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Whether you’re a new homeowner or looking to buy insurance for your current home, securing the right homeowners’ insurance is crucial. Rates may vary depending on your insurance company and the coverage limits you choose.
According to Insure.com’s data analysis, the average cost of homeowners insurance in New Jersey is $1,506 a year.
Continue reading to learn more about homeowners insurance rates in New Jersey by ZIP code and insurer.
Key Takeaways
- Homeowners insurance costs an average of $1,506 a year, based on Insure.com analysis.
- Of all the ZIP codes in New Jersey, 8803 has the most affordable home insurance rates at around $1,185 annually.
- In New Jersey, NJM provides the most affordable home insurance at an average annual premium of $943.
Average home insurance cost in New Jersey by coverage level
In New Jersey, the annual homeowners insurance cost is $1,506, on average for the limits of $100,000 in liability, $300,000 in dwelling coverage and a $1000 deductible.
Increasing your dwelling coverage from $300,000 to $400,000 will raise your annual homeowners insurance premium to $1,873 in New Jersey, with $100,000 in liability protection and a $1,000 deductible. Below are the average costs for homeowners insurance in New Jersey based on dwelling coverage limits of $300,000, $400,000, and $500,000.
| Coverage | Average annual rate | Average monthly rate |
|---|---|---|
| $200,000 with $1,000 Deductible and $100,000 Liability and 2% Deductible | $1,151 | $96 |
| $200,000 with $1,000 Deductible and $300,000 Liability and 2% Deductible | $1,171 | $98 |
| $300,000 with $1,000 Deductible and $100,000 Liability and 2% Deductible | $1,506 | $125 |
| $300,000 with $1,000 Deductible and $300,000 Liability and 2% Deductible | $1,526 | $127 |
| $400,000 with $1,000 Deductible and $100,000 Liability and 2% Deductible | $1,873 | $156 |
| $400,000 with $1,000 Deductible and $300,000 Liability and 2% Deductible | $1,894 | $158 |
| $600,000 with $1,000 Deductible and $100,000 Liability and 2% Deductible | $2,614 | $218 |
| $600,000 with $1,000 Deductible and $300,000 Liability and 2% Deductible | $2,634 | $220 |
| $1,000,000 with $1,000 Deductible and $100,000 Liability and 2% Deductible | $4,087 | $341 |
| $1,000,000 with $1,000 Deductible and $300,000 Liability and 2% Deductible | $4,107 | $342 |
In New Jersey, homeowners insurance companies set rates by assessing various risk factors. Your location, claims history, credit history and coverage limit all affect your premium.
If multiple claims have been filed in your neighborhood over the past few years, you’ll likely face higher home insurance rates than areas with fewer claims. Your credit score can also play a role in determining your home insurance costs.
According to S&P Global Market Intelligence’s RateWatch application, the average homeowners insurance premium for owner-occupied homes nationwide increased by over 11% in 2023.
Best homeowners insurance companies in New Jersey
It’s always a good idea to shop around and compare prices before purchasing homeowners insurance. Several factors come into play when choosing the best homeowners insurance company.
We evaluated homeowners insurance providers in New Jersey by comparing their NAIC scores and AM Best ratings and compiled a list of the top insurers in the state. Based on Insure.com’s analysis, Chubb received the lowest NAIC score and an AM Best rating of A++. A lower NAIC score signifies fewer complaints relative to the company’s size, indicating greater customer satisfaction.
| Company | Average annual premium | AM Best rating | NAIC Complaint Index | Overall score |
|---|---|---|---|---|
| Chubb | $1,131 | A++ | 0.18 | 5 |
| NJM | $943 | A+ | 0.14 | 4.97 |
| National General | $1,133 | A+ | 0.92 | 4 |
| State Farm | $1,187 | A++ | 0.95 | 4 |
| Franklin Mutual | $1,410 | A | 0.71 | 3.86 |
| Farmers | $2,059 | A | 0.54 | 3.39 |
| Plymouth Rock Assurance | $2,196 | A- | 1.38 | 2.35 |
Average homeowners insurance cost by company in New Jersey
NJM has the cheapest homeowners insurance rates in New Jersey. Its average annual cost for New Jersey homeowners is $943. Chubb and National General also offer affordable insurance.
By comparing homeowners insurance rates, you could save hundreds, if not thousands, of dollars annually.
The table below shows the average annual and monthly insurance rates for homeowners in New Jersey with $300,000 in dwelling coverage, $100,000 in liability coverage, and a $1,000 deductible.
| Company | Average annual rate | Average monthly rate |
|---|---|---|
| NJM | $943 | $79 |
| Chubb | $1,131 | $94 |
| National General | $1,133 | $94 |
| State Farm | $1,187 | $99 |
| Franklin Mutual | $1,410 | $118 |
| Heritage Insurance Holdings | $1,766 | $147 |
| Farmers | $2,059 | $172 |
| Plymouth Rock Assurance | $2,196 | $183 |
| USAA | $1,270 | $106 |
New Jersey homeowners insurance rates by ZIP code
Insurance providers in New Jersey factor in the risk of a given location when determining rates. ZIP codes with higher crime rates or frequent natural disasters are typically classified as high-risk, leading to increased premiums. Additionally, the cost of rebuilding or repairing homes in that area can affect your homeowners insurance costs.
To get the best deal on homeowners insurance rates in New Jersey, take the time to shop around and compare quotes from multiple insurers. Additionally, don’t forget to ask about potential discounts, like bundling policies or a smart home discount.
Most affordable ZIP codes for home insurance rates in New Jersey
Not every area in New Jersey has the same home insurance cost. How much you pay for homeowners insurance in New Jersey depends on many factors, including your ZIP code. Our data shows that 8803 ZIP has low-cost home insurance rates in New Jersey, at about $1,185 a year or $99 monthly.
Below you can find homeowners insurance rates for some of the most affordable ZIP codes in New Jersey.
| ZIP code | Average annual rate | Average monthly rate |
|---|---|---|
| 8803 | $1,185 | $99 |
| 8834 | $1,194 | $99 |
| 8504 | $1,195 | $100 |
| 7831 | $1,209 | $101 |
| 7961 | $1,212 | $101 |
| 7842 | $1,213 | $101 |
| 7870 | $1,215 | $101 |
| 8868 | $1,216 | $101 |
| 7926 | $1,218 | $101 |
| 7979 | $1,219 | $102 |
Most expensive ZIP codes for home insurance rates in New Jersey
In New Jersey, certain areas experience higher premiums because of higher crime rates, increased risk of natural disasters and the cost of living.
Homeowners in 8203 ZIP pay the highest insurance rates in New Jersey, with an average annual premium of $2,434.
Below is a list of some of the most expensive ZIP codes in New Jersey for homeowners insurance.
| ZIP code | Average annual rate | Average monthly rate |
|---|---|---|
| 8203 | $2,434 | $203 |
| 8406 | $2,411 | $201 |
| 8401 | $2,381 | $198 |
| 8402 | $2,359 | $197 |
| 8006 | $2,348 | $196 |
| 8403 | $2,309 | $192 |
| 8008 | $2,289 | $191 |
| 8752 | $2,276 | $190 |
| 8735 | $2,255 | $188 |
| 8751 | $2,253 | $188 |
Home insurance rates vary from one city to another. But with Insure.com, finding the right home insurance policy is easy. Learn more about homeowners insurance costs for different cities below.
Home insurance rates in New Jersey by city
Home insurance rate trend in New Jersey
We analyzed home insurance rate trends in New Jersey and found that homeowners insurance rates experienced an overall increase of 18% or $229, from 2022 to 2023.
The below data shows how much homeowners insurance rates have changed since 2019.
| 2019 rates | 2022 rates | 2023 rates |
|---|---|---|
| $1,429 | $1,277 | $1,506 |
To find the right homeowners insurance, research thoroughly and compare costs from multiple insurers, as they assess risk differently. Getting quotes from at least three companies helps ensure you get the most affordable coverage in New Jersey.
Resources & methodology
Source
S&P Global. “US homeowners insurance rates jump by double digits in 2023.” Accessed April 2025.
Methodology
Insure.com worked with Quadrant Information Service to get homeowners insurance data. We analyzed 20,739,560 insurance quotes from 82 national and regional insurance companies across 34,588 ZIP codes to determine the average premiums.
The insurance rates are based on a sample profile of a homeowner with good credit and the following coverage level:
- $300,000 dwelling coverage
- $100,000 liability protection
- $1000 deductible
We have taken into account 3 important factors such as average annual cost, NAIC score and AM Best rating, to determine the list of best homeowners insurance companies. The quoted insurance rates are for comparison purposes, and your individual rates may vary.
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