State Farm and Chubb offer the best cheap renters insurance in New Jersey. State Farm tops our rankings with rates starting at $14 per month. Chubb excels in customer satisfaction.
Cheap Renters Insurance in New Jersey
Updated: May 1, 2025
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Key Takeaways
State Farm is New Jersey's best overall and cheapest renters insurance company, with rates starting at $165 per year.
Renters insurance in New Jersey costs an average of $23 per month, ranging from $14 to $40.
To find the best and most affordable renters insurance, decide on your coverage needs first. Then, research costs and compare many quotes.
New Jersey Renters Insurance Quote Estimates
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Rates updated:
Jun 09, 2025
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Best Cheap Renters Insurance Companies in New Jersey
| State Farm | 95 | $14 | $165 |
| Chubb | 91 | $30 | $355 |
| Homesite | 85 | $21 | $258 |
| Narragansett Bay | 84 | $26 | $317 |
| Allstate | 79 | $40 | $485 |
*This list shows rates for a renter with good credit, no claims history, $50K in property damage coverage, $100K in liability coverage, a $1,000 deductible and guaranteed replacement.
Compare Personalized Best Cheap Renters Insurance in New Jersey
While our list above covers most renters, it may not show your ideal options. We've made a filterable table that matches your profile to help you find the best options in New Jersey.
Data filtered by:Results filtered by:
Select
Coverage Level:$50K Personal Property / $100K Liability
Select
Deductible:1000
Select
Claims History:Claim free for 5+ years
Select
Contents Replacement:Yes
Select
Credit Tier:Good
| State Farm | 95 | $10 | $116 |
| Chubb | 84 | $20 | $243 |
| Homesite | 80 | $17 | $199 |
| Farmers | 69 | $27 | $319 |
| Narragansett Bay | 69 | $26 | $318 |
Best New Jersey Renters Insurance Reviews
Below are details about our top picks for renters insurance in New Jersey, based on affordability, customer service and coverage options.
State Farm: Best Cheap Plans
pros
Lowest rates
High financial stability ratings
Good customer service ratings
cons
Below-average claims satisfaction
Limited add-on coverage options
COMPANY HIGHLIGHTS
State Farm offers the best and cheapest renters insurance in New Jersey, with rates starting at $14 per month. It ranks fourth nationally in customer satisfaction, according to J.D. Power. State Farm also provides completely customizable personal property coverage limits.
Chubb: Best Included Coverage
pros
Affordable rates for lower coverage
Great included coverages
Highest claims satisfaction ratings in the U.S.
cons
Higher rates than average
COMPANY HIGHLIGHTS
Chubb is the second-most expensive renters insurance option in New Jersey, but it offers unique benefits like identity protection unavailable elsewhere. Its complimentary property monitoring service notifies you about home issues, alerts you to natural disasters when you're away and automatically calls emergency services if your rental faces damage risks.
Average Cost of Renters Insurance in New Jersey
Renters insurance costs about $23 monthly in New Jersey, slightly above the national average of $20. These rates reflect a policy with $50K in personal property coverage, $100K in liability limits and a $1,000 deductible. Your rate may vary based on your situation.
Below is a table where you can filter key factors affecting renters insurance rates to see average costs for your profile.
Data filtered by:Results filtered by:
Select
Coverage Level:$50K Personal Property / $100K Liability
Select
Deductible:1000
Select
Claims History:Claim free for 5+ years
Select
Credit Tier:Good
Select
Contents Replacement:Covered
| $50K Personal Property / $100K Liability | $23 | $277 |
Average New Jersey Renters Insurance Cost by City
Renters insurance costs vary by city. The average annual premium in Elizabeth is $236; in Jersey City, it's $259 for a policy with $50K in personal property coverage and $100K in liability coverage. Check the table below for the average cost in your city.
| Elizabeth | $236 |
| Jersey City | $259 |
| Newark | $294 |
| Paterson | $272 |
*This table shows rates for a renter with good credit and no claims history. Policies include $50K property damage coverage, $100K liability coverage, a $1,000 deductible and guaranteed replacement.
New Jersey Renters Insurance: Buyer's Guide
Choosing renters insurance in New Jersey can be difficult with many options. Our guide simplifies the process to help you find coverage that fits your needs.
How to Find the Best Cheap Renters Insurance in New Jersey
Finding affordable renters insurance that fits your needs can be challenging. Follow these steps to get the best coverage at the lowest price:
- 1
Determine the right coverage level
Before shopping, determine how much coverage you need. Calculate the value of your belongings and consider risks like weather damage and crime in your area.
- 2
Research costs and discounts
Learn typical rates for your situation to establish a baseline for comparing quotes. Look for discounts you might qualify for to reduce costs.
- 3
Compare providers
Research company reputations, typical costs and coverage options. Create a shortlist of providers before requesting quotes.
- 4
Consider bundling
Ask your auto insurer about bundling options. The savings often offset much or all of your renters insurance cost.
- 5
Get multiple quotes through different channels
Collect at least five quotes from different companies. Use comparison websites, company sites, insurance brokers and direct conversations with agents.
- 6
Compare rates annually
Insurance rates change regularly. Compare quotes each year to ensure you still have the best rate.
How Much Renters Insurance Do I Need in New Jersey?
New Jersey law doesn't mandate renters insurance, but most landlords require at least $100K in liability coverage. Requirements may vary based on your rental history, credit score and pet ownership. When choosing a policy, consider the value of your belongings, local weather risks, neighborhood crime rates and pet ownership.
Use our calculator below to determine your ideal personal property limits so you know how much renters insurance you need.
Personal Property Coverage Calculator
When figuring out how much renters insurance you need, experts recommend the standard $100,000 in liability insurance and enough personal property protection to cover your possessions. Use MoneyGeek's calculator to estimate the value of your possessions so you know how much personal property coverage to buy.
clothing & accessories
Clothes, shoes, bags, belts, hats, gloves, etc.
New Jersey Renter Risk Considerations
Here are the usual risks for renters in New Jersey, along with coverage options:
- Weather risks: New Jersey faces a high risk of hurricanes and winter storms in certain areas. Standard coverage may not protect you in high-risk zones, requiring additional coverage.
- Crime risks: New Jersey ranks 42nd for property crime and 11th for identity theft and fraud nationwide. Consider adding extra coverage to your renters policy for better protection against property damage.
- Pet ownership: Pet owners should consider pet liability coverage. Check if your provider's standard policy includes pet protection or requires an add-on.
- Property types: Standard policies might not fully cover specialized items like tools, electronics or rental property structures like pools. Look for insurers offering specific add-ons to protect these belongings.
How Does Renters Insurance Coverage Work?
Renters insurance typically covers damage to your property, liability to others and loss of use linked to your rental home. Make your policy more comprehensive by adding extra coverages. Here are some common types of renters insurance coverage:
Coverage Type | Standard or Add-on | Coverage Details |
|---|---|---|
Standard | Pays for damaged or stolen personal items in your rental, up to your policy limit. You receive the actual cash value (depreciated value) unless you have replacement cost coverage, which provides funds for new items. | |
Standard | Pays for medical and legal expenses if someone is injured in your rental. Many landlords require tenants to have this coverage. | |
Additional living expenses | Standard | Covers temporary housing costs, including meals, lodging and transportation, when you can't stay in your rental home. Benefits are typically based on a percentage of personal property limits or a set amount, depending on the insurer. |
Natural disasters | Add-on | Separate policies that cover personal property damage caused by earthquakes and floods |
Parts/Equipment | Add-on | Separate policies for tools, appliances and utilities in your rental |
Scheduled property | Add-on | Insures specific valuable items up to a predetermined amount |
Identity theft | Add-on | Protects financially against identity theft, covering stolen funds, legal expenses and monitoring services. |
Pet liability | Add-on | Covers injuries caused by your pet on your rental property, though standard policies may include this |
Modifications | Add-on | Covers custom additions and modifications not part of the original rental property |
Food loss | Add-on | Reimburses any food lost due to covered incidents |
Best Renters Insurance in New Jersey: Bottom Line
The best and cheapest overall renters insurance companies in New Jersey are State Farm and Chubb. While we recommend these options, you should research and compare multiple companies and quotes to get the best deal.
Renters Insurance in New Jersey: FAQ
Here are answers from our experts to common questions:
What is the cheapest renters insurance company in New Jersey?
State Farm offers the cheapest renters insurance in New Jersey, with an average annual premium of $165 or $14 per month.
What is the best renters insurance company in New Jersey?
State Farm is the best renters insurance company in New Jersey, with a MoneyGeek score of 95 out of 100 due to its exceptional balance of cost-effectiveness, customer satisfaction and coverage options.
How much does renters insurance cost in New Jersey?
The average cost of renters insurance in New Jersey is $277 per year or $23 per month, 14% higher than the national average. Annual premiums range from $165 to $485.
Is renters insurance required in New Jersey?
New Jersey doesn't legally require renters insurance, but your landlord might ask for it. Consider your needs and situation to decide if a policy is right for you. Reasons to get renters insurance include financial protection from common risks and liability for third-party injuries.
How We Found the Best Cheap Renters Insurance Companies
To find the cheapest renters insurance in New Jersey, we used this base profile:
- $50K personal property coverage
- $100K liability coverage
- $1,000 deductible
- Property replacement coverage
- Good credit score
We used this to determine our affordability score for the state (60% of the score).
Other parts of our score included:
- Customer satisfaction from industry research (25%)
- Add-on coverages (10%)
- Financial strength ratings (5%)
About Mark Fitzpatrick
Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. With over five years of experience analyzing the insurance market, he conducts original research and creates tailored content for all types of buyers. His insights have been featured in publications like CNBC, NBC News and Mashable.
Fitzpatrick holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He's also a five-time Jeopardy champion!
Passionate about economics and insurance, he aims to promote transparency in financial topics and empower others to make confident money decisions.
sources
- American Red Cross. "Which Natural Disasters Should You Prepare For?." Accessed May 1, 2025.
- Insurance Information Institute. "Facts + Statistics: Identity Theft and Cybercrime." Accessed May 1, 2025.
- U.S. News. "Low Property Crime Rate." Accessed May 1, 2025.