Renters insurance in New Jersey: Cost, best companies and how to save

What is the average cost of renters insurance in New Jersey?

The average cost of renters insurance in New Jersey is $190 per year. Rates vary depending on factors like your location, the amount of coverage you choose, your deductible, and your claims history.

"The number one thing that's most important is to get good liability. A renter's policy will default to $100,000 liability," Josiah Hatch, an insurance pro with Bender Hatch Insurance in Boston, said. "It costs next to nothing to go from $100,000 to $500,000. I want to say it's probably 10 bucks a year. It's really cheap to get a lot of extra coverage. I always recommend getting the most liability you can because that's, at its core, what insurance is all about: the worst-case scenario."

Average annual premium	$190
Average monthly premium	$16

Read our methodology

Best renters insurance company in New Jersey: Chubb Ltd

Among the carriers surveyed, Chubb Ltd is the best renters insurance company in New Jersey, with a top score and an average renters insurance rate of $191.

New Jersey Manufacturers and American Family are the other best insurance companies for renters insurance in New Jersey.

Rates differ widely between renters insurance providers, so it's best to shop around. It's also important to choose an insurance company with a good reputation so you know it will be there for you when you need it.

To help you choose the best renters insurance in New Jersey, we reviewed average rates, NAIC complaints, and AM Best financial ratings. The total Insurance.com score is calculated out of five using these factors.

Below are the best renters insurance companies in New Jersey.

Company	Average annual premium	AM Best	NAIC	Insurance.com rating
Chubb Ltd	$191	A++	0.18	5
New Jersey Manufacturers	$107	A+	0.14	4.97
American Family	$145	A	0.37	4.44
State Farm	$126	A++	0.95	4.12
Allstate	$195	A+	0.9	3.68
Farmers	$243	A	0.54	3.67
Franklin Mutual	$224	A	0.71	3.62
Plymouth Rock Assurance	$312	A-	1.38	2.35

Read our methodology

Cheapest renters insurance in New Jersey

New Jersey Manufacturers is the cheapest renters insurance company in New Jersey, with an average annual premium of $107, based on our analysis.

Since renters insurance rates vary significantly from one provider to another, comparing quotes is the best way to find affordable coverage that fits your needs.

Below is the list of the cheapest renters insurance companies in New Jersey and their average annual premiums.

Company name	Average annual premium
New Jersey Manufacturers	$107
State Farm	$126
American Family	$145
Chubb Ltd	$191
Allstate	$195
Franklin Mutual	$224
Farmers	$243
Plymouth Rock Assurance	$312
USAA	$152

Read our methodology

New Jersey renters insurance: The least and most expensive ZIP codes

Where you live in New Jersey directly affects the cost of your renters insurance. The most expensive ZIP code in New Jersey is 7112, where the average annual premium is $222. This is $32 more than higher than the average rate.

On the other hand, 7829 is the least expensive ZIP code for renters insurance with an average annual premium of $167 a year.

Best home insurance companies in Texas

Most expensive ZIP code
Least expensive ZIP code

ZIP code	Average annual rate
7112	$222
7114	$221
8201	$219
7111	$218
8241	$217
8406	$215
8234	$212
8246	$211
7202	$208
7524	$207

ZIP code	Average annual rate
7829	$167
7823	$168
7840	$168
8808	$170
7428	$173
8858	$175
7065	$176
7442	$177
7016	$178
8620	$182

Renters insurance cost in New Jersey by city

In New Jersey, renters insurance rates vary across cities due to factors such as weather risks, crime rates, and other factors. To get the best deal in your city, Compare quotes from several insurers before selecting a policy, so they weigh each factor differently.

City	Annual insurance premium
Bayonne	$190
Camden	$195
Clifton	$179
East Orange	$198
Elizabeth	$184
Jersey City	$188
Newark	$198
Passaic	$182
Paterson	$190
Trenton	$188

Read our methodology

How to save on renters insurance in New Jersey

You can lower the cost of renters insurance in New Jersey in several simple ways without reducing the coverage you need:

Bundle your policies. Many insurers give a discount when you purchase renters and auto insurance together.
Increase your deductible. Selecting a higher deductible lowers your monthly or yearly premium, but you should make sure you can afford it.
Ask about discounts. Many insurance companies offer discounts for having smoke alarms, security systems, or a claims-free history.
Compare quotes. Since prices vary widely between companies, getting quotes from multiple insurers helps you find the best deal.
Pay annually. Some insurers provide a small discount if you make yearly payment instead of paying monthly.

Methodology

Insurance.com compared renters insurance rates provided by Quadrant Information Services for $40,000 personal property coverage with a $1,000 deductible and $100,000 liability coverage for all available ZIP codes based on a renter with good credit. To rank the best insurance companies, we gathered AM Best financial stability ratings, where an A++ is the best possible score, and National Association of Insurance Commissioners (NAIC) complaint ratios, which compare the number of complaints a company receives to the anticipated complaint volume based on market share. These factors were used along with rates to find the best companies overall.

FAQ: New Jersey renters insurance

Do I need renters insurance in New Jersey?

You do not legally require renters insurance, but your landlord may require you to carry a policy as part of your lease agreement.

How much renters insurance do I need in New Jersey?

You should make sure your personal property coverage is sufficient to replace all of your belongings at replacement cost; there is no minimum requirement.