If you’re looking for cheap renters insurance in New Jersey, consider getting quotes from Philadelphia Contribution, Palisades Group and Preferred Mutual. In Forbes Advisor’s analysis, these companies offer the cheapest renters insurance in New Jersey for a typical coverage amount of $15,000, among the companies we analyzed.
Here are the average New Jersey renters insurance costs for three levels of coverage.
Average New Jersey Renters Insurance Costs
| Company | Average annual cost for $15,000 in personal property coverage | Average annual cost for $30,000 in personal property coverage | Average annual cost for $50,000 in personal property coverage |
|---|---|---|---|
|
Philadelphia Contribution
|
$69
|
$123
|
$195
|
|
Palisades Group
|
$69
|
$121
|
$191
|
|
Preferred Mutual
|
$70
|
$102
|
$150
|
|
$71
|
$110
|
$164
|
|
|
$83
|
$110
|
$142
|
|
|
NJM
|
$92
|
$111
|
$136
|
|
Narragansett Bay
|
$100
|
$101
|
$112
|
|
Cumberland
|
$102
|
$124
|
$163
|
|
$103
|
$159
|
$251
|
|
|
Selective Insurance
|
$113
|
$139
|
$171
|
|
Franklin Mutual
|
$117
|
$117
|
$175
|
|
Homesite
|
$143
|
$161
|
$190
|
|
$163
|
$198
|
$242
|
|
|
Foremost
|
$221
|
$292
|
$377
|
|
Tower Group
|
$225
|
$285
|
$375
|
|
State average
|
$135
|
$179
|
$241
|
*USAA auto insurance is available only to members of the military, veterans and their families.
More: Best Renters Insurance
What Does Renters Insurance Cover?
Renters insurance covers your personal belongings if they are stolen or damaged due to a problem covered by your policy. Renters insurance also covers you for property damage or injuries you accidentally cause to others.
Generally, renters insurance can be broken down into these main types:
- Personal property coverage. This covers your belongings that are damaged or stolen. Items include furniture, electronics, jewelry, artwork, kitchenware, rugs and more.
- Liability insurance. This covers injuries and property damage you accidentally cause to others. For example, if a guest slips in your kitchen and you’re legally liable, liability insurance can cover their medical bills. Liability insurance also covers the cost of a legal defense, court judgments and settlements.
- Additional living expenses (ALE) coverage. If you cannot live in your home due to a problem like a fire, additional living expenses covers the cost of hotel bills, restaurant meals, laundry services and other extra costs, such as pet boarding.
If you have assets (such as a savings account) that are greater than your renters insurance liability limits, you may want to consider buying an umbrella insurance policy. Umbrella insurance offers additional liability coverage on top of the limitations of your renters and auto insurance policies.
Related: What does renters insurance cover?
Compare Renters Insurance Quotes
1
Lemonade
$160
28 states + DC
When Can You Be Evicted in New Jersey?
In New Jersey, a landlord can evict you from a rental property if:
- You violate the terms of your lease
- You do not pay your rent
- You habitually pay your rent late
- The landlord must permanently close residence due to health or safety violations
The following are some examples of lease violations in New Jersey:
- Theft of property from the landlord or tenant
- Assaulting or threatening a tenant or landlord
- Unlawful occupant
- Disorderly conduct that disturbs the peace and quiet enjoyment of other tenants and the neighborhood
- Damage or destruction of the rental unit
- Engage in criminal activity in the rental unit
In New Jersey, a landlord does not need to give notice to file for eviction if the rent is late. The only exception to this rule is if the landlord regularly accepts the rent late. In this case, the landlord must give a Notice to Cease. (A Notice to Cease serves as a warning, and provides an opportunity for the tenant to remedy the situation by stopping the behavior at issue. If the tenant doesn’t comply with the Notice to Cease, a Notice to Quit may be issued by the landlord.)
If the tenant is late after this notice, the landlord must file a Notice to Quit at least one month before the landlord may file for eviction. This allows the tenant 30 days to pay the amount of rent due before the landlord can file with the court.
New Jersey also allows for a shorter period for eviction filings. Landlords must file a Notice to Quit at least three days before filing for an eviction when the tenant threatens the landlord, possesses illegal drugs, destroys property or behaves in a disorderly way.
Rules on Security Deposits in New Jersey
A landlord in New Jersey may charge up to one and a half times your rent as a security deposit. Annually, the landlord can require the tenant to add more funds to the security deposit. This additional amount cannot exceed 10% of the tenant’s current security deposit.
For example, if the amount of your current security deposit is $2,000, your landlord can collect an additional $200 (10% of $2,000 = $200).
New Jersey landlords who have 10 or more units are required to put the security deposits into shares of an insured money market account in the state of New Jersey. A landlord with fewer than 10 units is required to deposit security deposits into an interest-bearing savings account. Landlords must pay their tenants the interest from these security deposit accounts.
Within 30 days of receiving the security deposit, the landlord must provide the tenant in writing the name of the financial institution and address.
Within 30 days of the tenant’s vacancy, the landlord must return the security deposit in full or explain in writing why money is being withheld. The money or explanation should be returned by personal delivery or certified mail.
The landlord must return your security deposit within five days if you are displaced due to a flood, fire, condemned building or evacuation and a public official posts a notice prohibiting occupancy of the unit.
Rules on Rent Increases in New Jersey
New Jersey does not have a set rule on rent increases. However, depending on where you live, there are city specific ordinances regarding rental increases. Even though you may move into a rent-controlled municipality, there are legal exemptions such as some newly constructed multi-unit properties which may be excluded from rent control.
A landlord cannot increase your rent during your lease. Your landlord is required to give you a 30-day Notice to Quit and a Notice to Increase Rent. You will have the option to sign a new lease with the increased rent, go month-to-month with a rent increase or choose to vacate the premises.
You can withhold a portion of the rent if you believe the rent increase is “unconscionable or unreasonable.” The amount you may withhold is the difference between your old rent and the new increased rent. However, the landlord can take you to court based on non-payment of rent increase and you should be prepared to pay the full amount of rent due if the court rules in your landlord’s favor.
When Can a Landlord Enter Your Apartment?
In New Jersey, a landlord does not have the right to enter a rental unit without the tenant’s consent, unless there is an emergency. However, you are not required to provide your landlord with a key to your unit unless it is specified in your lease or a written agreement.
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