Best Renters Insurance in New Jersey (2024)

After in-depth research, we at the Guides Home Team found the following to be New Jersey’s best renters insurance providers:

• Lemonade: Our top pick
• Toggle: Our pick for custom pricing
• Liberty Mutual: Our pick for discounts
• Allstate: Our pick for seniors
• State Farm: Our pick for affordable premiums
• USAA: Our pick for military members

The average cost of renters insurance in New Jersey is $13.08 which is lower than the national average of $15 per year. Our top rated renters insurance companies in the state have average monthly premiums ranging from $6.92 to $16.98, but the cost you pay will differ greatly based on location. Use the charts below to understand how much you can expect to pay based on location, personal property coverage, and company before getting quotes.

*Pricing is based on data from Quadrant Information Services or sample quotes we pulled for a standard insurance policy for a single occupant in Jersey City, N.J. Your cost may vary depending on factors like your location, coverage and personal property needs. 

No, it is not a legal requirement to have renters coverage in New Jersey. However, it is a requirement imposed by most landlords. By making sure all tenants carry renters insurance, landlords can mitigate risk of a lawsuit, recoup relocation expenses and more.

Even if your landlord doesn’t require renters insurance, it’s not a bad idea to get it anyway, as their policies don't cover your belongings or injuries that occur in your home. A renters insurance policy can provide added peace of mind, and it’s relatively inexpensive.

The cost of your New Jersey renters insurance policy can vary. For example, you might receive a considerably different quote for the same apartment as someone else, as your own situation can look different. A few aspects impact your renters insurance policy, including the following.

Claims Record

If you’ve filed multiple claims in the past on your other insurance policies (including auto or renters), your renters insurance policy may come with higher premiums. Individuals without any claims on their insurance records may receive more affordable rates and premiums than someone with multiple claims.

Coverages, Deductibles and Discounts

The amount of coverage, deductibles and discounts you use will impact the final cost of your insurance policy. In general, additional coverage will increase how much you need to pay for your policy. In addition, lower deductibles usually translate to higher premiums, while higher deductibles usually mean lower premiums.

Aside from these two choices, the discounts available can affect your policy's price. Many providers offer bundling discounts — among others — so renters can take advantage of these to help cut costs.

Credit Score

A strong credit score can impact how much you pay each month for your insurance policy. In many cases, a good credit score can translate to more affordable premiums or added discounts available to you. Conversely, a poor credit score can translate to higher premiums, as providers often consider you riskier to cover.

Location and Home Risk Level

The location of your home and the risk level in your area may also affect the cost of your premium. Generally, homes in riskier areas cost more to insure, whereas homes in areas deemed safer are usually less to insure.

Although New Jersey doesn’t have an extensive list of natural disaster threats, flooding is a concern for coastal residents. Homes throughout the state, especially those close to the coast, may experience significant flooding after tropical storms or hurricanes, so flood coverage is essential for many renters.

Unfortunately, many renters insurance policies exclude flood coverage — so if flooding is a threat to your home, ensure you choose a policy (or add-on) that offers flood coverage.

Reach Out to the New Jersey Division of Insurance for Assistance

In New Jersey, the Department of Banking and Insurance’s Division of Insurance handles issues associated with insurance complaints. If you cannot resolve an issue with your insurance company or have questions and complaints about this topic, contact the Division of Insurance.

The National Association of Insurance Commissioners (NAIC) supports state insurance regulators, so they’re also an option. You can find answers to basic questions on New Jersey’s Consumer Guide to Renters Insurance.

We recommend  Lemonade for convenience and affordable renters insurance coverage in New Jersey. Because the company doesn’t maintain a physical agent network, it saves money on operations and can offer impressively cheap prices without reducing coverage quality. Plus, you can sign up for a policy and file a claim in minutes, minimizing friction points and stress if you experience a covered loss.

However, each renter has unique needs that may be better served by other providers on this list. We recommend comparing at least three quotes with equal deductibles and coverage limits before making a final decision.