The Cheapest and Best Homeowners Insurance in Jersey City
The Cheapest Home Insurance Companies in Jersey City
While comparing offers from different home insurance providers in Jersey City, you will likely notice that most providers offer similar core coverages. This makes price an important consideration while choosing a policy.
For a policy in Jersey City with a dwelling coverage of $250,000, the cheapest home insurance providers are:
- Chubb: $749 per year
- Travelers: $910 per year
However, the cheapest options can depend on the amount of coverage you buy. For instance, with policies for expensive homes, those having a dwelling coverage limit of $2,000,000, the two cheapest home insurance providers in Jersey City are:
- USAA: $5,230 per year (Only available to current and former military members and eligible families)
- Chubb: $5,519 per year
This shows how the dwelling coverage limit can influence your home insurance premiums and how certain providers might be cheaper for your particular requirements than others. You can use the table below to see how prices change with different dwelling coverage limits.
The Cheapest Home Insurance in Jersey City, Ranked
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Our sample homeowners insurance policy includes an initial baseline dwelling coverage of $250,000 and personal property limits of $100,000. Personal property limits increase to $800,000 for policies with a dwelling coverage of $2,000.000. Regardless of dwelling coverage, liability coverage remains set at $100,000.
If you live elsewhere in the state, you can still compare statewide homeowners insurance rates in New Jersey.
The Average Cost of Homeowners Insurance in Jersey City for 2022
The average cost of homeowners insurance in Jersey City is $1,218 per year or about $101 per month. This is just a little lower than the average cost of home insurance in the state of New Jersey as a whole, $1,228 per year. The national average price of homeowners insurance is $2,103 per year.
Calculate the Cost of Home Insurance in Jersey City
Location is only one of many factors that can determine home insurance costs in Jersey City. How much dwelling coverage and personal property coverage you purchase and your credit score, among other factors, can also affect how much you pay. You can use MoneyGeek’s home insurance calculator to compare home insurance quotes in New Jersey.
Home Insurance Calculator
These are annual estimates. Get a personalized quote to determine your costs.
The Best Home Insurance Companies in Jersey City
While cost is an essential factor while choosing a home insurance policy in Jersey City, it is also important to pay attention to the customer service experience. In a time of need, you will need quick and objective processing of your claim. Also, choosing a financially stable company gives you peace of mind as they will easily pay out a legitimate claim.
According to MoneyGeek’s study, the providers with the best home insurance in Jersey City are:
- Best Overall: Chubb
- Runner-up: USAA (Only available for current and former military members and military families)
MoneyGeek uses a unique scoring system that rates homeowners insurance companies based on three factors: financial stability, user satisfaction and affordability.
Chubb offers a range of coverage options and add-ons. Included is complimentary risk consulting, where the company assesses your home to ensure your complete protection against potential risks. Additionally, if your home is destroyed in a total loss, you have the option of taking cash instead of rebuilding it, as Chubb offers the possibility of cash settlement.
Our overall winner for Jersey City is Chubb, with consistently high scores across all categories and perfect scores for affordability and financial stability. With a Chubb policy, the cost to have your home rebuilt to its original condition remains covered, even if it exceeds your policy limit.Read MoneyGeek's Chubb home Insurance Review
USAA brings several unique coverages and add-ons to the table. For example, you can get discounts on your policy by remaining claims-free or installing protective security systems in your home. For those who rent out their home or rooms, USAA also offers home-sharing coverage that can cover costs arising from becoming a landlord.
USAA is our pick for runner-up in Jersey City, with high scores overall and perfect scores for customer satisfaction and financial stability. USAA policies are only available for current and former military members and eligible families.Read MoneyGeek's USAA home Insurance Review
Cheapest Home Insurance Companies in Jersey City for Newly Constructed Homes
Usually, newly built homes are cheaper to insure in Jersey City. This is because new homes are more resistant to damage as they are built with modern materials and construction techniques. This lowers the probability of a claim. Newer materials are also easier to replace. For a newly constructed home in Jersey City, the average cost is $972, while coverage for a house built in 2000 costs an average of $1,218 per year.
For a newly built home with $250,000 in dwelling coverage, these are the two providers with the cheapest home insurance in Jersey City:
- Chubb: $613 per year
- Travelers: $688 per year
The Cheapest Home Insurance in Jersey City for New Homes, Ranked
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Cheapest Home Insurance Companies in Jersey City if You Have a Lot of Personal Property
Typically, your home insurance policy provides coverage not just for the structure of your home but also for your personal property inside. Therefore, the higher the amount of personal property coverage you purchase, the higher your premiums will be. For example, a standard home insurance policy in Jersey City with a personal property limit of $250,000 costs $1,331 on average, while a policy with $100,000 personal property coverage costs $1,218.
For Jersey City homes with the standard $250,000 dwelling coverage but an increased personal property coverage limit of $250,000, the two cheapest homeowners insurance companies are:
- Chubb: $965 per year
- Travelers: $986 per year
Cheap Companies in Jersey City for Extra Personal Property Coverage
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Cheapest Home Insurance Companies in Jersey City for High Deductibles
Your deductible is the amount you pay out of pocket every time your insurance provider pays a claim. Deductibles can have an impact on home insurance costs in Jersey City.
For instance, a policy with a $2,000 deductible costs $1,093 on average, while one with the standard $1,000 deductible costs $1,218 on average. The higher the deductible, the less you have to pay every month.
On average, the two insurance providers with the most affordable premiums for a policy with a $2,000 deductible in Jersey City are:
- Chubb: $653 per year
- Travelers: $818 per year
The Cheapest Companies in Jersey City for High Deductibles, Ranked
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Cheapest Home Insurance Companies in Jersey City if You Have Poor Credit
In Jersey City, insurance companies consider your credit score while calculating a policy’s premium. Insurers have found that customers with poor credit are more likely to file claims. Due to this, expect to pay higher premiums if your credit score is low.
For example, the average price of a home insurance policy for a customer with good credit in Jersey City is $1,218 on average. This increases to an average of $2,437 for a customer with bad credit.
If you have poor credit, the two insurance providers in Jersey City that can offer the most affordable premiums on average are:
- Allstate: $1,223 per year
- Chubb: $1,395 per year
The Cheapest Companies in Jersey City for Poor Credit, Ranked
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Getting Online Homeowners Insurance Quotes in Jersey City
If you want to get an online quote for home insurance, you can have the following information on hand to make things easy:
- Home replacement cost - The amount it takes to build your home again if it gets damaged while using similar materials. This determines your dwelling coverage limits. Ideally, hire a professional, like a building contractor or an independent appraiser, to get an accurate estimate.
- Personal property value - The total value of your personal property will determine the personal property coverage limit.
- Details about your home - This includes relevant information about your home, like its age, size and the presence of protective or security devices.
- Personal information - For an online quote, you will need to share personal details like your address, insurance history and the number of people in your household.
Homeowners Insurance in Jersey City Analysis: Methodology
For this study, the base profile of the average homeowner is someone with a 2,500 square-foot home built in 2000, with dwelling coverage of $250,000, personal property coverage of $100,00 and liability coverage of $100,00. In addition, each policy has a $1,000 deductible.
MoneyGeek analyzed homeowners insurance premiums from eight companies in Jersey City using data provided in partnership with Quadrant. To calculate affordability, we used quotes for a home with varying levels of coverage while customer satisfaction ratings were sourced from J.D. Power. In addition, we gathered quotes from homeowners with newly constructed homes, higher dwelling or personal property coverage, increased deductible and poor credit to furnish accurate information for different cases.
About Mark Fitzpatrick