Finding the best renters insurance is about picking the provider that combines cheap prices with practical forms of coverage and reliable customer service. We've collected 125 quotes from across the Garden State to help you find the best renters insurance in New Jersey.
Compare cheap renters insurance options in New Jersey
The cheapest renters insurance in New Jersey costs $11 per month, or $126 per year. Below, we reveal the insurer with the most affordable coverage in the state, as well as our breakdowns of New Jersey's other top providers.
Best renters insurance for most people: State Farm
- Lowest renters insurance rates
- Highly rated quality of customer service
- Few ways to upgrade beyond a basic level of protection
State Farm is the best renters insurance in NJ. The company's rates are far cheaper than the average cost of coverage in the state. State Farm renters insurance costs about $11 per month, or $126 per year—about 34% more affordable than New Jersey's typical price. Additionally, State Farm's average price is more than 20% cheaper than the next-cheapest provider.
The protection afforded by State Farm aligns with what's usually offered throughout the industry. Unlike some other insurers, though, State Farm renters insurance doesn't offer you many ways to improve your basic coverage. The most practical improvements, or endorsements, are increases to property and liability limits.
People looking for exceptional customer service should consider State Farm renters insurance. The National Association of Insurance Commissioners (NAIC) shows that State Farm gets fewer complaints than its vast market share suggests. Additionally, J.D. Power places the service at State Farm third among other large insurers.
Best renters insurance for young renters: Liberty Mutual
- Lowest minimum limits for personal property coverage
- Cheaper renters insurance rates than average in New Jersey
- Mixed customer service reputation
Young renters and college students living in off-campus apartments should consider Liberty Mutual renters insurance. The company has the lowest minimum limits for personal property of any of the companies we surveyed. This means that people whose property isn't worth more than $5,000 can still purchase insurance.
Additionally, coverage from Liberty Mutual offers some of the cheapest renters insurance in NJ. A basic policy, which includes all the coverage normally granted by other insurers, costs $14 per year—an annual rate of $164 per year. This is about 15% cheaper than how much renters insurance costs in New Jersey.
Furthermore, many renters stand to save money on their coverage with the discounts opportunities Liberty Mutual has. There are a total of six chances for discounts, but the easiest to achieve are shopping for coverage online, signing up for automatic payments and having a clean insurance history.
The downside of renters insurance from Liberty Mutual is its quality of service. Although the insurer receives fewer complaints than suggested by its market share, it ranks near the bottom of J.D. Power's renters insurance study: 11th of 14 providers surveyed.
Best renters insurance for complete coverage: Travelers
- Most additional forms of coverage offered
- Affordable prices compared to average
- Below-average customer service
- Renters must pay the full premium at once
Travelers has the best renters insurance in NJ for people who want to maximize their coverage by adding forms of coverage, called endorsements, to their standard policies. Travelers offers seven endorsements, the most of any company we surveyed. Especially useful are the following add-ons:
- Replacement cost coverage: Reimburses you for the full value of your lost or stolen property without accounting for its depreciation.
- Water backup protection: Covers water damage caused by malfunctioning drains.
- Equipment breakdown coverage: Safeguards your appliances from electrical or equipment malfunctions.
- Decreasing deductible: Allows you to your policy's deductible by $100 per year that you don't make a claim.
The cost of Travelers renters insurance is slightly cheaper than the average price in New Jersey. On average, coverage costs $189 per year, or 2% less cheaper than the statewide mean. Unlike other providers, Travelers doesn't offer many ways to reduce your premium with discounts. However, you could save by bundling policies.
If you're shopping for the provider with the best customer service, Travelers might not be the best renters insurance in NJ for you. Travelers has the most complaints for its market share of the companies we surveyed. Its service is also ranked poorly by J.D. Power, coming in at 13th out of 14 companies.
How we chose the best renters insurance in NJ
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.
Affordability: Finding the cheapest cost of renters insurance in NJ
The average cost of renters insurance in NJ is $16 per month, or $195 per year. This is about 3% more expensive than what coverage typically costs people in the United States, which we found is $15 per month or $187 annually.
The cheapest renters insurance company in New Jersey is State Farm, where customers can purchase coverage for $11 per month. At Farmers, on the other hand, a policy costs $24 monthly.
|Insurance providers||Average cost (per month)||Average cost (per year)||% difference from statewide average|
|Average cost in NJ||$16||$195||2%|
Your renters insurance premium depends on a variety of factors that vary from person to person. For this reason, it's likely that your rates would be different than someone purchasing coverage from the same company.
Among other things, the price of coverage you pay depends on your age, location and attributes of your property that insurers can use to gauge risk, like the material it's made of. In large part, your renters insurance premiums are determined by the amount of coverage you want to buy. With this in mind, our sample quotes reflect these levels of coverage:
- Personal property protection: $30,000
- Personal liability: $100,000
- Medical payments to others: $1,000
- Deductible: $500 where available
Qualities relating to your individual profile have an effect on your quoted price, too. Elements such as your gender, marital situation and personal insurance history all play a role in how much you'll pay for renters insurance. Our sample profile that we used to gather quotes was a 30-year-old male renter, who lived alone and had no insurance history.
Compare Renters Insurance Quotes from Providers in New Jersey
Coverage options: Features offered by each renters insurance company
Below, we've displayed the offerings that are provided by each of the renters insurance companies in NJ that we collected rates from. 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.
While the companies we've highlighted have basic policies that don't require any additional endorsements to be effective, there are multiple ways to upgrade your protections with each provider.
|Insurer||Personal property coverage||Personal liability||Earthquake||Water-backup coverage||Identity theft protection||Replacement-cost coverage||Valuables plus|
|State Farm||$10,000 – more than $100,000||$100,000 – $1 million||X||-||X||-||X|
|Liberty Mutual||$5,000 – $25,000||$100,000 – $1 million||X||-||X||X||X|
|Allstate||$15,000 – more than $100,000||$100,000 – $500,000||-||-||X||-||-|
|Travelers||$30,000 – more than 100,000||$100,000 – $500,000||X||X||X||X||X|
|Farmers||$4,000 – $150,000||$100,000 – $1 million||-||-||X||X||-|
Customer service: The reputations companies have for serving their customers
We compared three measurements of service quality to find which renters insurance in New Jersey has the best reputation for meeting its policyholders' needs. These three metrics are: NAIC's Complaint Index, J.D. Power's U.S. Home Insurance Study - Renters Insurance and A.M. Best's Financial Strength Rating.
|Group||NAIC Complaint Index||J.D. Power study (score out of 14)||A.M. Best Financial Strength Rating|
|New Jersey Manufacturers||0.00||Not rated||A+|
|Plymouth Rock of New Jersey||0.13||Not rated||A-|
|American Family||0.60||Not rated||A|
NAIC Complaint Index: Calculated by the National Association of Insurance Commissioners, the Complaint Index measures the complaints an insurer receives. This number is communicated relative to each insurer's market share, or size. Since 1.0 represents a typical number of complaints, an Complaint Index of 2.0 means that a provider receives double the complaints expected.
J.D. Power U.S. Home Insurance Study - Renters Insurance: This study ranks 14 of the nation's largest renters insurance companies for their customers' overall satisfaction. The composite rankings J.D. Power used to rank companies reflects policyholders' feedback regarding customer service, claims offerings and pricing, and more.
A.M. Best Financial Strength Rating: An insurer's Financial Strength Rating predicts its ability to pay out its claims and meet other financial obligations in the event of an economic recession or disaster requiring mass payouts. A.M. Best rates most companies highly, making it easier to identify risky providers.
New Jersey renters insurance rates: City-by-city breakdowns
Our data collection allowed us to deduce the cost of renters insurance in cities throughout New Jersey. The following table communicates the price renters typically pay per city, in addition to the city's comparison to the average cost of coverage in NJ. The cities are organized by population.
The cheapest renters insurance in NJ comes from Linden, while Atlantic City tends to be the most expensive city for coverage in the state.
|City||Average cost (per month)||Average cost (per year)||% difference from statewide average|
|Jersey City, NJ||$16||$189||-1%|
|Union City, NJ||$19||$223||16%|
|East Orange, NJ||$18||$216||13%|
|New Brunswick, NJ||$14||$166||-13%|
|West New York, NJ||$20||$245||27%|
|Perth Amboy, NJ||$13||$158||-18%|
|Atlantic City, NJ||$22||$260||35%|
|Fort Lee, NJ||$15||$183||-5%|
|Long Branch, NJ||$16||$191||-1%|
We found the cost of renters insurance in New Jersey using 125 quotes from addresses across the state. Our rates are calculated for $30,000 of personal property coverage, $100,000 of personal liability and $1,000 of medical payments to others.
Our profile for collecting these quotes had the attributes of a 30-year-old male renters, living alone, who had no history of having insurance or making claims. Your rates could differ from ours.