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Top 6 Renters Insurance Providers in New Jersey of 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
Lemonade Renters Insurance
Our Top Pick
4.6
Cost: 4.8
Availability and Ease of Use: 5
Brand Trust: 5
Coverage: 3.5
Our Review
A.M. BestNRJ.D. Power854/1000
MONTHLY COST$13.33
Pros and Cons
Pros Fastest claims processing in the business Comprehensive coverage customization options Policies start at an advertised $5 per month Cons Burst pipe coverage is not included in standard policy Human to human communication is limited
Why We Chose Lemonade
Lemonade is an innovative insurance company that simplifies the claims process for its customers. Its user-friendly mobile app allows users to easily file, track and resolve claims quickly, potentially cutting down wait times by weeks. The company employs a completely AI-based customer service system, which responds promptly and is available around the clock. However, in cases where the AI lacks understanding, obtaining assistance may be challenging.
Discounts and Endorsem*nts
Discounts:
- Claim history
- Lower rates for a high deductible choice of $2,500
- Safety devices
Endorsem*nts:
- Landlord property damage
- High-value property such as bikes, fine art, cameras and jewelry
- Significant other if you’re not officially married or in a legally-recognized civil union
- Water backup damage
Toggle Renters Insurance
Our Pick for Custom Pricing
4.1
Cost: 4.3
Availability and Ease of Use: 3.6
Brand Trust: 4.5
Coverage: 4
Our Review
A.M. BestAJ.D. PowerNR
MONTHLY COST$12.59
Pros and Cons
Pros Offers unique add-ons like pet protection and identity theft coverage Can help you report rent payments to credit bureaus Basic plan available from $5 a month in most areas Cons May have higher rates than competitors in some states May be challenging to speak with a customer service representative via phone
Why We Chose Toggle
Toggle is a tech-forward renters insurance provider that can be a good choice for anyone working to build their credit. As a renter, the monthly payments you make to your landlord are not reported to the three major credit reporting bureaus responsible for maintaining credit score data. However, Toggle’s unique Credit Lift option can help you report and get credit for your monthly rent payments.
If you are looking for a more customizable option for your renters insurance, Toggle may be worth considering. It includes more unique options for add-on coverage, ranging from protection for pet damage to specialized coverage for the tools and equipment if you have a side hustle. Toggle is also underwritten by 21st Century Assurance Company, combining the financial strength of major insurers with the personalization range of a fintech startup.
Discounts and Endorsem*nts
Based on our research, Toggle currently offers a diminishing deductible discount and a multi-policy discount. Although it does not offer any additional discounts on renters policies, Toggle users do receive a wide variety of discounts on products and services such as meal kits, streaming services, moving services, internet, and dining.
The company also offers multiple policy endorsem*nts, including:
- Identity protector
- Temporary living costs
- Pet Parent
- High-value items
- Side hustle
Liberty Mutual Renters Insurance Our Pick for Discounts
4.2
Cost: 4.4
Availability and Ease of Use: 4.6
Brand Trust: 4.3
Coverage: 3
Our Review
A.M. BestAJ.D. Power848/1000
MONTHLY COST$16.85
Pros and Cons
Pros Offers more discounts than competing nationwide providers Multiple coverage customization options, especially for personal property Features simplified policy documents and language Cons No discount for home safety features like other renters insurance providers Higher-than-average base premiums
Why We Chose Liberty Mutual
With over 100 years of experience in the insurance industry, Liberty Mutual is a national provider of renters insurance policies. With discounts available for everything from buying a policy online to enrolling in autopay, Liberty Mutual offers multiple ways to save on renters insurance. While policy rates may be slightly higher than average in some areas, Liberty Mutual’s wide range of coverage options and customization can be worth it for renters with unique or valuable items to protect.
Discounts and Endorsem*nts
Liberty Mutual offers the following discount options:
- Claims-free
- Early shopper
- Online autopay enrollment
- Multi-policy bundling
- Online purchase
The company also allows customers to purchase policy add-ons:
- Blanket jewelry
- Earthquake coverage
- Personal property replacement cost coverage
- Identity theft protection
Allstate Renters Insurance
Our Pick for Seniors
4.3
Cost: 5
Availability and Ease of Use: 4.2
Brand Trust: 4.7
Coverage: 2.5
Our Review
A.M. BestA+J.D. Power835/1000
MONTHLY COST$16.58
Pros and Cons
Pros Offers optional flood insurance Features 24/7 customer service availability Available discounts are compelling, especially for seniors Cons Below average customer satisfaction Standard policies are quite expensive
Why We Chose Allstate
Allstate provides comprehensive coverage with high limits and competitive discounts, making it an excellent choice for renters. Seniors aged 55 and above who are retired can benefit from a unique discount offered by Allstate.
With Allstate’s bundling discounts, renters insurance becomes an appealing option for those who already have an insurance policy with the company or are seeking multiple policies from a single provider. However, standalone renters policies from Allstate can be expensive.
Discounts and Endorsem*nts
Discounts:
- Retired seniors
- Autopay
- Claim-free
- Multi-policy bundling
- Protective device
Endorsem*nts:
- Scheduled personal property add-ons
- Identity theft protection
State Farm Renters Insurance
Our Pick for Affordable Premiums
4.3
Cost: 4.3
Availability and Ease of Use: 5
Brand Trust: 4.7
Coverage: 3.5
Our Review
A.M. BestA++J.D. Power844/1000
MONTHLY COST$6.92
Pros and Cons
Pros Base policy surpasses standard HO3 coverage Features helpful online library of resources Local network of agents provides a personal touch Cons Instant quotes are not always available Offers fewer discounts than many competitors
Why We Chose State Farm
State Farm provides excellent coverage for personal belongings and offers four endorsem*nts to enhance your policy when necessary. What’s more, their vast network of local insurance agents ensures that you have a personal touch to your insurance dealings. Whether you need renters insurance to meet your landlord’s requirements or are looking for affordable options, State Farm is a good choice for many renters.
Discounts and Endorsem*nts
Discounts:
- Safety features
- Multi-policy bundling
Endorsem*nts:
- High-value personal property
- Waterbed coverage
- Identity theft protection
- Business property and liability
USAA Renters Insurance
Our Pick for Military Members
4.4
Cost: 4.8
Availability and Ease of Use: 4.6
Brand Trust: 5
Coverage: 3
Our Review
A.M. BestA++J.D. Power894/1000
MONTHLY COST$10.42
Pros and Cons
Pros Website advertises costs for as little as 33 cents per day Includes flood and earthquake insurance with its standard policy Offerings are tailored for military members Cons No unique discounts available Must be an eligible service member or family of a service member to qualify
Why We Chose USAA
If you or a loved one are serving or have served in the U.S. military, USAA is an excellent choice for renters insurance. The company only serves veterans, active military members and their families — so some folks may not qualify.
The company rates highly among its customers, offering excellent coverage in its basic plans. For example, USAA policyholders receive coverage for flooding and identity theft, all at no extra cost.
Discounts and Endorsem*nts
Discounts:
- Multi-policy bundling
- Active-duty military
- Home security systems
- Claims-free
Endorsem*nts:
- Personal property replacement cost
- Business property
The Cost of Renters Insurance in New Jersey
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.
Cheapest Renters Insurance in New Jersey
Cost is the most important factor to consumers when selecting a renters insurance company according to our 2024 survey, so we identified to the top 5 cheapest providers in New Jersey to help you find the perfect fit. We recommend getting quotes from at least three of these providers to make sure you aren't sacrificing coverage for a low cost policy. The cheapest renters insurance provider in New Jersey is State Farm with monthly cost averaging $6.92.
Do I Need Renters Insurance in New Jersey?
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.
What Factors Affect Renters Insurance Rates in New Jersey?
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.
What Are the Common Causes of Renters Insurance Claims in New Jersey?
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.
The Bottom Line
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.
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Frequently Asked Questions About New Jersey Renters Insurance
A standard New Jersey renters insurance policy includes medical payments, additional living expenses (loss of use), personal property coverage and personal liability coverage. While the exact scope of coverage may vary based on your policy, most policies cover these aspects. You can usually add coverage to your insurance policy via add-ons, although this varies from one provider to the next.
Generally, damage associated with the building you live in, earthquakes and flooding aren’t included in a renters insurance policy. If you live in an area where earthquakes are a threat, you might have access to add-ons for coverage. Of course, the exact coverage varies based on the provider and policy, so ensure your policy doesn’t have exclusions on essential areas.
According to data sourced from Quadrant Information Services, State Farm is the cheapest option for renters insurance in New Jersey at $6.92 per month. However, this may not be consistent across the board, as some folks may have higher premiums based on their particular situation.
On average, renters insurance is $13.08 per month in New Jersey. By comparison, the national average cost of renters insurance is $15 per month.
Methodology: Our System for Ranking the Best Renters Insurance Companies
Through in-depth research of the industry, we created a comprehensive rating system to rank renters insurance providers. We researched each company by gathering cost information and requesting quotes, combing through policy information, secret shopping and reading customer reviews to understand the customer service experience, and accessing financial reliability scores.
We used these rating factors to determine the best renters insurance companies to help with your decision when looking at policies:
- Cost: 40%
- Availability and ease of use: 25%
- Coverage: 20%
- Brand trust:: 15%
We routinely monitor and update data on a regular basis to ensure the reviews reflect the most up-to-date information and advice. See our full methodology here
A.M. Best Disclaimer
How We Gather Cost Data
We at the MarketWatch Guides Team gathered renters insurance quotes for the providers in this article using data from Quadrant Information Services. Quadrant is a leading source of property and casualty insurance solutions and data.
The sample renter our quotes are based on is a 30-year-old single male with good credit and no prior claims history. Our sample policies featured a $1,000 deductible and the following coverage and limits:
- Personal property: $30,000
- Loss of use: $9,000
- Liability: $100,000
- Medical payments: $1,000
For each provider, we gathered a quote for 50% of the ZIP codes in every state the provider is licensed in. We used the most populous ZIP codes for our study. We took the average of these individual quotes to calculate a national average premium per provider.
In some cases, cost data for a top renters insurance company isn’t offered in Quadrant’s database. To gather price information for these providers, we manually pulled quotes directly from insurers’ websites or representatives. We used the same sample homeowner demographics and comparable policy details for more than 20 ZIP codes across the U.S.
Our sample rates are for informational purposes only. Actual premiums will vary.
*AM Best rating accurate as of June 2024.AM Best disclaimer
If you have feedback or questions about this article, please email the MarketWatch Guides team ateditors@marketwatchguides.com.
Mike MillerSenior Writer
Mike Miller is a senior writer with a decade of experience writing and editing product and service content to help consumers make informed purchasing decisions. His bylines include publications such as This Old House and Architectural Digest.
Sabrina LopezSenior Editor
Sabrina Lopez is a senior editor with over seven years of experience writing and editing digital content with a particular focus on home services, home products and personal finance. When she’s not working, Sabrina enjoys creative writing and spending time with her family and their two parrots.
