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

bestrenters insuranceNewark

2024

The Cheapest and Best Renters Insurance in Newark

Cheapest renters insurance in Newark - Lemonade

Best renters insurance in Newark - USAA

The price of a renters insurance policy is the most important consideration for Newark residents since most insurance providers offer similar core coverages. According to MoneyGeek, the best way to save money on renters insurance is to shop around and compare quotes.

On average, the two most affordable renters insurance providers in Newark are:

• Lemonade: $78 per year
• USAA: $94 per year

To calculate the prices in this guide, we used personal property coverage of $20,000, liability coverage of $100,000 and a $500 deductible. Your actual rate may likely differ. You can modify the personal property coverage limits in the chart below to see how premiums vary.

Renters who don't reside in Newark may shop around to compare renters insurance in New Jersey.

Average Annual Rates for Personal Property Insurance

Personal Property Coverage:

$20,000

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1

USAA

Score:92

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COMPARE QUOTES

by MoneyGeek

4.3/5

Affordability

5/5

User Satisfaction

5/5

Financial Stability

Geek Quick Take

Due to its perfect ratings in stability and customer satisfaction as well as high affordability ratings, USAA took the top spot in our rankings. However, access to this insurer is restricted to military families.

More About USAA

USAA provides a variety of rare coverages in addition to being a consistently affordable option nationwide. Unlike most other insurers, USAA includes flood and earthquake damage. Additionally, active-duty military members may get a discount on their insurance to make it even cheaper, and coverage extends to troops serving or living overseas.

2

Lemonade

Score:88

-

COMPARE QUOTES

by MoneyGeek

5/5

Affordability

3.5/5

User Satisfaction

3.5/5

Financial Stability

Geek Quick Take

Lemonade is the second-best insurer for renters due to its high ratings in several categories. It offers an online quote tool.

More About Lemonade

Lemonade is also one of the cheapest renters insurance providers in the country. In addition, if you live with a significant other, adding them to your insurance is often affordable and easy. With Lemonade, you can get renters insurance quickly since the online quote tool enables you to get coverage in minutes.

Insurance costs Newark renters an average of $105 per year or around $9 per month. This is $54 less than the national annual average of $159.

While several factors impact your renters insurance costs, the following are the most impactful to the amount you will spend.

1. Personal property coverage. When looking for the best Newark renters insurance, consider the amount of coverage you'll need. An insurance policy's cost heavily depends on the value of the property it covers.
2. Location. Due to weather trends and crime rate, your renters insurance rate is slightly influenced by your location. In regions with a history of theft or extreme weather, renters insurance premiums may be more expensive.
3. Deductible. When your insurance company replaces your property, you must pay a deductible. Higher deductibles reduce monthly premiums since the insured party pays more out of pocket.
4. ACV vs. RCV. Insurance companies may give actual cash value (ACV) or replacement cost value (RCV) following an accident. ACV insurance compensates you less for your belongings since it accounts for depreciation. RCV insurance covers the cost of a brand-new replacement item. ACV insurance decreases your monthly premiums, but payouts for claims are reduced. RCV plans are more costly, but they provide higher payouts.
5. Liability coverage amount. The typical claim limit for renters insurance liability coverage is $100,000. However, the level of coverage you choose will have a negligible effect on the cost of your renters insurance. You can add coverage worth thousands of dollars for just a few extra 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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Unlike other types of insurance, your location has little impact on the cost of renters insurance. According to MoneyGeek's study, where you reside has a minor impact on your monthly insurance premiums.

The city of Newark does not require renters insurance, but having it might help you pay for damaged or stolen property. Also, landlords may require it. This coverage may cover incidents that occur at your residence. Typically, annual premiums for renters insurance are low. It is important to understand that your landlord's property insurance does not cover your personal belongings.

When searching for Newark renters insurance, buying the appropriate amount of coverage is critical since it will cover the cost of replacing or repairing your things in case of theft or damage.

According to the FBI, Newark's property crime rate in 2017 was 1,552 per 100,000 people, which is around 27% less than the national average.

Other risks, including fire and water damage, may be covered by insurance policies purchased by some Newark residents.

Insurance companies in Newark often offer the following coverages for renters:

• Personal property coverage: Renters personal property in Newark includes furniture, electronics and clothing. This type of coverage helps repair or replace your property after a covered loss, such as theft or fire.
• Additional living expenses: When a policyholder's house is temporarily uninhabitable due to a covered event, their insurance company pays for extra living costs.
• Liability insurance: Renters liability insurance protects you if you accidentally harm others. It may also cover your legal expenses if you are sued for a home-related accident.
• Medical payments coverage: In case of an accident on your property, medical costs are covered regardless of who is at fault.

Your personal items are covered by your Newark renters insurance, but not the building itself. Your landlord must get coverage for this.

In addition, certain risks are not covered by renters' insurance. For such risks, it may be wise to get supplementary coverage.

For example, renters insurance covers water damage. However, most traditional plans exclude water damage caused by flooding. If you need additional protection against flood damage, you can get it via the National Flood Insurance Program (NFIP).

Also, most renters insurance plans exclude your roommate’s possessions, earthquake damage, car damage, jewelry and other valuables that exceed the policy limits.

Read your potential insurance policy thoroughly before purchasing it to verify that you are adequately insured.

If you're shopping for renters insurance, you want to choose a company that's both affordable and offers quality service. MoneyGeek answered some of the most commonly asked questions about Newark 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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