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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.
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.
|Company||Average 12-Month Rate in New Jersey|
|New Jersey Manufacturers||$522|
|New Jersey Skylands||$527|
|Cumberland Insurance Group||$532|
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.
|City||Average Annual Home Insurance Rate|
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.
|Coverage Level||Average Annual Rate|
Compare Homeowners Insurance Rates
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.
|Deductible Level||Average Annual Homeowners Insurance Rate|
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.
|Avg. Annual Auto Insurance Rate (No Bundle)||Avg. 12-Month Auto Insurance Rate (Bundle)||Annual Bundle Savings||Bundle Savings %|
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:
Yes - GEICO offers homeowners insurance for homes located 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.
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.
|Insurance Company||Average Yearly Hurricane Insurance Rate|
|New Jersey Manufacturers||$551|
*Source: Insurance Information Institute (https://www.iii.org/fact-statistic/facts-statistics-hurricanes)
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:
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.