Best Renters Insurance in New Jersey
New Jersey renters insurance will fulfill your landlord’s liability requirement, and protect you from paying out-of-pocket expenses when your items are damaged.
If you don’t have thousands of dollars in the bank to cover liability claims and replacements to damaged belongings, a renters insurance policy in New Jersey can help. For an average cost of $14 per month, you can get personal liability, medical payments to others, personal property, and loss of use coverage. Since finding the best renters insurance company for your budget and home will require some research, Quartz Advisor Review team is here to help with this guide on New Jersey renters insurance.
5 Best Renters Insurance Companies in New Jersey
Here are the four best renters insurance companies in New Jersey based on coverage, pricing, customer service, discounts, endorsements, and more:
- Lemonade: Best for Easy Coverage
- Toggle: Best for Flexible Pricing
- Liberty Mutual: Best Discounts
- American Family: Most Comprehensive Coverage
- Nationwide: Best Standard Policy
Lemonade
Best for Easy Coverage
Toggle
Best for Flexible Pricing
Liberty Mutual
Best Value
American Family
Best Comprehensive Coverage
Nationwide
Best Coverage Customization
New Jersey Renters Insurance Coverage
New Jersey policies have four areas of coverage and optional add-ons called endorsements:
- Liability: If your pipe bursts and damages your neighbor’s belongings or if your dog bites your neighbor, this part of your policy will replace their belongings or pay their medical bills. Most New Jersey property managers will require this type of coverage so that they don’t have to take on the cost themselves.
- Personal property: This protects the personal belongings in your apartment that you own. Take inventory of your items before signing up for a policy so you get enough coverage to protect all of your belongings.
- Loss of use: When a fire or another event damages your rental enough that you have to temporarily live elsewhere during repairs, your insurance will cover those living expenses.
- Medical payments to others: When a guest injures themselves in your home, your policy will cover a certain amount of their medical bills.
- Endorsements: If you want extra protection for items or events that aren’t covered in your policy, you can check with your provider about additional coverage options. Most companies will offer jewelry or scheduled personal property, identity theft, and earthquake coverage.
How Much Does a Renters Insurance Policy Cost in New Jersey?
The average cost of renters insurance policies in New Jersey in 2019 was $56 per year, or $13 per month, according to the Insurance Information Institute (III). This is lower than the national average of $14.50 per month.
Factors to Consider Before Buying Renters Insurance
As you search for a policy to protect your home, keep these factors in mind:
- Named-peril vs. all-risk policies: Renters insurance policies are either named-peril or all-risk. Named-peril only covers the events listed, while all-risk policies cover all events except the ones mentioned as exclusions. Regardless of which policy you choose, make sure you know what is and isn’t covered before purchasing from a provider.
- Climate: New Jersey can experience cold winters with several feet of snow. This extreme weather can cause frozen pipes and other damage from the weight of snow. Before buying a policy, make sure you have coverage for these events so that you don’t have to pay out of pocket for repairs.
- Auto insurance provider: You may be able to get a discount for buying renters insurance through the same company that provides your auto insurance.
- Valuable items: The personal property portion of your policy likely won’t cover valuable items, like jewelry and antiques. If you own a variety of those items, you may want to look into an endorsement for them.
How New Jersey Renters Insurance Works
When an event that’s listed as covered on your policy damages your belongings, makes your home inhabitable, causes damage to your neighbor or their belongings, or injures your guest, you can file a claim.
Most companies have a customer portal to file the claim yourself or a phone number to file a claim with a customer service representative. Some companies will also have a mobile app or a chat function on their website.
Your provider will cover the cost of the event as long as it doesn’t exceed the amount of coverage you purchased. If the damage exceeds the amount of coverage in your policy, you’ll have to pay the remaining amount.
Events Renters Insurance in New Jersey Covers
Here’s a list of covered losses found in most New Jersey renters insurance policies:
- Fire and lightning
- Windstorm and hail
- Theft and vandalism
- Explosions
- Riots
- Damage by vehicle
- Smoke damage
- Falling objects
- Weight of snow, ice, and sleet
- Water damage not caused by flooding
Our Conclusion
Lemonade, Liberty Mutual, American Family, and Nationwide offer the most comprehensive renters insurance in New Jersey, offering several add-on and discount options.
Before picking a provider, get renters insurance quotes from all three so that you can compare coverage and pricing:
Frequently Asked Questions About Renters Insurance in New Jersey
How much does renters insurance cost in NJ?
The average cost of renters insurance policies in New Jersey in 2019 was $56 per year, or $13 per month, according to the Insurance Information Institute (III). This is lower than the national average of $14.50 per month.
Is tenant insurance mandatory in NJ?
Renters insurance is not required by law in New Jersey. However, your landlord’s insurance will not cover your stuff. This means you will need a policy to cover your belongings and injuries suffered by individuals in your rental.
Is renters insurance in New Jersey really worth?
For the low cost of a quality renters insurance policy, yes, we have decided that it is worth it to help ease your mind that you will not be liable for any loss or accident that may occur at your rental.
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