Homeowners insurance shouldn't be complicated. Compare New Jersey rates by city and carrier below.
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.
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.
| Insurer | Average Annual Rate in New Jersey |
| New Jersey Manufacturers | $522 |
| New Jersey Skylands | $527 |
| Cumberland Mutual | $532 |
| Narragansett Bay | $580 |
| State Farm | $739 |
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.
| City | Average Annual Home Insurance Rate |
| Mount Freedom | $631 |
| Mendham | $632 |
| Long Valley | $633 |
| Hibernia | $634 |
| Flanders | $635 |
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.
| Coverage Level | Average Annual Premium |
| $100,000 Dwelling | $443 |
| $200,000 Dwelling | $665 |
| $250,000 Dwelling | $834 |
| $400,000 Dwelling | $1,240 |
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.
| Deductible Level | Average Annual Homeowners Insurance Rate |
| $500 | $940 |
| $1,000 | $834 |
| $1,500 | $803 |
| $2,000 | $747 |
| $5,000 | $664 |
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.
| Avg. Yearly Auto Insurance Rate (No Bundle) | Avg. Yearly Auto Insurance Rate (Bundle) | Annual Bundle Savings | Bundle Savings % |
| $1,511 | $1,391 | $120 | 9% |
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:
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 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)
| Company | Average Annual Rate w/ Hurricane Deductible |
| Cumberland Mutual | $528 |
| New Jersey Manufacturers | $550 |
| Allstate | $633 |
| State Farm | $643 |
| Travelers | $649 |
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.
