Renting a place in New Jersey? It’s smart to think about getting renter’s insurance. This insurance is for you as the renter and helps protect your stuff if something bad happens, like a fire or theft. Even though your landlord has insurance for the building, it doesn’t cover your things inside. In this guide, we’ll be looking at different insurance companies in New Jersey to help you find the best one for you so you can make the right financial decision.

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Some Top Renters Insurance Companies in New Jersey

Here are some of the best options for renters insurance in New Jersey. We checked out how much they cost, what customers thought about them, and how well they’ve paid claims in the past. These companies are known for offering good renters insurance policies in the state.

Allstate

Good for: Saving money

Allstate offers renters insurance to cover your stuff if something bad happens, like a fire or theft, and if someone gets hurt while visiting you. If your place becomes unlivable because of a covered incident, they’ll help with your temporary move. You can handle your policy by talking to someone, going online, or using their app, which is pretty handy.

Good stuff:

• Their app is highly rated
• You can choose how much you pay and when

Not-so-good stuff:

• Not many discounts are available
• They don’t have lots of extra features

What stands out:

• You get a discount if you also have car insurance with them
• Renters insurance starts at just $4 a month

Lemonade

Best for: Simple online experience

Lemonade is a new kid on the block for renters insurance, but it won’t break the bank. Even though it doesn’t have a fancy rating yet, it promises low prices and got a good thumbs-up from customers in the 2023 J.D. Power Home Insurance Study.

Lemonade has a super-easy app where you can get renters insurance in just 90 seconds. It works a bit differently than other insurances: instead of your money just going to them, it goes into a pool because its more of a peer-to-peer kind of insurance. If something bad happens to you, Lemonade uses that pool of money to help out. The cool part? They also give extra money to charities you choose through their Giveback program.

Good stuff:

• Quick and easy to get insurance online
• They sort out claims fast

Not-so-good stuff:

• No face-to-face chats with someone
• Not as many ratings as the older insurance guys

What stands out:

• Everything happens online, which is great if you like doing things yourself
• They share extra money with charities, and they’ve already given away millions of dollars.

 

Nationwide

Best for: Customizing your coverage

Nationwide lets you tailor your renters insurance with extras like protection from water damage, earthquakes, and even theft from your car or boat. They have a great feature called Brand New Belongings, where they give you money for your stuff based on what it’s worth when you bought it, and if you replace it, they’ll chip in the difference.

Aside from all of that, the company also cover any upgrades you make to your rental place. According to statistics available as at the time of writing this article, In 2023, it shows that lots of people picked Nationwide’s renters insurance as their best option.

Good stuff:

• People were happy with Nationwide’s renters insurance in 2023
• Lots of extra options you can add to your policy

Not-so-good stuff:

• They don’t have customer service around the clock
• They’re not available in every state, which might be a pain if you move a lot

What stands out:

• You can add things like earthquake and flood insurance, which not all companies offer
• They automatically cover any shady charges made with your credit cards or checks.

State Farm

Best for: Easy and flexible service

State Farm has been in the insurance business for more than 100 years. With them, you can make sure your renters insurance grows over time to match higher costs. You can easily get a price and buy online, or if you like talking in person, there are plenty of local agents in New Jersey. If you bundle your car insurance with your renter’s insurance from State Farm, you might save some cash on both.

Good stuff:

• You can reach them in many ways – through agents, online, or on their app
• Buying insurance online is simple

Not-so-good stuff:

• They don’t have a ton of discounts
• They didn’t score as high as some others in a study published by bank rate in 2023

What stands out:

• Your coverage automatically goes up each year to keep up with living costs
• You might get a deal if you bundle your renters insurance with other policies.

 

USAA

Best for: Military families

USAA is great for military folks and their families. Even though it doesn’t get an official ranking, people like their customer service. USAA works with current and former military members, offering lots of banking and insurance packages. Their renters insurance is top-notch, covering things like earthquakes and floods, which is not common. You can also get extra coverage to pay for the full cost of your stuff. If you live on a base or in military housing, you could save almost a third on renters insurance with USAA.

Good stuff:

• People love their customer service
• You can get discounts and extra coverage

Not-so-good stuff:

• Only for military folks and their families
• Not many physical locations

What’s cool:

• Their renters insurance already covers floods and earthquakes
• Even if you’re overseas, your stuff is still protected.

 

 

How Much Renters Insurance Costs in New Jersey

As of 2019, the average price for renters insurance in New Jersey is about $174 a year. That’s way less than what homeowners pay across the country, which is around $1,428 a year. The reason is simple – homeowners insurance covers the whole building and everything inside, but renters insurance mostly just covers your stuff.

According to the Insurance Information Institute, the average renters insurance quote in New Jersey is even lower, at $156 per year, which is less than the national average.

In terms of renters’ expenses, New Jersey is ranked ninth among U.S. states for the percentage of people spending 30% or more of their income on rent. However, compared to more than half the states, New Jersey has a higher percentage of people who rent homes.

 

Renters Insurance Coverage Options In New Jersey

If you’re renting in New Jersey, your renters insurance includes three key types of standard coverage plus custom add-ons. Unlike homeowner’s insurance, renters insurance does not cover the structure or dwelling. These add-ons are:

• Personal Liability Coverage: Imagine a friend trips over your rug and breaks an arm. This insurance will help you cover their medical bills or damaged stuff if it’s your fault.
• Personal Property Coverage: If something bad happens, like a fire or theft, this insurance will help in the replacement or fixingof your damaged property – and sometimes even your guests’ stuff.
• Additional Living Expenses: If your place becomes unlivable, this insurance helps cover your extra costs, like hotel stays or food.

And for some extra superpowers, you can add:

• Identity Theft Coverage: This insurance coverage is more like a shield against bad guys trying to steal your identity.
• High-Value Items Coverage: This insurance gives you extra protection for your fancy stuff, like jewelry or cool artwork.

Conclusion

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