The Cheapest and Best Homeowners Insurance in Newark
The Cheapest Home Insurance Companies in Newark
Most home insurance companies have similar core coverages. So, when choosing a homeowners insurance policy in Newark, the cost is an important factor to consider.
On average, Newark’s cheapest homeowners insurance companies for a policy with $250,000 in dwelling coverage are:
- Chubb: $741 per year
- Travelers: $816 per year
For homeowners with a high-value property, on average, the most affordable companies with $2 million dwelling coverage are:
- USAA: $4,734 per year (only available to those with a military background)
- Chubb: $5,481 per year
You can see in the table below how adjusting dwelling coverage limits affect home insurance quotes in Newark.
The Cheapest Home Insurance in Newark, Ranked
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For MoneyGeek’s Newark home insurance policy with initial baseline dwelling coverage of $250,000, there is a personal property limit of $100,000. Meanwhile, the policy with dwelling coverage of $2 million has a personal property limit of $800,000. Dwelling coverage level aside, all policies have $100,000 in liability coverage.
If you don’t live in Newark or are considering moving to another part of the state, you can compare rates of the best home insurance in New Jersey.
The Average Cost of Homeowners Insurance in Newark for 2022
The average home insurance quote in Newark is $1,239 per year, which is slightly more expensive (about $11 higher) than New Jersey’s average premium of $1,228 per year. However, Newark’s costs for home insurance are still cheaper than the national average of $2,103 per year — homeowners pay around $864 less annually.
Calculate the Cost of Home Insurance in Newark
Factors like location, dwelling coverage, how much personal property you want to protect, and your credit score play a role in how much your home insurance costs in Newark. With MoneyGeek’s home insurance calculator, you can 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 Newark
The price of your home insurance is important when shopping around for insurance companies in Newark. However, also consider an insurer’s customer service and financial stability. Since filing claims can be stressful, you want an efficient insurance company that pays costs quickly for repairs.
According to MoneyGeek’s analysis, the best homeowners insurance companies in Newark are:
- Best Overall: USAA (only available to veterans and active military members)
- Runner-up: Chubb
To compare home insurance companies in Newark, MoneyGeek examined factors like affordability, customer satisfaction and financial stability.
USAA is our top-rated home insurance company in Newark, with perfect scores for customer service and financial stability. But, to get a USAA policy, you must be a current or former military member or family member.
With USAA, homeowners with security systems and those who are claims-free are eligible to receive discounts on their policy. If you rent out your home or a room, USAA provides add-on home-sharing coverage to help cover associated costs. Active service policyholders may also get coverage for lost uniforms without a deductible.Read MoneyGeek's USAA home Insurance Review
Chubb got a perfect score for financial stability and affordability and is our runner-up for the best home insurance in Newark. You receive a complimentary risk consultation for your home through Chubb.
If your house suffers significant damage and is eligible, according to Chubb’s policy, you can rebuild your home to its original condition, even if the cost exceeds the limit of your policy. And when replacing your personal items, Chubb doesn’t take depreciation into account — you receive new items.Read MoneyGeek's Chubb home Insurance Review
Cheapest Home Insurance Companies in Newark for Newly Constructed Homes
Your house’s age influences your home insurance cost in Newark. Older homes may have materials that wear easier and are more difficult to replace if damaged. That’s why newer homes, with their more modern materials, can be cheaper to insure. Plus, you’re less likely to file a claim with a newer home.
In Newark, a newly constructed home costs around $981 per year to insure, but a home built in 2000 costs an average of $1,239 per year.
For new homes with a dwelling coverage of $250,000, the insurers that offer the cheapest home insurance in Newark, on average, are:
- Travelers: $581 per year
- Chubb: $607 per year
The Cheapest Home Insurance in Newark for New Homes, Ranked
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Cheapest Home Insurance Companies in Newark if You Have a Lot of Personal Property
One feature of your home insurance is coverage for personal property you own. You pay a higher premium if you want a larger personal property limit. For MoneyGeek’s standard home insurance policy in Newark, it costs roughly $1,350 per year with a personal property limit of $250,000. In contrast, it costs around $1,239 per year for a $100,000 personal property coverage limit.
For homes with a personal property limit of $250,000, the homeowners insurance providers in Newark that offer the cheapest policies, on average, are:
- Travelers: $889 per year
- Chubb: $956 per year
Cheap Companies in Newark for Extra Personal Property Coverage
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Cheapest Home Insurance Companies in Newark for High Deductibles
The deductible can have a big impact on your home insurance quotes in Newark. If you make a claim, a high deductible means you pay more money out of pocket, but your yearly cost is lower. MoneyGeek determined a policy with a $2,000 deductible costs an average of $1,111, and a policy with a $1,000 deductible costs an average of $1,239.
The companies, on average, with the most affordable quotes in Newark for a homeowners insurance policy with a $2,000 deductible are:
- Chubb: $645 per year
- Travelers: $710 per year
The Cheapest Companies in Newark for High Deductibles, Ranked
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Cheapest Home Insurance Companies in Newark if You Have Poor Credit
Insurance companies consider your credit rating as a basis for homeowners insurance costs in Newark. That may be because individuals with poor credit are more likely to file claims. According to MoneyGeek’s research, if you have poor credit, a policy costs an average of $2,532 per year. Meanwhile, homeowners with good credit pay an average of $1,239 annually.
In Newark, on average, the most affordable home insurance providers for homeowners with poor credit are:
- Allstate: $1,223 per year
- Chubb: $1,381 per year
The Cheapest Companies in Newark for Poor Credit, Ranked
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Getting Online Homeowners Insurance Quotes in Newark
When gathering home insurance quotes in Newark online, you need the following information.
- Personal information: You need to provide details about how many people live in your home, your address and your insurance history.
- Details about your home: You need to know your home’s size and age. Additionally, the insurer will ask if you have a safety or security device at home.
- Home replacement cost: That refers to how much it costs to rebuild your home. It dictates how much of a dwelling coverage limit you need. For an accurate estimate, it’s best to hire a real estate professional or contractor.
- Personal property value: Your personal property coverage limit depends on the value of your possessions at home.
Homeowners Insurance in Newark Analysis: Methodology
In partnership with Quadrant, MoneyGeek analyzed home insurance policies from eight different companies in Newark.
Our sample homeowner has a dwelling coverage limit of $250,000, a home built in 2000 with 2,500 square feet, personal property coverage and liability coverage of $100,000. The policy has a $1,000 deductible.
Affordability was calculated using policies with different coverage levels. J.D. Power customer satisfaction surveys were also used.
To cater to more homeowners, MoneyGeek also compiled quotes for homeowners with increased dwelling or personal property coverage, higher deductibles, newly constructed homes and poor credit scores.
About Mark Fitzpatrick