The Cheapest New Jersey Renters Insurance Companies 2020

The Cheapest New Jersey Renters Insurance Companies 2020

New Jersey’s 8.9 million residents make up one of America’s biggest state populations in one of America’s most expensive states. The average rent for a one-bedroom unit in New Jersey is $1,249.

To protect your most valued belongings, you’ll want not only the cheapest New Jersey renters insurance companies but the best option for you. Not all renters insurance policies are created the same, so you need to receive the coverage you need at a price you can afford.

Here are our picks for 2019’s cheapest New Jersey renters insurance companies.

Best Rental Insurance Companies in New Jersey

Your renters insurance policy is designed to provide you with a whole host of protections. It can provide personal liability coverage and coverage for medical expenses in the event of injury. You can even benefit from living expenses should you be forced to live somewhere else. Should the unthinkable happen, you need to have the right insurance coverage to protect you, and that begins with the right insurance company.

These are the best cheapest renters insurance companies for New Jersey renters:

  • Allstate: offers basic renters insurance and additional coverage for those who need it. You can get discounts for having multiple policies, being retired, being claims-free and having home safety features.
    • Allstate offers many different protections not seen with other renters insurance companies, and yet rates are still some of the most affordable.
  • Amica: offers customized renters insurance plans and affordable rates so that people can protect their belongings. Discounts include being claims-free, having multiple policies and for using automatic payments.
    • Amica may not be as well-known as some of the others, but it steps up in times of trouble with fast claims processing.
  • Farmers Insurance: has renters insurance coverage for all your needs with several additional coverage options such as identity and electronics protection for those who need it. Farmers also has several insurance products, which makes it easy to bundle your insurance needs.
    • If you are looking for special coverage, you are likely to find that coverage at the most affordable rate with Farmers.
  • Liberty Mutual: offers several discounts to customers and additional protection for jewelry or the option to upgrade to a replacement cost option instead of actual value. You can also add on earthquake coverage.
    • Liberty Mutual is excellent for straightforward coverage for low-maintenance renters, and the company has affordable rates.
  • State Farm: offers several useful add-ons such as additional liability protection, identity restoration, earthquake damage and additional business property for people who do business out of their homes.
    • State Farm is all about the customer, and it shows in its superior customer service ratings from J.D. Power. The low insurance premiums are an added bonus.

These companies are among the highest-ranked renters insurance companies available in New Jersey today. Each company has its own notable strengths and have been voted the best cheapest renters insurance companies for their coverage options, customer satisfaction and affordability.

Company J.D. Power AMBest BBB
StateFarm 5 outof 5 A++(Superior) A+
Amica Unranked A+++(Superior) A+
Farmers 2 outof 5 A(Excellent) A+
Allstate 2 outof 5 A+(Superior) A+
LibertyMutual 2 outof 5 A(Excellent) A

New Jersey rates tend to rank higher on the national scale, so it is important to shop your options before committing to a renters insurance policy. For $30,000 of personal property coverage, the cheapest renters insurance companies offer New Jersey residents these average annual premiums:

  • State Farm: $128
  • Amica: $176
  • Farmers: $205
  • Allstate: $245
  • Liberty Mutual: $248

Frequently asked questions

<h3How much renters insurance do I need in New Jersey?

Renters insurance is not required in New Jersey, but it is a common caveat in many rental agreements. Coverage varies for everyone, so you want to purchase the amount that is right for you. The average policy offers a $500 deductible with coverage that includes $25,000 in personal property and $100,000 in liability protection.

What is the best renters insurance company in New Jersey?

There are many insurance companies for renters insurance, but each state has different options for policy pricing and availability. Each state has its own requirements, so you need to be sure that you find an insurance company that will fulfill your state’s minimum requirements. Based on our research, we have found State Farm, Amica, Farmers, Allstate and Liberty Mutual to be the cheapest and best renters insurance companies available in New Jersey.

Are my roommate’s belongings covered under my policy?

Your policy is yours alone, so your roommate’s belongings are not covered under your policy unless you specifically name them on the policy. The more items you insure, the more expensive your policy will be, so roommates typically obtain their renters own insurance policy.

What kind of items are not covered under my policy?

Standard renters coverage includes major acts of nature like fire, theft, vandalism, hail, severe winds and damages from ice and snow. There are other things that are not covered, however, such as earthquakes, rats and termites, rotting and general wear and tear. Before purchasing your renters insurance policy, inquire about all of your coverage options and the costs of add-on protections.

The post The Cheapest New Jersey Renters Insurance Companies 2020 appeared first on The Simple Dollar.

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