Newark, NJ Homeowners Insurance

Find cheap homeowners insurance in Newark


One of the most important aspects of homeownership is home insurance. Along with your home furnishings and other belongings, homeowners insurance covers your dwelling against many different perils, including fire, wind damage, vandalism, and theft. Given the relatively frequent occurrence of these incidents and the sizeable cost of replacing a home, homeowners coverage is a solid investment.

What you pay for homeowners insurance depends on myriad factors, including the value of the dwelling, the value of your personal items, and the materials used to construct the home. Your home's location can also impact how much you pay, as some locations are more prone to destructive hazards. If your area is at risk of being affected by hail, strong winds, fire, frozen pipes, or volcanic activity, then your premiums could be substantially higher than average. Discover more about what your homeowners insurance policy covers.

If you want to find cheaper homeowners insurance in Newark, start with shopping around and comparing a variety of different policies. Have a look at the summary below comparing average home insurance rates in Newark to help you get as much information as possible when you start your search for homeowners insurance. Remember: your homeowners insurance costs may vary based on your coverage limits and other factors.


Newark, New Jersey, homeowners insurance — table of contents:
  1. Rates by insurer
  2. Rates by coverage amount
  3. Rates by ZIP code
  4. Rates by deductible level
  5. Policy bundling discounts

Homeowners insurance in Newark by company

Newark homeowners insurance rates will vary depending on which insurance company you choose. The most affordable home insurance in Newark is New Jersey Skylands offering average annual rates at just $527 per year. This is considerably cheaper than the city’s average homeowners premium of $1,113.

To get started with your homeowners insurance policy search, take a look at this list of the cheapest companies in Newark, New Jersey.


AFFORDABLE HOMEOWNERS INSURANCE COMPANIES IN NEWARK
CompanyAverage Annual Rate
New Jersey Skylands$527
Cumberland Insurance Group$736
Fidelity$773
State Farm$820
New Jersey Manufacturers$912

Average homeowners insurance prices in Newark by coverage level

Your chosen amount of homeowners coverage has an impact on the insurance premiums you pay . Homeowners in Newark who carry $200K in dwelling coverage pay an average of $796 per year, while those with coverage up to $400K pay around $1,432 per year.


HOMEOWNERS INSURANCE RATES IN NEWARK — POPULAR COVERAGE LIMITS
Coverage LevelAverage Annual Rate
$100,000 Dwelling$505
$200,000 Dwelling$796
$250,000 Dwelling$954
$400,000 Dwelling$1,432

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Newark homeowners insurance rates by ZIP code

Homeowners insurance premiums can vary depending on what part of Newark in which you live. Policies are often priced on local variables such as the number of claims filed in the immediate area, meaning the neighborhood in which you live could have a major impact on how much you pay to insure your home.

The cheapest home insurance rates in Newark are available in 7105. In 7105, the typical home insurance policy costs $1,092 per year — $20 less than the citywide average in Newark. The below table shows the best places to live in Newark if you’re looking for affordable homeowners insurance.


AFFORDABLE NEIGHBORHOODS FOR HOMEOWNERS INSURANCE IN NEWARK
ZIP CodeAverage Annual Home Insurance Rate
7105$1,092
7114$1,093
7102$1,100

On the other hand, some areas of Newark face higher homeowners insurance costs, on average. Fire risks, crime rates, and even your how close you are to emergency services could lead insurance companies to see certain neighborhoods as higher risk, which could drive up area rates. One of the costliest ZIP codes for homeowners insurance in Newark is 7106, with an annual average rate of $1,127.


EXPENSIVE AREAS FOR HOMEOWNERS INSURANCE IN NEWARK
ZIP CodeAverage Annual Home Insurance Rate
7106$1,127
7104$1,126
7108$1,123

Home insurance deductibles in Newark

Homeowners face a number of choices when shopping for a policy, including how high or low to set their deductible. A homeowners deductible is the amount you must pay out of pocket toward a covered loss. Where you choose to set your homeowners deductible is directly related to how much you pay in insurance premiums.

Put simply, having a higher deductible leads to lower insurance rates. As such, if you want lower insurance rates, aim for a higher deductible. It's worth noting that a homeowners deductible should only be as high as you can reasonably pay in the case of an actual loss.

Take a look at may of the typical deductibles offered by home insurance companies and an estimate of average premiums.


HOMEOWNERS INSURANCE RATES BY DEDUCTIBLE TIER IN NEWARK
Deductible LevelAverage Annual Home Insurance Rate
$500$1,081
$1,000$954
$1,500$918
$2,000$851
$5,000$760

Looking for a money-saving tip for insurance in Newark? Try bundling

If you’re seeking ways to save on your overall insurance costs, consider purchasing your home and auto policies from the same insurance company. Bundling your homeowners and auto insurance is one way to save substantially on your monthly car insurance premiums. By bundling your policies, Newark homeowners could see annual savings of 10% on average.


CHEAPEST CAR INSURANCE WITH HOME BUNDLE IN NEWARK
CompanyAvg. Annual Auto Insurance Rate (With Bundle)
New Jersey Manufacturers$1,371
GEICO$1,538
Progressive$1,726
State Farm$1,925
Allstate$2,093

A great way to save on insurance is to bundle your home and auto policies with the same insurance company.


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Kristine Lee LinkedIn

Kristine is a licensed insurance agent and one of The Zebra’s in-house content strategists. With a background in copywriting, she covers the ins and outs of the home and car insurance industries. She has been a contributor to numerous publications focused on the nuances of insurance, including BestCompany.com.