Homeowners Insurance in New Jersey

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

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How to find inexpensive home insurance in New Jersey


Homeowners insurance isn't required, but it is important. A home insurance policy keeps your personal items protected. Homeowners insurance covers your home and your items in the event of an array of misfortunes, including wind damage, fire, theft, vandalism, and others.

Unlike car insurance policies, home insurance isn't controlled by state legislation. Even so, major differences exist in homeowners insurance rates on a state-by-state basis. Home insurance rates by state may differ based on the total number and value of homeowners policy claims lodged in that state, and depend on the value of the dwelling and belongings being insured.

The best way to find a cheap home insurance policy in New Jersey is to view prices from as many insurance companies as possible. Learn more about average home insurance rates in New Jersey via the below data. Individual rates may vary depending on coverage options and the value of the dwelling being insured.


Homeowners insurance in New Jersey:
  1. Rates by company
  2. Costs by city
  3. Rates by coverage level
  4. Rates by deductible level
  5. Bundling discounts
  6. FAQs

Homeowners insurance prices in New Jersey by insurer

Prices for home insurance in New Jersey vary depending on which insurance company you use. New Jersey Manufacturers underwrites the most affordable home insurance policies in New Jersey — only $522 each year. This compares favorably to the state average cost of $665, offering a $143 discount on rates typical to the state.

Start searching for a home insurance policy by viewing average rates from top New Jersey companies, listed below.


CHEAPEST HOME INSURANCE COMPANIES IN NEW JERSEY
InsurerAverage Annual Rate in New Jersey
New Jersey Manufacturers$522
New Jersey Skylands$527
Cumberland Mutual$532
Narragansett Bay$580
State Farm$739

New Jersey home insurance prices by city

Not all New Jersey cities have the same homeowners insurance rates. Home insurance prices can vary based on local variables such as the likelihood of weather-related claims in the area, meaning your specific ZIP code impact how much you pay.

The cheapest home insurance in New Jersey is found in Mount Freedom. A typical home insurance term in Mount Freedom totals just $631 each year — $34 less than the average policy in other New Jersey cities. The below cities have the most affordable homeowners insurance in New Jersey.


AFFORDABLE HOME INSURANCE BY CITY IN NEW JERSEY
CityAverage Annual Home Insurance Rate
Mount Freedom$631
Mendham$632
Long Valley$633
Hibernia$634
Flanders$635

Average home insurance prices in New Jersey by coverage limit

The level of home coverage you select has an impact on the insurance premiums you pay. 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 TIERS
Coverage LevelAverage Annual Premium
$100,000 Dwelling$443
$200,000 Dwelling$665
$250,000 Dwelling$834
$400,000 Dwelling$1,240

Home insurance deductibles in New Jersey

Among the many choices homeowners face when shopping for homeowners insurance is where to set the deductible. A homeowners deductible is how much your insurance requires you to pay out of pocket toward a claim. Where you choose to set your homeowners deductible is linked to the overall cost of your coverage.

When deciding on a deductible, keep in mind that the higher your deductible is, the lower your insurance rates will be. As such, if you want lower insurance rates, aim for a higher deductible. Keep in mind that your deductible should only be set as high as you can reasonably afford in the event of a covered loss.

Have a look at may of the average deductibles offered by insurers and an estimate of what you can expect your premiums to be.


HOMEOWNERS 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

New Jersey insurance bundling discounts: home + auto

To trim a few dollars from your insurance costs, consider purchasing both your home and auto insurance policies from one company. Bundling home and auto insurance in New Jersey can lead to substantial savings on your auto insurance bill. Bundling policies in New Jersey leads to average annual savings of $120.


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

One of the best ways to save on auto insurance is to bundle policies. Find a policy today!


Seeking information on homeowners insurance in a specific 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 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)


HURRICANE DEDUCTIBLE RATES IN NEW JERSEY
CompanyAverage Annual Rate w/ Hurricane Deductible
Cumberland Mutual$528
New Jersey Manufacturers$550
Allstate$633
State Farm$643
Travelers$649

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 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.


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 master's degree from Royal Holloway, University of London. He has been quoted by CNET, iDriveSafely.com, and Kin Insurance.