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New Jersey Homeowners Insurance Quotes (2023)
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Written by
Tanveen Vohra
Editorial Manager
Tanveen Vohra is an editorial manager at Insurify specializing in writing about property and casualty insurance. Through her work, Tanveen helps consumers better understand the components of their insurance policies so they can make smarter purchase decisions.Tanveen's work has been cited by CNBC , Fox Business, Business Insider, Fortune, and Market Watch, among others.
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 25, 2022
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Average Cost of Home Insurance in New Jersey
According to 2021 rates, the average cost of homeowners insurance in New Jersey is $917 per year and $76 per month. New Jersey homeowners insurance rates are $481 per year less then the national average and about 34% less annually. When compared to the other US states that makes the cost of homeowners insurance in New Jersey the 38th most expensive in the country, based on 2021 data.
For shoppers, the best way to find a homeowners insurance policy in New Jersey is to evaluate all of the quotes from individual insurance providers and then decide on the policy that fits your requirements and budget level. Fortunately finding the right homeowners insurance coverage is easy with a tool like Insurify.
Insurify provides easy and fast home insurance quote comparisons for all kinds of homeowners nationwide. Insurify has helped thousands of customers receive accurate homeowners quotes for your property in New Jersey in minutes.
| New Jersey Average Homeowners Insurance Rates 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 Cost Per Month | $76 |
| Average Annual Premium | $917 |
| State Rank (Most Expensive) | 38th |
Cheapest Home Insurance Companies in New Jersey
For homeowners in New Jersey, 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 New Jersey. The following are the best insurance rates from carriers that offer homeowners insurance in New Jersey.
| 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 Insurance | $438 |
| UPC | $490 |
| Narragansett Bay | $519 |
| American Strategic | $684 |
How to Get Affordable Home Insurance in New Jersey
New Jersey is the most densely populated state in the U.S., with over 1,200 New Jersey residents per square mile. It makes sense, as many people move to New Jersey for its ample job opportunities or its affordable living expenses and short commute to New York City. Good news for all the state’s homeowners—and in case New Jerseyans needed another reason to have pride in their state—New Jersey homeowners insurance rates are roughly 24 percent cheaper than the national average.
Before you jump into the cheapest home insurance policy you find, it’s important to understand why you need homeowners insurance in New Jersey at all. Although home insurance is not required by law, homeowners often need to show proof of insurance to take out a mortgage. Even if you aren’t required to purchase a homeowners insurance policy, purchasing one will ensure your home and personal belongings are protected in case of perils like natural disaster or theft.
New Jersey homeowners insurance quotes can still get pricey depending on the coverage options you’re looking for. If you need multiple insurance products like home insurance, car insurance, or even life insurance, bundling your policies can lower your average costs. Most insurance carriers will allow policyholders to bundle home and auto insurance policies and save, so ask your local agent if this can help lower your New Jersey homeowners insurance rates.
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New Jersey Homeowners Insurance Rates by Company
Homeowners insurance rates aren’t always designed with savings in mind. That’s where Insurify comes in.
As of 2021, the average home insurance premium in New Jersey costs $921 annually, and the median home value is $353,518.
But the cost of your New Jersey homeowners insurance policy is custom to your home, your neighborhood, and your desired coverage. Your homeowners insurance covers the cost of repairs following natural disasters, replaces personal belongings in the case of theft or vandalism, and even provides personal liability insurance and covers medical payments if someone is hurt on your property. You may want more coverage depending on where you live, especially if your New Jersey neighborhood is considered high-risk for perils like flooding or theft.
This is why the best homeowners insurance policy for you may be different than the best home insurance policy for your neighbor. It’s important to know the various policies and coverages that different insurance agencies offer in order to find the best home insurance company for you. There are so many homeowners insurance companies in New Jersey, and the average Liberty Mutual, Chubb, or Allstate premium may include different coverage than the average State Farm or New Jersey Manufacturers’ homeowners insurance premium.
Average Annual Home Insurance Premium in New Jersey by Company
Average prices for standard homeowners insurance for a 7-15 year old home, $200,000 in coverage
Cumberland$345
Selective Insurance$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
Home Insurance Rates in New Jersey Cities
Like property costs, home insurance varies in price from city to city. Pricing is determined on ZIP code-specific variables such as the volume of claims filed nearby, crime rates, property costs, and risk variables such as natural disaster frequency. Even your specific neighborhood may determine if you pay more or less on our annual premiums.
Buying and insuring a home comes with loads of unexpected costs and new living expenses. How can you be expected to pay all of these costs—vital as they are—and still provide for you and your family?
Homeowners insurance rates aren’t designed with savings in mind. That’s where Insurify comes in.
Rates in New Jersey can be relatively high or low compared to the national average—it all depends on which town you live in, though, overall, New Jersey has some of the most expensive real estate in the country. Here are the most and least expensive ZIP codes in New Jersey to buy and insure a home. Average rates within these ZIP codes tend to increase relative to property cost. In wildfire- or earthquake-prone areas, rates are often higher.
| City | Median Home Price 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. |
|---|---|
| Ridgewood | $735,383 |
| North Caldwell | $715,284 |
| Palisades Park | $701,311 |
| Camden | $69,057 |
| Phillipsburg | $179,363 |
| Trenton | $191,267 |
What does home insurance cover in New Jersey?
There are several types of home insurance. Specific terms of insurance policies may vary by state, 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:
- Natural disasters (storms, fires, wind lightning, volcanic eruption)
- Explosions
- Theft
- Damage from vehicles
- 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
- 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.
- 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 policies.
- 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 to 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.
Flood Insurance in New Jersey
New Jersey’s coastal border leaves the state at risk for flooding during hurricane season and through the snowy winter months. But your dwelling coverage alone will not cover the cost of damages from hurricanes or melted snow. Since home insurance policies do not include flood damage as a covered loss, most New Jersey homeowners insurance companies will require policyholders seeking this coverage to purchase a flood insurance policy.
Homeowners can purchase a flood insurance policy directly through the National Flood Insurance Program (NFIP) or with the help of their insurance agents. A policy with the NFIP ensures that a policyholder’s entire home, electrical systems, water heaters, and even detached garages and solar panels are covered if damaged in a flood. Some flood policies even include the cost of replacing clothes, furniture, and valuable items, so make sure your flood coverage offers as much protection as your New Jersey home needs.
What to Know About the New Jersey FAIR Plan
New Jersey’s FAIR Plan is a program that offers insurance coverage to homeowners who do not qualify for insurance through private carriers for a multitude of reasons. Residents can either apply to New Jersey’s FAIR Plan on their own or with an insurance agent’s help.
The FAIR Plan will cover most structures, including homes, mobile homes, apartment units, and even commercial buildings, but only provides basic property coverage. Policyholders can add optional theft coverage to their property policy through the FAIR Plan but do not have any options for liability coverage through the program.
Special Home Insurance Situations in New Jersey
Unique elements of your home may affect homeowners insurance prices. Check out these quotes for some special situations that may impact your home insurance in New Jersey.
Cheapest Home Insurance for Houses Near Fire Department in New Jersey
If your home is within a certain distance from a fire department or fire hydrant your rates may decrease. The same applies for the opposite. If your home is far from fire safety, you may pay more for homeowners insurance.
| Insurance Company | Average Annual Premium 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. |
|---|---|
| Allstate | $795 |
| Hanover | $1,092 |
| Palisades Group | $1,330 |
| Travelers | $788 |
Cheapest Home Insurance for Houses Near the Coastline in New Jersey
Beachside living is wonderful. But the risk a nearby coastline may present to your home could end up increasing your home insurnace rates. The closer you are to the shore, the more at risk your property is to flooding. This will be reflected in your homeowners insurance rate.
| Insurance Company | Average Annual Premium 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. |
|---|---|
| ASI | $684 |
| Homesite | $1,030 |
| Preferred Mutual | $1,350 |
| United P&C | $490 |
Cheapest Home Insurance for Houses With Swimming Pools in New Jersey
Swimming pools fall under a category called attractive nuisances. Sure, they offer a fun way to cool off during warm summer months, but they also pose a major injury risk. For that reason, having a swimming pool in your yard could increase rates.
| Insurance Company | Average Annual Premium 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. |
|---|---|
| Franklin Mutual | $703 |
| NJ Manufacturers | $1,467 |
| State Farm | $1,123 |
| USAA | $1,255 |
Liberty and Prosperity and excellent home insurance rates. That's New Jersey's slogan, right?
How to Find the Cheapest Home Insurance in New Jersey
New Jersey is a great place to start a home, so don’t let the stress of home insurance shopping get in the way of enjoying your new humble abode. With Insurify’s comparison tools, you can find the best New Jersey homeowners insurance policy for you and secure savings in minutes. That way, you can get back to going down the shore and exploring all that New Jersey has to offer in no time.
Use Insurify to compare home insurance premiums for your property in New Jersey. Our comparison tools make homeowners insurance shopping (and saving) simple so you can be on your way to enjoying your newly insured home in no time.
Frequently Asked Questions
Surplus lines insurance is meant to cover perils that are too expensive for the average insurance company to cover. This can include policies like flood insurance and earthquake insurance.
If you live in a high-risk area and are looking for coverage for a specific peril, then you should seek this coverage. Most New Jersey homeowners will not need surplus lines insurance coverage outside of a flood insurance policy. But if you are concerned about your coverage options, ask your local agent what type of policy is best for you.
Yes and no. Most home insurance policies will cover any damage caused by the weight of ice and snow. So if your roof gives in due to the weight of accumulated snow, then you’re covered. But if snow or ice causes flooding in your home, you’re going to need a flood insurance policy to cover the costs of repairing the damages. Ask your insurance carrier what type of snow damage your policy covers so you can make sure your home is protected before you have to start the claims process.
This year, there is a higher probability than ever of New Jersey experiencing a land-falling hurricane. And with this year’s already record-setting storm season, it’s clear to see why New Jersey homeowners would want to make sure their homes are protected in case of a hurricane. While basic homeowners policies include wind damage and storm damage as a covered loss, it is likely not enough to cover the cost of hurricane damages. The best way to make sure your home and belongings are protected if a hurricane comes around is with a flood insurance policy. If you are in an especially at-risk area, you may also consider an additional windstorm insurance policy.
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