- What is the average cost of renters insurance in New Jersey?
- Best renters insurance company in New Jersey: Chubb
- Cheapest renters insurance in New Jersey
- New Jersey renters insurance: The least and most expensive ZIP codes
- Renters insurance cost in New Jersey by city
- How to save on renters insurance in New Jersey
- Methodology
- FAQ: New Jersey renters insurance
- Compare New Jersey renters insurance rates with other states
What is the average cost of renters insurance in New Jersey?
The average cost of renters insurance in New Jersey is $221 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 | $221 |
| Average monthly premium | $18 |
Best renters insurance company in New Jersey: Chubb
Among the carriers surveyed, Chubb is the best renters insurance company in New Jersey, with a top score and an average renters insurance rate of $191.
NJM and State Farm 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 | $191 | A++ | 0.07 | 4.85 |
| NJM | $257 | A+ | 0.06 | 4.68 |
| State Farm | $142 | A | 1.15 | 4.64 |
| Farmers | $188 | A | 0.89 | 4.61 |
| Franklin Mutual | $238 | A | 1.00 | 4.55 |
| Plymouth Rock Assurance | $351 | A- | 1.13 | 4.33 |
| USAA | $165 | A++ | 0.46 | 4.85 |
Cheapest renters insurance in New Jersey
State Farm is the cheapest renters insurance company in New Jersey, with an average annual premium of $142, 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 |
|---|---|
| State Farm | $142 |
| American Family | $152 |
| Farmers | $188 |
| Chubb | $191 |
| Franklin Mutual | $238 |
| NJM | $257 |
| Plymouth Rock Assurance | $351 |
| Allstate | $476 |
| USAA | $165 |
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 $240. This is $19 more than higher than the average rate.
On the other hand, 7823 is the least expensive ZIP code for renters insurance with an average annual premium of $204 a year.
| City | ZIP code | Average annual rate |
|---|---|---|
| Newark | 7112 | $240 |
| Absecon | 8201 | $238 |
| East Orange | 7018 | $238 |
| Leeds Point | 8220 | $237 |
| Oceanville | 8231 | $237 |
| Pennsauken | 8110 | $237 |
| Goshen | 8218 | $236 |
| Lanoka Harbor | 8734 | $236 |
| Mantoloking | 8738 | $236 |
| Normandy Beach | 8739 | $236 |
| City | ZIP code | Average annual rate |
|---|---|---|
| Belvidere | 7823 | $204 |
| Blairstown | 7825 | $204 |
| Broadway | 8808 | $204 |
| Buttzville | 7829 | $204 |
| Columbia | 7832 | $204 |
| Great Meadows | 7838 | $204 |
| Greenwich | 8886 | $204 |
| Hackettstown | 7840 | $204 |
| Johnsonburg | 7846 | $204 |
| Oxford | 7863 | $204 |
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
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.
