The Best and Cheapest Renters Insurance in Jersey City, NJ, for 2024: Rankings, Reviews and Rates

bestrenters insuranceJersey City

2024

The Cheapest and Best Renters Insurance in Jersey City

Cheapest renters insurance in Jersey City - Lemonade

Best renters insurance in Jersey City - USAA

Jersey City residents should evaluate the cost of renters insurance since the majority of insurers provide the same core coverages. Take the time to compare renters insurance quotes from various insurers to find the best coverage.

MoneyGeek's research determined that the cheapest renters insurance options in Jersey City for the average consumer are as follows:

• Lemonade: $60 per year
• USAA: $79 per year (only available to current and former military members and their families)

USAA policyholders can receive a higher value for their money since the company's insurance covers damage from floods and earthquakes. It also compensates for items at their replacement cost.

The rates included in this study are based on policies with $20,000 worth of coverage for personal property, $100,000 worth of coverage for liability and a $500 deductible. Check out the table below to see how prices change for different amounts of coverage for your personal property.

Renters in New Jersey who don't live in Jersey City can compare renters insurance for the whole state.

Average Annual Rates for Personal Property Insurance

Personal Property Coverage:

$20,000

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1

USAA

Score:93

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by MoneyGeek

4.4/5

Affordability

5/5

User Satisfaction

5/5

Financial Stability

Geek Quick Take

USAA is our top pick because it earned high scores in all categories. However, USAA policies are exclusive to military families.

More About USAA

USAA is regularly one of the most affordable options in the country, and it offers unique coverages. In comparison to other companies, its policies cover flood and earthquake damage. USAA also provides significant discounts to people who are currently serving in the military, so it may be much cheaper for you if you fit this criteria.

2

Lemonade

Score:88

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COMPARE QUOTES

by MoneyGeek

5/5

Affordability

3.5/5

User Satisfaction

3.5/5

Financial Stability

Geek Quick Take

Lemonade is the runner-up due to excellent ratings in all categories. It offers an excellent online quote tool.

More About Lemonade

Lemonade is the second best insurer for renters insurance in Jersey City. If you live with a significant other, adding them to the insurance is usually inexpensive. You can get renters insurance rapidly with Lemonade because the online quote tool allows you to get a policy in minutes.

Renters in Jersey City pay an average of $102 per year for insurance or about $9 per month. This is around $57 less per year than the national average of $159 annually.

While different factors influence the cost of renters insurance, the following are the most important.

1. Personal property. Consider the amount of coverage you need while shopping for the best renters insurance in Jersey City. One of the most important determining factors in estimating the cost of a policy is the amount of property covered.
2. Location. The cost of renters insurance in Jersey City is somewhat impacted by where you reside. For example, insurance prices are more likely to be higher in an area with high crime or extreme weather.
3. Deductible. This refers to the cost you will incur to cover a claim with your insurance provider. If you choose a higher deductible, you will pay more out of pocket if you make a claim, resulting in reduced premiums.
4. ACV vs. RCV. Reimbursements may be based on either the actual cash value (ACV) or the replacement cost value (RCV), depending on the policy you buy. The insurance company will consider your used items' depreciated value in ACV plans. RCV plans, on the other hand, cover the comparable cost of purchasing a new item of the same quality and kind without depreciation in mind. RCV insurance is more expensive than ACV policies since they pay out more in claims.
5. Liability coverage amount. The amount of coverage you choose will have a modest impact on the cost of your renters insurance. Normal insurance includes $100,000 in liability coverage, but you can increase this by thousands for just a few dollars each year.

Calculate How Much Renters Insurance You Need

Personal Property Coverage Calculator

When figuring out how much renters insurance you need, experts recommend the standard $100,000 in liability insurance and enough personal property protection to cover your possessions. Use MoneyGeek's calculator to estimate the value of your possessions so you know how much personal property coverage to buy.

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Based on your inputs, MoneyGeek recommends getting a policy with in personal property coverage to avoid paying out of pocket after a disaster or theft.

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Renters insurance premiums aren't significantly impacted by where you live, unlike other forms of insurance. MoneyGeek's research showed that the area in which you reside has a little effect on your monthly insurance cost.

A renters insurance policy may help you cover the cost of repairing or replacing damaged or stolen belongings in Jersey City. Depending on your coverage, accidents at home may also be covered. Insurance premiums are often relatively affordable on an annual basis. You should be aware that your landlord's property insurance does not cover your personal belongings.

When shopping for renters insurance, you should get adequate coverage to match your needs as a tenant in Jersey City. It is a cost-effective way to safeguard yourself against potential expenses resulting from theft and other unforeseen catastrophes.

According to the FBI, the city recorded 1,624 property crimes per 100,000 people in 2017. This is around 24% less than the national average.

Jersey City apartment and rental property occupants may also opt to purchase extra insurance to cover various risks. Typically, insurers in Jersey City provide renters insurance packages that cover the following:

• Personal property coverage: Personal property includes furniture, electronics and apparel. This kind of coverage assists with repairing or replacing your belongings after a covered loss, such as theft or fire.
• Additional living expenses: After a covered risk, your rental dwelling may become inhabitable. This coverage will pay for your interim housing bills.
• Liability insurance: You are covered by renters liability insurance if you injure others due to an accident or negligence. It may pay legal bills if you are sued for a home-related accident.
• Medical payments coverage: Medical costs resulting from an accident on your rented property will be covered under this policy in the case of an injury. No matter who is at fault, the insurance company will pay.

In Jersey City, your personal belongings are covered by your renters insurance, but the building's structure is not. Renters insurance doesn't cover everything, and specific risks aren't covered. Purchasing supplemental insurance may be the best course of action in these situations.

Renters insurance, for example, will pay for some types of water damage. However, most standard plans exclude water damage caused by floods. You may get additional insurance via the National Flood Insurance Program (NFIP) to protect yourself from flood damage.

Most renters insurance plans exclude your roommate's property, damage from earthquakes, damages to your car, jewelry and other valuables that exceed the policy limitations.

Before making a final decision on the policy you want to purchase, thoroughly review the details to verify that you will be adequately covered.

Shoppers looking for renters insurance should opt for an insurer that provides the best affordability and quality. MoneyGeek answers some of the most frequently asked questions about Jersey City renters insurance.

About Mark Fitzpatrick

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Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.

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