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The Best Homeowners Insurance Companies in New Jersey
Using our proprietary scoring system, called SimpleScore, we assessed the top home insurance companies. We looked at available discounts, coverage options, customer satisfaction, accessibility and quality of support.
We also looked at other reputable reviewers, such as J.D. Power, which tracks customer satisfaction each year, and Consumer Reports, which looks at such factors as satisfaction in policy reviews, claims, and other elements of choosing great home insurance.
The best homeowners insurance in New Jersey
- Great Overall: Amica Mutual
- Great for Coverage Add-ons: Allstate
- Great for Affordability: NJM Insurance
- Great for Claims Processing: State Farm
- Great for Policy Management: Plymouth Rock Assurance
Choosing your provider
Before selecting your home insurance provider in New Jersey, you’ll need to conduct thorough research on both national and local carriers. While nationwide carriers might offer a wider range of coverage options, local and regional providers may have policies that are better tailored to your specific location. In some cases, the policy you find from a local or regional provider may even be less expensive than carriers that offer products nationwide.
- Can be less expensive than national providers.
- Offers coverage options that are specific to your area.
- Build a personal relationship with your insurance agent.
- May not always have the coverage options you need for your home.
- May not have as many available discounts for you to take advantage of.
- Offers a broader range of coverage options.
- Provides many discounts for homeowners.
- Offers online, mobile and 24/7 tools for customers.
- Less personal customer service.
- May pay more for coverage options specific to your region.
New Jersey’s minimum insurance requirements
Any person that owns a home in New Jersey and finances the home through a lender is required to possess a homeowners’ insurance policy. Some lenders may only require the homeowner to seek coverage for the mortgage amount. If you’re seeking replacement cost coverage, your lender might require you to insure your home for a set limit.
The amount of insurance required in New Jersey is based on your property’s value, and homeowners also need to ensure they have enough personal liability coverage to protect them from claims that others may file against them.
The average annual rainfall in New Jersey is 46 inches — a whopping 1’2” more than the U.S. national average. All that water has to go somewhere, and it might just be your basement. That’s why it’s a great idea for New Jersey residents to consider adding flood insurance to their policies. Most standard policies do not include flood coverage, so it’s important to find a carrier that offers this as an add-on when researching the best home insurance provider for your New Jersey home.
When people think of hurricane season, they typically think of Florida, Louisiana, or Texas as the nation’s hotspots. But New Jersey experiences a pretty active hurricane season as well. In fact, 2020 was a record-setting year for hurricanes in the state, and these numbers are only expected to increase, according to Colorado State University’s Department of Atmospheric Science.
That said, hurricane coverage is a worthwhile investment — especially if your Jersey home happens to be along the coastline. Be sure to find a provider that offers hurricane coverage as an add-on to their available policies.
How much does home insurance cost in New Jersey?
The cost of home insurance in New Jersey is as average as they come. According to the Insurance Information Institute, the average annual premium for homeowners’ insurance in New Jersey is $1,192 — just $19 below the national average. However, homeowners can expect to pay more or less depending on the following:
- Property Value
- Replacement Cost
- Age of Home
- Roof Condition
- Claims History
- Credit History
- Proximity to Body of Water
Even the type of dog you have, whether or not your home has a swimming pool and your marital status can factor into your final rate. One of the easiest ways to decrease your premium is by increasing your deductible. Even a small increase from $500 to $1,000 can help you save as much as 25% on your insurance premium.
For more information regarding coverage and policy options for your home, check out our Guide to Home Insurance.
We welcome your feedback on this article and would love to hear about your experience with the insurers we recommend. Contact us at firstname.lastname@example.org with comments or questions.