Finding the Best Homeowners Insurance in New Jersey
Each year, smart homeowners reach out and try to reduce insurance premiums for their homes. Finding the best homeowners insurance in New Jersey for you and your family is a priority when purchasing a new home or re-evaluating your insurance needs each year. Crawling through the myriad of quotes and plans to find cheap homeowner insurance in New Jersey can be a daunting task. The Garden State has many choices when it comes to insurance, and each one has different packages based on an assortment of needs. Not all homeowner’s insurance is equal in coverage or price. Knowing why this is can help determine which is best for you. We will discuss these differences in plans and why they are essential when searching for New Jersey homeowners insurance quotes. Several factors play a role in determining prices, such as location, weather in the region, age of your home, and many others. While New Jersey is not a hot spot for earthquakes and volcanoes, it does have its share of natural disasters that can affect homeowners’ insurance premiums. Even small changes in climates per region of the state can have a considerable impact on these prices. Let’s take a look together.
| New Jersey Homeowners Insurance Cost Broken Down | Costs |
|---|---|
| Yearly Cost of Homeowners Insurance in New Jersey | $743.00 |
| Costs Per Month for Homeowners Insurance in New Jersey | $61.92 |
How Much is Homeowners Insurance in New Jersey
While there are lows and highs for premiums across the state by city and town, the average cost of homeowners insurance for a $270,000 home in New Jersey is close to $1,800 annually or around $160 a month. When we look at how much homeowner insurance is in New Jersey compared to the rest of the nation, we see the state ranks fairly well against other areas. On average, homeowner's insurance rates in New Jersey are about $550, less than the national average. As discussed, several factors play a part in homeowners insurance prices, such as the size and value of your home and how much coverage you need for personal belongings. Others include, for instance, if you need a basic policy or add-ons for extra coverage, as in covering your home-based business and many other possible combinations we will discuss later. One of the most significant factors when considering homeowner insurance's price is the location where you live. New Jersey is known to have a climate that can produce severe storms, with some areas worse than others. Summer storms affect some areas heavily, while winter storms will affect some others more. Power outages from storms can happen and endure for days in rural areas costing homeowners money in ruined food. Let's look at some statistics for insurance costs in New Jersey. Least Expensive City: Clifton, New Jersey Most Expensive City: Asbury Park New Jersey Least Expensive Premium: $1600 annually Most Expensive Premium: $2100 annually
| City in New Jersey | Monthly Costs | Yearly Costs |
|---|---|---|
| Bayonne, NJ | $116.58 | $1,399.00 |
| Bloomfield, NJ | $110.42 | $1,325.00 |
| Brick, NJ | $153.17 | $1,838.00 |
| Bridgewater, NJ | $91.83 | $1,102.00 |
| Camden, NJ | $147.75 | $1,773.00 |
| Cherry Hill, NJ | $127.58 | $1,531.00 |
| Clifton, NJ | $107.75 | $1,293.00 |
| East Brunswick, NJ | $102.50 | $1,230.00 |
| East Orange, NJ | $143.92 | $1,727.00 |
| Edison, NJ | $100.75 | $1,209.00 |
| Egg Harbor Township, NJ | $154.50 | $1,854.00 |
| Elizabeth, NJ | $115.83 | $1,390.00 |
| Franklin, NJ | $93.08 | $1,117.00 |
| Gloucester City, NJ | $131.33 | $1,576.00 |
| Hackensack, NJ | $102.42 | $1,229.00 |
| Hillsborough, NJ | $93.75 | $1,125.00 |
| Hoboken, NJ | $114.25 | $1,371.00 |
| Howell, NJ | $123.17 | $1,478.00 |
| Irvington, NJ | $132.67 | $1,592.00 |
| Jackson, NJ | $117.83 | $1,414.00 |
| Jersey City, NJ | $132.92 | $1,595.00 |
| Kearny, NJ | $112.25 | $1,347.00 |
| Lakewood, NJ | $125.50 | $1,506.00 |
| Linden, NJ | $106.75 | $1,281.00 |
| Manchester Township, NJ | $114.58 | $1,375.00 |
| Marlboro, NJ | $114.92 | $1,379.00 |
| Middletown, NJ | $130.50 | $1,566.00 |
| Monroe Township, NJ | $101.25 | $1,215.00 |
| Mount Laurel, NJ | $121.42 | $1,457.00 |
| New Brunswick, NJ | $102.67 | $1,232.00 |
| Newark, NJ | $141.17 | $1,694.00 |
| North Bergen, NJ | $115.50 | $1,386.00 |
| North Brunswick, NJ | $99.17 | $1,190.00 |
| Old Bridge, NJ | $108.58 | $1,303.00 |
| Parsippany, NJ | $91.00 | $1,092.00 |
| Passaic, NJ | $126.83 | $1,522.00 |
| Paterson, NJ | $136.92 | $1,643.00 |
| Perth Amboy, NJ | $113.25 | $1,359.00 |
| Piscataway, NJ | $98.83 | $1,186.00 |
| Plainfield, NJ | $107.75 | $1,293.00 |
| Sayreville, NJ | $112.67 | $1,352.00 |
| Teaneck, NJ | $101.00 | $1,212.00 |
| Toms River, NJ | $145.83 | $1,750.00 |
| Trenton, NJ | $123.17 | $1,478.00 |
| Union, NJ | $108.17 | $1,298.00 |
| Union City, NJ | $121.42 | $1,457.00 |
| Vineland, NJ | $134.17 | $1,610.00 |
| Washington, NJ | $92.25 | $1,107.00 |
| Wayne, NJ | $102.58 | $1,231.00 |
| West New York, NJ | $112.58 | $1,351.00 |
| West Orange, NJ | $110.50 | $1,326.00 |
| Woodbridge, NJ | $112.33 | $1,348.00 |
New Jersey Homeowners Insurance Laws
One question that many homeowners ask is about New Jersey homeowners insurance laws and if they must purchase homeowners insurance. The answer is that there is no state law that says homeowners insurance must be purchased in the state. That being said, if you have a mortgage, your lien holder will require you to carry homeowners insurance on the dwelling. The lienholder will have their own coverage that compensates them for the loan, but any replacement cost for the home is up to the home buyer. Other than lienholder’s rules that are binding in court, there are no other New Jersey homeowners insurance requirements. If you own your own home outright, you do not have to purchase insurance; however, this is not advisable with all of the possible risks to your home over the years. The cost of annual insurance premiums is low compared to the replacement cost of a home and the personal property accumulated over a lifetime. Most people do not realize how much value they have in property other than their home. Starting over can bankrupt a family after a disaster. Another concern to think about is any lack of liability coverage without a policy.
What Does Homeowners Insurance Cover in New Jersey
When looking into what homeowners insurance covers in New Jersey, a homeowner will find many insurance coverage levels. Picking the right one for you and your family is important to ensure you are fully covered and to determine if you are paying too much for insurance you do not need. Purchasing insurance for your home should be viewed in the same manner as any other major purchase to weigh the pros and cons of each policy covers. A basic homeowner insurance plan will cover your dwelling for replacement cost and liability coverage if someone is hurt on your property and decides to file a lawsuit against you. From there, the homeowner can add Other structures such as sheds and workshops, Personal Property protection for the value of all of your belongings, Loss of use coverage to make sure you and your family have a place to live in if your home is damaged and made unlivable. Medical coverage for others in the event they are hurt on your property and need medical care. Although most private insurance companies do not offer flood insurance, it is possible to obtain it. Other add-ons, such as earthquake insurance, are unusual in New Jersey.
| Costs of Home Insurance in New Jersey by County | Monthly Average Costs | Yearly Average Costs |
|---|---|---|
| Bergen County, NJ | $102.42 | $1,229.00 |
| Camden County, NJ | $139.54 | $1,674.50 |
| Cumberland County, NJ | $134.17 | $1,610.00 |
| Essex County, NJ | $142.55 | $1,710.50 |
| Hudson County, NJ | $118.33 | $1,420.00 |
| Mercer County, NJ | $123.17 | $1,478.00 |
| Middlesex County, NJ | $109.53 | $1,314.33 |
| Passaic County, NJ | $123.83 | $1,486.00 |
| Sussex County, NJ | $93.08 | $1,117.00 |
| Union County, NJ | $110.11 | $1,321.33 |
| Warren County, NJ | $92.25 | $1,107.00 |
Top Rated Homeowners Insurance Companies in New Jersey Based on Ratings
Finding the top-rated homeowner's insurance companies in New Jersey should be a priority for anyone thinking of purchasing coverage for their home. There is a large number of companies offering homeowner insurance in New Jersey. A search online a reason why each insurance company thinks they are the best, but there is another way to decide on the best. By taking the time to look through customer reviews and professional ratings from consumer groups, you can weed out the noise and find the best homeowners insurance companies in New Jersey. Below we have put together a New Jersey homeowners insurance companies list of the best-rated companies based on consumer reviews and reports. Amica Mutual homeowners insurance in New Jersey made the top of the list with a perfect score in power rankings. AAA came in second and graded well, allowing for a 10% discount to senior citizens. State Farm of New Jersey had high marks for consumer trust in the brand and its large portfolio of coverages. Rounding out the top five were Allstate for its use of technology and USAA, which would have ranked higher if it only sells to service members and families.
| New Jersey Home Insurance Company | JD Power Rating | NAIC Rating |
|---|---|---|
| AIG Ratings for Homeowners Insurance in New Jersey | A | 0.1 |
| Allstate Ratings for Homeowners Insurance in New Jersey | A+ | 0.3 |
| American Family Insurance Ratings for Homeowners Insurance in New Jersey | A | 0.66 |
| Andover Companies Ratings for Homeowners Insurance in New Jersey | A+ | 0.12 |
| Chubb Ratings for Homeowners Insurance in New Jersey | A++ | 0.17 |
| CSAA Insurance Exchange Ratings for Homeowners Insurance in New Jersey | A | 0.65 |
| Cumberland Insurance Group Ratings for Homeowners Insurance in New Jersey | A- | 0.28 |
| Farmers Insurance Ratings for Homeowners Insurance in New Jersey | A | 0.17 |
| Franklin Mutual Ratings for Homeowners Insurance in New Jersey | A+ | 0 |
| Heritage Insurance Ratings for Homeowners Insurance in New Jersey | N/A | 0.2 |
| Liberty Mutual Ratings for Homeowners Insurance in New Jersey | A | 0 |
| MetLife Ratings for Homeowners Insurance in New Jersey | A | 0.22 |
| National General Ratings for Homeowners Insurance in New Jersey | A- | 0.3 |
| NJM Insurance Ratings for Homeowners Insurance in New Jersey | A+ | 0.03 |
| Philadelphia Contributionship Ratings for Homeowners Insurance in New Jersey | A | 0.47 |
| Plymouth Rock of New Jersey Ratings for Homeowners Insurance in New Jersey | A- | N/A |
| Preferred Mutual Insurance Co. Ratings for Homeowners Insurance in New Jersey | A | 0.37 |
| Selective Ratings for Homeowners Insurance in New Jersey | A | N/A |
| State Farm Ratings for Homeowners Insurance in New Jersey | A++ | 0.2 |
| Travelers Ratings for Homeowners Insurance in New Jersey | A++ | 0.23 |
| UPC Insurance Ratings for Homeowners Insurance in New Jersey | N/A | 7.02 |
| USAA Ratings for Homeowners Insurance in New Jersey | A++ | 0.15 |
How to Lower Homeowners Insurance in New Jersey
Studies have shown throughout the country that insurance rates are increasing at almost a 10 percent rate over the last few years. New Jersey insurance rates increasing in 2021 can be expected to grow. With prices of homes rising and more damages blamed on climate change, insurance companies build their risk into policies. It is important to seek out New Jersey homeowners insurance discounts whenever possible. Let’s look at ways on how to lower homeowners insurance in New Jersey. The first step in lowering your homeowner's insurance costs is to make sure you have the right coverage you need. There is no reason to have an exuberant amount of coverage for personal property if it is not needed. Look closely at what you really need to cover in the event of a disaster. Don’t overprice your house when it comes to insurance. What you paid for your home may not be what the replacement cost is to rebuild. Get a quote for a rebuild and then use that to decide on value. Raising the deductible on a policy can greatly reduce your premiums. Install fire and break-in alarms along with other devices that can save you money in discounts.
Compare Homeowners Insurance in New Jersey Before Buying
In conclusion, we have taken a look at the different types and costs of homeowners insurance and how to find affordable homeowners insurance in New Jersey. When shopping for homeowners insurance in New Jersey, consider not only prices but also the value of the coverages you can get for the price. The best ways to compare homeowners insurance in New Jersey are to seek out consumer reviews that base their ratings on price and things such as customer service, range of products offered, and how fast why will work for you when you need them. Your home and personal property are that have been accumulated over the years are important investments your family has made. Make sure they are protected with the best insurance while at the same time being conscious of overpaying for coverage that will squander your money away and is not needed.