Cheapest New Jersey Homeowners Insurance Quotes (2024)

With annual premiums starting at $431, Selective Insurance offers some of the cheapest homeowners insurance policies in New Jersey.

Christy Rakoczy
Written byChristy Rakoczy
Christy Rakoczy
Christy Rakoczy

Christy Rakoczy has been a personal finance and insurance writer for over a decade. Her work has been published on USA Today, MSN, Yahoo Finance, Credit Karma, Forbes Advisor, and more. Christy has a JD from UCLA School of Law and previously worked as a data analyst for Blue Cross and as a paralegal studies instructor before transitioning to writing full time.

Ashley Cox
Edited byAshley Cox
Headshot of Managing Editor Ashley Cox
Ashley CoxSenior Managing Editor
  • 7+ years in content creation and management

  • 5+ years in insurance and personal finance content

Ashley is a seasoned personal finance editor who’s produced a variety of digital content, including insurance, credit cards, mortgages, and consumer lending products.

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Andrew Huang
Data reviewed byAndrew Huang
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Andrew HuangVP, Marketing & Analytics
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  • 12+ years in data analysis and marketing

Andrew applies his vast knowledge of analytics and insurance industry trends to help inform Insurify’s content and marketing efforts.

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Updated March 13, 2024

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New Jersey had a homeownership rate of 64.2% in 2022, which is just below the national average of 65.7%. [1] [2] Homeowners in New Jersey face unique risks, as the state’s location on the country’s eastern coast makes it prone to hurricanes and intense storms called nor’easters. Homeowners insurance is key to protecting your home against these disasters.

The average annual cost of homeowners insurance in New Jersey is $1,184 for $300,000 in dwelling coverage with a $1,000 deductible, according to Insurify data. But it’s possible to get a policy at a lower cost.

Here’s what you should know about comparing home insurance rates in New Jersey to help you find the right coverage at the right price.

Quick Facts
  • The average cost of homeowner’s insurance in New Jersey is $1,241 for $300,000 in dwelling coverage with a $500 deductible.

  • Selective Insurance, Cumberland Insurance, and US Coastal offer some of the cheapest home insurance in New Jersey.

  • New Jersey is prone to floods, nor’easters, and tropical storms or hurricanes that can lead to insurance claims.

Best home insurance companies in New Jersey

Many trusted home insurance companies provide coverage to New Jersey residents. The companies highlighted below provide affordable dwelling and personal property coverage, as well as solid customer service, for a fair price.

Insurance CompanyAverage Annual PremiumBest For
Selective Insurance$431Cheapest rates
Cumberland Insurance Group$575New builds
US Coastal$974Coastal homes
Chubb$1,347Specialty coverages
Table data sourced from real-time quotes from Insurify’s partner insurance providers and quote estimates from Quadrant Information Services. Actual quotes may vary based on the policy buyer’s unique profile.

Best insurer for cheapest rates: Selective Insurance

Selective Insurance offers many policy options, including homeowners insurance, flood insurance, auto insurance, and business insurance. Owners of the 953,000 small businesses in New Jersey[3] might consider this company to get their homeowners insurance policy and professional coverage from the same insurer to qualify for additional discounts.

Pros
  • Offers many types of personal and business coverage

  • Network of independent local agents can provide in-person support

Cons
  • Premiums are higher than some competitors

  • Low ratings on the Better Business Bureau (BBB) website

Best insurer for new builds: Cumberland Insurance Group

Cumberland Insurance Group offers a special coverage discount for new construction homes. With 2,507 permits for the construction of new private housing units authorized in December 2023, thousands of Jersey residents can take advantage of this opportunity to save extra on insuring their new space.[4]

Pros
  • In-person support available from local agents throughout New Jersey

  • Multiple opportunities to earn discounted rates

Cons
  • Premiums aren’t the lowest in the state

  • Only available in New Jersey, Pennsylvania, Delaware, and Maryland

Best insurer for coastal homes: US Coastal

US Coastal offers insurance in New Jersey and New York. Cabrillo Coastal General Insurance Agency administers policies, and the company is dedicated to helping people in hurricane-prone areas find coverage. New Jersey’s 7.1 million coastal residents might want to consider this company for its sophisticated pricing techniques and innovative claims-handling process that help protect them against storms at an affordable rate.

Pros
  • Large network of 200 adjusters

  • Expertise in high-risk areas

Cons
  • Premiums are higher than some competitors

  • Available in only 12 states

Best insurer for specialty coverages: Chubb

Based in New Jersey, Chubb is the largest publicly traded property and casualty insurance company in the world, with an A++ rating from AM Best for financial stability. Chubb provides a number of insurance products, including home, renters, condo, co-op, auto, travel, boat, and natural disaster coverage. The insurer also offers bespoke coverage options for home offices, farms, and ranches. Chubb offers premium homeowners coverage through Chubb Masterpiece. The insurer has a low 0.12 rating on the National Association of Insurance Commissioners Consumer Complaint Index, compared to the 1.00 average.

Pros
  • Chubb Masterpiece offers a premium level of coverage for high-net-worth homeowners with significant assets

  • Adjusters respond to claims within 24 hours and can issue payment within 48 hours

  • Coverage available in all 50 states

Cons
  • Involved in 2023 class action citing misleading home premium discounts

  • Must get a quote through an agent

  • Coverage may not be right for lower-value homes

Cheapest home insurance in New Jersey

The cheapest home insurer in New Jersey is Selective Insurance, which offers average monthly premiums that are less than half of the state’s overall average.

But several other companies also offer affordable coverage in the Garden State, as you can see in the table below.

Insurance CompanyAverage Annual Premium
Selective Insurance$431
Cumberland Insurance Group$575
ASI$921
US Coastal$974
Palisades Group$1,060
Philadelphia Contribution Group$1,109
Franklin Mutual Group$1,145
Metropolitan$1,261
Kingstone Insurance Company$1,283
New Jersey Manufacturers$1,289
Narragansett Bay Insurance$1,290
Chubb$1,347
USAA$1,376
Preferred Mutual$1,394
Hanover$1,493
Table data sourced from real-time quotes from Insurify’s partner insurance providers and quote estimates from Quadrant Information Services. Actual quotes may vary based on the policy buyer’s unique profile.

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Cost of homeowners insurance in New Jersey

The average monthly premium for New Jersey homeowners is $1,241 for a policy with a $500 deductible that offers $300,000 in dwelling coverage, Insurify data shows.

But costs vary based on your coverage needs. Average premiums for homeowners who need only $100,000 in dwelling coverage are just $565, while homeowners who need $500,000 in coverage pay an average of $1,742 per year.

Good to Know

Dwelling coverage limits are just one of many different factors that affect average homeowners insurance premiums. Your location, the age of your home, the types of homeowners insurance coverage you purchase, and home safety features also influence insurance prices in New Jersey.

Cost of homeowners insurance by dwelling coverage amount

When you buy homeowners insurance, you must buy a certain amount of dwelling coverage. The insurer pays up to that amount to repair or replace your home after a covered loss. The more dwelling coverage you need, the larger a potential payout would be — and the higher the premiums you’ll pay because of the added risk to the insurer of a large claim.

The table below shows how much you can expect to pay for a policy in New Jersey with a $1,000 deductible, based on your dwelling coverage amount.

Coverage LimitAverage Annual Premium
$100,000$565
$200,000$874
$300,000$1,184
$400,000$1,442
$500,000$1,742

Cost of homeowners insurance by deductible

You’ll have to pay a deductible when you make a covered homeowners insurance claim. If you have a $500 deductible and your house suffers $1,500 in damage, you’d pay the first $500 in repairs and your insurer would cover the rest.

The higher your deductible, the lower your premiums will be because insurers won’t pay as much for a covered claim. On the other hand, a lower deductible results in higher premiums. But if a disaster happens, you won’t be out as much money.

The table below shows average yearly home insurance costs based on deductible amount with $300,000 in dwelling coverage.

Deductible AmountAverage Annual Premium
$500$1,241
$1,000$1,184
How Much to Make Your Homeowners Insurance Deductible

How Much to Make Your Homeowners Insurance Deductible

How to get cheap homeowners insurance in New Jersey

You can take steps to save on homeowner’s insurance premiums in New Jersey. Here are some tips to help you get cheap home insurance coverage in the Garden State:[5]

  • Bundle multiple insurance policies. If you buy several insurance products from the same company — such as homeowners insurance, condo insurance, or auto insurance — you’ll typically get discounts on both policies. Generally, the more policies you can bundle, the greater the savings.

  • Shop for coverage. Getting quotes from several home insurance companies allows you to find the one offering the lowest price for your situation. You can shop for quotes online. Just be sure you’re choosing the same types of homeowners insurance coverage with each insurer to compare similar policies.

  • Install safety or security devices. Having safety and security devices in your home, like smoke detectors and alarm systems, makes the chances of a large claim less likely, so they result in reduced premiums. Installing them can be one of the best ways to reduce costs since they also make your house safer.

  • Keep your home systems upgraded. New roofs, new windows, and new HVAC systems can all result in lower premiums because they reduce the chances of a large claim. Keeping your home updated is a good choice, as it helps you get affordable insurance and protects your property’s value.

  • Increase your deductible. While you’d have to pay more if a covered event happens, you can reduce your monthly premiums by choosing a policy with a higher deductible. Think carefully about how much you can afford to pay out of pocket if you have to make a claim, and choose a policy with the highest deductible you’re comfortable with.

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How much homeowners insurance do you need in New Jersey?

If you have a mortgage, your lender will require you to buy homeowners insurance. Your lender can help you determine how much dwelling coverage you need.[6] This protects against covered damages to your home’s structure.

A standard home insurance policy will also cover your personal property, so you’ll want to make sure you have enough coverage to protect against losses or damage to items such as your furniture or electronics. Creating an inventory of your personal items can give you a good estimate of how much coverage to get.

Your insurance agent can also help you figure out how much liability coverage to include in your policy so that your assets are safe if someone is hurt at your home and makes a claim against you. You’ll also want to make sure you have additional living expenses coverage, which can help pay for expenses like hotel stays if you can’t live in your home while it’s being repaired.

Important Information

It’s important to know exactly what your home insurance policy covers so you can put all the protections in place that you want. For example, all standard homeowners insurance policies in New Jersey exclude flood insurance. If your home is in a flood zone or you’re worried about water damage from storms, you’d want to look into flood coverage as one of your add-ons.

What are some of the biggest risks when owning a home in New Jersey?

These are some of the biggest potential dangers that New Jersey homeowners face:

  • illustration card https://a.storyblok.com/f/162273/100x100/4ec24627d2/flood-coverage.svg

    Floods

    Floods are a serious and growing risk in New Jersey and aren’t a covered loss under a standard home insurance policy. The National Flood Insurance Program currently covers an estimated 217,200 properties in the state, and more than 40,000 properties are at risk of permanent coastal flooding in the coming years due to rising sea levels. [7] [8] You can purchase flood insurance through the National Flood Insurance Program or through some private insurers to protect against water-related losses in your home.

  • illustration card https://a.storyblok.com/f/162273/x/68ed522f01/windstorm-and-hail.svg

    Hurricanes and tropical storms

    New Jersey has between a 6% and 30% chance of a tropical storm or hurricane affecting it each year. But the southeast portion of the state is at a far greater risk of a hurricane or tropical storm. A standard home insurance policy should cover wind damage from a hurricane or storm, but it won’t cover flooding. You’ll need a separate stand-alone flood insurance policy.

  • illustration card https://a.storyblok.com/f/162273/x/a0c151e1ba/accidental-tearing-apart-cracking-etc.svg

    Nor’easters

    FEMA declared six nor’easter-related disasters or emergencies in New Jersey between 1954 and 2017. The severity and frequency of these storms is expected to increase as a result of climate change. These severe storms can cause flooding, high winds, and surface damage. Standard home insurance should cover wind-related damage and most other kinds of storm damage, but it won’t cover flooding.

New Jersey homeowners insurance FAQs

If you’re shopping for home insurance in New Jersey, the additional information below may help as you research coverage options.

  • How much is home insurance in New Jersey?

    Home insurance in New Jersey costs an average of $1,184 per year with a $1,000 deductible and $300,000 in dwelling coverage. That rate increases slightly to $1,241 per year with a $500 deductible and $300,000 in dwelling coverage, according to Insurify data.

  • Which company has the cheapest homeowners insurance in New Jersey?

    With an average annual premium of just $431, Selective Insurance has the cheapest homeowners insurance in New Jersey. But the cheapest home insurance company for you will depend on many factors, including your ZIP code, the age of your home, your deductible amount, and the coverage levels you choose.

  • Does New Jersey require homeowners insurance?

    No. Home insurance isn’t required by law in New Jersey or in any other state, but your lender will require home insurance if you have a mortgage on your home. Even if your home is paid off, having home insurance is a good idea. If you don’t have it, you’ll be on the hook financially for any damages or home repairs.

  • What does a standard New Jersey home insurance policy cover?

    A standard New Jersey home insurance policy will cover your home’s structure, personal belongings, liability if someone is injured on your property, and additional living expenses if you can’t live in your home while it’s being repaired due to a covered disaster.[9] Talk to your insurance agent about what coverage levels are right for you, and ask whether you should consider any add-on coverages.

Methodology

Insurify’s team of data scientists analyzes millions of home insurance quotes and weigh publicly available reviews, claims payout rates, complaint indexes, financial strength scores, company reputations, and proprietary quoting data. Our editorial team applies this insight to inform our unbiased reviews and recommendations.

Sources

  1. Federal Reserve of St. Louis. "Homeownership Rate for New Jersey."
  2. Federal Reserve of St. Louis. "Homeownership Rate in the United States."
  3. New Jersey Department of State. "Business Action Center Celebrates National Small Business Week."
  4. Federal Reserve of St. Louis. "New Private Housing Units Authorized by Building Permits for New Jersey."
  5. Insurance Information Institute. "How to save money on your homeowners insurance."
  6. New Jersey Department of Banking and Insurance. "Insuring Your Home."
  7. Federal Emergency Management Agency. "New Jersey — Risk Rating 2.0."
  8. New Jersey Department of Environmental Protection. "Flood Risk Notification."
  9. Insurance Information Institute. "What is covered by standard homeowners insurance?."
Christy Rakoczy
Christy Rakoczy

Christy Rakoczy has been a personal finance and insurance writer for over a decade. Her work has been published on USA Today, MSN, Yahoo Finance, Credit Karma, Forbes Advisor, and more. Christy has a JD from UCLA School of Law and previously worked as a data analyst for Blue Cross and as a paralegal studies instructor before transitioning to writing full time.

Ashley Cox
Edited byAshley CoxSenior Managing Editor
Headshot of Managing Editor Ashley Cox
Ashley CoxSenior Managing Editor
  • 7+ years in content creation and management

  • 5+ years in insurance and personal finance content

Ashley is a seasoned personal finance editor who’s produced a variety of digital content, including insurance, credit cards, mortgages, and consumer lending products.

Featured in

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Andrew Huang
Data reviewed byAndrew HuangVP, Marketing & Analytics
Headshot of Andrew Huang, Directory of Analytics at Insurify
Andrew HuangVP, Marketing & Analytics
  • Chartered financial analyst

  • 12+ years in data analysis and marketing

Andrew applies his vast knowledge of analytics and insurance industry trends to help inform Insurify’s content and marketing efforts.

Featured in

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