Best renters insurance in Newark
Find the best renters insurance in Newark and ensure your belongings are protected.
Published September 7, 2018|3 min read
Table of Contents
Editorial disclosure
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.†
| -- | 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:
Newark Department of Rent Control: rental resource that ensures decent housing conditions and affordable rent. Also provides valuable information about rent control and establishes limits on how much landlords are permitted to raise year-to-year rent
Tenant Union Representative Network: Renters union whose mission is ensuring tenant safety, legality in rental practices, and landlord transparency.
Legal Services of New Jersey: Legal manual for tenants to understand their rights and responsibilities.
New Jersey Housing Resource Center: Housing availability, financial assistance, and housing resources for NJ residents.
† FBI CDE
Pat Howard
Homeowners Insurance Expert