Average renters insurance cost in New Jersey

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Renters insurance costs in New Jersey varies depending on various factors, including the coverage amount, insurance company, and individual circumstances. But, the average renters insurance cost in New Jersey is $181 per year or $15 per month for coverage limits of $40,000 for personal property coverage, $100,000 in liability coverage and a $1000 deductible. These are average rates and actual premium costs may differ.

Renters insurance companies in New Jersey

New Jersey Manufacturers offers affordable renters insurance in New Jersey at an average annual rate of $125 followed by State Farm and American Family, based on Insure.com’s analysis.

But it’s smart to get multiple quotes for various renters insurance companies in New Jersey because the prices vary a lot among carriers.

Below we have compared the average annual and monthly renters insurance rates of insurance companies across New Jersey.

Renters insurance calculator in New Jersey

Select your state

New Jersey

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Personal property coverage

Covers your personal belongings, such as your furniture, electronics, clothing, artwork, etc. Choose the amount you believe would cover all of your belongings.

$40,000

$20,000 $40,000 $60,000

Liability

Covers the medical expenses of people who are hurt while in your home or on your property, as well as damage you caused to others’ property. Also covers legal fees if you are sued by someone hurt in your home or on your property. Limits of $300,000 or $500,000 are recommended.

$100,000

$100,000 $300,000

Deductible

Choose the amount you want to pay out-of-pocket before insurance kicks in. This applies to your dwelling and personal belongings claims.

$1,000

$500 $1,000

Calculate

Average cost of renters insurance in New Jersey by coverage level

As we discussed above, in New Jersey, the average cost of renters insurance is $181 per year. These rates are for the coverage level of $40,000 for personal property coverage, $100,000 in liability coverage and a $1000 deductible.

However, if you lower the personal property coverage from $40,000 to $20,000, you will pay $132 per year for renters insurance in New Jersey for $100,000 in liability protection and $1000 deductible.

Find below the average cost of renters insurance in New Jersey for personal property coverage of $20,000 and $40,000.

Most affordable ZIP codes for renters insurance in New Jersey

How much New Jersey renters pay for insurance majorly depends on the ZIP code they live in. 7823 is the most affordable ZIP for renters insurance in New Jersey among all the ZIP codes analyzed, at about $164 a year on average.

Rates vary based on the ZIP code, that’s why comparing quotes is one of the easiest ways to get the best deal on renters insurance in New Jersey.

Least affordable ZIP codes for renters insurance in New Jersey

Your ZIP code, among other factors, affects how much you pay for renters insurance in New Jersey. 8201 is the least affordable ZIP code for New Jersey renters at an average cost of $198 a year or $17 monthly.

We have analyzed quotes from the major insurance carriers across all the ZIP codes in New Jersey. Below are the average annual renters insurance costs by ZIP code.

Renters insurance rates vary from one city to another. But with Insure.com, finding the right renters insurance policy is easy. Learn more about renters insurance costs for different cities below.

Renters and auto bundle discounts in New Jersey

If you’re looking for ways to trim costs on your insurance premiums, consider purchasing renters and auto insurance from the same company.

Bundling policies can help you save an average of 11% per year in New Jersey. New Jersey Manufacturers offers the cheapest rate on renters and auto insurance bundle, you can save 18% a year on your premiums.

Final thoughts: Average renters insurance in New Jersey

Renters insurance is a must-have for renters in New Jersey. It protects your belongings in the event of damage from fire, theft, vandalism or any other natural disasters.

To find the best renters insurance at an affordable rate, shop around and compare quotes from multiple insurance companies. Consider factors like coverage options, deductibles, and customer reviews in addition to price.

Methodology

Insure.com commissioned Quadrant Information Services to gather renters insurance rates for all available ZIP codes in New Jersey. These rates include a coverage limit of $100,000 for liability coverage, personal property coverage ranging from $20,000 to $40,000, and a $1,000 deductible, with credit tier alignment specified as good/none.

Explore other insurance options in New-Jersey

Average homeowners insurance cost in New Jersey

Average car insurance cost in New Jersey

Non-owner auto insurance in New Jersey

Shivani Gite

Contributing Writer

 

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Shivani Gite is a personal finance and insurance writer with a degree in journalism and mass communication. She is passionate about making insurance topics easy to understand for people and helping them make better financial decisions.

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