Compare Homeowners Insurance Quotes In New Jersey

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Best Home Insurance Rates In New Jersey

New Jersey is the fourth smallest state, the third state to ratify the Constitution, the second wealthiest state, and the state with the highest population density in the union. Many American staples originated 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.

Average New Jersey Homeowners Insurance Rates

New Jersey is just about in the middle when it comes to average home insurance premiums. According to the most recent available data from the Insurance Information Institute, in 2014, the average cost of home insurance in the state of New Jersey was $1,092, only a little lower than the national average of $1,132. There are 20 states with higher average homeowners insurance rates than New Jersey.

New Jersey Average Annual Homeowners Insurance Rates
  2012 2013 2014
New Jersey Annual Average $981 $1,058 $1,092
New Jersey Price Per Month $82 $88 $91
US Annual Average $1,034 $1,096 $1,132
US Cost Per Month $86 $91 $94
National Rank 21 21 21
Source: http://www.iii.org/fact-statistic/homeowners-and-renters-insurance

Choosing a homeowners insurance company in New Jersey should be easier. Actually, it’s already easy; you could just go with whichever company your mortgage lender recommends, but you probably won’t get the best rates that way. The key to finding the best rates is to get a homeowners insurance quotes comparison in New Jersey from multiple companies.

Best New Jersey Home Insurance Companies

Last year, these were the most common home insurance companies reported by QuoteWizard users living in the state of New Jersey. Out of the 17,674 New Jersey homeowners that used QuoteWizard to request insurance quotes last year, 657 had no home insurance.

  1. Allstate Insurance
  2. Geico
  3. Liberty Mutual
  4. Progressive Casualty
  5. Farmers
  6. AAA Insurance Co.
  7. USAA
  8. 21st Century
  9. Travelers Insurance
  10. MetLife
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Why contact every individual company in New Jersey that you want a homeowners quote from when you can just answer a few questions about your home and desired coverage, and get competing quotes from agents? Save time and money with QuoteWizard.

Top 10 New Jersey Home Insurance Company Market Share

Source: Insurance Information Institute
Rank Company Direct Premiums Written (in thousands) Market Share
1 Liberty Mutual $213,231 9.1%
2 Allstate $212,039 9.0%
3 NJ Manufacturers Insurance Co. $193,253 8.2%
4 Chubb Corp. $164,968 7.0%
5 Plymouth Rock Co. $127,640 5.4%
6 Travelers Companies Inc. $125,238 5.3%
7 American Family Mutual $89,461 3.8%
8 USAA Insurance Group $88,624 3.8%
9 Franklin Mutual Insurance Co. $74,476 3.2%

Financial Strength Ratings of Top New Jersey Home Insurers

Source: A.M. Best (Ratings as of 8/5/2015)

  • Liberty Mutual: A
  • Allstate: A+
  • NJ Manufacturers Insurance Co.: A++
  • Chubb Corp: A++
  • Plymouth Rock Co.: A-
  • Travelers Companies Inc.: A+
  • American Family Mutual: A
  • USAA Insurance Group: A++
  • Franklin Mutual Insurance Co.: A+
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Rating Guide

New Jersey Property & Casualty* Insurance Company Market Share

Source: National Association of Insurance Commissioners
Rank Company Direct Premiums Written (in thousands) Market Share
1 NJ Manufacturers Insurance Co. $1,725,042 9.1%
2 Geico $1,475,865 7.8%
3 Liberty Mutual $1,322,975 7.0%
4 Allstate $1,234,384 6.5%
5 Travelers Companies Inc. $954,904 5.0%
6 Progressive Group $700,995 3.7%
7 Palisades Insurance Group $692,077 3.7%
8 American International Group $653,437 3.4%
9 Chubb Corp. $538,327 2.8%
*Represents both home and auto insurance

Home Insurance Rate Factors

Many different factors come into play when insurance companies calculate the cost of homeowners insurance. Some, like the age of your home, are within your control. Others, like crime rates or natural disasters, are beyond your control. Here are some of the factors that affect the cost of homeowners insurance in New Jersey.

Average Home Listing Prices

Home prices can greatly affect the cost of insurance in any given state. A higher average home price generally means higher premiums in that state. For New Jersey, the average listing price is $362,222 as of July 2015, moderately higher than the national average of $284,748.

Average Burglary Rates

Burglary is a serious and sometimes violent property crime. States with higher average burglary rates generally have higher average home insurance premiums, because of the likelihood that someone will need to file a claim is higher. According to data from the FBI Uniform Crime Report, in 2013, New Jersey’s average burglary rate was 403.1 per 100,000 people, which is considerably lower than the national average of 610.0 per 100,000.

States with more law enforcement per capita tend to be safer than states with fewer policemen and women. In New Jersey, there are 53.5 law enforcement personnel per 100,000 total citizens, almost twice the national median of 32 per 100,000.

Home Insurance Hazards

As is typical of the Mid-Atlantic region, New Jersey’s weather is relatively benign most of the time. However, hot and humid summers and cold winters can bring major homeowners insurance hazards.

Hot, humid summers: Summers in New Jersey are long, hot, and humid. Average temperatures are close to 80 degrees as early as May and as late as September. July is typically the hottest month of the year, with average high temperatures of 85 in Trenton and 81 degrees in Atlantic City. Humidity levels are especially high in the summer, but are relatively high all year, which leads to snowy winters and year-round rain. Humidity peaks later in the summer, between August and October. For example, in September, average humidity is 87%. High humidity can cause discomfort and, as humidity is essentially moisture in the air, it can sometimes be a serious homeowners insurance hazard. If this moisture gets trapped inside, it can form mold or mildew. And, some methods of insulation prevent the movement of moisture, which also leads to the development of mold and mildew.

Cold winters: In New Jersey, winters are cold and a bit snowy. Average annual snowfall varies greatly in different parts of the state. In Newark, they average about 15 days of snow per year, and about 29 inches of snow annually. However, in Atlantic City, they only average about 9 days of snow per year, and about 17 inches annually. And, January is the snowiest month, contributing almost half the total snow days for the whole year. January is also the coldest month of the year. High temperatures are about 40 degrees, and low temperatures are below freezing, about 20 degrees in most places. This can begin as early as November and can stick around as late as March. The cold can be a home insurance risk because pipes can crack or leak when cold temperatures force objects to contract. People often turn up the heater, which can create condensation that can later form mold or mildew.

Year-round precipitation: Rainfall is largely consistent throughout the year in New Jersey, though July is the wettest month. The average rainfall is about 47 inches, higher than most states, but not extreme. Most cities in Jersey experience over 100 days of rain per year, on average. To the north, New Brunswick averages 122 days and about 49 inches of rain per year. But, southern and coastal regions experience much less rain. For example, at Brant Beach, they average only 109 days and under 40 inches of rain annually. Occasionally, New Jersey experiences a Nor’easter storm, which are typical of the New England region. Similar to hurricanes, these storms bring heavy rains, extreme winds, blizzards in winter, and flooding in spring. In 2012, Hurricane Sandy hit New Jersey directly, with winds over 90 mph. Sandy hit near Atlantic City, causing flooding, knocking down power lines, and ripping apart the famous boardwalk. The storm left millions without power for days, thousands of flights were cancelled, and many coastal residents were evacuated. All in all, Hurricane Sandy cost the US tens of billions of dollars in damage, left thousands homeless, and claimed over a hundred lives. It’s important to note that the only way to obtain flood insurance is through the National Flood Insurance Program. Learn more about the NFIP here.

New Jersey Office of the Insurance Commissioner

Website:
Homepage
Insurance Commissioner:
Peter Hartt
Insurance Hotline:
(609) 292– 7272
Office Hours:
Monday - Friday
8:00 am to 4:00 pm
File a Consumer Insurance Complaint
Complaint Page

Sources:

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