Find Cheap Renters Insurance Quotes in Your Area
We collected renters insurance quotes in 42 cities and townships in New Jersey to determine which areas had the cheapest annual renters insurance costs. Based on our sample policy with $30,000 in personal property coverage, renters in New Jersey pay an annual average of $200 for their renters insurance. Newark, the largest city in New Jersey, ranked as the most expensive city for renters insurance in the state. Below, we profile the cheapest and most expensive cities and townships for renters insurance in New Jersey. Read more about our study's findings, or use our quote tool above to find renters insurance quotes in your area.
Cheapest Renters Insurance Companies in New Jersey
We gathered rates across 42 cities for our sample rental home from State Farm, Allstate, Liberty Mutual, Farmers and Amica. Quotes from each insurer were averaged to find which company had the cheapest renters insurance rates in New Jersey. Overall, State Farm had the best renters insurance quotes out of the five companies used in our study. The graph below shows the annual average cost to insure our sample home by insurer alongside the state average:
Find Cheap Renters Insurance Quotes in Your Area
Top 5 Least Expensive Cities for Renters Insurance in New Jersey
1. Clifton, NJ
Clifton is the 11th largest municipality in New Jersey. The city was incorporated in 1917 and replaced the Acquackanonk Township. It is now part of Passaic County and is located in the northern part of the state, approximately 18 miles from New York City. Clifton was ranked as one of the most culturally diverse cities in the United States with more than 70 languages spoken in the city.
Clifton is the cheapest city for renters insurance out of the 42 cities and townships in our study. New Jersey residents pay an average of $167 per year for renters insurance, which is 17% less than the average in the state. The best rate was offered by Farmers at an annual cost of $120, which is only $6 less than State Farm's rate of $126. Liberty Mutual provided the most expensive yearly rate of $236, which is $36 more than the state's average.
2. Union, NJ
Union was settled in 1667 and later incorporated as a township in 1808. It is part of Union County and is located right outside of Newark, the largest city in New Jersey. The area is a short train ride away from New York City. Union is home to several companies, including the headquarters of Bed Bath & Beyond and Smarties Candy Company.
Based on our study, the township of Union has the second most affordable renters insurance rates in New Jersey. We found that the average annual rate for renters insurance was $170, which is $3 more than the cheapest city, Clifton. Farmers provided the best quote of $116, which is $84 less than the state's average. Allstate had the most expensive rate of $237, which is more than double Farmers' quote.
3. Denville, NJ
Denville is a township located in Morris County. The township resides in the northern central part of New Jersey, with similar distances to both New York on the right and Pennsylvania to the left of the state. It is known as the "Hub of Morris County" due to its central location along major transportation routes in the county.
Denville is the third cheapest area for renters insurance in New Jersey. On average, Denville residents pay $171 per year for renters insurance. This represents a rate that is 15% less than the mean in New Jersey. Allstate and Liberty Mutual offered the highest rates of $237 and $214, respectively. Farmers quoted the lowest rate of $122 per year, which is $115 less than Allstate and $92 cheaper than Liberty Mutual.
4. East Brunswick, NJ
The township of East Brunswick is part of the New York City metropolitan area and is adjacent to the city of New Brunswick. East Brunswick lies along the Raritan River, which flows into the Raritan Bay. It was incorporated in 1860, when officials combined portions of Monroe Township and North Brunswick Township to form sections of East Brunswick.
East Brunswick has the fourth most affordable renters insurance in the state of New Jersey. On average, the cost of renters insurance in the township is $177, which is $6 more than the average from the township of Denville. If you're looking for low cost renters insurance in the area, Farmers quoted the lowest rate for the city at $124 per year. State Farm offered a renters insurance quote of $126, which is $2 more than Farmer's quote.
5. Cape May, NJ
Cape May is a city located at the southern tip of New Jersey, where the Delaware Bay and Atlantic Ocean meet. The city is one of the country's oldest vacation destinations with many visitors each summer, but only a few thousand residents year-round. The whole city was designated as a National Historic Landmark as a result of having a large concentration of Victorian buildings.
Cape May ranked as having the fifth lowest average renters insurance in New Jersey. Residents of the city pay an average rate of $179 per year. The average rate is 11% less than the state mean, which represents a $21 savings. State Farm offered the cheapest annual renters insurance quote for Cape May of $126. Allstate had the most expensive rate of $222, which is $8 more than the second highest rate for the city from Liberty Mutual.
Top 5 Most Expensive Cities for Renters Insurance in New Jersey
1. Newark, NJ
Newark is the largest municipality in New Jersey and one of the largest cities in the New York metropolitan area. It is home to the Newark campus of Rutgers University, the New Jersey Institute of Technology and Seton Hall University's law school. Many companies have their headquarters in the city, including Panasonic Corporation of North America, Prudential and PSEG.
According to our study, Newark residents pay the highest annual renters insurance with an average of $258 per year. This represents a rate that is 29% more expensive than the state average. The lowest rate was offered by State Farm at $126, while the highest rate was provided by Farmers at an annual cost of $481. Farmers' rate is more than three time the rate offered by State Farm and is more than twice the state average.
2. Edison, NJ
Edison is the fifth largest municipality in the state of New Jersey. It is a township located in Middlesex County and is part of the New York City metropolitan area. Edison is bordered by the Raritan River and surrounds the borough of Metuchen. The township was named in honor of Thomas Edison, who had his main laboratory located in the area.
Edison is the second least affordable area for renters insurance in New Jersey. The average renters insurance cost in the township is $246, which is 23% more than the state's average. The best renters insurance rate in Edison was quoted by State Farm at an annual cost of $126. The most expensive renters insurance policy was quoted by Liberty Mutual at $548, which is more than twice New Jersey's average rate.
3. Mount Olive Township, NJ
Mount Olive Township was formed in 1871 by an act of the New Jersey Legislature. It was named after Benjamin Olive during the colonial-era, who donated land for the construction of churches in the township. Mount Olive is located in the northern part of the state, less than 30 miles from Pennsylvania.
Mount Olive ranked as the third least affordable area for renters insurance in the state of New Jersey. It has an average renters insurance cost of $244. The cheapest policy in the township of Mount Olive was quoted by Farmers at an annual rate of $122. Amica quoted a rate of $156, which is only $34 more than Farmers' rate. Liberty Mutual had the highest quote for the city of $578 per year.
4. Paterson, NJ
Paterson is the third most populous city in New Jersey, located in the northeastern section of the state. It is known as the "Silk City" due to its major role in silk production in the 19th century. Paterson has several locations listed on the National Register of Historic Places, including civic buildings, individual residences and museums.
Paterson had the fourth least affordable rates for renters insurance in New Jersey. State Farm quoted the lowest renters insurance rate in the city at $126 annually, which is $74 less than the state mean. Farmers quoted the most expensive rate of $409 per year, which is more than twice Amica's rate of $199 and more than three times State Farm's rate. Residents pay a yearly average of $236 for renters insurance.
5. Hoboken, NJ
The city of Hoboken is part of Hudson County and the New York metropolitan area. It lies along the Hudson River, which was an integral part of the city's economy through the mid-19th to 20th century. Hoboken became a township in 1849 and incorporated as a city in 1855. It is the birthplace of Frank Sinatra and has parks and streets named in honor of him.
Hoboken had the fifth least affordable rates for renters insurance in New Jersey. Residents pay an average $235 for renters insurance per year. State Farm quoted the lowest renters insurance rate in the city at $146 per year, which is $89 less than the city mean. Farmers quoted the most expensive rate of $390 per year and Amica offered the second most expensive rate of $234, which is $156 less than Farmers rate.
What Does Renters Insurance Cover in New Jersey?
Renters insurance in New Jersey and elsewhere provides financial protection through four main coverage elements: personal property, personal liability, additional living expenses and medical payments.
- Personal property coverage: If you're renting in New Jersey and your personal belongings are damaged or destroyed in a covered peril, this will cover the cost of replacing them up to policy limits. Common perils may include theft, vandalism or fire damage. New Jersey tenants who are at-risk of theft should consider renters insurance as financial protection against stolen belongings.
- Personal liability coverage: Liability coverage will cover the costs of an injury to others or, if you're sued, the cost of your legal defenses if you're at fault for the event. A typical renters insurance policy covers up to $100,000 in liability costs.
- Additional living expenses (ALE) coverage: New Jersey tenants can use ALE coverage to reimburse the costs of staying elsewhere if a covered event makes their apartment uninhabitable. If you're a Jersey City resident whose apartment is made unlivable by smoke damage, for example, ALE will cover the costs of staying in a hotel nearby up to specified dollar and time limits. However, coverage is only for costs above and beyond your normal expenses. ALE is also referred to as loss of use coverage.
- Medical payments coverage: Covers a limited amount of medical costs if a guest is injured on your property.
New Jersey renters aren't legally required to have renters insurance unless their landlord requires it in the lease. In the event your property manager does require it, purchasing it will be mandatory.
Regardless of the lease, we recommend that all New Jersey tenants purchase renters insurance given its valuable coverage features and affordability. At an average cost of $17 per month across the state, the cost to protect risks to property and exposure to legal liability is minimal.
We assessed 42 cities and townships in New Jersey to determine which areas had the cheapest renters insurance in the state. The renters insurance policy we gathered quotes for included $30,000 of coverage. We used State Farm, Allstate, Liberty Mutual, Farmers and Amica insurance companies to collect renters insurance rates. For each area, the quotes were averaged to arrive at a mean value. Please see below for an alphabetical list of all the cities and townships included in our comparison analysis. Each city and township is listed with the average annual cost of insurance for our benchmark policy and how much each area costs relative to the statewide mean.
|Rank||City||Average Annual Rate||Cost Compared to State Average|