Renters Insurance New Jersey

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In 2013, the average estimated cost of renters insurance in New Jersey was $152 a year. Compared to that the average homeowners insurance is $840 a year in New Jersey, thus renters insurance is cheaper than most people realize.

Comparing Renters and Owners Insurance in 2013 in New Jersey

The landlord's policy is not going to cover renter's damages like burglary of renters possessions. There were 42338 burglaries are reported in New Jersey in 2012. So, to make sure you're protected from these events like fire, burglary or other disaster, you may need renters insurance.

Renters Insurance Coverage Types:

Actual cash value policy:
This policy covers the depreciated value of the loss. For instance, that Desktop you bought for $2160 might only be worth $1080 six months later – and that's all you're going to get for it.

Replacement Coverage Policy in New Jersey:

  • By means of the same example, the insurance need not necessarily pay for the Desktop, but it will get you enough to buy another laptop of the same kind. In New Jersey, the replacement cost insurance costs around $38.0 more than the actual cash value policy.
  • Taking into account the median rent in New Jersey as $1650, the average renters insurance of $10 per month is 0.61% of median monthly rent.

Estimated Renters Insurance for Different House Types in New Jersey

House Type Median Rent Estimated Renters Insurance
Single Fam $1,700 $153
Condo $1,700 $153
Duplex $1,600 $144
One Bed $1,280 $115
Two Bed $1,600 $144
Three Bed $1,850 $166
Four Bed $2,330 $209

Deductibles in New Jersey:

In New Jersey, by choosing a $500 deductible over a $250 deductible, an average of $16.72 can be saved on the insurance premium.