What to Know about Homeowners Insurance

in New Jersey

Facts about Homeowners Insurance In New Jersey

Home insurance is not required by law, but it is required by mortgage and home equity loan lenders. It can shield New Jersey property owners from large financial losses such as water damage or severe storms. Home insurance, coupled with a flood insurance policy, covers against these hazards.

More New Jersey home insurance facts

  • The Blizzard of ’96 dropped 2 feet of snow over 65% of NJ.
  • In 2012, Hurricane Sandy caused $30 billion in damage.
  • There have been 51 federally declared disasters in NJ.
  • NJ homeowners collect about $1.1 billion in claims/year.

Average Cost of Homeowners Insurance in New Jersey

The average cost of home insurance in the US is $1,173 a year. In New Jersey, rates are slightly lower with an average cost of $1,149. Your rates will be based on factors such as the age, size, and value of your house, the crime rate and weather risks in your ZIP code, your claims history, and even your credit score. Every insurance company calculates costs in a different way, so shopping around can save you hundreds of dollars. Independent agents make comparison shopping easy.

Average Price of Homeowners Insurance

average cost of home insurance in new jersey

Why Choose an Independent Insurance Agent?

  • Independent agents provide personalized service and advice
  • You can have all your insurance needs managed under one roof
  • Local agents can ensure that your policy is competitively-priced

Find an independent agent in New Jersey

My son just got his license so we wanted to bundle the packages for the insurance together. I called some companies directly and I also tried an independent agent but the cost wasn’t good enough. The Trusted Choice agent gave me the best price and he was also very nice. He was great and I recommended him to somebody else. I will tell my friends to go for it if they ask. In the end, we’re all looking to save some money since insurance is getting higher and higher.

five star review Joe of Mount Holly, NJ Consumer Affairs

What’s in My Home Insurance Policy?

A good home insurance policy will cover you against most of the risks you face as a property owner in this state. It is important to note that while most policies cover against hurricanes, they do not cover the flood damage that often accompanies these storms; for that, you also need to have flood insurance. A typical homeowners insurance policy will provide you with the following:

  1. Coverage against weather damage: From blizzards to hurricanes, bad weather can cause destruction to your home. Your policy can cover the cost to replace, repair, or rebuild your property if it is damaged by a severe weather event.
  2. Coverage against accidental damage: Maybe you left a candle unattended and it started a fire; or perhaps you let the bathtub overflow while you were on the phone.  Home insurance can cover losses with accidental origins.
  3. Coverage against property crimes: Though the overall burglary rate in NJ is lower than the national rate, all homes are vulnerable to theft and vandalism. Home insurance can provide restitution for stolen or damaged property.
  4. Coverage against liability lawsuits: Home policies include personal liability insurance. This can cover legal expenses and judgments if you are sued for negligence that causes third-party property damage, injuries, or financial losses.
  5. Coverage for temporary living expenses if needed: Your insurance can cover the cost of a hotel, meals, and other related expenses if your home is left uninhabitable following a covered event like a hurricane or fire. 

Flood damage is not covered by homeowners insurance, even if it is the direct result of a hurricane. Many property owners in New Jersey are at risk for flooding, so be sure to ask your insurance agent about supplementing your home insurance policy with flood insurance through the National Flood Insurance Program (NFIP).

Top Insurance Companies that Support Independent Agents in New Jersey

There are currently 485 independent insurance agents in New Jersey who are ready to help. Independent agents are free to work with a number of insurance companies, so they can provide you a variety of customized home insurance quotes that you can review and compare together. Let a local independent agent help you find the best policy to meet your coverage and budgetary needs.

Why go Independent

Why Go Independent When Looking for Homeowners Insurance?

  • Agents research for you
  • Insurance you can understand
  • Multiple quotes