Best and Cheapest Renters Insurance in New Jersey (2024)

While State Farm is the best and cheapest for $20K in personal property coverage with an average annual premium of $73 and a MoneyGeek score of 95 out of 100. Chubb ranks highest in service with a score of 93 out of 95. The best for you will depend on your needs. For example, USAA is great for veterans, and Chubb is ideal if you value service quality.

State Farm is the best renters insurance provider in New Jersey, with a MoneyGeek score of 95 out of 100 and an annual premium of $73 for $20K in personal property coverage. This top-ranking provider can adeptly balance both cost and customer service. The following providers are the two best renters insurance options in New Jersey for the same policy.

• State Farm: MoneyGeek score of 95 out of 100 ($73 per year)
• Farmers: MoneyGeek score of 84 out of 100 ($92 per year)

State Farm has perfectly balanced customer satisfaction and affordability. However, the best provider for you will still depend on your specific needs.

State Farm offers the cheapest renters insurance in New Jersey with an annual premium of $73 for $20K in personal property coverage. Personal property coverage helps protect your belongings, such as furniture, electronics, and clothing, in the event of damage or theft. The following providers are the top two cheapest providers in New Jersey for $20K in personal property coverage and a $1,000 deductible:

• State Farm: $73 per year
• Farmers: $92 per year

Cheap renters insurance policies often have low personal property coverage limits. Higher coverage limits can lead to increased monthly costs but offer better protection if you own many personal belongings.

A high deductible can help you lower costs, and in New Jersey, the cheapest renters insurance company for $20K personal property coverage with a $2,000 deductible is Farmers, with an annual premium of $68. A deductible is the amount you pay out of pocket before your insurance covers a claim. For the same coverage with a $2,000 deductible, the following providers are the top two cheapest in New Jersey:

• Farmers: $68 per year
• State Farm: $72 per year

A deductible is what you pay before your insurance kicks in and can affect your premiums. Higher deductibles generally lower your annual costs. You can see how rates change using the table we'll provide below.

Chubb is the best renters insurance company for service quality in New Jersey for $20K in personal property coverage with an annual premium of $119. Having great customer service in a renters insurance provider means you can rely on timely and effective assistance whenever you need it, whether it’s to resolve an issue or help during a claim. The following providers are the top two best providers in New Jersey for those who value great customer service and $20K in personal property coverage:

• Chubb: MoneyGeek score of 93 out of 100 ($119 per year)
• State Farm: MoneyGeek score of 86 out of 100 ($73 per year)

Great customer service is crucial for renters looking for insurance as it ensures you receive prompt and helpful support when needed. For example, when you make a claim, efficient customer service can make the process smoother and less stressful.

State Farm is the best renters insurance company for renters who need $100K of personal property coverage in New Jersey, with an annual premium of $161. For $100K in personal property coverage, the following providers are the top two best providers in New Jersey:

• State Farm: MoneyGeek score of 95 out of 100 ($161 per year)
• Homesite: MoneyGeek score of 80 out of 100 ($274 per year)

Renters with more personal belongings need higher personal property coverage. Personal property coverage protects your belongings from damage or theft. Although higher coverage often costs more, finding an insurer that balances cost and service is essential. This ensures you get the protection you need for your valuables without sacrificing quality for affordability.

USAA is the top renters insurance company for homeowners with military backgrounds in New Jersey, offering a $20,000 personal property coverage with an annual premium of $86. USAA is exclusively available for those with military backgrounds.

The following providers are the top two best providers in New Jersey for military members who need $20,000 in personal property coverage:

• USAA: MoneyGeek score of 100 out of 100 ($86 per year)
• State Farm: MoneyGeek score of 95 out of 100 ($73 per year)

USAA offers a range of products tailored for those with a military background, including specialized discounts and coverages suitable for military life. While State Farm ranks as the cheapest provider in affordability, USAA is worth considering given its tailored offerings for military members.

State Farm is the best renters insurance company for those with poor credit in New Jersey, with an annual premium of $134. The following providers are the top two best providers in New Jersey for those with poor credit.

• State Farm: MoneyGeek score of 94 out of 100 ($134 per year)
• Narragansett Bay Insurance Company: MoneyGeek score of 90 out of 100 ($121 per year)

Rates for those with poor credit are often higher, as they pose a greater risk to providers. Insurance companies consider these policyholders higher-risk because they are more likely to file claims. Improving your credit score can help lower your rates, and taking advantage of available discounts can also reduce your premium.

The average cost of renters insurance in New Jersey is $129 annually, which breaks down to $11 monthly. This is cheaper than the national average of $146 annually. New Jersey renters save $17 per year compared to the national average. These rates are based on a policy with $20,000 personal property limits, $100,000 liability limits, and a $1,000 deductible.

Renters, remember that the average cost of renters insurance in New Jersey may vary greatly depending on the amount of personal property coverage you purchase. Personal property coverage protects your belongings in case of theft, fire, or other covered events. Use the tool below to get an estimate for your renters insurance based on your needs.

The average cost for renters insurance not only varies by state, but also varies by city. For example, in Elizabeth, NJ, the average annual premium is $125, while in Newark, NJ, it is $152. These rates are based on a renters insurance policy with $20,000 personal property limits, $100,000 liability limits, a $1,000 deductible and a good credit score. See the average cost in your city using the table below.

Multiple factors impact the cost of renters insurance in New Jersey, including location, coverage amount, and deductible. Understanding these factors is important as it helps renters make informed decisions and potentially save on their premiums. Below are some key factors that affect renters insurance costs:

Factors:

• Location: Urban areas typically have higher premiums than rural areas due to increased risk factors.
• Coverage Amount: Higher coverage limits result in higher premiums because more protection is provided.
• Deductible: Lower deductibles lead to higher premiums since the insurer takes on more risk.
• Credit Score: Poor credit can result in higher premiums as insurers view it as a higher risk.
• Claims History: A history of frequent claims can increase your premiums as it indicates higher risk to the insurer.

Determining your personal property coverage involves creating a personal inventory of all your belongings at home. A personal inventory is a detailed list of items you own, including their descriptions and values. Follow these steps to create your inventory and ensure accurate coverage:

1. List Items: Write down all items in each room, including furniture, electronics, and personal belongings.
2. Take Photos: Photograph each item to have visual proof of its condition and existence.
3. Note Serial Numbers: Record serial numbers for electronics and other valuable items to help with identification.
4. Store Receipts: Keep receipts or proof of purchase for high-value items to verify their worth.
5. Update Regularly: Review and update your inventory annually or after major purchases to keep it current.

Renters insurance primarily protects your personal belongings from damage, but it also extends to other areas such as liability and additional living expenses. Here's what a typical policy may cover:

• Personal Property Coverage: Safeguards your possessions against covered perils like theft to help you replace them.
• Personal Liability Coverage: Protects you from legal responsibility for injuries or damage to others, such as if a guest is injured in your rental unit.
• Loss of Use Coverage: For additional living expenses if your rental is uninhabitable due to a fire, for example, loss of use coverage can cover temporary housing costs.

Renters insurance typically applies to specific events, like theft, vandalism or specific natural disasters. Here's what most policies cover:

• Fire or lightning
• Windstorm or hail
• Explosions
• Riots
• Damage caused by aircraft
• Damage caused by vehicles
• Smoke damage
• Vandalism
• Theft
• Volcanic eruption
• Falling objects
• Weight of ice, snow or sleet
• Water-related damage from home utilities
• Electrical surge damage

Renters insurance does not cover everything, including high-value items like jewelry and damages from natural disasters such as floods.
Here are some common exclusions:

• High-value items: High-value items like jewelry often require additional coverage.
• Natural Disasters: Natural disasters such as floods are typically not included in standard policies.

Finding the best renters insurance provider for you can be easy. We've answered some common questions to help you make an informed decision.