New Jersey Homeowners Insurance: Get a Quote (2024)

FAQs

What is the average price for homeowners insurance in New Jersey? ›

According to 2024 homeowners insurance data from Quadrant Information Services, the average cost of homeowners insurance in New Jersey is $1,215, which is lower than the average home insurance cost in the U.S. of $2,728.

Request multiple quotes from at least three providers to ensure you have the best rate and coverage for your needs. Consider the challenges of your geographic location and review your policy to confirm you have the right coverage for situations such as fallen trees, earthquakes, and floods.

Homes in high-risk areas typically have higher premiums. Insurance companies assess the risk associated with your area by looking at the likelihood of severe weather, such as floods, wildfires, and hurricanes, local crime rates, and your home's proximity to a fire station.

Amica is the best homeowners insurance company in New Jersey, based on our analysis, with a score of 4.1 out of 5. Though Amica's premiums were not readily available, the company offers comprehensive coverage options and a wide array of discount opportunities for those looking to save.

Travelers is the most expensive homeowners insurance company for $200,000, $350,000, $500,000 and $750,000 dwelling coverage amounts. Rates vary significantly among companies because they each have their own formulas for pricing.

When it comes to insuring your home, the 80% rule is an important guideline to keep in mind. This rule suggests you should insure your home for at least 80% of its total replacement cost to avoid penalties for being underinsured.

A soft pull allows potential insurers to review your credit information without impacting your score. Requesting quotes for homeowners insurance should not typically affect your credit score because insurance companies use soft pulls rather than hard inquiries when calculating your credit-based insurance score.

USAA, Nationwide, Travelers, Erie, Geico and Progressive are the cheapest car insurance companies nationwide, according to our analysis.

What house will tend to have a lower homeowners insurance premium? ›

For example, homes that are closer to a staffed fire station tend to have lower premiums because in the event of a fire, it will likely be put out in a timely manner, minimizing the overall damage and cost to your insurer.

From wildfires to hurricanes, these catastrophic events place a substantial financial strain on insurance companies. To manage the increased claims payouts, insurers may adopt more stringent underwriting criteria, leading to more rigorous assessments of risks and potentially limiting coverage options for homeowners.

The average home insurance cost by state varies with the nationwide average coming in at $2,601 a year. The cheapest state for home insurance is Hawaii at $613 a year, and the most expensive state is Oklahoma at $5,858 a year.

Homeowners insurance rates are likely higher for older homes or for homes in need of repair.

The national average cost of home insurance is $2,285 per year for a policy with a $300,000 dwelling limit. This evens out to about $190 per month. But these are just average figures — what you pay for your policy will likely be different. Just as coverage needs vary across individual homeowners, so will costs.

The policy usually covers: Property Damage, Additional Living Expense, Personal Liability, and Medical Payments. Homeowner's insurance policies apply, typically, to most owner-occupied single family homes and are modified somewhat to fit the needs of Renters and Condominium Owners.