The Best Cheap Renters Insurance in New Jersey for 2024
State Farm has the best combination of cheap rates and good customer service among New Jersey renters insurance companies.
Compare Cheap Renters Insurance Quotes in New Jersey
Best Cheap Renters Insurance in NJ
ValuePenguin editors collected over 100 quotes from five top renters insurance companies to find the best renters insurance in NJ. Our experts rated insurance companies by coverage, cost and customer service.
Cheapest renters insurance companies in New Jersey
Lemonade has the cheapest renters insurance quotes in New Jersey, at $8 per month for $30,000 of personal property coverage.
State Farm also has affordable rates, with an average of $10 per month. That's 45% cheaper than the New Jersey state average.
Compare Cheap Renters Insurance Quotes in New Jersey
New Jersey has the ninth cheapest renters insurance rates in the U.S. On average, it costs $18 per month in New Jersey for $30,000 of personal property coverage. That's $5 per month less than the national average. Personal property coverage is what you need to replace or repair the things you own should they get stolen or damaged due to a covered loss.
Renters insurance in NJ is slightly cheaper than in nearby Pennsylvania and New York.
Top renters insurance companies in New Jersey
Company | Monthly cost | ||
|---|---|---|---|
| Lemonade | $8 | |
| State Farm | $10 | |
| Amica | $19 | |
| Assurant | $20 | |
| Progressive | $31 | |
Best renters insurance company in New Jersey: State Farm
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Editor's rating
- Cost: $10/mo
State Farm has cheap renters insurance quotes and a strong reputation for customer satisfaction.
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Cheap quotes
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Good customer service
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Large network of local agents
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Strong renters-auto bundling discount
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Few other discounts
State Farm has affordable rates and good customer service.
State Farm has some of the cheapest renters insurance in New Jersey. The company charges $10 per month for $30,000 of personal property coverage, which will help pay to repair or replace the things you own should they get damaged or stolen. That's a savings of $96 per year over the New Jersey state average.
State Farm scored above average on the most recent J.D. Power customer satisfaction survey for renters insurance. The company also gets a roughly average number of complaints compared to an average company its size.
State Farm has the best discount for bundling your auto and renters policies among major insurance companies. If you already have a State Farm auto policy, it's a smart idea to see how much you'd save by bundling your coverage.
State Farm lets you buy a renters insurance policy online or through a local agent. Agents can offer personalized help and advice. However, the process often takes longer and is less convenient than buying online.
Best for cheap renters rates in New Jersey: Lemonade
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Editor's rating
- Cost: $8/mo
Lemonade has the cheapest renters insurance in New Jersey.
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Cheap quotes
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Fast claims process
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Easy online shopping experience
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Extra coverage options available
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Few discounts
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Mixed customer satisfaction
Lemonade has the cheapest renters insurance in New Jersey. The company charges $8 per month on average for $30,000 of personal property coverage. That's less than half the New Jersey state average.
The company takes a digital-first approach to selling and managing renters insurance. Unlike traditional insurance companies, Lemonade doesn't use agents to sell policies or help customers. Instead, the company relies on AI tools and online forms.
This means Lemonade can prepare quotes and file simple claims in minutes. However, you may have a hard time getting human support if you need to file a more complex claim.
Lemonade extra coverage options
- Mold damage
- Equipment breakdown
- Replacement cost
- Water backup
- Umbrella insurance
- Flood insurance
- Pet damage
- Valuable items
Best renters insurance in New Jersey for customer service: Amica
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Editor's rating
- Cost: $19/mo
Amica has a strong reputation for customer satisfaction.
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Strong customer service
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Good claims processing
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Extra discounts and coverage options available
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Average rates
Amica has a strong reputation for good customer service. The company gets a third of the complaints of an average insurance company its size.
Amica also came in first on a recent J.D. Power survey measuring claims satisfaction for renters and homeowners. It's important to choose a company with a smooth claims process. You don't want to deal with another headache while dealing with a theft or another covered loss.
Amica offers slightly higher than average rates for New Jersey renters.
The company charges an average of $19 per month for $30,000 of personal property coverage. That's $1 per month more than the New Jersey state average.
Amica gives you several ways to lower your monthly rate. You can take advantage of its bundling discount if you already have an Amica auto policy. The company also offers discounts if you go at least three years without an accident, buy online, renew your policy two years in a row or sign up for autopay.
New Jersey renters can personalize their Amica policies with several coverage add-ons. You can upgrade to replacement cost coverage, which pays for the full cost of your items.
Amica also offers coverage for identity theft, flood damage and higher limits for expensive items like jewelry, laptops and high-end furniture.
New Jersey renters insurance cost by city
East Orange, a New York suburb, has the most expensive renters insurance in New Jersey.
Renters insurance in East Orange costs $23 per month for $30,000 of personal property coverage on average. Trenton, the capital of New Jersey, has the cheapest renters insurance in NJ, at $15 per month.
Where you live can influence how much you pay for renters insurance. That's because factors like crime rates, the frequency of certain natural disasters and the cost of labor and materials can all impact your monthly insurance costs.
City | Monthly rate | % from average |
|---|---|---|
| Bayonne | $17 | -4% |
| Brick | $19 | 10% |
| Camden | $18 | 1% |
| Cherry Hill | $18 | 1% |
| Clifton | $15 | -15% |
Tips for getting the cheapest renters insurance in New Jersey
Pay less for renters insurance in New Jersey by comparing quotes and taking advantage of discounts.
You could save $275 per year by comparing renters insurance quotes. That's the difference between the most expensive renters insurance company in New Jersey, Progressive, and the cheapest, Lemonade, for the same level of coverage.
Keep in mind that paying more for renters insurance doesn't mean you'll get better service. For example, State Farm has cheap rates and a good reputation for customer satisfaction.
Most New Jersey renters insurance companies offer one or more discounts. It's important to factor in these savings when comparing quotes.
Common New Jersey renters insurance discounts
- Pay in full
- Renters-auto bundling
- Home protection device
- Automatic payments
- Claims free discount
- Loyalty
Common natural disasters in New Jersey
New Jersey renters should protect themselves against powerful storms and floods.
Most standard renters insurance policies cover storm damage. Keep in mind that renters insurance won't pay to repair the structure of your apartment or rented house. That's your landlord's responsibility.
Instead, renters insurance covers the items you own. For example, a renters policy would pay to replace a stolen laptop or necklace up to your policy limits.
Many policies will also pay for a hotel or another short-term rental if your apartment is uninhabitable, called loss of use coverage.
Renters insurance won't pay for flood damage.
Keep in mind that insurance companies narrowly define flooding. Rainwater that leaks through the ceiling or water from a burst pipe is typically considered nonflood damage, so your standard renters policy would cover it.
Otherwise, you might need to purchase flood insurance for renters. However, it doesn't usually make sense to buy flood insurance unless you live in a basement or ground-floor unit or home.
It's also important to understand your area's flood risk before you buy a plan. Use the flood map tool on FEMA's website to find your risk level.
Frequently asked questions
Who has the most affordable renters insurance in New Jersey?
Lemonade has the cheapest renters insurance in New Jersey, at $8 per month for $30,000 of personal property coverage. However, State Farm has the best renters insurance for most people because of its low rates and good reputation for customer satisfaction.
How much is renters insurance in NJ?
Renters insurance in New Jersey costs $18 per month on average. That's $5 per month cheaper than the national average.
Is Lemonade insurance available in NJ?
Yes, you can buy Lemonade renters insurance in New Jersey.
Methodology
ValuePenguin collected more than 100 quotes from top renters insurance companies for 24 of the largest cities in New Jersey for an unmarried 30-year-old woman who has no history of renters insurance claims. Coverage limits include:
- $30,000 of personal property coverage
- $9,000 for loss of use
- $500 deductible
- $100,000 of personal liability
- $1,000 of medical payments to guests
Customer service ratings were created using quotes for renters insurance, coverage options, complaint data from the National Association of Insurance Commissioners (NAIC) and the most recent J.D. Power renters insurance customer satisfaction survey (2023).
These rates are for comparative purposes only. Your quotes will differ.
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.