Insurance
New Jersey Homeowners Insurance Calculator: Free Cost Estimator (2024)
Updated: May 22, 2024
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MoneyGeek’s home insurance calculator will give you a ballpark estimate of your cost — it’s free, no personal information required, no spam.
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Rates updated:
Jul 26, 2024
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MONEYGEEK EXPERT TIP
MoneyGeek reviewed rates from different insurance companies within the state and listed the affordable home insurance providers in New Jersey.
We also evaluated several providers to find the best homeowners insurance in New Jersey that balances affordability and quality. The quotes are gathered from different providers to help you find a suitable provider based on your needs and priorities.
How to Estimate the Cost of Your Homeowners Insurance Policy in New Jersey
Learning about the cost of New Jersey homeowners insurance helps you make the right decision before applying for insurance. Several factors affect premiums. Some of those are location, credit score and deductible.
Access a personalized estimate of your homeowner insurance policy costs using MoneyGeek’s New Jersey insurance calculator below.
New Jersey
Homeowners insurance premiums change depending on where you live.
If you live in a high-risk area typically affected by natural disasters and theft, your premiums will cost more than those in low-risk areas.
Dwelling Coverage
Dwelling coverage pertains to the cost of rebuilding your home in case of a total loss, consequently leading to lower or higher premiums.
More dwelling coverage limits mean more damage protection, but for a higher price.
In New Jersey, the average coverage amount is $250,000.
Deductible
The deductible is the amount of money you need for a covered claim.
For example, if your home insurance deductible is $2,000 and your claim is for $10,000, you must pay the $2,000. Your insurance covers the remaining $8,000.
Keep in mind that choosing a higher deductible means a cheaper monthly premium and vice versa.
Liability
Your insurance covers the cost when someone gets injured in your home due to negligence.
Liability insurance covers medical fees, legal expenses, replacement costs and compensation to the deceased’s family in the event of death.
Investing in enough liability insurance protects your assets. Increasing your liability limits by tens of thousands of dollars will cost you only a few extra monthly dollars.
Personal Property
This coverage protects your personal belongings against damage and theft.
Use the calculator below to compute how much personal property coverage you’ll need to cover the value of your personal belongings if damaged or stolen.
Credit Score
Generally, credit score plays a vital role in computing insurance prices in the country.
Homeowners with poor credit scores are riskier since they typically file more claims.
However, in New Jersey, credit scores may not affect insurance premiums.
This is mostly true for New Jersey residents.
Personal Property Coverage Calculator
When figuring out how much renters insurance you need, experts recommend the standard $100,000 in liability insurance and enough personal property protection to cover your possessions. Use MoneyGeek's calculator to estimate the value of your possessions so you know how much personal property coverage to buy.
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Clothes, shoes, bags, belts, hats, gloves, etc.
Average Cost of Home Insurance in New Jersey
New Jersey provides affordable home insurance for its residents. For $250,000 in dwelling coverage, a New Jersey resident’s premium will average $1,421, which is 41.20% less than the national average.
Moreover, if you are looking for more or less dwelling coverage, you may check the table below to get an idea of the typical cost per coverage level in New Jersey.
Average Annual Premium in New Jersey for Homeowners Insurance
| $100,000 | Average Annual Premium$990 |
| $250,000 | Average Annual Premium$1,421 |
| $500,000 | Average Annual Premium$3,431 |
| $750,000 | Average Annual Premium$4,954 |
| $1,000,000 | Average Annual Premium$6,472 |
| $2,000,000 | Average Annual Premium$12,213 |
| $3,000,000 | Average Annual Premium$18,080 |
MONEYGEEK EXPERT TIP
Rebuilding your home may be taxing. But, it’s essential to determine the right dwelling insurance you need to cover the costs you’ll face. Evaluate your home’s value and the possible costs associated with reconstructing your home before applying for homeowners insurance.
Many factors affect the costs of rebuilding your home. Some of those are the floor area, building materials, height and more. Consult an appraiser to help you with the most accurate estimate of potential costs.
Average Cost of Home Insurance in New Jersey Cities
Homeowner insurance prices vary on the location of your residence in New Jersey. Notice how much the rates change from city to city by checking the MoneyGeek table below.
Average Annual Premium in New Jersey Cities for Homeowners Insurance
| Jersey City | Average Annual Premium ($100K Dwelling Coverage)$974 | Average Annual Premium ($250K Dwelling Coverage)$1,388 |
| Newark | Average Annual Premium ($100K Dwelling Coverage)$1,007 | Average Annual Premium ($250K Dwelling Coverage)$1,455 |
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MoneyGeek determined that Travelers is the best homeowners insurance provider in New Jersey.
Remember that it’s best to find an insurer that suits your needs in terms of quality and affordability. MoneyGeek shares its study on the best homeowners insurance companies based on various needs.
Frequently Asked Questions About Home Insurance in New Jersey
The cost of home insurance in New Jersey shifts from time to time because of factors like lifestyle, location and insurer. MoneyGeek provides commonly asked questions and answers about homeowners insurance.
How much does homeowners insurance cost in New Jersey?
New Jersey is the 14th cheapest state for homeowners insurance. The average premium is $1,421 for $250,000 in dwelling coverage.
How do I know how much dwelling coverage to get?
New Jersey’s baseline dwelling coverage is $250,000. You should know the remodeling cost of your home to determine the necessary dwelling coverage.
Consider labor costs, materials and construction prices. Reach out to an appraiser or realtor to ensure you get the precise numbers.
Insurance
Methodology
To determine the average cost of homeowners insurance in New Jersey, MoneyGeek sourced pricing data from Quadrant Information Services.
MoneyGeek chose a standard home profile to provide the most reliable and relevant data for developing a thorough analysis of homeowners insurance. This standard home profile consists of the following attributes:
- Construction year: 2000
- Construction type: Frame
- Composition roof
- Three-mile radius from the fire department
- Assumed value of other structures on the property: 10% of the dwelling coverage
- Personal property coverage: 40% of the dwelling coverage
- Liability limit: $100,000
- Deductible: $1,000
About Mark Fitzpatrick
Mark Fitzpatrick has analyzed the property and casualty insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. Currently, he leads P&C insurance content production at MoneyGeek. Fitzpatrick has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.
Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.