Best and Cheapest Renters Insurance in New Jersey for 2024 (Top 10 Companies for Savings)

USAA, Geico, and Progressive emerge as top providers for the best and cheapest renters insurance in New Jersey, with USAA offering military members rates from $39 monthly.

Geico provides quick online quotes at $47 monthly, and Progressive's Name Your Price tool helps renters find coverage starting at $60 monthly. Finding cheap renters insurance in New Jersey means knowing what you need and how different companies charge.

Company	Rank	Monthly Rates	A.M. Best	Best For	Jump to Pros/Cons
	#1	$39	A++	Military Focus	USAA
	#2	$47	A++	Affordable Rates	Geico
	#3	$60	A+	Extensive Discounts	Progressive
	#4	$73	B	Strong Reputation	State Farm
	#5	$74	A	Flexible Coverage	American Family
	#6	$76	A+	Comprehensive Policies	Nationwide
	#7	$87	A++	Innovative Discounts	Travelers
	#8	$101	A+	Customizable Options	Allstate
	#9	$148	A	Solid Discounts	Farmers
	#10	$178	A	Safety Focus	Liberty Mutual

Basic policies usually cover personal items, property damage liability, and extra living costs. Compare quotes from the cheapest home insurance companies by entering your ZIP code into our free tool.

What You Should Know

• USAA's renters insurance in NJ costs $39/mo
• Geico features a streamlined 10-minute online quote process
• Progressive's Name Your Price tool provides flexible pricing

#1 – USAA: Top Overall Pick

Pros

• Military Discount: Learn about exclusive savings in our USAA insurance review, offering New Jersey renters service members 20% off premiums.
• Claims Processing: New Jersey military renters enjoy 24/7 claims handling with average resolution times under two business days.
• Renters Benefits: Active duty members in New Jersey receive $25,000 uniform coverage plus additional military-specific protections.

Cons

• Limited Eligibility: New Jersey renters coverage is restricted to military members and immediate family, with strict qualification requirements.
• No Local Support: Renters across New Jersey must manage claims and policies exclusively through digital channels.

#2 – Geico: Best for Affordable Rates

Pros

• Low Rates: As mentioned in our Geico renters insurance review, New Jersey renters can enjoy comprehensive coverage, ranking second among affordable providers.
• Bundle Savings: Combining auto and renters policies saves New Jersey residents up to 25% on annual premiums.
• Quick Processing: New Jersey renters can secure detailed online quotes with instant approval in under ten minutes.

Cons

• Third-Party Processing: It partners with insurance companies in New Jersey to deal with claims. They often take longer to resolve these renters' claims.
• Limited Options: Basic coverage packages limit New Jersey renters. Renters cannot add special protection for expensive items.

#3 – Progressive: Best for Extensive Discounts

Pros

• Flexible Pricing: Check our Progressive insurance review for New Jersey renters deductible options ranging from $250-$2,500.
• Name Your Price: This innovative tool matches New Jersey renters with comprehensive coverage options within their specified budget.
• Water Protection: New Jersey rental properties get good rates for water damage and backup coverage.

Cons

• Claims Impact: New Jersey renters face significant premium increases after filing claims, affecting long-term affordability.
• Limited Discounts: There are not as many chances to save money when compared to the best renters insurance providers in New Jersey.

#4 – State Farm: Best for Strong Reputation

Pros

• Coverage Options: Our State Farm insurance review details replacement coverage for renters insurance in New Jersey starting at $73 monthly.
• Multi-Line Benefits: New Jersey renters save significantly through auto and renters insurance bundle discounts.
• Agent Access: Local New Jersey agents provide personalized guidance for selecting appropriate renters coverage levels and options.

Cons

• Quote Process: New Jersey renters must complete additional steps with local agents after initial online quotes.
• Premium Rates: Monthly premiums for New Jersey renters insurance exceed rates offered by top-ranking competitors.

#5 – American Family: Best for Flexible Coverage

Pros

• Bundle Savings: Discover in our American Family insurance review how bundling saves 29% for New Jersey renters.
• Deductible Benefits: Long-term renters in New Jersey see their deductibles get smaller over time. Coverage levels stay the same.
• Fraud Coverage: Residents of rental properties in New Jersey have full protection against credit card and identity theft.

Cons

• Coverage Areas: Service availability varies across New Jersey, limiting access to certain rental property locations.
• Claim Times: Renters in New Jersey face longer waiting times for claims than those working with top industry competitors. These delays are really noticeable.

#6 – Nationwide: Best for Comprehensive Policies

Pros

• Replacement Coverage: Explore our Nationwide insurance review highlighting full-value replacement for New Jersey renters' belongings.
• Valuable Items: Nationwide's enhanced renters protection covers electronics and high-value items in New Jersey rental properties.
• Annual Check-In: Nationwide's yearly coverage evaluations ensure New Jersey renters maintain optimal protection levels.

Cons

• High Premiums: Renters in New Jersey pay more than they should. They shell out an extra $76 each month for basic coverage.
• Coverage Limits: In NJ, the rental of high-value items is subject to specific restrictions, which means you need extra agreements.

#7 – Travelers: Best for Innovative Discounts

Pros

• Identity Protection: Read our Travelers insurance review about complimentary identity theft protection for New Jersey renters.
• Green Coverage: Additional coverage for eco-friendly building materials and repairs in New Jersey rental properties.
• Smart Home: Substantial discounts are available for New Jersey renters installing qualified security and monitoring systems.

Cons

• Price Point: New Jersey renters face higher monthly premiums, averaging $87 for standard coverage options.
• Coverage Gaps: Many standard features require additional costs for New Jersey rental property protection.

#8 – Allstate: Best for Customizable Options

Pros

• Digital Tools: Our Allstate insurance review showcases user-friendly mobile app management for New Jersey renters insurance policies.
• Custom Options: Renters in New Jersey choose coverage that fits their needs. They enjoy the chance to customize protection exactly.
• Claims Tracking: The company has an advanced digital platform that lets renters in New Jersey check their insurance claims in real time.

Cons

• Premium Costs: Renters in New Jersey pay more, with an average price of $101 each month for basic coverage.
• Service Areas: Different areas in New Jersey have very different levels of coverage availability for rental properties.

#9 – Farmers: Best for Solid Discounts

Pros

• Green Benefits: Learn about eco-friendly options in our Farmers insurance review for New Jersey rental properties.
• Multiple Discounts: New Jersey renters can combine various discounts for significant savings on monthly premiums.
• Coverage Range: Comprehensive protection options cover diverse New Jersey rental property types and situations.

Cons

• High Rates: Premium costs average $148 monthly, which is among the highest for New Jersey renters insurance.
• Coverage Limits: Significant restrictions apply to certain types of claims for New Jersey rental properties.

#10 – Liberty Mutual: Best for Safety Focus

Pros

• Safety Incentives: Our Liberty Mutual insurance review details protective device discounts for New Jersey rental units.
• Partner Savings: Exclusive discounts through employer partnerships provide additional savings for New Jersey renters.
• Coverage Options: Customizable policies allow New Jersey renters to select protection matching specific needs.

Cons

• Highest Rates: The most expensive option at $178 monthly for basic New Jersey renters insurance coverage.
• Claim Process: New Jersey renters experience longer wait times for claim resolution compared to competitors.

Renters Insurance Rates in New Jersey

If you're hunting for the best and most affordable renters insurance in New Jersey, you'll notice that prices can really vary between companies. USAA offers the lowest prices. Their monthly rate is $39 for minimum coverage and $61 for full coverage. However, they only serve military members.

Insurance Company	Minimum Coverage	Full Coverage
	$101	$157
	$74	$115
	$148	$231
	$47	$74
	$178	$279
	$76	$119
	$60	$93
	$73	$113
	$87	$136
	$39	$61

Geico is the second most affordable choice. They offer minimum coverage at $47 and full coverage at $74 each month. On the expensive side, Liberty Mutual asks for $178 for minimum coverage and $279 for full coverage. Farmers have an average cost of $148 for minimum and $231 for full coverage.

You may not own your home, but you own everything in it. Protect your stuff with renters insurance.

— USAA (@USAA) July 18, 2019

So if you want to ensure you're properly covered while renting, it's important to find one of the best New Jersey renters insurance companies. But where do you start? In the table above, you can sort through all the renter's insurance companies ranked on Clearsurance.

Claim Type	Portion of Claims	Cost per Claim
Water Damage	30%	$3,500
Theft	25%	$1,200
Fire/Smoke Damage	20%	$4,000
Personal Liability	15%	$5,500
Weather Damage	10%	$2,800

By understanding rental property claim patterns and location specific incident rates you can make informed decisions about the right levels of coverage to purchase and why the premiums differ between different New Jersey cities.

City	Incidents per Year	Claims per Year
Edison	1,900	1,700
Elizabeth	2,500	2,300
Jersey City	3,500	3,200
Newark	5,200	4,800
Paterson	2,800	2,600

These statistics show why renters insurance costs differ greatly depending on where you live and the coverage you select. Location matters a lot, and overage choices really impact the price, too, making it essential to compare rates from multiple providers to find the best protection for your specific situation.

Coverage Types Available for Best and Cheapest Renters Insurance in New Jersey

Just like any other policy, you can usually customize your renters insurance coverage to get exactly what you need. A basic policy contains some form of the following types of renters coverage:

• Personal Property Coverage: This type of coverage pays the replacement cost for the personal items you keep in your apartment should they be damaged or destroyed. The policy will usually have a list of covered losses or perils, so make sure to look this over closely.
• Liability Coverage: Liability insurance pays for medical expenses if someone is injured in your apartment.
• Loss of Use Coverage: Loss of use pays for your hotel and food expenditures when you are unable to stay in your apartment because of damages. This may also be called additional living expense coverage or temporary living expenses coverage.

Beyond these basic coverage options, you may also be able to purchase additional coverage like identity theft protection, guest medical payments coverage, and umbrella insurance.

New Jersey renters insurance receives a B grade for average costs, and its prices remain higher than the country's average. Affordability compared to median incomes scores a C+, showing a moderate challenge. Rate stability gets a C, indicating variable prices over time.

Category	Grade	Explanation
Average Premium Cost	B	New Jersey's average annual premium is slightly above the national average.
Affordability	C+	Insurance costs are moderately affordable relative to median income levels.
Rate Stability	C	Premiums have seen moderate fluctuations over recent years.

Coverage for valuable items such as jewelry or musical instruments in rental units gets increased with specialized options. Rates range from USAA's $39 to Liberty Mutual's $178 monthly.

Best New Jersey Renters Insurance Discount Programs

New Jersey renters probably lower insurance costs with many discounts. Large companies such as USAA provide savings for military members. They also offer regular discounts, like bundling.

Big insurers like Geico, Progressive, and State Farm offer multi-policy discounts. These discounts range from 15-25% when combining renters and auto insurance. This means saving money by choosing these options.

Insurance Company	Available Discount
	Multi-Policy, Automatic Payment, Claim-Free, Home Monitoring Systems (Like Fire Alarms, Burglar Systems)
	Multi-Policy, Loyalty, Auto-Pay, Paperless, Smart Home (Devices Like Ring or Nest)
	Multi-Policy, Safety Device (Smoke Detectors, Security Systems), Claim-Free, Loyalty
	Bundled Policies, Smoke-Free, Home Security System, Sprinkler System
	Bundled Policies, Home Protection Systems, Automatic Payment, Claims-Free
	Multi-Policy, Protective Devices (Smoke Detectors, Alarms), Claims-Free, Automatic Payments
	Bundled Policies, Paperless, Safety Device (Smoke Alarms, Security Systems), New Customer
	Multiple Line (Bundling With Auto or Other Policies), Home Alert Protection (Fire, Smoke, and Burglar Alarms), Claims-Free
	Multi-Policy, Home Safety Devices, Claim-Free, Green Home
	Military Service, Bundled Policies (Auto/Renters), Claim-Free, Loyalty

Safety-conscious renters can save through home protection discounts. All surveyed companies offer reduced rates for security systems, smoke detectors, and sprinkler systems. Allstate and American Family provide additional savings for smart home devices like Ring or Nest.

Discount Name	Grade	Savings	Participating Providers
Safe Driver	A	10%	Geico, State Farm, Progressive
Multi-Policy	A-	12%	Allstate, Nationwide, Liberty Mutual
Good Student	B+	7%	Farmers, USAA, American Family
Anti-Theft Device	B	5%	Travelers, MetLife, The Hartford
Defensive Driving Course	B-	4%	NJM Insurance, Plymouth Rock

Most insurers allow discount stacking, enabling New Jersey renters to combine multiple savings options for maximum rate reduction while maintaining comprehensive coverage.

Making the Smart Choice: New Jersey Renters Insurance

USAA, Geico, and Progressive lead the rankings for best and cheapest renters insurance in New Jersey due to their competitive rates and strong policy features. USAA offers exclusive military discounts, saving members 20% on premiums, Geico provides 10-minute online quotes with instant approval, and Progressive's Name Your Price tool matches coverage to your budget.

While in search of renters insurance in New Jersey, you should know what renters insurance does not cover? and get quotes from different companies in order to determine the best rates and policies for your rental property. Finding cheaper insurance rates is as easy as entering your ZIP code into our free quote comparison tool.