The Best Cheap Renters Insurance in New Jersey
The cheapest renters insurance company in New Jersey is Lemonade — renters can get coverage for around $9 per month.
Compare cheap renters insurance in New Jersey
Finding the best renters insurance is about choosing a company that combines low prices with practical coverage and reliable customer service. We've collected more than 150 quotes from across the Garden State to help you find the best renters insurance in New Jersey.
Methodology
Compare cheap renters insurance in New Jersey
The cheapest renters insurance in New Jersey comes from Lemonade. A policy costs $9 per month, or $106 per year. That's about $6 per month cheaper than the average quote in New Jersey.
The average cost of renters insurance in New Jersey is $15 per month, or $184 per year.
New Jersey renters pay about 13% less for insurance than what coverage typically costs people in the United States, which is $18 per month, or $215 per year.
Compare Renters Insurance Quotes in New Jersey
Your renters insurance quotes depend on a variety of factors that vary from person to person, including your age, insurance history, the amount of coverage you choose, your home's location and building materials. For this reason, it's likely that your rates would be different than rates for someone else purchasing coverage from the same company.
Cheapest renters insurance companies in New Jersey
Company | Monthly cost | |
|---|---|---|
| Lemonade | $9 |
| State Farm | $10 |
| Travelers | $16 |
| Allstate | $17 |
| Amica | $17 |
| Nationwide | $18 |
| Farmers | $21 |
Best renters insurance for most people: Lemonade
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Editor rating
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Average monthly rate
$9 ?
Pros and cons
Lemonade has the best renters insurance in New Jersey for most people. Renters insurance from Lemonade costs about $9 per month, or $106 per year, which is 42% more affordable than New Jersey's typical price.
In addition, Lemonade provides New Jersey renters with exceptional customer service, an important feature if you ever have to make a claim.
The company receives far fewer complaints than other insurers of a similar size, according to the National Association of Insurance Commissioners (NAIC). J.D. Power awarded Lemonade the top score among other large widely available insurers on its annual customer satisfaction survey, too.
A basic policy from Lemonade offers the standard coverage you would expect from your renters insurance policy. Unlike some other insurers, though, Lemonade doesn't offer you many ways to improve your basic coverage. Renters can purchase replacement cost coverage, extra protection for valuable items, sewer backup coverage and equipment breakdown protection for appliances and electronics, but Lemonade doesn't offer flood protection — an important consideration for renters living on New Jersey's coast.
Best apartment renters insurance in New Jersey: State Farm
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Editor rating
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Average monthly rate
$10 ?
Pros and cons
Apartment renters and college students living in off-campus apartments should consider State Farm renters insurance. The company has some of the most affordable renters insurance in New Jersey, regardless of the type of home you rent. However, State Farm offers the cheapest rates we found for apartment renters — a basic policy costs $10 per month, which is 39% cheaper than the average apartment rate of $17 per month.
Renters can count on State Farm's customer service in times of need, too. The company receives fewer complaints than expected based on its size, according to the NAIC, and J.D. Power awarded it second place in its annual customer satisfaction survey. That means renters are generally happy with State Farm's customer service experience.
The downside of renters insurance from State Farm is its lack of discounts. Renters can find lower rates by insuring their car through State Farm or purchasing a security system, but the insurer doesn't offer incentives for remaining claim-free or making automatic payments.
Best customer service: Amica
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Editor rating
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Average monthly rate
$17 ?
Pros and cons
Amica has the best renters insurance in NJ for people who put a big emphasis on excellent customer service.
The quality of service offered by your insurer is important — if you ever have to file a claim, a good customer service experience can help you get back to normal quickly and help simplify what can be a drawn-out process.
Amica has very few complaints compared to other companies of a similar size, according to the NAIC. That means renters are generally happy with their interactions with Amica.
The cost of Amica renters insurance is slightly more expensive than the average price in New Jersey. Coverage from Amica costs $17 per month, $2 per month more than the statewide average. However, Amica offers a number of ways for renters to save on their insurance, including:
- Automatic payment discount
- Claim-free discount
- Loyalty discount
- Multipolicy discount
- Paperless discount
Average cost of renters insurance in New Jersey by city
Renters living in Clifton or Franklin Park have the cheapest renters insurance costs in New Jersey, while those in Newark pay the most expensive rates.
The cost of renters insurance varies significantly among the 25 most populated cities in New Jersey. People renting in the most expensive city, Newark, pay an average of $21 per month — $9 per month more than those living in Clifton or Franklin Park.
City | Average annual cost | Difference from state average (%) |
|---|---|---|
| Bayonne | $184 | 0% |
| Brick | $184 | 0% |
| Camden | $192 | 5% |
| Cherry Hill | $173 | -6% |
| Clifton | $148 | -19% |
Best-rated renters insurance in New Jersey
New Jersey renters can find the best customer service with Amica.
Amica only receives 12% as many customer complaints as average insurers of a similar size, according to the NAIC. In addition, Amica earned a high score from our ValuePenguin editors based on the value it provides policyholders, customer service reviews and coverage availability.
Company |
Rating
|
|---|---|
| Amica | |
| USAA | |
| Lemonade | |
| State Farm | |
| Nationwide | |
| Allstate | |
| Travelers | |
| Farmers |
Comparing customer service is an important part of shopping for renters insurance. Choosing a company that provides quality customer service will come in handy if you have an emergency and need to file a claim — it can help eliminate stress from the claims process and get your life back to normal quickly.
What does renters insurance cover in New Jersey?
Renters insurance in New Jersey should always offer the four most basic coverage options:
- Medical payments to others
- Loss of use coverage
In addition, many insurers offer extra protections that you can use to upgrade your coverage for an additional fee. Some of the most popular coverage add-ons are:
- Equipment breakdown coverage: Pays to replace your appliances or electronics after electrical or equipment malfunctions.
- Replacement cost coverage: Reimburses you for the full value of your lost or stolen property without accounting for wear and tear so that you're able to buy brand new belongings.
- Valuable items coverage: Extends your personal property coverage to help protect valuables like jewelry, bicycles and electronics.
- Water backup protection: Covers water damage caused by malfunctioning drains.
There's no legal minimum for renters insurance, but we recommend choosing a provider that offers enough coverage for all of your property and assets.
Frequently asked questions
How much does renters insurance cost in New Jersey?
The average cost of renters insurance in New Jersey is $15 per month, or $184 per year.
Is renters insurance mandatory in New Jersey?
Renters insurance is not legally required in New Jersey. However, your landlord or property management company may require you to purchase a policy as a part of your lease agreement.
Where can I get cheap renters insurance in New Jersey?
Lemonade has the cheapest renters insurance in New Jersey. On average, a policy from Lemonade costs $9 per month, which is $6 per month cheaper than the state average.
How much is renters insurance in Jersey City?
Renters living in Jersey City can expect to pay $16 per month, or $187 per year. That's only $3 per year more than the state average.
Methodology
We analyzed three characteristics of each insurer in our study to determine the best renters insurance company in New Jersey. We compared each company's:
- Affordability: How much a typical customer might expect to pay for coverage.
- Coverage options: The quality of a provider's standard policy and its endorsements.
- Customer service: The reputation a company has of treating its policyholders fairly and responding to claims.
We found the cost of renters insurance in New Jersey by comparing quotes from seven of the largest insurers in the state across 25 of the most populated cities. Our sample renter is a 25-year-old male living alone who has no history of having insurance or making claims. Rates are calculated based on $30,000 of personal property coverage, $100,000 of personal liability, $1,000 of medical payments to others and a $500 deductible.
To determine customer service ratings, we compared three measurements of service quality:
- NAIC complaint index: Calculated by the National Association of Insurance Commissioners, the complaint index measures the complaints an insurer receives relative to its market share, or size. Since 1.0 represents a typical number of complaints, a complaint index of 2.0 means that a provider receives double the complaints expected.
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J.D. Power U.S. Home Insurance Study - Renters Insurance: This study ranks 10 of the nation's largest renters insurance companies based on their customers' overall satisfaction. The composite rankings reflect policyholders' feedback regarding customer service, policy offerings and pricing, and more.
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ValuePenguin editor's rating: Our editors rate insurers based on customer service reviews, availability of coverage options and the overall value provided to policyholders.