Homeowners Insurance in New Jersey

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Best Home Insurance Companies in New Jersey

New Jersey homeowners pay an average of $80 a month for home insurance. Of the six biggest home insurance providers operating in New Jersey, NJM has the lowest average monthly rate of $51. At the high end, USAA offers an average home insurance premium of $102 a month.

Even though New Jersey's average cost of home insurance comes in lower than the national home insurance average of $144 a month, comparing quotes and policy offerings can still help you to get your best policy at the best price. The age of your home, where it's located and extreme weather in your area can all increase your final rate. In order to find your cheapest premium, we've compared the biggest home insurance companies in New Jersey.

We will cover:

How much is homeowners insurance in New Jersey?

The average cost of home insurance in New Jersey is $80 a month. This is 44% lower than the national average rate of $144. Factors that affect your home insurance rate include:

  • Your home insurance coverage limits
  • The house's age
  • Construction materials used
  • Location of your home

Cheapest home insurance companies in NJ

NJM has the cheapest home insurance rate in New Jersey of $51 a month. This rate is 36% lower than the state average of $80 a month. Allstate comes in second at $61. Travelers has the third-cheapest rate of $83 a month, slightly above the state average.

 

The best home insurance companies in New Jersey

Our findings show that NJM, State Farm and Chubb are the best home insurance companies in New Jersey after surveying multiple providers operating in the Garden State. Here's why:

NJM: cheapest home insurance rate and best local company

On top of offering the lowest average rate for home insurance in New Jersey at an average of $51 a month, West Trenton-based NJM is an excellent choice if you want to have a home insurance provider close to you. This company consistently gets glowing reviews and holds a reputation for excellent claims satisfaction with their policyholders. The table below shows NJM's average home insurance rate in New Jersey's 10 biggest cities.

 

State Farm: most popular homeowners insurance company in New Jersey

While State Farm's average home insurance rate of $84 in New Jersey is higher than the state average, its strong customer satisfaction trend helps make it the largest provider in New Jersey. Of the home insurance providers we looked at in New Jersey, State Farm holds 9.1% of the home insurance market share, with Allstate holding the second-highest share of 5.4%.

 

Chubb: best for expensive homes

Chubb offers an average home insurance premium of $93 a month to New Jersey homeowners — the second-highest average rate of the providers we looked at in the state. However, you might want to consider it anyway if you own a high-value home. Chubb’s Masterpiece program offers many benefits tailor-made to cover luxury homes, including:

 

USAA: best for current and retired military

While having the highest home insurance rate in New Jersey of $102 a month, USAA is still a solid investment for home insurance for military personnel. USAA only provides insurance for current and retired military and their families. This is unfortunate, as USAA is considered in many circles to be the best of the best.

USAA consistently holds a top rating for customer satisfaction. In the J.D. Power 2021 U.S. Property Claims Satisfaction Study, it gave USAA a 905 out of 1,000 points, the highest rating of the insurance providers they looked at nationwide. Furthermore, USAA has a complaint index rating of 0.8%, according to the National Association of Insurance Commissioners (NAIC). Given that the national average complaint index rating is 1%, this shows a strong capability in processing claims and payouts.

 

Cheapest home insurance in New Jersey's largest cities

NJM policyholders in Clifton, N.J., pay the cheapest average rate of $39 a month for home insurance in New Jersey. Toms River, N.J., residents pay the most with Chubb at $155.

Cheapest home insurance rates in New Jersey by city
City Allstate Chubb Travelers NJM State Farm USAA
Clifton $57 $86 $48 $39 $72 $95
Edison $55 $80 $62 $38 $62 $87
Elizabeth $55 $83 $83 $17 $72 $93
Hamilton Square $52 $80 $43 $47 $70 $90
Jersey City $79 $85 $102 $74 $90 $99
Lakewood $60 $99 $81 $54 $96 $100
Newark $79 $86 $86 $68 $91 $96
Paterson $79 $86 $63 $77 $73 $90
Toms River $62 $155 $121 $91 $119 $114
Woodbridge $55 $80 $75 $38 $64 $89

Methodology

We used Quadrant Information Services to generate thousands of home insurance quotes from every ZIP code in New Jersey from the following providers: 

  • Allstate
  • Chubb
  • Travelers
  • NJM
  • State Farm
  • USAA

Our sample home used to generate quotes was built in 2000 and used the following coverage limits:

  • Dwelling coverage: $275,000
  • Personal property coverage: 50% of dwelling ($137,500)
  • Other structures coverage: 10% of dwelling ($27,500)
  • Loss of use coverage: 20% of dwelling ($55,000)
  • Liability coverage: $100,000

Coverage sets were calculated using the following deductible limits:

  • $500
  • $1,000
  • $1,500
  • $2,000

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