Cheapest Renters Insurance Companies in New Jersey of 2023

Discover the most affordable renters insurance in New Jersey. See which policies provide the best coverage for your needs without breaking the bank. Secure your peace of mind today.
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Residents in New Jersey can find a renter's insurance company with cheap pricing and broad coverages designed just for tenants in the garden state.

Consumers who rent are not required to purchase renters insurance in New Jersey, but our team at PropertyNest recommends everyone renting to buy renters insurance for two reasons.

One is to replace your personal property when a catastrophic event occurs.

And the second and perhaps even more important coverage is personal liability.

Liability coverage allows the insurance company to defend the tenant against a second party who states a loss has occurred at the tenant's fault.

Those damages could involve bodily injury or property which means the other party may want financial compensation for damages.

It doesn’t matter if you live in a Northern New Jersey town like Clifton or a highly populated city like Jersey City, a renters insurance policy is a benefit in a a loss to you or against you as a renter.

According to PropertyNest research, the average renters insurance cost in New Jersey is $17.36 a month.

Our experts found cheap renters insurance across New Jersey in smaller towns like Livingston or Brookdale, in larger cities like Newark, and everything in between the Garden State.

The Cheapest Renters Insurance in New Jersey 

  • Lemonade: Cheapest Direct Online Option
  • Allstate: Cheapest Easy Policy Management
  • Liberty Mutual: Cheapest for Adding Coverage Options
  • State Farm: Cheapest Overall
  • Farmers: Cheapest for Non-Smokers
  • Amica: Cheapest for Longest-Lasting Discounts
  • Progressive: Cheapest for Organized Shoppers
  • USAA: Cheapest for Military Families
Basic Renters Insurance Average Rates by Provider
CompanyNational Monthly Average Sample Rate
Liberty Mutual$16.38
State Farm$10.83
Amica Mutual$16.35

Lemonade Renters Insurance: Cheapest Direct Online Option

Editors star rating review
Editor's Rating (4.5 Stars out of 5)

Most companies today are still website, agent, and call center-driven for quoting and purchasing renters insurance.

Lemonade, an insurtech insurance company, is a direct online option for quoting, buying, and servicing a renters policy.

Consumers give up agent and call center support for cheaper pricing and self-service policy maintenance.

Lemonade provides various plans to fit your budget and requirements, beginning with the essentials at $5 per month. However, extra charges may apply if you require more features.

Personal property coverage is important no matter where that property is at the time of a loss.

If you traveling across England and your bike, backpack, and mobile device are stolen, Lemonade is an insuretech partner with Worldwide coverage for personal property. .

Don’t worry, though, your laptop, TV, and other important personal property are covered at your residence, too.

Our team of experts recommends Lemonade for tech-savvy consumers who aren’t looking for local support and want control in managing their renters insurance policy.

Read our full review of Lemonade Renters Insurance.

Lemonade Renters Insurance Discounts

Lemonade only offers a couple of discounts, but prices are generally low with Lemonade's rates generally being below the state average.

  • Multi-policy: Save when you bundle policies together such as auto or pet.
  • Security: You can qualify for an additional discount if you have smoke alarms and deadbolt locks installed.

Lemonade Renters Insurance Pros and Cons

  • Pricing is cheap for budget-conscious consumers.
  • Buy direct with a downloadable app for purchase and service.
  • Coverage may start as low as $5 per month.
  • A giveback program supports charities by donating unused premiums.
  • May not be portable if you leave New Jersey.
  • No local agent to assist if you have a claim or service issue.
  • Replacement cost for personal property is not standard.
How is Lemonade Renters Insurance Rated?
PropertyNest Rating4.5 out of 5
J.D. Power (out of 1,000) Score853
BBB RatingB+
NAIC Complaint Index Score1.94

Allstate: Cheapest Easy Policy Management

Editors star rating review
Editor's Rating (5 Stars out of 5)

Insurance companies are now offering cheaper premiums to tenants that are willing to engage in the online platform for buying and servicing their renters policies.

Allstate has state-of-the-art technology today and with ease of access to policy information on the mobile app, it makes customer service functions for consumers on the go easy and user-friendly.

Tenants in any part of the state of New Jersey even Hudson County where tenant property rental rates are high, can access policy information, pay a bill or report a claim on the app or just apply for cheap renters insurance.

The website is loaded with educational tools making information easily accessible.

These customer service digital options put Allstate at the top of our list for cheapest overall digital policy and customer service.

Read our full review on Allstate Renters Insurance.

Allstate Renters Insurance Discounts

  • Multi-Policy Discount: Get cheaper rates when you buy both renters and car insurance with renters’ premiums of as little as $4 per month.
  • Easy Pay Plan: Choose automatic payment from the bank and pricing gets cheaper.
  • 55 & Retired Discount: Consumers who are truly retired and not seeking any employment are eligible for up to 25% discount off their renters' premiums.

Allstate Renters Insurance Pros and Cons

  • Client customer service digital options are easy to navigate and user-friendly.
  • Privacy and security features in the mobile app help keep customer information safe.
  • Consumers in retirement are eligible to receive a special discount option.
  • Theft of personal property is included in basic coverage.
  • Prospective renters may find online purchasing does not meet expectations.
  • Coverage internal limits are low or restricted on certain types of property.
  • Replacement cost for property is an optional coverage costing extra.
How is Allstate Renters Insurance Rated?
PropertyNest Rating5 out of 5
J.D. Power (out of 1,000) Score837
A.M. Best - Financial Strength RatingA+
NAIC Complaint Index Score2.05
BBB RatingA-

Liberty Mutual: Cheapest for Adding Coverage Options

Editors star rating review
Editor's Rating (4.5 Stars out of 5)

Liberty Mutual offers tenants in cities like Bridgeton, Clifton, or even Lakewood a variety of customizable coverage options.

Offering a plethora of coverage options can make it cheaper to build the coverage protection consumers need and only pay for the coverage chosen.

Policy changes, coverage reviews, and documents can be managed with the Liberty Mutual online platform making it easy for customers to review coverages and make changes on their own when necessary.

We choose Liberty Mutual for the coverage options even for small towns like Carneys Point in Western New Jersey as tenants can choose to build a policy that best fits their lifestyle and may be as cheap as $5 per month.

Read our full review on Liberty Mutual's Renter Insurance.

Liberty Mutual Renters Insurance Discounts

  • Early Shopper: Being organized and shopping early for coverage gets cheaper rates.
  • Claims-free: 5 years claim-free or more.
  • Online purchase: 10% discount complete the purchase of renters insurance online.
  • Multi-Policy: Liberty Mutual offers a discount if you insure your car or other policies with their company.
  • Preferred Payment: This discount rewards the renter with an automatic monthly bank draft.

Liberty Mutual Insurance Pros and Cons

  • Liberty Mutual has a variety of coverage options, limits, and deductibles to tailor the final policy.
  • Coverage options are offered so policyholders can change coverage or increase limits as their lifestyle changes.
  • Claims service is efficient and can be completed with an online process or mobile app.
  • The company is focused on the online customer relationship and may not include local agent access.
  • Industry customer service surveys are not as favorable as other companies in New Jersey.
How is Liberty Mutual Renters Insurance Rated?
PropertyNest Rating4.5 out of 5
J.D. Power (out of 1,000) Score834
A.M. Best - Financial Strength RatingA
BBB RatingA+
NAIC Complaint Index Score2.37

State Farm: Cheapest Overall

Editors star rating review
Editor's Rating (4.5 Stars out of 5)

State Farm is a top insurance company that has cheap coverage choices, limit options, and flexible endorsements to increase or restrict specific coverages for budget-conscious consumers looking for a cheap renters insurance policy.

Prospective renters who have a rare collection of items; or unique personal property like a vintage pair of sneakers to cover may still find State Farm the cheapest for overall renters policies.

The competitive pricing edge for a cheap renters policy is given to State Farm due to the flexible overall pricing their renters' policy offers and tenants may save up to 17% on their renters and car insurance bundle.

Read a full State Farm renters insurance review.

State Farm Renters Insurance Discounts

  • Renters & Car Insurance Bundling: Combining car and renters insurance is common with most carriers, but the discounts can vary widely.
  • Home Alert Protection Discount: If you have a smoke detector for fire or burglar alarm that alerts you someone may be breaking into your residence, there is a premium discount for renters.
  • Deductible Choices: Deductibles may not be a true discount, however with State Farm, they can positively impact the premium by choosing a higher deductible.

State Farm Renters Insurance Pros and Cons

  • Increasing prior personal property limits or purchasing high limits like a $1 million liability option won’t break the premium bank.
  • Premiums are priced cheaply in the marketplace for essential coverage for a low monthly cost.
  • Bundling with auto insurance can get an even cheaper rate overall.
  • Claims and customer service surveys show State Farm as a top company overall for service.
  • Discounts are few which may impact the choices made in coverage or limits to remain the cheapest.
  • There is a minimum requirement for property coverage of $10,000.
  • Deductibles play a role like discounts, the lower the deductible the higher the cost.
How is State Farm Renters Insurance Rated?
PropertyNest Rating5 out of 5
J.D. Power (out of 1,000) Score836
A.M. Best - Financial Strength RatingA++
BBB RatingA+
NAIC Complaint Index Score1.77

Farmers: Cheapest for Non-Smokers

Editors star rating review
Editor's Rating (4.5 Stars out of 5)

Every insurance company has discounts and unique feature that draws consumers to their product.

Farmers for renters who purchase an insurance policy.

Service and overall cheap rates behind the short list of discounts create tenant benefits even if you are a smoker.

In addition to the discount, there are plenty of coverage options to choose from in the Farmers Insurance renters policy.

Consumers must purchase a policy and receive their documents via the online platform.

Read a full Farmers renters insurance review.

Farmers Insurance Renters Discounts

Farmers offers a fair number of discounts for renters, including one for non-smokers.

  • Non-Smoker: 2 consecutive years of non-smoking and tenants receive a special discount for a smoke-free home.
  • Multiple policies: Add a car as a second Farmers insurance policy.
  • Security System or Fire Alarm: Install and activate an approved electronic security system or fire alarm.

Farmers Insurance Pros and Cons

  • All non-smokers for 2 consecutive years gain an advantage.
  • Claims service stable and above average scores.
  • Pricing is affordable for basic coverage.
  • The discount focus is on security and safety.
  • Lack of discounts available.
  • Adding optional coverages may reduce competitive pricing.
  • No local agent support.
How is Farmers Renters Insurance Rated?
J.D. Power (out of 1,000)831
A.M. Best - Financial Strength RatingA
NAIC Complaint Index0.56

Amica: Cheapest for Longest-Lasting Discounts

Editors star rating review
Editor's Rating (4 Stars out of 5)

Amica is unique and offers a special future credit to tenants with renters insurance.

For an added bonus, consumers looking to buy a home in the future can opt for premium credits towards a future homeowner policy by remaining long term with Amica.

Amica is about customer service and couples that with a high level of policyholder retention utilizing the future credit for home ownership premium as the ultimate tool.

Online or with an agent, the quoting, buying, and service process exceeds client expectations with policies offered for as low as $4 per week.

We choose Amica for excellence in retention discounts and customer service as they continue to rank at the top of industry surveys every year.

Read a full Amica Mutual renters insurance review.

Amica Renters Insurance Discounts

  • Multi-policy: Choose renters and auto to save up to 15%.
  • Claim-free: 3 years of claim-free history is the benchmark.
  • E-Discount: Manage your policy online.
  • Autopay: Choose automatic deduction from your bank.
  • Loyalty: Insurance gets cheaper if a tenant was with the same insurer for at least 2 years.
  • Future premium credit: Tenants can earn premium dollar credits towards a home insurance policy by remaining loyal to Amica.

Amica Insurance Pros and Cons

  • History of world-class service gauged by industry and customer surveys.
  • Unique retention tool offering current tenants premium saving credit for a future homeowner policy with Amica.
  • Financial strength and AM Best rating.
  • The basic policy does not include replacement cost for personal property.
  • Wind and hail deductibles may be different from other property deductibles.
  • May trade higher than average premiums for excellence in customer service.
How is Amica Renters Insurance Rated?
J.D. Power (out of 1,000)854
A.M. Best - Financial Strength RatingA+
NAIC Complaint Index0.32

Progressive: Cheapest for Organized Shoppers

Editors star rating review
Editor's Rating (4 Stars out of 5)

Progressive offers multiple options to purchase renters with an online process, call center, and local agent to secure coverage.

The way to get cheap renters insurance is to be organized, online savvy, and pay your entire premium upfront.

Gated communities also continue to be an attractive risk for Progressive as the proactive tenant security choice may reduce theft losses.

We choose Progressive for the upfront discounts offered to tenants for being organized and security conscious in choosing a residence.

Read a full Progressive renters insurance review.

Progressive Renters Insurance Discounts

  • Quote in Advance: Quote insurance at least 30 days before expiration for the best rate with Progressive.
  • Pay in Full: If you can budget annually for renters insurance you are rewarded.
  • Documents via email: Document delivery via email for a discount.
  • Secured or Gated Community: A security discount that reduces premiums as theft is less likely to occur in a gated community.
  • Multi-Policy: Buy car insurance with Progressive and you’ll receive a substantial discount on renters insurance.
  • Single Deductible Benefit: One deductible is an option for multiple policies.

Progressive Renters Insurance Pros and Cons

  • The web portal offers an online option for self-service support when needed.
  • A calculator can help determine the worth of your personal property and how much insurance to buy.
  • Additional endorsement coverage is available for laptops, jewelry, and other specific property with some exclusions.
  • Multiple deductible choices for coverage riders on specified property like jewelry.
  • Personal property coverage is capped at $500,000.
  • Theft of certain personal property may be handled differently by a rider.
  • Local agent representation may not be available in some New Jersey cities.
How is Progressive Renters Insurance Rated?
PropertyNest Rating4 out of 5
A.M. Best - Financial Strength RatingA+
NAIC Complaint Index Score1.66

USAA: Cheapest for Military Families

Editors star rating review
Editor's Rating (5 Stars out of 5)

Military bases are spread across New Jersey, and USAA honors and supports that military presence.

Residents across New Jersey related to any branch of the military are eligible for renters insurance.

Navy personnel in Colts Neck, Army base residents stationed at Fort Dix, or Coast Guard at the training center in Cape May should consider USAA for affordable renters insurance.

The sheer geographic location of New Jersey creates water risk for tenants.

We choose USAA as the standard coverages for water damage like flood are included along with several optional coverages including one for electronics that has its own deductible.

USAA Renters Insurance Discounts

  • Bundle Savings: Combine auto and home insurance for up to 10% savings.
  • Protective Device: A 5% discount for alarms or a monitored home security system.
  • Claim-Free: 3 years with claim-free history saves up to 20%.
  • Living on Base: Tenants who live in the barracks or base housing save up to 28%.
  • Service Academy: Cadets, midshipmen, and candidates save up to 45% residing at one of the US Military Service Academies.

USAA Renters Insurance Pros and Cons

  • Flood, earthquakes, and tidal wave coverages are standard in a renters policy.
  • Financial Strength and nationwide presence for families relocating.
  • Coverage for frozen pipes is included in the base policy.
  • No deductible for military equipment or uniforms covered in a loss.
  • A connection to the military community to be eligible for coverage.
  • A local agent may not be available.
  • Replacement cost for personal property is an additional premium.
How is USAA Renters Insurance Rated?
J.D. Power (out of 1,000)886
A.M. Best - Financial Strength RatingA++
NAIC Complaint Index0.88

What are Key Coverages for Renters Insurance?

Renters insurance offers protection in few different areas. It covers personal belongings, liability/medical, and loss of use.

Liability Coverage

Liability coverage protects the tenant against another person who claims they are responsible for damages that occurred in a loss covered by insurance.

The tenant liability coverage is valuable, especially for someone living in a complex of connected apartments in a big city like Jersey City.

We recommend reviewing the pricing between the highest liability limit available and the options offered at purchase.

Our SMEs find the cost is relatively inexpensive to purchase more than the minimum of $100,000 usually offered.

If a fire is caused by you in an apartment complex and multiple units suffer a loss, the liability portion is what protects the insured.

Once the limit is paid out by the insurance company the tenant becomes responsible for damages.

Personal Property

Personal property is defined by insurance as clothing, furniture, kitchen items, and other personal belongings, like a bike, laptop, and jewelry.

Review the limit options on coverage and do an inventory to determine the value of your everyday personal property.

Be diligent in asking questions if you have high-end valuables or unique items as renters insurance may not provide adequate coverage in a basic insurance policy.

Medical Expenses

This expense category is meant to help if someone has an accident on your property and wants you to pay the hospital or bodily injury damages.

You don’t have to be found at fault in court to have this coverage paid to someone else for the accident.

Additional Living Expenses (Loss of Use)

This coverage is certainly beneficial as it provides additional expenses you incur when your home is uninhabitable for a period of time due to a covered loss and you and your family must live somewhere else while the repairs are made.

What's Does Actual Cash Value(ACV) and Replacement Cost (RC) Mean?

Most basic policies include actual cash value as the determination for payment of damaged personal belongings in a loss.

Always make sure you request the replacement cost option for your personal property.

Replacement cost means that if your 10-year-old couch is damaged in a fire, the insurance company will pay the cost to replace it with a new one, not a comparable 10-year-old one.

You may pay a few dollars more over the year for this coverage, but it is well worth the extra premium.


The PropertyNest team encourages all tenants to purchase renters insurance and protect their personal property belongings.

If or when a catastrophic event does occur tenant coverage offers peace of mind that there is an insurance partner to help navigate the loss and assist in recovery.

Anytime you add an insurance policy like renters or make a major change in a current insurance policy in the portfolio, we recommend getting several new insurance quotes and comparing them prior to the change.

Pricing and coverage options change all the time.

Consumers should complete an organized review of their insurance portfolio at least once a year to ensure they are getting the correct coverage and pricing options.


How We Selected the Cheapest Renters Insurance in New Jersey

Experts in the insurance field spend hours discussing how to highlight the cheapest renters insurance available without sacrificing the essential coverages that consumers find important.

PropertyNest only reviews companies that are admitted in the state of New Jersey.

Our team of experts look for discounts and savings that consumers receive prior to an underwriting review of the renters insurance application.

We include factors that consumers can control like the desire to use technology tools; payment and policy delivery options; residence security and being claim-free.

We do this by studying industry websites, discussing affordability with other Subject Matter Experts (SME) on renters insurance, and reviewing industry surveys for pricing and affordable coverage options.

Technology Tools

Cutting out agent or company service staff interaction can make insurance cheaper.

We chose companies offering an option for purchasing directly through a device without agent or call center interaction.

Our experts at PropertyNest recommend consumers review the online claim submission process and ask questions about it before choosing to go without local agent support.

Payment Options

Less interaction on routine transactions can reduce the overall pricing of renters insurance and make it feel cheaper.

Options like annual premium payments or monthly automatic payments from a bank are recommended for cheaper rates.

Policy Quote, Delivery, and Service Options

Technology tools also play a role in how a consumer buys and manages their policy as a customer.

At PropertyNest our experts focus on discounts that reward tenants for an online purchase and servicing routine policy transactions including delivery of the renters policy itself.


Consumers lifestyles can impact the affordability of a renters policy.

The SMEs who write for PropertyNest look for unique options like being a non-smoker or being retired as that can impact specific groups or lifestyle behavior and increase the chance for a cheap renters policy.

Laurie VanderWal
About the author

Laurie VanderWal is a licensed insurance professional with 35+ years of experience. She is a Subject Matter Expert (SME) in property/casualty and cyber insurance. She has written a nationally accredited education course portfolio for insurance professionals and businesses on ethics, leadership, and the rapidly changing technology culture. Laurie VanderWal graduated from Bellevue University with a master's degree in Management.