There is no single standard price for renters insurance in New Jersey. The cost depends on several factors, including the location of your apartment, how much coverage you have and the number of claims you have filed over the years.
What is the average price of renters insurance in NJ?
The average price of renters insurance in New Jersey is highly personalized. Among other factors, it varies based on where you live. Generally speaking, your rate will be lower if you live in a relatively crime-free area away from the coast.
The following is the average annual cost of a renters insurance policy in three different areas of the state:
| Location | Yearly average cost | Monthly average cost |
|---|---|---|
| Bergen County | $280 | $23 |
| Burlington County | $210 | $18 |
| Camden County | $257 | $21 |
How is renters insurance priced?
Insurance carriers consider a variety of factors when calculating renters insurance rates, including your apartment’s location, your coverage and your personal risk.
Your location
Insurance is all about risk, so customers who live in areas prone to claims will pay more for renters insurance. For example, you’ll pay more if your apartment is located close to the coast, as your possessions could be damaged by high winds and flooding. You’ll also pay more if you live in an area with a high rate of theft and other crime, such as in certain urban areas.
Your coverage
How much coverage you require will have a big impact on the price of your renters policy. For example, in addition to your standard coverages, you may decide to add extra coverage for particularly expensive items. Or you may decide to increase your personal property and liability coverage limits.
Your claims history
Personal attributes, such as your claims history, can also affect your renters insurance rate. Typically, the more claims you file, the higher your insurance rate will be.
What renters insurance covers
A typical renters insurance policy in New Jersey includes three types of coverage: personal property, personal liability and emergency living expenses. Together, they provide solid financial protection against unexpected events.
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Personal property
Covers the cost of personal property damage or theft. Applies to possessions inside and outside of your apartment, such as furniture, TVs and computers. -
Personal liability
Provides protection if you’re legally responsible for property damage or injuries to others. It may also help pay for legal expenses, medical bills and other costs. -
Emergency living expenses (or loss of use)
Reimburses you for lodging, meals and other related expenses if you need to vacate your unit due to severe damage from a covered event.
Can I add more coverage to my renters policy?
Yes, you can easily customize your renters insurance to make sure you have the best possible protection. For example, you can add extra coverage for high-value items like engagement rings or fine art.
Here are some optional coverages to consider in New Jersey:
- Cyber and identity protection
- Home systems breakdown
- Extra coverage for your valuables
- Additional liability coverage
- Replacement cost for contents
- Water backup coverage
How can I lower my renters insurance premium?
There are many ways to lower your renters premium. Examples include increasing your deductible, bundling your renters and auto policies, and paying your annual premium in a single payment.
Bundle your policies
Bundling is when you buy two or more policies from the same insurance company. For example, you can bundle your renters insurance with your auto insurance.
Raise your deductible
Choosing your deductible amount plays a significant role in how much you pay for renters insurance. A good rule of thumb is that lower deductibles usually result in higher premiums. Conversely, higher deductibles usually result in lower premiums.
Stay claims-free
Being claims-free can also lower your renters premium in New Jersey. There are some variables with this discount so be sure to check with your carrier. For example, some carriers will require you go three years without submitting a claim, others five years.
Go paperless
To help the environment, many renters insurance carriers offer a small discount if you choose to receive your bills and documents electronically.
Pay in full
Some insurance carriers in New Jersey offer a small discount if you pay your annual premium in a single payment at the beginning of your insurance year.
Security protection devices
You could receive a discount if you live in a building with a security protection device already installed. This includes fire and smoke detectors, sprinkler systems and security alarms. You may also get a discount if your building employs a doorman or security personnel.