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Homeowners insurance shouldn't be complicated. Compare New Jersey rates by city and carrier below.
Home insurance is an optional — but important — product that works to keep your belongings safe in the event your home suffers damage from common incidents. A homeowners insurance policy protects your home and your items in the event of a variety of circumstances, such as fire, theft, vandalism, or wind damage.
Differences exist in home insurance costs from state to state. Home insurance costs by state diverge based on the number of — and value of — home policy claims filed in the state, and depend on the value of the belongings and home insured on the policy.
The easiest way to acquire cheap home insurance in New Jersey is to compare rates from a variety of insurance companies. Get an idea of average home insurance rates in New Jersey via the below breakdown. Individual rates may vary depending on coverage options and the value of the dwelling being insured.
Prices for home insurance in New Jersey vary depending on the insurer you choose. New Jersey Manufacturers offers the most affordable homeowners policies in New Jersey — only $522 per year. This compares favorably to the state's average cost of $934, offering a $412 discount on average statewide home insurance costs.
Begin the hunt for cheap homeowners insurance by reviewing the cheapest New Jersey carriers, listed below.
|Company||Average Annual Rate in New Jersey|
|New Jersey Manufacturers||$522.24|
|New Jersey Skylands||$526.50|
|Cumberland Insurance Group||$532.40|
Not every city in New Jersey has equal home insurance costs. Prices depend on city-specific variables, including the number of claims filed in the immediate area, meaning your ZIP code could have a major impact on how much you pay.
The most affordable home insurance in New Jersey is found in Fort Lee. An average home insurance policy in Fort Lee costs just $831 per year — $104 less than the statewide average. The below cities have the most affordable home insurance in New Jersey.
|City||Average 12-Month Home Insurance Rate|
If you’re seeking ways to save on your insurance expenditures, consider purchasing both your homeowners and auto insurance policies from one company. Bundling auto and home insurance in New Jersey can lead to substantial savings on auto insurance. Bundling policies in New Jersey results in a yearly discount of $120.
|Avg. 12-Month 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 home and auto insurance policies. Get started today!
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 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.
*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 and home exceed 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.