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The average cost of renters insurance in New Jersey is $14 a month, which is below the national average of $15 a month. However, renters insurance can range from as little as $10 a month to $40 a month, depending on how much coverage you purchase.
|Coverage amount||Average cost per month||Average cost per year|
|New Jersey average||$14||$165|
|Source: National Association of Insurance Commissioners|
Purchasing a higher coverage amount will raise your premium, but the added coverage is often worth it. In New Jersey, doubling your coverage could only add a few bucks a month! Many people don’t realize how valuable their belongings are taken together: think about your electronics, kitchen equipment, furniture and clothes. Renters insurance covers many of your belongings and more.
About a third of all housing units in New Jersey are rented, with more than one million renting households. However, only 35% of households have renters insurance. For only $165 a year in New Jersey, you can protect your home and your family from disaster with renters insurance.
Price is an important consideration, but we also recommend that renters evaluate insurers based on their customer service and coverage options. In the event you must file a claim after a disaster, having a company you trust to get your life back on track goes a long way.
We assess a renters insurance company’s customer satisfaction based on two criteria: their J.D. Power overall satisfaction score and their NAIC Complaint Index. The NAIC Complaint Index is a measure of how many complaints a company receives, and 1.0 is the national average. Here’s how some of the most popular companies in New Jersey stack up.
|Company||2019 J.D. Power overall satisfaction (out of 1,000)||2019 NAIC Complaint Index (lower is better)|
|New Jersey Manufacturers||—||—|
|Plymouth Rock of New Jersey||—||0.12|
|New Jersey Skylands||—||1.05|
|*USAA is only available to military service members, veterans and their eligible family members.|
The renters insurance companies in New Jersey are a mixture of smaller, regional insurers and large national insurers. This gives New Jersey renters a lot of choice. Do you value a company with local expertise and experience like New Jersey Manufacturers, or the track record of a national brand like State Farm?
For more information on some of New Jersey’s best renters insurance companies, check out our rankings of the best renters insurance companies in the U.S.
You’ll need to decide how much coverage you need to get renters insurance quotes. A renters insurance quote should contain four coverages, each with its own limit: (1) personal property, (2) loss of use, (3) personal liability and (4) medical payments to others.
Personal property coverage protects your belongings, so we recommend making sure your quote has a coverage limit high enough to cover all your stuff. You’ll usually have coverage for events like fire, smoke, wind, hail and theft. Renters insurance doesn’t cover flooding, though — you’ll need a separate flood insurance policy.
The value of many peoples’ belongings falls in the range of $20,000 to $30,000, but your policy should fit you. We recommend erring on the side of over-insuring your personal property rather than under-insuring it.
Loss of use covers your additional living expenses if you are temporarily unable to remain in your home. For example, say a fire damages your bedroom and you have to live in a hotel for a week. This coverage can step in to cover the cost of your hotel and more. It frequently provides between $3,000 and $5,000 of coverage.
Personal liability is an important financial protection. If you are sued for accidentally injuring someone or damaging their property, personal liability coverage can help pay for legal fees and settlement costs. Many renters insurance policies have a $100,000 or higher coverage limit for personal liability.
Medical payments to others coverage is similar to personal liability, but specifically covers injured guests in your home. For example, if a guest is injured in your home during a dinner party and needs stitches, renters insurance can step in to help pay medical costs. Policies often provide around $5,000 of coverage, but that can often be adjusted.
These coverages and coverage limits are perhaps the most important things to remember when you compare renters insurance quotes. If a quote doesn’t provide sufficient coverage for your needs, it doesn’t matter how cheap it is.
Renters insurance is not required by law in New Jersey, but your landlord can require it as a condition of your lease. While your landlord’s insurance covers the structure of your home, it does not protect your belongings. That’s why you need your own insurance policy, separate from your landlord’s.
If your landlord requires renters insurance, they are considered an interested party and will be notified of your coverage. If you live with roommates, chances are everyone will need their own renters insurance policy, unless they are family.
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