Best renters insurance in Newark, NJ (2024)

Find the best renters insurance in Newark and ensure your belongings are protected.

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Pat HowardManaging Editor & Licensed Home Insurance ExpertPat Howard is a licensed insurance expert and managing editor at Policygenius. Pat has written extensively about the home insurance industry and his insights as a subject matter expert have appeared in several top tier publications, including The New York Times, The Wall Street Journal, CNBC, and Reuters. Pat has a bachelor's degree in journalism from Michigan State University.

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Newark is the largest city in New Jersey and one of the leading shipping and rail hubs in the U.S. As people are being increasingly priced out of New York City, cities like Newark have become a target for real estate developers, and this has resulted in Newark becoming one of the most rented cities in the U.S.; 78% of the city’s occupied residences are rented rather than owned.^ If you’re a renter in Newark, you should consider getting renters insurance.

Renters insurance ensures that your personal belongings are protected. There are countless reasons you should consider renters insurance if you live in Newark, from rate affordability to the high risk of weather-related damage to break-ins. Read on to learn more about why renters insurance makes sense for Newark residents.

Best renters insurance in Newark

Insurance Company

Monthly Cost - $500 Deductible

Monthly Cost - $1,000 Deductible

State Farm

$10.50

$10.50

Allstate

$20.00

$18.00

Travelers

N/A†

$17.00

Stillwater‡

N/A

N/A

Lemonade

$12.42

$10.84

†No $500 deductible option in Newark

‡No $500 or $1000 deductible options in Newark Methodology: We pulled renters insurance quotes online from five of the most popular insurance companies: State Farm, Lemonade, Allstate, Travelers and Stillwater. Quotes were for policies with $500 and $1,000 deductibles for a 30-year-old male apartment renter. We deferred to the most comparable coverage amounts when identical policies were unavailable.

Understanding renters insurance quotes

Renters insurance is about far more than just protecting your personal property. Here’s a rundown of the components you should look for in a policy when comparing renters insurance rates.

  • Property coverage: reimbursement for lost, stolen, or damaged property.

  • Liability coverage: covers legal expenses in the event someone is injured in your residence and they sue you.

  • Loss of use: covers temporary living expenses if your residence becomes uninhabitable.

  • Medical payments to others: covers medical costs in the event someone is injured in your residence and requires medical treatment.

We’ve got a full explainer of what renters insurance covers here.

Is renters insurance legally required in Newark?

No, renters insurance isn’t a legal requirement in Newark or the state of New Jersey, but landlords and management companies may include a provision in the lease that requires renters insurance as a condition for signing, and this is completely legal.

In fact, considering Newark’s susceptibility to cold weather and harsh snowstorms, and more recently, hurricanes, landlords may be doing Newark a favor by requiring renters insurance.

Reasons to buy renters insurance in Newark

Renters insurance is among some of the most affordable insurance types to buy, and considering your most cherished personal belongings are typically stored in your residence or storage units, it should be a no-brainer in any city.

If your apartment catches fire because of faulty wiring or arson, renters insurance will cover your incinerated stuff. If someone breaks into your apartment and steals your things, renters insurance covers whatever was stolen. Renters insurance also insures belongings stored outside your residence, so if someone breaks into your vehicle or storage unit and takes what isn’t theirs, renters insurance has you covered.

Here’s a breakdown of property crime rates in Newark and how it compares to the national average.†

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Newark incidents

Newark rate*

Nationwide incidents

Nationwide rate*

Larceny

3,048

1,099.81

5,638,455

1744.96

Burglary

1,138

410.62

1,515,096

468.88

Arson

41

14.79

43,119

13.34

--

*per 100,000 people

As for weather, Newark experiences just about every element — cold weather, snow, hail, rain — in abundant amounts, as Newark deals with about 28 inches of snow annually.‡ The storm potential and unpredictability of East Coast cities is ever-present in Newark, and the recent trend of tropical storms drifting north is particularly unsettling.

Thankfully, renters insurance protects personal belongings against perils like wind, hail, and fire. However it won’t cover other hurricane-related perils like flood-damage, which is something to keep in mind when you select a policy.

Helpful resources

Newark residents looking for more information on renters rights and resources should check out the following:


^ U.S. Census

FBI CDE

U.S. Climate Data

Author

Pat Howard is a licensed insurance expert and managing editor at Policygenius. Pat has written extensively about the home insurance industry and his insights as a subject matter expert have appeared in several top tier publications, including The New York Times, The Wall Street Journal, CNBC, and Reuters. Pat has a bachelor's degree in journalism from Michigan State University.

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