The Most Affordable Renters Insurance in New Jersey

Finding the finest renters insurance requires selecting a provider that combines low pricing with useful kinds of coverage and dependable customer support. We gathered 125 renters insurance quotes from throughout the Garden State to assist you in finding the best renters insurance in New Jersey.

Renters insurance in New Jersey is as low as $11 per month, or $126 per year. We disclose the insurer with the most affordable coverage in the state, as well as our breakdowns of the state's other top providers, below.

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State Farm provides the best renters insurance for the majority of consumers.

State Farm provides the best renters insurance in New Jersey. The company's premiums are significantly lower than the state's average cost of coverage. State Farm renters insurance costs roughly $11 per month, or $126 per year—about 34% less than the average price in New Jersey. Furthermore, State Farm's average pricing is more than 20% lower than the next-lowest supplier.

State Farm's protection is comparable to what is typically provided in the business. Unlike some other insurers, State Farm renters insurance does not provide many options for enhancing your basic coverage. Increases in property and liability limitations are the most feasible enhancements, or endorsements.

State Farm renters insurance is a good option for anyone who wants excellent customer service. According to the National Association of Insurance Commissioners (NAIC), State Farm receives fewer complaints than its large market share predicts. Furthermore, J.D. Power ranks State Farm's service third among large insurers.

Liberty Mutual is the best renters insurance for young renters.

Liberty Mutual renters insurance is recommended for young renters and college students living in off-campus housing. The firm has the lowest personal property minimum limits of all of the companies we surveyed. This means that persons with property worth less than $5,000 can still buy insurance.

Furthermore, Liberty Mutual coverage is among the most affordable renters insurance in New Jersey. Standard insurance, which includes all of the coverage generally provided by other insurers, costs $14 per year, for a total annual rate of $164. This is approximately 15% less than the cost of renters insurance in New Jersey.

Furthermore, many renters can save money on their insurance by taking advantage of the discounts offered by Liberty Mutual. There are six ways to get a discount, but the simplest are shopping for coverage online, signing up for automatic payments, and having a clean insurance history.

The level of service provided by Liberty Mutual renters insurance is a disadvantage. Despite receiving fewer complaints than its market share suggests, the insurer comes towards the bottom of J.D. Power's renters insurance report, ranking 11th out of 14 companies surveyed.

Travelers Insurance is the best renters insurance for comprehensive coverage.

Travelers provides the best renters insurance in New Jersey for those who wish to optimize their coverage by adding forms of coverage, known as endorsements, to their basic policy. Travelers had the most endorsements of any company we surveyed, at seven. The following add-ons are especially useful:

• Replacement cost coverage reimburses you for the entire worth of your lost or stolen property, without taking depreciation into consideration.

• Water backup protection: Protects against water damage caused by faulty drains.

• Coverage for equipment breakdown: Protects your appliances from electrical or equipment faults.

• Deductible reduction: This allows you to reduce your policy's deductible by $100 per year that you do not file a claim.

Travelers renters insurance is somewhat less expensive than the average pricing in New Jersey. Coverage costs an average of $189 per year, which is 2% less than the statewide average. Unlike other providers, Travelers does not provide many options for lowering your premium through discounts. Bundling policies, on the other hand, could save you money.

Travelers may not be the finest renters insurance in NJ for you if you're looking for the best customer service. Of the businesses we surveyed, Travelers has received the most complaints due to its market share. J.D. Power similarly ranks its service poorly, placing it 13th out of 14 companies.

How we selected the finest renters insurance in New Jersey

In order to find the top renters insurance provider in New Jersey, we looked at three aspects of each insurer. We compared each firm's:

• Affordability: The amount of money that a typical consumer might expect to pay for coverage.

• Coverage options: The standard policy and endorsements of a provider's standard policy.

• Customer service: A company's reputation for treating policyholders properly and responding to claims.

Affordability: Locating the lowest renters insurance in NJ.

Renters insurance in New Jersey costs an average of $16 per month, or $195 per year. This is around 3% more expensive than the average cost of coverage in the United States, which we discovered is $15 per month or $187 per year.

State Farm is the most affordable renters insurance in New Jersey, with coverage starting at $11 per month. Farmers, on the other hand, charges $24 per month for a policy.

Your renters insurance premium is determined by a number of criteria that differ from person to person. As a result, your prices are likely to differ from those of others who purchase coverage from the same business.

The cost of coverage is determined, among other things, by your age, location, and the characteristics of your property that insurers might use to assess risk, such as the material it is constructed of. Renters insurance premiums are largely influenced by the amount of coverage you wish to purchase. With this in mind, our sample quotations include the following levels of coverage:

• Personal property insurance: $30,000

• $100,000 in personal liability

• Other people's medical expenses: $1,000

• Deductible: $500, if available.

Qualities related to your personal profile also have an impact on your quoted price. Renter's insurance premiums are determined by factors such as your gender, marital status, and personal insurance history. Our quote-gathering profile was a 30-year-old male renter who lived alone and had no insurance history.

Coverage options: Each renters insurance company has different features.

Below, we've included the services provided by all the other renter's insurance providers in NJ from whom we acquired rates. There is no legal requirement for renters insurance, but we recommend selecting a provider who provides adequate coverage for all of your property and assets.

While the firms we've mentioned have basic plans that don't require any further endorsements to be effective, there are a variety of options to increase your safeguards with each provider.

Customer service: A company's reputation for serving its customers.

We examined three service quality measures to determine which renters insurance in New Jersey has the best reputation for serving the demands of its policyholders. These three measures are as follows: The NAIC Complaint Index, J.D. Power's U.S. Home Insurance Study - Renters Insurance, and A.M. Best's Financial Strength Rating are all useful resources.

• NAIC Complaint Index: The Complaint Index is calculated by the National Association of Insurance Commissioners and measures the number of complaints received by an insurer. This figure is given in relation to the market share or size of each insurer. Because 1.0 represents the average number of complaints, a Complaint Index of 2.0 indicates that a provider receives twice as many complaints as expected.

• J.D. Power's Home Insurance Study in the United States - Renters Insurance: This research rates 14 of the nation's largest renters insurance firms in terms of overall customer satisfaction. J.D. Power's composite rankings consider policyholder comments on customer service, claims offerings and pricing, and other factors.

• A.M. Best Financial Strength Rating: The Financial Strength Rating of an insurer anticipates its capacity to pay out claims and satisfy other financial obligations in the event of an economic downturn or calamity demanding large payouts. Most organizations are highly rated by A.M. Best, making it easier to detect problematic providers.

Rates for renters insurance in New Jersey: A city-by-city breakdown

We were able to calculate the cost of renters insurance in cities across New Jersey thanks to our data collection. The table below shows the price renters normally pay by city, as well as the city's comparison to the average cost of coverage in New Jersey. The cities are classified according to their population.

Linden has the cheapest renters insurance in NJ, while Atlantic City has the most expensive coverage in the state.