The Best and Cheapest Renters Insurance in Jersey City, NJ, for 2022: Rankings, Reviews and Rates

Renters insurance in Jersey City, New Jersey, costs an average of $102 annually or $9 monthly. By shopping around, Jersey City renters could save up to $5 monthly. Lemonade is the cheapest option, with an average monthly rate of $5, while State Farm is the most expensive insurer, with a monthly rate of roughly $10. MoneyGeek also reviewed the best Jersey City renters insurance carriers to help shoppers find a balance between affordability and quality.

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Last Updated: 7/17/2022
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The Cheapest and Best Renters Insurance in Jersey City

The Companies With the Cheapest Renters Insurance in Jersey City

Jersey City residents should evaluate the cost of renters insurance since the majority of insurers provide the same core coverages. Take the time to compare renters insurance quotes from various insurers to find the best coverage.

MoneyGeek's research determined that the cheapest renters insurance options in Jersey City for the average consumer are as follows:

  • Lemonade: $60 per year
  • USAA: $79 per year (only available to current and former military members and their families)

USAA policyholders can receive a higher value for their money since the company's insurance covers damage from floods and earthquakes. It also compensates for items at their replacement cost.

The rates included in this study are based on policies with $20,000 worth of coverage for personal property, $100,000 worth of coverage for liability and a $500 deductible. Check out the table below to see how prices change for different amounts of coverage for your personal property.

Renters in New Jersey who don't live in Jersey City can compare renters insurance for the whole state.

Average Annual Rates for Personal Property Insurance

Personal Property Coverage:

$20,000

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Insurance Rates

Compare Renters Insurance Rates

Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.

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What Are the Best Renters Insurance Companies in Jersey City?

MoneyGeek data shows that the following companies are the best renters insurance providers in Jersey City:

  • Best Overall: USAA (only available for current and former military personnel and their families)
  • Runner-up: Lemonade

MoneyGeek used a unique scoring system that includes affordability, J.D. Power customer satisfaction ratings and AM Best financial stability ratings to determine overall scores. Furthermore, MoneyGeek found that these companies provide unique coverages that are not always offered by other renters insurance providers.


1
USAA
Score:93

4.4/5

Affordability

5/5

User Satisfaction

5/5

Financial Stability

Geek Quick Take
Geek Quick Take

USAA is our top pick because it earned high scores in all categories. However, USAA policies are exclusive to military families.

More About USAA

USAA is regularly one of the most affordable options in the country, and it offers unique coverages. In comparison to other companies, its policies cover flood and earthquake damage. USAA also provides significant discounts to people who are currently serving in the military, so it may be much cheaper for you if you fit this criteria.

2
Lemonade
Score:88

5/5

Affordability

3.5/5

User Satisfaction

3.5/5

Financial Stability

Geek Quick Take
Geek Quick Take

Lemonade is the runner-up due to excellent ratings in all categories. It offers an excellent online quote tool.

More About Lemonade

Lemonade is the second best insurer for renters insurance in Jersey City. If you live with a significant other, adding them to the insurance is usually inexpensive. You can get renters insurance rapidly with Lemonade because the online quote tool allows you to get a policy in minutes.

The Average Cost of Renters Insurance in Jersey City for 2022

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renters insurance is equal to the average.

Renters in Jersey City pay an average of $102 per year for insurance or about $9 per month. This is around $57 less per year than the national average of $159 annually.

What Factors Impact Renters Insurance Costs in Jersey City?

While different factors influence the cost of renters insurance, the following are the most important.

  1. Personal property. Consider the amount of coverage you need while shopping for the best renters insurance in Jersey City. One of the most important determining factors in estimating the cost of a policy is the amount of property covered.
  2. Location. The cost of renters insurance in Jersey City is somewhat impacted by where you reside. For example, insurance prices are more likely to be higher in an area with high crime or extreme weather.
  3. Deductible. This refers to the cost you will incur to cover a claim with your insurance provider. If you choose a higher deductible, you will pay more out of pocket if you make a claim, resulting in reduced premiums.
  4. ACV vs. RCV. Reimbursements may be based on either the actual cash value (ACV) or the replacement cost value (RCV), depending on the policy you buy. The insurance company will consider your used items' depreciated value in ACV plans. RCV plans, on the other hand, cover the comparable cost of purchasing a new item of the same quality and kind without depreciation in mind. RCV insurance is more expensive than ACV policies since they pay out more in claims.
  5. Liability coverage amount. The amount of coverage you choose will have a modest impact on the cost of your renters insurance. Normal insurance includes $100,000 in liability coverage, but you can increase this by thousands for just a few dollars each year.

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Does My Jersey City Neighborhood Impact Cost of Renters Insurance?

Renters insurance premiums aren't significantly impacted by where you live, unlike other forms of insurance. MoneyGeek's research showed that the area in which you reside has a little effect on your monthly insurance cost.

Understanding Renters Insurance in Jersey City

A renters insurance policy may help you cover the cost of repairing or replacing damaged or stolen belongings in Jersey City. Depending on your coverage, accidents at home may also be covered. Insurance premiums are often relatively affordable on an annual basis. You should be aware that your landlord's property insurance does not cover your personal belongings.

What Does Renters Insurance Cover in Jersey City?

When shopping for renters insurance, you should get adequate coverage to match your needs as a tenant in Jersey City. It is a cost-effective way to safeguard yourself against potential expenses resulting from theft and other unforeseen catastrophes.

According to the FBI, the city recorded 1,624 property crimes per 100,000 people in 2017. This is around 24% less than the national average.

Jersey City apartment and rental property occupants may also opt to purchase extra insurance to cover various risks. Typically, insurers in Jersey City provide renters insurance packages that cover the following:

  • Personal property coverage: Personal property includes furniture, electronics and apparel. This kind of coverage assists with repairing or replacing your belongings after a covered loss, such as theft or fire.
  • Additional living expenses: After a covered risk, your rental dwelling may become inhabitable. This coverage will pay for your interim housing bills.
  • Liability insurance: You are covered by renters liability insurance if you injure others due to an accident or negligence. It may pay legal bills if you are sued for a home-related accident.
  • Medical payments coverage: Medical costs resulting from an accident on your rented property will be covered under this policy in the case of an injury. No matter who is at fault, the insurance company will pay.

What Is Not Covered by Renters Insurance in Jersey City?

In Jersey City, your personal belongings are covered by your renters insurance, but the building's structure is not. Renters insurance doesn't cover everything, and specific risks aren't covered. Purchasing supplemental insurance may be the best course of action in these situations.

Renters insurance, for example, will pay for some types of water damage. However, most standard plans exclude water damage caused by floods. You may get additional insurance via the National Flood Insurance Program (NFIP) to protect yourself from flood damage.

Most renters insurance plans exclude your roommate's property, damage from earthquakes, damages to your car, jewelry and other valuables that exceed the policy limitations.

Before making a final decision on the policy you want to purchase, thoroughly review the details to verify that you will be adequately covered.

Frequently Asked Questions About Renters Insurance in Jersey City

Shoppers looking for renters insurance should opt for an insurer that provides the best affordability and quality. MoneyGeek answers some of the most frequently asked questions about Jersey City renters insurance.

Renters Insurance in Jersey City Analysis: Methodology

MoneyGeek analyzed hundreds of renters insurance quotes in Jersey City to help you find cheap renters insurance. The best renters insurance rankings were determined using data from J.D. Power, AM Best and our affordability metrics that are derived from a comprehensive analysis of quotes provided by Quadrant.

About the Author


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Mark Fitzpatrick is a senior content manager with MoneyGeek specializing in insurance. Mark has years of experience analyzing the insurance market and creating original research and content. He graduated from Boston College with a Bachelor of Arts and Johns Hopkins University with a Master of Arts.


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