Best and Cheapest Homeowners Insurance in New Jersey for 2024

It may seem unlikely that you'll have to file a homeowners insurance claim. But the reality is that there are many things that your home can experience that would require a claim. Having one of the best homeowners insurance companies in New Jersey can put your mind at ease that if something were to happen, it would be handled smoothly. It is important to understand your coverage options, what policies include, and the cost of homeowners insurance so you can get the best affordable homeowners insurance policy for you and your family.

To help you be more confident in your homeowners' insurance company choice, we have reviews and rankings for hundreds of homeowners insurance companies so you can evaluate and compare the best New Jersey home insurance companies. In the table above, you can sort through every homeowner's insurance company ranked on Clearsurance that's available in New Jersey. Next to each insurer, you'll find the company's rating, which is based exclusively on the reviews and ratings provided by customers. Note: Only those companies with at least 25 homeowners insurance reviews are eligible to appear in the best New Jersey homeowners insurance rankings.

It is important to understand both the company and their insurance products before choosing to purchase a policy through them. A talk with a licensed insurance agent should be able to answer any questions you might have. Possible questions to ask include: What is the average cost for a homeowners insurance policy? What are the policy limits? Is flood damage included in my policy? and Do you have replacement cost coverage?

If you're looking for additional information on one of the best homeowners insurance companies in New Jersey, you can visit the company's profile page where you'll learn about the company, additional coverage options, and potential discounts offered. You can also read reviews to see what other policyholders have to say about the home insurance company.

On this page:

• Cheapest homeowners insurance rates in New Jersey for a $200K dwelling
• Cheapest homeowners insurance rates in New Jersey for a $400K dwelling
• New Jersey property crime statistics
• New Jersey disaster statistics

Who offers the best homeowners insurance rates in New Jersey for a $200K home?

Out of the five largest companies in New Jersey, Allstate offers the cheapest home insurance rates for a $200K New Jersey home on average, though Travelers and State Farm's average rates are similar.

In the table below, you can compare the average homeowners' insurance rates in New Jersey for five different companies.

These rates are based on a $200,000 dwelling with the following coverage limits: $100,000 personal property, $20,000 loss of use, $20,000 other structures, $300,000 liability and $5,000 medical. The policy has a $1,000 deductible. The house used for the profile was constructed in 2004 and the individual had a good insurance score. The rates displayed should only be used for comparative purposes as individual rates in New Jersey will differ. Rate data is provided by Quadrant Information Services.

Who offers the best homeowners insurance rates in New Jersey for a $400K home?

Out of the largest companies in New Jersey, State Farm has the cheapest home insurance rates in New Jersey, on average, for a $400K dwelling.

In the table below, you can see average homeowners insurance rates for Allstate, Chubb, Plymouth Rock, State Farm, and Travelers.

These rates are based on a $400,000 dwelling with the following coverage limits: $200,000 personal property, $40,000 loss of use, $40,000 other structures, $300,000 liability and $5,000 medical. The policy has a $1,000 deductible. The house used for the profile was constructed in 2004 and the individual had a good insurance score. The rates displayed should only be used for comparative purposes as individual rates in New Jersey will differ. Rate data is provided by Quadrant Information Services.

What do property crime statistics in New Jersey indicate?

Theft and vandalism or malicious mischief are among the 16 perils a standard homeowners insurance policy protects you from. So, how does crime in New Jersey compare to other states around the country? The FBI published the following statistics on crime in New Jersey for 2016:

• Property crime - 138,152
• Burglary - 25,284
• Larceny theft - 101,540

When compared to the national average rate per 100,000 inhabitants, all three crime statistics for New Jersey rank below the national average. You can talk to your local insurance agent about adding additional protections to your policy and home. These protections include a burglar alarm and an actual crime insurance policy added onto your homeowners' insurance.

What do disaster statistics in New Jersey indicate?

Weather-related incidents are typically among the costliest homeowners insurance claims. FEMA has published statistics for each state since 1953. Data is updated through August 2018. Here's a look at the New Jersey federally declared disasters since 1953:

• Severe storm - 17
• Hurricane - 9
• Flood - 8
• Snow - 6
• Fire - 3
• Coastal storm - 2
• Severe ice storm - 1

It's important to know what your homeowners' insurance policy will protect you from. Most policies cover wind damage, damage from a natural disaster, earthquake damage, and flood coverage. Make sure that these policies are included in your homeowners' insurance. If they are not, talk to your insurance agent about adding these as additional coverages.

How are homeowners insurance rates calculated in New Jersey?

Ever wonder why you pay what you do for home insurance? Some things may be obvious, like the age of your home. But other factors that contribute to the price of homeowners insurance may not be as obvious. Here's a list of some of the things New Jersey homeowners insurance companies consider when quoting you a rate:

• The level of coverage required
• The size of your mortgage
• Your credit score
• The square footage of your home
• The geographic location of your home in New Jersey
• The condition of your home
• The age of your home
• The proximity of your home to a fire station
• Your previous claims record
• The amount of your deductible
• Optional add-ons like umbrella insurance

Zillow estimates that homeowners can expect to pay approximately $35 each month for every $100,000 of your home's value.

The average cost of homeowners insurance in New Jersey is significantly less than the national average cost, however individual rates will vary based on personal factors such as ZIP code, and the type of coverage chosen. Nevertheless, New Jersey is one of the most affordable states when it comes to home insurance and is especially affordable when compared to surrounding states like New York.

However, New Jersey is prone to severe weather conditions all year round. Strong hurricanes in the summer may raise insurance premiums, mostly in Jersey Shore communities. In the winter, severe storms, catastrophic winds and heavy weight of snow and ice build up can cause property damage to the roofs of homes. Tornadoes are quite common in the fall and spring season.

All in all, common causes of loss in New Jersey include: storms and hurricanes, wildfires, snow and high winds. New Jersey is not prone to earthquakes and occasionally experiences tornado outbreaks. Apart from the standard coverage (dwelling coverage, personal property coverage, medical payments coverage, liability coverage and additional living expenses), home insurance coverage options include: flood insurance, sewage backup, identity theft coverage.

How does Clearsurance rate and rank the best homeowners insurance companies in New Jersey?

Consistent with its mission towards greater transparency, Clearsurance does not keep its rating and ranking formulas in a black box. Our algorithm analyzes a range of inputs from our independent community of insurance customers, including:

• Price
• Customer Service
• Claim service
• Likelihood to renew

The algorithm also takes into account the percentage of what customers say the company does well vs. the percentage of what customers say the company could do better.

The Clearsurance customer ratings and rankings are derived entirely from customer reviews and ratings.

Homeowners Insurance Guide

Your home is likely your most valuable asset, making it that much more important that you insure your home with one of the best New Jersey homeowners insurance companies. But beyond just picking a company, it's crucial to have the right coverage and to understand that coverage. Did you know that a standard homeowners insurance policy has six types of coverage? And did you know that there are usually 16 types of perils found in a homeowners insurance policy? Do you know the difference between coverage options? All of this information is important when you're comparing policies, so you can pick the best insurer, the best insurance products, and pay the lowest insurance premium for your needs.

At Clearsurance, we want to make sure you have a strong understanding of your homeowners insurance coverage and what it all means. Check out our homeowners insurance guide to become a smarter insurance customer. And for more educational content on other homeowners insurance topics, check out our homeowners insurance blog!