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Newark, NJ Homeowners Insurance Quotes (2023)
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Written by
Jackie Cohen
Editorial Manager
Jackie Cohen is an editorial manager at Insurify specializing in property & casualty insurance educational content. She has years of experience analyzing insurance trends and helping consumers better understand their insurance coverage to make informed decisions about their finances.Jackie's work has been cited in USA Today, The Balance, and The Washington Times.
Edited by
John Leach
Insurance Content Editor at Insurify
John Leach is an insurance content editor who has worked in print and online. He has years of experience in car and home insurance and strives to make these topics easy to understand for everyone. He has a linguistics degree from UC Santa Barbara.
Updated February 28, 2022
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Newark, NJ Homeowners Insurance
With its population of over 280,000, Newark is New Jersey ’s most populous city. Settled in 1666, it’s also one of the oldest cities in the United States. Today, it’s Port- Newark -Elizabeth terminal is the busiest shipping terminal on the East Coast today. Newark ’s industries make the city attractive to long-time and new residents. That’s because Newark is the hub for large companies like Panasonic Corporation, Prudential, and Audible. And its Newark campus of Rutgers University makes this city a top spot for an outstanding education.
Most Newark, New Jersey, residents commute from the suburbs to the city daily. But that commute is sure to get disrupted by some unpredictable weather. That’s because Newark ’s spot on the map is between a humid subtropical and a humid continental climate. That means residents can expect hot and humid summers as well as cold winters annually. Summer temperatures are often between the upper 70s and the 90s, with some storms and rain. And winters can mean temperatures between 10°F and 31°F, with nor’easters and almost 30 inches of snowfall on average. The hot-and-cold climate means more damage to homes year after year. But there’s a solution for that. Home insurance ensures that you won’t have to pay for expensive home repair or replacement when something unexpected happens. And don’t worry; there’ are savings available, too.
Insurify takes the hassle out of finding the perfect and most affordable homeowners insurance policy in Newark, NJ. Start to compare and save now!
Cheapest Home Insurance Companies in Newark
For homeowners in Newark, it's important that you evaluate all of your potential insurance options to ensure you are finding the best rate. Comparing the right insurance companies will allow you to get the best possible insurance rate for your home.
To simplify comparing companies, Insurify has analyzed rates from top insurance providers in Newark. The following are the best insurance rates from carriers that offer homeowners insurance in Newark.
| Cheapest Companies | Quotes The car insurance quotes, statistics, and data visualizations on this page are derived from Insurify’s proprietary database of over 4 million car insurance applications from ZIP codes across the United States. Insurify’s data science team performs a comprehensive analysis of the various factors car insurance providers take into account while setting rates to provide readers insight into how car insurance quotes are priced. |
|---|---|
| Cumberland Mutual | $345 |
| Selective | $438 |
| UPC | $490 |
| Narragansett Bay | $519 |
| American Strategic | $684 |
How to Find Cheap Home Insurance in Newark
Housing sales in Newark, New Jersey, are red hot. Most homes in the area get multiple offers, sell one percent over the list price, and go pending in about 27 days. But most desirable homes sell around four percent over the list price and go pending in about six days. If you’re on the prowl for a new home or if you recently found a home, you need to be prepared to protect your investment.
Homeownership is a large financial investment with quite a few risks. Thankfully, there’s something you can do about that. Homeowners insurance in Newark protects your home from natural disasters, theft, and vandalism. You get financial liability in case any of these events occur. There are also different coverage options depending on your property’s type, location, and other contributing factors. There’s a home insurance policy for everyone.
Keep reading for a full guide on Newark home insurance.
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Cheapest Home Insurance in Newark by Company
Homeowners insurance rates aren’t always designed with savings in mind. That’s where Insurify comes in. Our free home insurance comparison tool allows you to find the best policy for the best rate fast. And your information stays private and protected.
As of 2020, the average home insurance premium in the Newark area costs $921 annually, and the median home value is $328,937.
Newark housing expenses are 52 percent higher than the national average. Utilities are also 14 percent higher than the national average. Insurance costs depend on a few factors, including which insurance company you go with. Home insurance companies set their rates differently. For example, while you might find one home insurance rate with Allstate, Liberty Mutual will charge different rates. That makes finding the cheapest and best home insurance company all the more critical when searching. Luckily, you can head to Insurify’s homeowners insurance comparison tool right now, get a quote, and purchase a policy with the best rate.
| Average Home Cost in Newark The car insurance quotes, statistics, and data visualizations on this page are derived from Insurify’s proprietary database of over 4 million car insurance applications from ZIP codes across the United States. Insurify’s data science team performs a comprehensive analysis of the various factors car insurance providers take into account while setting rates to provide readers insight into how car insurance quotes are priced. | Average Annual Insurance Premium in Newark The car insurance quotes, statistics, and data visualizations on this page are derived from Insurify’s proprietary database of over 4 million car insurance applications from ZIP codes across the United States. Insurify’s data science team performs a comprehensive analysis of the various factors car insurance providers take into account while setting rates to provide readers insight into how car insurance quotes are priced. |
|---|---|
| $328,937 | $921 |
Average Annual Home Insurance Premium in Newark by Company
Average prices for standard homeowners insurance for a 7-15 year old home, $200,000 in coverage
Cumberland$345
Selective$438
UPC$490
Narragansett Bay$519
American Strategic$684
Franklin Mutual$703
Allstate$795
Travelers$938
Homesite$1,031
Hanover$1,092
State Farm$1,123
USAA$1,255
Encompass$1,280
Preferred Mutual$1,350
NJ Manufacturers$1,467
Palisades Group$1,546
Cheapest ZIP Codes in Newark for Home Insurance
Policyholders in the Garden State can’t expect to pay the same rate on homeowners insurance everywhere. That means, if you live in Kearny, you’ll pay a different price than someone in Bloomfield.
Like property costs, home insurance varies in price from city to city. Pricing is determined by ZIP code–specific variables, such as the volume of claims filed nearby, crime rates, and property costs, and risk variables, such as natural disaster frequency. Even your specific neighborhood may determine if you pay more or less on your annual premiums.
Rates in Newark can be relatively high or low compared to the national average; it all depends on which area you live in.
Home Insurance Coverage Types in Newark
There are several types of home insurance. Specific terms of insurance policies may vary by city, but in general, the standard policy types are as follows:
The simplest and least comprehensive type of homeowners insurance
Provides coverage for a handful of potential problems, including
- Dwelling coverage for damages from some natural disasters (storms, fires, wind, lightning, volcanic eruption),
- explosions,
- theft,
- damage from vehicles,
- or civil commotion.
Broad form homeowners insurance policies include all basic form coverage, plus protection from:
- falling objects,
- damage from the weight of ice, snow, or sleet,
- freezing of household systems including HVAC and pipes,
- sudden and accidental damage to pipes and other household systems from artificially generated electrical current,
- accidental discharge or overflow of water or steam,
- sudden and accidental damage.
HO-2 policies typically cover both dwelling protection and personal property.
In some cases, broad form coverage may also include liability coverage. However, it still only covers the specific damages listed in the policy.
The most common form of homeowners insurance is known as a “special form” policy.
While HO-1 and HO-2 policies are “named peril” policies (meaning they only cover dangers that are specifically listed in the policy), HO-3 policies are “open peril” policies meaning they’ll cover all dangers except those specifically excluded in the policy documents.
HO-4 policies, also known as renters insurance, are for people who lease rather than own their homes.
Tenant’s form policies typically cover all the same dangers as HO-2 policies.
These policies include personal property coverage and liability coverage but don’t cover the physical structure of the house.
Some HO-4 policies may also include loss of use coverage for the tenants.
Comprehensive form policies are usually the broadest and provide the highest level of coverage; not surprisingly, they also tend to be the most expensive type of homeowners insurance policy.
The biggest difference between HO-3 and HO-5 policies is that most HO-3 policies are “actual cash value” policies, whereas typically HO-5 policies are “ replacement cost value” policies.
An actual cash value policy will only reimburse you for the actual value of a damaged or destroyed item, while a replacement cost value policy will reimburse you for however much it would cost to completely replace or repair the damaged or destroyed item (up to the coverage limits on the policy).
HO-5 policies also provide personal property coverage against a wider range of dangers than the typical HO-3 policy. Many HO-5 policies also have extra coverage for high-value personal property, such as jewelry and artwork.
Not surprisingly, condo form insurance is for condominium owners. HO-6 policies generally protect against the same types of dangers as HO-3 policies.
They provide dwelling protection coverage with a twist: HO-6 policies cover the walls, floors, and ceiling of the condo unit but not the rest of the building.
These policies also include personal property and liability coverage and may include loss of use coverage.
If you own a mobile home or manufactured home, you likely have an HO-7 policy.
Mobile home form policies are typically identical to HO-3 policies, except they’re designed specifically for mobile and manufactured homes.
Like HO-3 policies, they provide dwelling protection coverage, other structures coverage, personal property coverage, liability coverage, and possibly loss of use coverage as well.
HO-7 policies generally only protect the home when it’s stationary; if you plan to move your mobile or manufactured home, you’ll need to get a special policy to cover it while it’s in transit.
Older homes have generally been built to less stringent code standards than recently built homes, and so insurers have designed a specialized type of homeowners insurance policy for them.
HO-8 policies often only cover the basic perils listed in HO-1 policies and generally apply to homes that are registered landmarks or otherwise deemed historic homes.
Owners of registered landmarks are typically forbidden from making the updates to HVAC, electrical, and other parts of the home that would enable them to qualify for a standard HO-3 policy, so an HO-8 policy is often the only option for them.
For more detailed New Jersey city level guides, check out these below.
Weather Events and Newark Homeowners Rates
Newark, New Jersey, sits on the East Coast. Its location makes it susceptible to nor’easters, hurricanes, tropical storms, blizzards, and a lot of flooding. One of the most devastating storms to hit Newark was Hurricane Sandy in 2012. The wind force that hit the city was something that hadn’t been seen in decades, and many homes were not prepared for it. Neighborhoods everywhere were littered with uprooted trees and branches, and more than a million people were left without power. For the next few years, the effects of the storm could be seen everywhere throughout Newark.
Hurricane Sandy is a prime example of why home insurance coverage is so important. For policyholders, homeowners insurance coverage provides financial protection on properties during natural disasters. Lightning, hail, and wind damage are included. But there are exclusions for anyone experiencing water damage due to flooding. Most homeowners insurance companies do not include flooding on a standard policy. Flood insurance is necessary when you live in the Garden State. Talk to your insurance agent about getting flood insurance through the National Flood Insurance Program by the Federal Emergency Management Agency (FEMA).
How to Get the Best Homeowners Insurance Quotes
With Newark ’s living expenses being so high, you need to find ways to save on homeowners insurance. Bundling is the first step to receiving a discount or deal on insurance. All you have to do is combine your homeowners insurance policy with auto insurance or life insurance under one insurance agency. Most insurers offer discounts on their insurance products when you bundle because you are showing loyalty. As a result, you get rewarded by paying less!
Next, be sure to compare and save. All you need to do is use the Insurify comparison tool. You’ll fill in your information and insurance needs and get home insurance quotes delivered to your email. Try it out now!
How to Find the Cheapest Home Insurance in Newark
Newark, New Jersey, is the perfect place to live for those who want a taste of the city and the suburbs. But what most people won’t tell you is that homeownership can be a pain when it comes to natural disasters. You don’t want to get caught up in hurricanes, other disasters, and the damage from weather activity. On top of that, living expenses are super high. Yet, there is a way to find the cheapest and best home insurance in Newark.
Use Insurify to compare home insurance premiums for your property in Newark.
Frequently Asked Questions
Bundling is when you combine multiple insurance policies under one company. You might combine homeowners insurance, life insurance, and car insurance. Try bundling multiple insurance policies, and you could save money!
Yes, purchase flood insurance since standard home insurance policies exclude it. Talk to your insurance agent about pricing and more information.
State Farm offers personal property and casualty insurance (P&C). Talk to your agent for more information on setting coverage limits, additional insurance, and more.
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