Best Renters Insurance in New Jersey

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  • Best Renters Insurance in New Jersey

The New Jersey rental market can be hectic. While you may be busy trying to beat someone to your desired rental, you shouldn’t forget about protection for yourself and your family.

Your landlord’s or property management company’s insurance won’t cover you as a renter. You’re responsible for securing your own insurance coverage to protect your belongings and liability.

We made this informative guide to help Garden State renters find the best renters insurance in New Jersey at an affordable price.

How Much Is Renters Insurance in New Jersey?

Renters insurance in New Jersey costs about $169 annually or about $14 monthly. Rates from select carriers ranged from $10 to $20 per month. 

The average cost of renters insurance in New Jersey varies depending on several factors, such as location, desired coverage amounts, deductible, and more which we’ll go into detail about later. 

Another factor that affects your rates is the provider you choose. Every company has different rates as they have different ways of weighing the underwriting factors that determine premiums.

Below are some New Jersey renters insurance companies and their average annual and monthly rates.

New Jersey Renters Insurance Rates by Company

Company

Allstate
Farmers
State Farm
Travelers

Avg. Annual Rate

$202
$234
$122
$173

Avg. Monthly Rate

$17
$20
$10
$14

Protect Your Belongings With Renters Insurance

Averaging just $12 per month, renters insurance can protect your belongings for the cost of a few cups of coffee.

Which Companies Have Cheap Renters Insurance in New Jersey?

State Farm and Travelers offered some cheap renters insurance in New Jersey for our analyzed companies. You won’t know your exact premium until you get a quote, as average rates differ throughout the state.

Over 150 home insurance providers have active policies in New Jersey, most of which will also write renters insurance. We only reviewed a few of the biggest names, but even this small sample size shows the importance of comparing quotes when shopping for coverage. You should get more than one quote to ensure you get the best deal.

Farmers, the most costly option on our list, was nearly twice as expensive as State Farm, on average. But, this doesn’t necessarily mean Farmers will be the most expensive choice for you. In addition to the factors about yourself and your property, companies adjust their premiums regularly to reflect the needs of their business at the time. You may find companies that are cheaper in one area than another.

What Does Renters Insurance in New Jersey Cover?

Renters insurance protects you from several types of damage, officially called perils. Covered perils include theft, vandalism, fire, wind, and water damage. You’re protected from these perils with the following areas of coverage in your policy:

Personal Property Coverage

Personal property coverage financially guards your belongings, such as furniture, electronics, clothing, tools, jewelry, and more. Your insurer will reimburse you when a covered peril damages these items.

Loss of Use Coverage

Loss of use coverage protects you if a covered peril, like a fire or hurricane, renders your rental uninhabitable. Your insurance provider can cover temporary lodging, groceries, fuel, and more through this coverage.

Liability Coverage

Liability coverage financially protects your liability. If you’re found liable for a visitor’s injury, or you unintentionally cause property damage to someone else, your liability coverage can cover medical expenses, legal fees, and more.

Medical Payments Coverage

Medical payments covers minor injuries too small of a scale for liability coverage. Medical payments limits are in the thousands, while liability limits are in the hundreds of thousands.

How to Get the Best Renters Insurance in New Jersey

To ensure you get the best renters insurance in New Jersey, you should:

  • Assess your coverage needs
  • Compare quotes from multiple companies
  • Understand your policy details

When you get renters insurance, providers will ask you how much coverage you want. To have the best renters insurance for your situation, you need enough coverage to reimburse you in a worst-case scenario. But, you don’t want to have too much and overpay for unnecessary protection.

Assess Coverage Needs

You should create a home contents list to establish how much personal property coverage you need. A contents list is an inventory of your items and how much they cost. This will give you a precise dollar amount to set as your personal property coverage limits.

You should also get enough liability coverage to guard your assets safely. We recommend getting higher limits than the minimum, usually $100,000. Most people are better off with a $300,000 to $500,000 limit, but you might want to get more if you own a large dog, plan on having people over often, or have well over $500,000 worth of financial assets.

Compare Quotes

As mentioned earlier, you should check with a few companies before binding your renters insurance to verify you’re getting a good deal. You could save a hundred dollars annually by finding the right coverage at the right price.

Ask your friends, neighbors, or family members for provider suggestions. You could also consult an independent insurance agent whose job is finding people their best coverage options.

Understand Your Policy

Most renters insurance plans have the same coverages no matter the provider you choose. Nevertheless, it’s important to know exclusions and restrictions to guarantee you get the best coverage before buying.

For example, you should note whether your policy covers your belongings at actual cash value or replacement cost. Actual cash value coverage means your carrier will account for depreciation when reimbursing you during a claim, lowering your payout. 

Note your policy exclusions so you’re not caught by surprise when you try to file a claim. You can purchase certain endorsements to fill coverage gaps, such as water backup or equipment breakdown add-ons.

Protect Your Belongings With Renters Insurance

Averaging just $12 per month, renters insurance can protect your belongings for the cost of a few cups of coffee.

New Jersey Renters Insurance Cost Factors

Insurance providers consider many variables about your policy and rental property to determine your premiums. They analyze risk, and policyholders in riskier places will have higher premiums. Some critical factors that affect average rental insurance in New Jersey are:

  • Location
  • Property features
  • Coverage amounts

Rental homes or apartments in places more prone to losses will have higher premiums. For instance, rentals on or near New Jersey’s Atlantic coast are more prone to wind damage from tropical storms and hurricanes. Renters in these areas may have higher premiums than policyholders who are more inland and well insulated from such damage. You may also have higher premiums if you’re in an area of high crime.

Features of your rental property affect its safety and impact your rates also. Renters in older buildings can experience higher prices since older homes and apartments are more likely to suffer wear-and-tear-related issues and be compromised by outdated building methods. These can exacerbate damage and lead to claims, so insurers charge higher premiums to renters in these places to offset this financial risk.

Alternatively, houses or apartments with safety features like deadbolt locks, SMART home systems, fire sprinklers, or burglar alarms can get discounts.

Your coverage amounts influence your premiums, too. Higher coverage limits will result in higher premiums. Additionally, purchasing extra coverage will raise rates. 

New Jersey Renters Insurance Laws and Requirements

Renters insurance isn’t required by law in New Jersey. However, some landlords will require tenants to have renters insurance before allowing them to move in.

Some property management companies and landlords make rental insurance in New Jersey a requirement in lease agreements for their tenants. They do this to further limit their own liability and the liability of other potential tenants.  

Remember that your landlord’s insurance doesn’t cover your belongings inside your unit or home. You’re responsible for getting your own coverage even when you need it before you move in, so it’s important to shop wisely.

The Best Way to Get Renters Insurance Quotes in New Jersey

Getting renters insurance quotes in New Jersey has never been easier with Clovered. Use our proprietary quoting engine to compare providers and get the coverage you need at the price you want.

As an independent insurance agency, we partner with some of the best New Jersey renters insurance companies. We give you the power to quote completely online at your own pace, but if you’d rather secure a policy with the help of one of our licensed agents, give us a call at 833-255-4117. You can also email us at agent@clovered.com with any questions.

Renters
Protect Your Belongings With Renters Insurance

Averaging just $12 per month, renters insurance can protect your belongings for the cost of a few cups of coffee.

The editorial content on Clovered’s website is meant to be informational material and should not be considered legal advice.