expensive states to rent a home in, making renters insurance a smart investment.
Whether you live in the city or not, in a house or an apartment, renters insurance can provide crucial protection from theft, accidents, and damage to your property at a minimal cost.
Just because renters insurance isn’t a legal requirement in New Jersey like car insurance doesn’t mean you don’t need a policy.
If you don’t have renters insurance or you’re looking to get a new policy that better meets your needs and budget, read on to learn about the best renters insurance companies in New Jersey.
The Best Cheap Renters Insurance in New Jersey
When you start your search for renters insurance, it can be challenging to know which company is right for you.
There are dozens of renters insurance companies in New Jersey, but the renters insurance companies below lead the pack.
Here are the top 7 providers of the best renters insurance in NJ:
- 🏆 Lemonade: Best Overall Renters Insurance in NJ
- State Farm: Best for Discounts
- Liberty Mutual: Best for Policy Customization
- Allstate: Best for Multiple Policies
- Travelers: Best for Additional Coverage
- American Family: Best for Customer Experience
- USAA: Best for Military Families
Lemonade is a newer insurer that strictly sells renters and homeowners policies to a growing list of states that includes New Jersey.
The newcomer leads the industry with its tech-savvy platform that simplifies renters insurance. You can easily buy a policy, file a claim, and get paid through the Lemonade app or website, all in a few minutes’ time.
The company claims that you can get a basic policy for as little as $5 a month, with more robust coverage available.
Lemonade also stands out for its give-back program, which donates a portion of your unused premium payments to a nonprofit that you get to choose.
- Quick claims
- Low rates
- User experience
- Charitable donations
State Farm earns the gold medal for the best renters insurance in NJ, based on its rates, discounts, coverage, and reputation.
For starters, you can bundle your coverage with an auto policy and also access a full lineup of insurance, investment, and banking products.
While State Farm’s policies aren’t the most customizable, with few endorsements, it is the most affordable.
You also get the perks of working with a top-tier national provider, with access to a huge network of local agents who have consistently secured high customer satisfaction ratings.
- Discount options
- High customer experience ratings
- Online quotes
- One-stop-shop for financial products
Liberty Mutual is a name you’re likely familiar with, as it offers several lines of insurance nationwide.
One of Liberty Mutual’s best products is renters insurance, and the company offers some of the lowest rates for coverage in New Jersey.
The rates get even lower when you factor in Liberty Mutual’s discounts, which include savings for bundling policies and signing on for automated payments.
Liberty Mutual is a great choice if you’re looking to go beyond a basic policy, with highly customizable options like earthquake protection, jewelry policies, and total replacement cost coverage.
- Affordable coverage
- Online claim center
It’s no surprise that Allstate is one of the best renters insurance companies in New Jersey.
The popular provider has it all, with a versatile lineup of insurance products including:
If you’re looking for a one-stop-shop for insurance, Allstate is a great choice, with rewarding options for bundling policies.
As far as renters insurance is concerned, Allstate’s policies are affordably priced for New Jersey residents.
They also offer additional coverage like scheduled property riders for high-priced items and flood insurance.
You also get the benefit of having a local agent to walk you through the application, filing a claim, or any other questions you might have.
- Excellent claim satisfaction
- Bundling options
- ID theft protection
- Local agents
If you want a policy that offers comprehensive coverage for life’s unexpected moments, Travelers might be your best bet.
While it isn’t quite as popular a name as some of its competitors, Travelers is a trustworthy brand with impressive coverage options for renters in New Jersey.
Travelers’ renters policies offer the basic personal property and liability coverage you’ll find with every provider, plus several more endorsements.
You can protect your property against damages from water backup and even add coverage for equipment breakdown.
In terms of cost, Travelers’ policies are competitively priced in New Jersey, but you will have to pay premiums annually rather than monthly.
- Unique coverage options
- Flexible policies
- Customer service
American Family might not pop up on your tv and social media feed like some of its competitors, but that doesn’t mean it shouldn’t be on your radar.
The company is a highly rated carrier of several lines of insurance, including homeowners and renters insurance.
American Family offers basic liability, personal property, and loss of use protection.
You can also tap into several discounts, alongside a diminishing deductible feature.
But American Family really shines in the customer service department.
The company is the highest-rated insurer in J.D. Power’s most recent renters insurance survey, which takes an in-depth look at customer experience.
- Exceptional customer experience
- Affordable basic coverage
- Diminishing deductible
USAA is a truly impressive company aimed at providing financial resources and opportunities for members of the military, veterans, and their families.
In the renters insurance arena, the company consistently ranks high for offering its customers an exceptional experience and affordable coverage.
In addition to conventionally covered perils, you can get flood coverage from USAA, which could be hugely beneficial depending on where in NJ you live.
You also get coverage that travels with you, meaning your property is protected during moves and while it’s in storage.
Since USAA offers several financial products, you could benefit from housing multiple policies with the company, unlocking savings, and simplifying your account management.
- Military focus
- On-the-go coverage
- Flood and earthquake protection
- Customer satisfaction
Comparing renters insurance companies is a tedious task, one we’ve undertaken for you.
A lot goes into picking the right company, as no one provider is perfect for every insurance shopper.
To select the best of the best renters insurance providers in New Jersey, we took the following factors into account.
As you evaluate renters insurance companies on your own, you can also use these metrics to judge them.
- Cost of coverage: Cost is key to choosing a renters insurance company. The carriers listed above have some of the lowest rates on offer for New Jersey residents. We also factored in each company’s discounts.
- Types of coverage offered: We also assessed each provider’s policy options, considering the types of coverage offered, policy endorsements, and the replacement cost value.
- Policy amounts and deductibles: You should also consider how much coverage a company offers, as well as what deductibles, if any, you’ll be expected to pay before your policy helps out.
- Reputation: Last but not least, it’s critical to choose a company you can count on. Thankfully, there are plenty of rating sources that paint a picture of a company’s financial strength and customer experience, such as J.D. Power scores, BBB ratings, credit ratings, and online reviews.
Why You Need Renters Insurance in New Jersey
Renters insurance is one of the most cost-efficient ways you can protect yourself against the unexpected.
While it might not be legally required, it’s a purchase you should seriously consider making, whether you live in New Jersey or any other state.
In fact, many landlords require their tenants to carry at least some level of renters insurance coverage.
What Does Renters Insurance in NJ Cover?
Renters insurance provides the protection below, with additional coverage options available with most companies:
- Personal property protection: When your belongings (think clothes, jewelry, computer) get damaged, destroyed, or stolen, this coverage pays to replace them.
- Liability coverage: When someone gets hurt on your property, or their stuff gets damaged and you’re liable, this coverage can help with medical bills or legal fees.
- Medical expense coverage: Regardless of who’s liable, medical expense coverage helps with doctor bills if anyone is hurt at your rental home.
- Additional living expense coverage: If a covered peril leaves your home unlivable, ALE, also known as loss of use coverage, pays for you to stay elsewhere.
How Much Is Renters Insurance in New Jersey?
The cost of your renters insurance policy might look different than your neighbor’s or your cousin across the country.
What you pay for renters insurance is based on a handful of factors, all of which are centered around risk.
The main things impacting your renters insurance premiums are:
- Location: Everything from crime rates to the frequency of dangerous weather events and natural disasters can impact your rates, with metropolitan areas seeing the highest premiums.
- Property: The structure of your rental home and its overall condition can have an impact on what you pay for coverage.
- Security measures: With safety in mind, the company will also look at your home’s security features, with some awarding discounts for alarms and other anti-theft devices. You might also get lower rates if you live near a police station or fire department.
- Coverage: How much coverage you buy, any endorsements you add, and your deductibles can significantly shape your rates.
- Company: Not all renters insurance companies are created equal, nor is renters insurance a one-size-fits-all product, so one company might offer you far lower rates than another.
- Claims history: The company might also base your rates on your claims filing history. Applicants with lots of claims in the past can expect to see higher rates.
Average Cost of Renters Insurance in NJ
With all of the above in mind, renters insurance rates in New Jersey can vary.
The average monthly cost of renters insurance in New Jersey is around $16, though.
This amount is only slightly higher than the national average, meaning you can get really cheap renters insurance in NJ.
Most and Least Expensive Cities for Renters Insurance NJ
The cheapest city for renters insurance in New Jersey is Linden, where residents see rates as low as $12 a month on average.
As you might guess, Atlantic City residents face the highest rates in the state, paying around $22 for coverage, on average.
Fortunately, even the most expensive city’s residents only pay $6 more a month for renters insurance than the statewide average.
Is Renters Insurance in New Jersey Worth It?
Short answer: Yes. Renters insurance is a simple and affordable way to protect yourself and all of your stuff.
Whatever part of the Garden State you live in, you can lock in hundreds of thousands of dollars of protection in exchange for the amount of money you might spend at dinner.
Whether you and your apartment get hit by robbers, a nasty storm, or legal action from a party guest, renters insurance can be a lifesaver.
Use the list of renters insurance companies above as a starting point, compare quotes, and lock in an affordable policy today.