Homeowners Insurance in New Jersey

Homeowners insurance shouldn't be complicated. Compare New Jersey rates by city and carrier below.

or
Location pin icon
Your information is secure.

How to find cheap home insurance in New Jersey


Homeowners insurance is an optional — but important — product that works to keep your belongings safe in the event your house or property suffers damage from common incidents. A homeowners insurance policy protects your dwelling, attached buildings, and personal property in the event of an array of circumstances, including wind damage, fire, theft, vandalism, and more.

Unlike auto insurance, homeowners policies aren’t priced specifically by state. Even so, major differences exist in homeowners insurance costs on a state-by-state basis. Homeowners costs in a given state vary based on the number of — and value of — home policy claims submitted across the state, and depend on the value of the belongings and property you're covering.

The best way to acquire cheap home insurance in New Jersey is to get quotes from a variety of insurance companies. Learn more about average home insurance rates in New Jersey via the below data. Your rates may vary, depending on your coverage limits.


New Jersey homeowners insurance:
  1. By company
  2. Rates by city
  3. Rates by coverage amount
  4. Rates by deductible amount
  5. Bundling
  6. FAQs


Homeowners insurance prices in New Jersey by insurer

Rates for home insurance in New Jersey vary depending on the insurance company you use. New Jersey Manufacturers provides the most affordable home insurance in New Jersey — just $522 yearly. This compares favorably to the state average cost of $934, offering a $412 price cut on rates typical to the state.

Start your search for a homeowners insurance policy by viewing average rates from top New Jersey home insurance carriers, listed below.


CHEAPEST HOME INSURANCE COMPANIES IN NEW JERSEY
CompanyAverage 12-Month Rate in New Jersey
New Jersey Manufacturers$522
New Jersey Skylands$527
Cumberland Insurance Group$532
Narragansett Bay$580
State Farm$739


New Jersey home insurance costs by city

Homeowners insurance rates in New Jersey differ by city. Pricing may depend on city-specific variables, such as the number of local claims filed, meaning your specific ZIP code impact how much you pay.

The best home insurance in New Jersey is found in Fort Lee. The average homeowners insurance policy in Fort Lee runs only $831 per year — $104 less than the average New Jersey rate. The below table shows the best places to live in New Jersey if you’re looking for cheap homeowners insurance.


CHEAPEST HOME INSURANCE CITIES IN NEW JERSEY
CityAverage Annual Home Insurance Rate
Fort Lee$831
Hackensack$843
New Brunswick$867
Linden$877
Perth Amboy$895


Homeowners insurance costs in New Jersey by coverage limit

How much you spend on home insurance coverage is greatly affected by the level of coverage you choose. In New Jersey, maintaining $100K dwelling coverage costs an average of $443 per year, while carrying dwelling coverage up to $400K costs $1,240/year.


HOMEOWNERS INSURANCE RATES IN NEW JERSEY — COMMON COVERAGE LIMITS
Coverage LevelAverage Annual Rate
$100,000 Dwelling$443
$200,000 Dwelling$665
$250,000 Dwelling$834
$400,000 Dwelling$1,240


Compare Homeowners Insurance Rates


Homeowners insurance deductibles in New Jersey

One of the many decisions that you will make when shopping for homeowners policies is how high or low to set your deductible. A homeowners deductible is the amount you must pay out of pocket toward a covered loss. Choosing your deductible is a major determiner of how much you pay for homeowners insurance.

Put simply, having a higher deductible leads to cheaper insurance rates. Therefore, if you are aiming for lower home insurance rates, it pays to keep your deductible higher. It's worth calling out that your deductible should only be as high as you can reasonably pay in the event of a loss.

Below are some commonplace deductibles offered by most home insurance companies as well as with corresponding average insurance costs.


HOME INSURANCE COSTS BY DEDUCTIBLE TIER IN NEW JERSEY
Deductible LevelAverage Annual Homeowners Insurance Rate
$500$940
$1,000$834
$1,500$803
$2,000$747
$5,000$664


How to save: bundle home and auto insurance in New Jersey

If you want to save on homeowners insurance, consider carrying your home and auto policies with the same insurance company. Bundling home and auto insurance in New Jersey can save you a substantial sum each month on auto insurance. Purchasing bundled policies in New Jersey leads to a yearly discount of $120.


HOME AND AUTO INSURANCE BUNDLING SAVINGS IN NEW JERSEY
Avg. Annual Auto Insurance Rate (No Bundle)Avg. 12-Month Auto Insurance Rate (Bundle)Annual Bundle SavingsBundle Savings %
$1,511$1,391$1209%


A great way to save is to bundle your auto and homeowners insurance policies. Find a policy today!


Looking for information on homeowners insurance in a particular city? Check out our analysis of major New Jersey cities:

  1. Jersey City
  2. Newark


New Jersey homeowners insurance FAQs


Does GEICO have homeowners insurance in New Jersey?

Yes - GEICO offers homeowners insurance for homes located in New Jersey.

Is home insurance required in New Jersey?

Homeowners insurance is not required in New Jersey. However, your mortgage will require it. Even if you don't have a mortgage, it's smart to have homeowners coverage.


Homeowners insurance and hurricanes in New Jersey

Since hurricanes can cause devastating destruction and destroy structures entirely, insurance companies remain unwilling to take on the full risk of hurricanes as a whole. If you reside in New Jersey, there could be an increased risk of experiencing damage from hurricanes. In fact, 95,659 single-family homes are at extreme risk of hurricane damage in New Jersey.*

If you reside near the coast, it's of utmost importance to check and understand your homeowners policy because a basic policy won't be enough to cover the expenses of repairing damage caused by hurricanes — you would need to bolster your policy with flood and windstorm insurance, which would work in tandem to pay for repairs or replacements. In some states, your insurance company may make it compulsory to have a separate hurricane deductible if you reside in a region that's at high risk for hurricanes. The average cost of homeowners insurance with a 2% hurricane deductible in New Jersey is $813 per year. 

Hurricane insurance itself isn't actually offered as its own product, though most perils associated with these storms are covered by many standard home insurance policies. Homeowners in areas prone to hurricanes could face what is known as a "windstorm" or "hurricane" deductible. Only triggered in certain conditions, these specialized deductibles work differently than the deductible for a standard peril. For a start, they may be more expensive, based on a percentage of your home's overall value. Be aware that flooding is never covered on a standard policy and needs to be added on through — in most cases — the National Flood Insurance Program.

Below are some affordable choices for hurricane coverage in New Jersey. Treat these rates as estimates and reach out to companies directly for rates specific to your property.

 

AFFORDABLE HOMEOWNERS HURRICANE COVERAGE IN NEW JERSEY
Insurance CompanyAverage Yearly Hurricane Insurance Rate
Cumberland$529
New Jersey Manufacturers$551
Fidelity$620
State Farm$625
Chubb$655

*Source: Insurance Information Institute (https://www.iii.org/fact-statistic/facts-statistics-hurricanes)


Does home insurance cover flood damage in New Jersey?

Flood damage — whether the byproduct of a rainstorm or a hurricane —is not covered by home insurance. To ensure your home is covered, acquire flood coverage from a private flood insurance company or through the National Flood Insurance Program (NFIP).

Coverage details from private insurance companies vary. If you purchase flood insurance through NFIP, you'll receive:

  • $250, 000 for your home’s structure
  • $100, 000 for your personal property

If the value of your property exceeds these limits, consider purchasing a policy from a private company for additional protection.

Flood insurance is important in New Jersey, which paid out $26,047,065 in 2016 flood insurance claims, according to the Federal Emergency Management Agency.


Ross Martin LinkedIn

As a licensed insurance agent, Ross is responsible for researching and writing about all matters related to auto and home insurance. He has a background in writing and education, as well as a masters degree from Royal Holloway, University of London. He has been quoted by Kin Insurance, Safety.com, and autoinsuranceEZ.com.