While it's a type of insurance coverage that's often overlooked, renters insurance is beneficial for all New Jersey renters. You may assume you don't need renters insurance because you're covered by your landlord's insurance, but that's not entirely true. While your landlord has insurance to cover the structure of your apartment or building, you still need renters insurance to cover your personal belongings and to have liability coverage.

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. The rating next to each company the insurer's Clearsurance score is based exclusively on the thousands of ratings provided by customers. Note: Only those companies with at least 25 renters insurance reviews are eligible to appear in the best New Jersey renters insurance rankings.

It is important to know as much as you can about your renter's insurance company before taking out a policy with them. Talking to a local, experienced insurance agent can help answer any questions you may have. Some questions to consider asking include, "What is the average cost for your renter's insurance coverage?" "Does my policy cover things such as water damage and bodily injury?" and "What are my coverage options and my coverage limit?"

Interested in learning more about one of the companies on the list of the best renters insurance companies in New Jersey? You can visit the company's profile page to find more information about the company and read reviews to learn from the experiences of other policyholders.

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What are your coverage options on a renters insurance policy?

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 other optional coverages.

People who keep expensive items in their rental unit, like musical instruments, jewelry, or sports equipment, may wish to increase their coverage limits for additional peace of mind.

Who offers the cheapest New Jersey renters insurance rates?

Out of the most popular renters insurance companies in New Jersey, Allstate offers the cheapest New Jersey renters insurance rates, on average.

When shopping for renters insurance in New Jersey, it's important to know that the cost of renters coverage varies based on a number of factors, including your age, marital status, credit score, and ZIP code. Your location, age, and value of your items affect the cost. But so does the company you choose. Some companies may offer renters insurance in New Jersey for a cheaper rate than others. In the table below, you can see average New Jersey renters insurance monthly payments from some of the largest companies in the state.

Company	Average renters insurance rates
Allstate	$120.51
State Farm	$125.00
Travelers	$139.00
Chubb	$192.46
Encompass	$223.61
Plymouth Rock	$238.57

These average renters insurance rates are based on a policy with $30,000 in personal property coverage (with a $500 deductible), $100,000 in personal liability and $1,000 in medical payments to others. The rates displayed should only be used for comparative purposes as individual rates in New Jersey will differ. Rate data is provided by Quadrant Information Services.

How much does rent cost in Jersey City?

In Jersey City, rent costs an average of $2,831 per month, but the cost can vary based on your location and the size of your apartment.

Jersey City, New Jersey's oldest town, is located in the northeastern part of the state. It's one of Jersey's most populous cities, second to Newark. With its location just across the bay from Brooklyn, New York, Jersey City is a popular but expensive city to live in. While the average cost of rent for an apartment in Jersey City is $2,831 per month, depending on the area in the city, rent costs may vary. On average, rent in the Hoboken Yards area is $3,117 per month but rent in the Meadowlands area is $1,891 per month.

A studio apartment in Jersey City is the most economical option with an average monthly rate of $1,996. One-bedroom apartments average $2,590 per month and three-bedroom apartments average $4,112 per month. While the cost of rent for an apartment in Jersey City is on the higher end that doesn't mean you should avoid purchasing renters insurance to save a few bucks.

Is there renters insurance for New Jersey college students?

From Rutgers to Princeton, there are a number of colleges and universities to choose from in New Jersey. If you're a college student in NJ, you'll likely either rent an on-campus dorm or off-campus apartment. There are a few things for college students renting housing in New Jersey to consider in order to protect their personal belongings.

Typically, college students who live in dorms located on the college campus are covered by their parent's homeowners insurance policy. That's usually only the case for students who live on campus, though. New Jersey college students who rent apartments off-campus should consider a renters insurance policy because their items won't be covered under their parents' policy, and without a renters insurance policy, they won't have any protection.

College students will most likely have roommates in the apartment they rent. It's not advised that students share coverages with roommates. Rather, each student should have their own renter's insurance coverage to protect their own belongings.

What are the New Jersey property crime statistics?

Theft and vandalism or malicious mischief are among the 16 perils a standard renters insurance policy protects you from. So, how does crime in New Jersey compare to other states around the country? The FBI published the following statistics on crime in New Jersey for 2016:

Property crime - 138,152
Burglary - 25,284
Larceny theft - 101,540

When compared to the national average rate per 100,000 inhabitants, all three crime statistics for New Jersey rank below the national average. It is important to make sure that you are always covered. Ask your local insurance agent if your renter's policy covers additional protection like a burglar alarm. This will not only help keep you safe but also help with peace of mind, knowing that you are protected.

How can you save money on your renters insurance in New Jersey?

While renter's insurance may be more affordable than other types of insurance, no one wants to pay more than they have to. So what are the different ways that you can lower your New Jersey renters insurance premium and have some extra spending money?

Here are the top 5 ways to save on your renters insurance:

Raise your deductible
Ask about potential discounts when getting your renters insurance quote
Bundle your policies, like renters and auto insurance policies
Determine the value of your personal property so you can get the most out of your personal property coverage
Pay in full by check at the start of your policy instead of spreading it out over several months

If you bundle your auto policy with a homeowners or renters insurance policy with the same insurance provider, you will usually receive a multi-policy discount (this might also be available for bundling with other insurance products, such as a life insurance policy or boat insurance policy). Some insurance carriers also reduce your monthly premium for safety devices in your apartment, such as a smoke detector, protective devices like burglar alarms, or for setting up automatic payments.

A wide range of discount options may be available, so make sure to ask renters insurance providers about your options when you're shopping around for quotes. If you're looking for the most affordable rate, get an online quote for a renters policy from at least three companies before making a decision.

How does Clearsurance rate and rank the best renters insurance companies in New Jersey?

Consistent with its mission towards greater transparency, Clearsurance does not keep its rating and ranking formulas in a black box. Our algorithm analyzes a range of inputs from our independent community of insurance customers, including:

Price
Customer Service
Claim service
Likelihood to renew

The algorithm also takes into account the percentage of what customers say the company does well vs. the percentage of what customers say the company could do better.

The Clearsurance customer ratings and rankings are derived entirely from customer reviews and ratings.

Do you need a renters insurance guide?

As we mentioned above, there are common misconceptions regarding what is and isn't covered by a renters insurance policy. Before you purchase a policy from one of these best renters insurance companies in New Jersey, it's important to understand what your policy covers. For example, did you know that many renters insurance policies include liability protection in the event a non-resident is injured on the property? Plus, if your apartment becomes uninhabitable from an incident, some policies may cover your additional living expenses as you find temporary housing.

It is important to know all that you can before taking out a renters insurance policy. Learn about the insurance company and the protection that their policies offer before making a final decision. Know and understand your policy limits and ask about what additional coverages you can add to your protection.

While we all want the most affordable renters’ insurance, it is important not to sacrifice the quality of your protection just to save some money. Talk to a local insurance agent about what insurance company is right for you, and what coverages they offer.

We want to make sure you're equipped with proper knowledge of renters insurance, so check out our renters insurance guide. Looking for more educational information about renters insurance? Check out our renters insurance blog for more information and topics related to renters insurance.

Frequently Asked Questions

#1 – Who offers the cheapest New Jersey renters insurance rates?

Out of the most popular renters insurance companies in New Jersey, Allstate offers the most affordable renters insurance rates, on average.

#2 – How much does rent cost in Jersey City?