Average Costs and Cheapest Homeowners Insurance Companies in New Jersey

The amount you pay for homeowners insurance in New Jersey depends on your dwelling coverage level and individual background. Chubb is the cheapest provider for individuals with newer and expensive homes, along with homes with pools. However, Allstate is the cheapest for customers with poor credit.

MoneyGeek determined the average cost of homeowners insurance in New Jersey using thousands of quotes from different providers. You can use these rates to find the cheapest insurer for your needs.

MoneyGeek used costs and service measures to break down the best homeowners insurance providers in New Jersey if you want to balance cost and quality.

MoneyGeek collected thousands of quotes from different insurance companies in New Jersey to determine average homeowners insurance costs across various dwelling coverages. Our analysis revealed that the most affordable insurer in the state for a baseline coverage of $250,000 is Chubb, with an average annual cost of $745.

The most affordable insurer depends on your dwelling coverage, as follows:

• Cheapest for $100,000: Chubb
• Cheapest for $250,000: Chubb
• Cheapest for $500,000: Chubb

Use the replacement cost of your home to calculate how much dwelling coverage you need. Check out the table below to compare costs for different dwelling coverage levels.

The dwelling coverage level of your homeowners insurance policy determines its cost. New Jersey has a baseline dwelling coverage of $250,000, with an average cost of $1,228 per year. If you purchase a policy with higher coverage, you will get more protection but pay more for your annual premium.

For instance, a policy with a dwelling coverage of $100,000 will cost you an average of $648 per year, while insurance with $3,000,000 in dwelling coverage costs $12,056, on average — which is $11,408 higher.

To determine the price of homeowners insurance in New Jersey, insurance carriers will evaluate your home’s age, dwelling value and location, among other assessments. Your home insurance premium may also be higher if your property is in a risk-prone area.

You may change your dwelling coverage, deductible amount and other limits in the MoneyGeek calculator to see how rates vary across New Jersey.

If you own an expensive home, rates can vary significantly depending on your dwelling coverage limits. To find the cheapest option for your needs, make sure to shop around and compare quotes from different providers.

MoneyGeek also researched the cheapest homeowners insurance in New Jersey for residents with expensive homes. Our analysis revealed that the cheapest homeowners insurance for individuals seeking $2,000,000 dwelling coverage with an expensive home, on average, are:

• Chubb: $5,500 per year
• Travelers: $6,259 per year

In this context, USAA's policies cost an average of $4,982 per year, which is the lowest in the state. The insurer is, however, not included in our rankings, as its policies are only available to military families.

You are likely to pay different rates for homeowners insurance based on your needs and coverage level. Comparing quotes among different providers can help you secure the best rates.

MoneyGeek’s analysis of the best homeowners insurance for newer homes included evaluating thousands of quotes across various insurance companies. These rates apply to a sample home constructed in 2015 and a policy with $250,000 in dwelling coverage.

Based on the study, the most affordable homeowners insurance in New Jersey for newer homes, on average, comes from:

• Chubb: $625 per year
• Travelers: $639 per year

In New Jersey, the year your house was constructed will determine how much you pay for homeowners insurance. On average, homes built in 2015 cost $244 less than those constructed in 2000, although costs for homes built in 2000 vary from the first section due to differences in the ZIP code collection process.

In New Jersey, the average cost of homeowners insurance for newer homes is $946 per year. This rate is lower than homes constructed in 2000 by $244.

In most cases, older homes feature higher insurance premiums due to higher repair and rebuilding costs. Older homes are also constructed using materials that are expensive to replace or may wear out more quickly.

If you have a pool in your home, your home insurance rates are more likely to spike significantly. Insurance providers treat pools as liabilities because they are likely to cause injuries and accidents.

To find low-cost homeowners insurance in New Jersey for homes with pools, MoneyGeek reviewed thousands of quotes in the state.

On average, the cheapest homeowners insurance providers for residents with a pool and a baseline dwelling coverage of $250,000 are:

• Chubb: $764 per year
• Travelers: $869 per year

If you have a pool on your property, you may pay higher rates for homeowners insurance than residents who don't have pools. In New Jersey, you pay $1,189 per year for a $250,000 dwelling coverage whether you have a pool or not.

Homeowners with poor credit are likely to pay higher home insurance premiums than individuals with good scores. Insurance providers often use credit scores to determine your risk level.

To determine the cheapest homeowners insurance policies in New Jersey for individuals with poor credit, MoneyGeek evaluated thousands of quotes from different insurers.

Based on our findings, the top insurance companies for individuals with poor credit and a dwelling coverage of $250,000 are:

• Allstate: $1,223 per year
• Chubb: $1,388 per year

Insurance companies consider several factors to determine homeowners insurance costs, including credit score. Poor credit can cause your premiums to increase considerably since you may be more likely to file claims in case of property damage. In New Jersey, residents with good credit scores pay an average of $1,173 per year. Meanwhile, individuals with poor credit pay $2,299 on average, which is $1,126 higher.

The average cost of homeowners insurance can also change based on your place of residence. Costs also vary across different cities. MoneyGeek analyzed Jersey City and Newark and found them to have averages of $749 and $741, respectively. The most affordable company in the two cities is Chubb. You can learn more about the rates in the cities with the following table.

To obtain an accurate quote for your home insurance in New Jersey, you'll need to provide the insurer with specific information. This will include your personal details, home’s age, current market value and condition, location and proximity to a fire department. Also, talk with your insurer about the amount and scope of insurance protection you want for your property.

If you wish to get an estimate of your costs anonymously, you can provide the necessary details on MoneyGeek’s New Jersey home insurance calculator. Our average rates have been determined using thousands of quotes within the state.

MoneyGeek analyzed homeowners insurance premiums from eight of the top insurance companies in New Jersey that were provided in partnership with Quadrant. Our analysis includes quotes from ZIP codes across New Jersey. Quotes were gathered with an average home profile of 2,500 square feet, built in 2000, with an average dwelling coverage value of $250,000, liability coverage of $100,000 and personal property coverage of $100,000.