Average renters insurance cost in New Jersey

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Renters in New Jersey pay an average of $238 annually – or $20 per month – for a policy with $40,000 in personal property coverage, $300,000 in liability protection, and a $1,000 deductible. For most renters, this is a practical benchmark to start from.

Your actual premium is shaped by the amount of coverage you select, the insurer you go with, and individual factors such as your ZIP code, claims history, and depending on your state – your credit score.

How much does renters insurance cost in New Jersey?

Renters insurance in New Jersey costs an average of $20 per month for a standard policy with $40,000 in personal property coverage and $300,000 in liability protection. Your actual premium can vary based on your location, coverage level, and the value of your belongings, so it’s worth comparing quotes from multiple insurers to find the best rate.

As a general rule, opting for a higher deductible can bring your monthly costs down, while adding extra coverage for high-value items like electronics or jewellery will push it up. Choose a deductible and coverage level that fits both your budget and replacement needs.

Renters insurance in New Jersey: Where to start

The average cost of renters insurance in New Jersey is $238 per year, or $20 per month for a standard policy
For the most affordable option, State Farm offers the lowest average rates in New Jersey at around $163 annually
Rates vary quite a bit between insurers, so comparing a few quotes before committing is worth the effort

Which companies offer the cheapest renters insurance in New Jersey?

The most affordable renters insurance in New Jersey comes from State Farm, which averages $163 per year. American Family and Farmers are also competitive options for budget-conscious renters.

Keep in mind that the cheapest policy isn’t always the right one – coverage limits, deductibles, and available discounts all matter. The table below compares average annual and monthly rates from leading insurers in New Jersey.

Company	Average annual rate	Average monthly rate
State Farm	$163	$14
American Family	$164	$14
Farmers	$209	$17
Chubb	$210	$18
Franklin Mutual	$238	$20
NJM	$257	$21
Plymouth Rock Assurance	$357	$30
Allstate	$507	$42
USAA*	$188	$16

*USAA is only available to military community members and their families.

Want a more accurate renters insurance estimate?

Use our calculator to get a personalized renters insurance quote based on your location and coverage needs.

Your final premium may vary depending on the insurer, coverage limits, deductible, claims history and other rating factors.

Renters insurance calculator in New Jersey

$221/year

Estimated renters insurance rates in New Jersey

$18

Monthly renters insurance cost in New Jersey

-18%

Compared to national average

How much does renters insurance cost by coverage level in New Jersey?

At the standard coverage level – $40,000 in personal property, $300,000 in liability, and a $1,000 deductible – renters insurance in New Jersey averages $238 per year.

If you reduce your personal property coverage to $20,000, that average drops to around $175 annually. Before making that adjustment, it’s worth confirming that $20,000 would genuinely cover the cost of replacing your belongings.

The table below compares average annual renters insurance costs in New Jersey at both the $20,000 and $40,000 coverage levels.

Coverage level	Average annual renters insurance rate	Average monthly renters insurance rate
$20,000 with $500 Deductible and $100,000 Liability	$172	$14
$20,000 with $500 Deductible and $300,000 Liability	$189	$16
$20,000 with $1,000 Deductible and $100,000 Liability	$159	$13
$20,000 with $1,000 Deductible and $300,000 Liability	$175	$15
$40,000 with $500 Deductible and $100,000 Liability	$241	$20
$40,000 with $500 Deductible and $300,000 Liability	$258	$21
$40,000 with $1,000 Deductible and $100,000 Liability	$221	$18
$40,000 with $1,000 Deductible and $300,000 Liability	$238	$20
$60,000 with $500 Deductible and $100,000 Liability	$315	$26
$60,000 with $500 Deductible and $300,000 Liability	$332	$28
$60,000 with $1,000 Deductible and $100,000 Liability	$289	$24
$60,000 with $1,000 Deductible and $300,000 Liability	$305	$25

People also ask: How much renters insurance coverage do I need?

Coverage needs vary from person to person, but a common starting range is $20,000 to $40,000 in personal property protection and at least $300,000 in liability coverage. The right amount ultimately comes down to the value of what you own, whether any of your items warrant separate endorsements, and how much of a financial cushion you want between you and an unexpected loss.

How much does renters insurance cost by city in New Jersey?

Renters insurance premiums can differ depending on where in New Jersey you live. Factors like local crime rates, weather patterns, and the density of the area all play a part in what insurers charge.

Here’s how average renters insurance rates compare across major cities.

Does your ZIP code affect renters insurance rates in New Jersey?

Your ZIP code is one of the most significant factors in how insurers price your policy. Areas with higher rates of theft, more frequent weather events, or a greater number of past claims tend to see higher premiums – even for the same level of coverage.

In New Jersey, annual rates range from roughly $220 in 7823 to $258 in 7112. Below are the cheapest and most expensive ZIP codes for renters insurance in New Jersey.

Why your ZIP code affects renters insurance costs

Insurers use neighborhood-level risk data when calculating your premium, which means rates can differ significantly from one ZIP code to the next.

Key factors include:

Theft and vandalism rates in your area
Exposure to weather risks like hurricanes, wildfires, or flooding
Historical fire claims and local rebuilding costs

Even shifting a few ZIP codes can change what you pay each month.

What are the most affordable ZIP codes for renters insurance in New Jersey

7823 has the lowest average annual renters insurance cost at $220.

Areas with fewer theft incidents and lower weather-related claim activity tend to have more affordable premiums overall.

ZIP code	City	Average annual rate	Average monthly rate
7823	Belvidere	$220	$18
7825	Blairstown	$220	$18
8808	Broadway	$220	$18
7829	Buttzville	$220	$18
7832	Columbia	$220	$18
7838	Great Meadows	$220	$18
8886	Greenwich	$220	$18
7840	Hackettstown	$220	$18
7846	Johnsonburg	$220	$18
7863	Oxford	$220	$18

What are the least affordable ZIP codes for renters insurance in New Jersey

At the other end of the spectrum, 7112 has the highest average renters insurance cost in New Jersey, at $258 per year or $22 per month.

Below are average annual rates across all ZIP codes in New Jersey, based on quotes from major providers.

ZIP code	City	Average annual rate	Average monthly rate
7112	Newark	$258	$22
7018	East Orange	$256	$21
8201	Absecon	$255	$21
8231	Oceanville	$255	$21
8214	Dennisville	$254	$21
8218	Goshen	$254	$21
8734	Lanoka Harbor	$254	$21
8220	Leeds Point	$254	$21
8740	Ocean Gate	$254	$21
8110	Pennsauken	$254	$21

How to lower your renters insurance, even in a high-cost ZIP code

Get quotes from at least 3 insurers – rates for identical coverage can differ by $100 or more within the same ZIP code
Bundle your renters and auto insurance to cut 5% to 15% off your premium
Ask about discounts for safety features like smoke detectors, deadbolts, security systems, or smart home devices
Raise your deductible from $500 to $1,000 – this alone can reduce your premium by around 10%
If you haven’t filed a claim in 3 or more years, ask about a claims-free discount

Is renters insurance worth it in New Jersey?

For most renters in New Jersey, a renters insurance policy protects your belongings from risks like fire, theft, vandalism, and certain weather events, and shields you from liability if someone is injured inside your home.

According to figures from the US Department of Commerce, the US Census Bureau, and the American Community Survey, approximately 48% of US renter households allocate more than 30% of their income toward rent and utilities. When housing already takes up a large share of your budget, it’s worth being thoughtful about every ongoing cost – including insurance.

Shopping around makes a real difference. Beyond price, look at what each policy actually covers, what the deductible is, and how the insurer performs when claims are filed. Slightly higher premiums can be worthwhile if the coverage is meaningfully better.

Frequently asked questions

What does renters insurance actually cover?

A standard renters insurance policy covers personal belongings, liability, and additional living expenses if your rental becomes unlivable. It protects against losses from events like fire, theft, and vandalism, and can cover legal or medical costs if someone is hurt on your property. Always check the specific limits and exclusions in any policy you’re considering.

Do I really need renters insurance in New Jersey?

While renters insurance isn’t legally required in most cases, it provides real financial protection that’s hard to replicate otherwise. Even a basic policy can cover thousands of dollars in losses from theft, fire, or accidental damage – costs that would otherwise come straight out of pocket. Many landlords in New Jersey also make renters insurance a condition of the lease.

Sources:

Insurance Information Institute. Facts + statistics: Renters insurance. Accessed May 2026.

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Alisha Ambre

Alisha Ambre holds a Bachelor of Arts with honours in English Literature and Media Studies. She focuses on crafting clear, engaging content that makes complex information feel practical and approachable for everyday readers. When she’s not writing, she’s likely on the volleyball court or immersed in a good video game.