The Best Homeowners Insurance Companies in New Jersey
We found Amica Mutual to be one of the best home insurance companies in New Jersey overall. And we chose four others who, for various reasons, do an excellent job as well. Our team evaluated the top five insurance providers in New Jersey using CompareScore and our proprietary methodology to help simplify your shopping experience.
The best homeowners insurance in New Jersey
Great overall – Amica
The only question you'll have about Amica Mutual is, "Where do I sign up?" With a wide range of coverage options, unique discounts, and high customer satisfaction, the only question you'll have is, "Where do I sign up?"
Amica Mutual provides excellent overall homeowners insurance coverage in New Jersey, from affordability and coverage options to available discounts and customer satisfaction.
Great for coverage add-ons – Allstate
With Allstate's comprehensive coverage add-ons, nothing is left to chance.
Allstate offers some of the most unique and comprehensive coverage add-ons to New Jersey residents, allowing them to protect all of their belongings — yes, even the tennis racket.
Great in affordability – NJM Insurance
Who said homeowners insurance in New Jersey had to be expensive? NJM Insurance makes it simple and affordable to protect your home.
NJM Insurance is a strong option for New Jersey residents, offering great affordable homeowners' insurance products. But it doesn't stop there; NJM also provides a wide range of coverage options as well as substantial discounts to make your home insurance even more affordable.
Great in claims processing – State Farm
State Farm is the insurance carrier you need for your New Jersey home if you want a team of real people to help you process your claim.
State Farm makes up for a lack of coverage add-ons and discounts with excellent customer service and superior claims-management services. State Farm not only provides excellent insurance, but its website also provides personal finance tools to assist you in making wise financial decisions.
Great in policy management – Plymouth Rock Assurance
Don't be fooled by their hyper-local appearance: Plymouth Rock has some of the most streamlined tools available for policyholders to manage their policies like a pro.
Plymouth Rock Assurance simplifies policy management with simple online tools for claims filing, bill pay, and more. You can also manage your policy and file claims using its app. Plymouth is an excellent choice if you are looking for a local carrier in New Jersey that understands exactly what you require.
Choosing your provider
Before deciding on a home insurance provider in New Jersey, you should do extensive research on both national and local carriers. While national carriers may provide a broader range of coverage options, local and regional providers may have policies that are more tailored to your specific location. In some cases, a policy obtained from a local or regional provider may be less expensive than policies obtained from national carriers.
Local carrier
Pros
- It is possible that they will be less expensive than national providers.
- Provides coverage options tailored to your location.
- Make a personal connection with your insurance agent.
Cons
- It is possible that you will not always have the coverage options you require for your home.
- There may not be as many discounts available for you to take advantage of.
National carrier
Pros
- Provides a wider range of coverage options.
- Many discounts are available to homeowners.
- Offers online, mobile and 24/7 tools for customers.
Cons
- Customer service is less personalized.
- May pay more for coverage options specific to your region.
New Jersey’s minimum insurance requirements
Anyone who owns a home in New Jersey and finances it through a lender is required to have homeowners insurance. Some lenders may only require the homeowner to obtain coverage for the amount of the mortgage. If you want replacement cost coverage, your lender may require you to insure your home up to a certain amount.
The amount of insurance required in New Jersey is based on the value of your property, and homeowners must also ensure they have enough personal liability coverage to protect themselves from claims made by others.
Flood coverage
The average annual rainfall in New Jersey is 46 inches, which is 12 inches higher than the national average. All of that water has to go somewhere, and it could be your basement. That is why New Jersey residents should think about including flood insurance in their policies. Most standard policies do not include flood coverage, so when looking for the best home insurance provider for your New Jersey home, look for a carrier that offers it as an add-on.
Hurricane coverage
When most people think of hurricane season, they think of Florida, Louisiana, or Texas as the nation's hurricane hotspots. However, New Jersey also has a fairly active hurricane season. According to Colorado State University's Department of Atmospheric Science, 2020 was a record-breaking year for hurricanes in the state, and these numbers are only expected to rise.
However, hurricane insurance is a worthwhile investment, especially if your New Jersey home is near the coast. Find a provider who offers hurricane coverage as an add-on to their existing policies.
How much does home insurance cost in New Jersey?
The cost of home insurance in New Jersey is about average. According to the Insurance Information Institute, the average annual premium for homeowners insurance in New Jersey is $1,192, which is only $19 lower than the national average. Homeowners can expect to pay more or less depending on the following factors:
- Property Value
- Replacement Cost
- Age of Home
- Roof Condition
- Claims History
- Credit History
- Proximity to Body of Water
Even the type of dog you have, whether or not you have a swimming pool in your home, and your marital status can affect your final rate. Increasing your deductible is one of the simplest ways to lower your premium. Even a small increase from $500 to $1,000 can save you up to 25% on your insurance premium.