On average, your neighbors pay $95 a month.See Your Rates
New Jersey is the fourth smallest state, the third state to ratify the Constitution, and the second wealthiest state. It's also the state with the highest population density in the union. Many American staples started here, including FM radio, Frank Sinatra, the light bulb, Bruce Springsteen, and Jon Bon Jovi. But, its proximity to the Atlantic Ocean makes The Garden State home to some important home insurance risks as well.
How much is home insurance in New Jersey? New Jersey is just about in the middle when it comes to homeowners insurance premiums. The average cost of home insurance in the state of New Jersey is $1,149. This was just a bit better than the national average of $1,173. There are 20 states with higher average homeowners insurance rates than New Jersey.
|New Jersey Annual Average||$1,058||$1,092||$1,149|
|New Jersey Price Per Month||$88||$91||$95|
|US Annual Average||$1,096||$1,132||$1,173|
|US Cost Per Month||$91||$94||$97|
|Source: Facts + Statistics: Homeowners insurance|
The graph below shows the change in average New Jersey home insurance rates from 2011 to 2015, the most recent year the data is available. According to the III, New Jersey homeowners insurance rates increased from $915 in 2011 to $1,149 in 2015, a jump of $234 dollars, or 25.57 percent.
Choosing a homeowners insurance company in New Jersey should be easier. Actually, it’s already easy. The key to the best rates is to compare homeowners insurance quotes in New Jersey from multiple companies.
These were the most common home insurance companies reported by QuoteWizard users in New Jersey last year. Out of the 17,674 New Jersey homeowners that used QuoteWizard to request insurance quotes last year, 657 had no home insurance.
The above list shows New Jersey’s most popular home insurers according to our users. But popular doesn’t always mean best.
Our study on the Best Homeowners Insurance Companies focuses on top of the line companies. In no particular order, these companies stand out among the rest:
|Rank||Company||Financial Strength||Market Share|
|3||NJ Manufacturers Insurance||A++||8.2%|
|7||American Family Mutual||A||3.8%|
|9||Franklin Mutual Insurance||A+||3.2%|
How much you pay for home insurance depends on several factors. Some, like roof maintenance, are within your control. Others, like property crime rates in your area, aren’t up to you. These are the main factors that affect the cost of homeowners insurance in New Jersey.
Insurance risks differ from home to home, and so does how much you’ll pay for insurance. These are the main factors that influence your homeowners insurance rates:
Homeowners insurance claims stay on your record for five to seven years. Filing additional claims with some already on your record can hike your premiums. Because of this, homeowners should avoid filing any unnecessary claims within the span of a few years.
Animal lovers know that their pet is a part of the family. Unfortunately, if you own an exotic pet or a specific dog breed, your homeowners insurance rates could take a hit. Even worse, you may have a hard time finding a company to insure you in the first place. According to a study by the American Veterinary Medical Association, NJ has the second lowest number of dog owners in the country.
Insurance companies analyze your credit score when calculating your rates. People with bad credit pay more for homeowners insurance. Overall, NJ residents are okay in this regard– the state has the 22nd best average credit score in the country.
Areas with a low risk of natural disasters usually have lower insurance rates. Fortunately, NJ is the 34th most natural disaster-prone state in America. The state is prone to blizzards and the occasional hurricane, so it’s important to prepare your home for high snowfall and flooding. Insurance risks vary based on where in the state you are. For example, coastal NJ towns have a higher chance of a hurricane, so consider purchasing flood insurance. Keep in mind that homeowners insurance doesn’t cover damages caused by flooding. Buy a separate policy before the storm hits.
Wherever you live in NJ, there’s a chance you’ll encounter one of these natural disasters:
According to the New Jersey Office of Emergency Management, there are several steps you can take to prepare your home for a natural disaster.
A home burglary impacts your safety and your insurance rates. Areas with high property crime rates pay more in homeowners insurance premiums. Fortunately, NJ has the sixth lowest property crime rate in the nation. In 2017, the average property crime rate in your state was 1,555.5 per 100,000 residents.
But property crime rates vary across the state. For example, Newark has an average of 23.82 property crimes annually per 1,000 residents. Hoboken, on the other hand, has an average of 17.65 property crimes annually per 1,000 residents. Your rates will vary depending on the property crime rate in your specific area.
Just like with natural disasters, there are steps you can take to prevent a burglary in your home. These steps include installing alarms, security cameras, deadbolt locks, and more. Taking these steps can make your home safer and earn you an insurance discount.
Homeowners have several options for insurance policies. In NJ, you can choose from these insurance types:
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