How much is homeowners insurance in Lakewood, NJ

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In Lakewood, homeowners pay an average annual rate of $1,495 (for the coverage level of $300,000 for dwelling, $100,000 for liability protection, and $1,000 deductible), according to Insure.com’s rate analysis. It’s $1,009 less than the national average of $2,504.

Homeowners insurance rates change from one home to another. The home insurance premium in Lakewood depends on various factors, such as:

• Size of your home
• Age of your home
• Amount of coverage you need
• Location
• Your credit score

To ensure you secure the best homeowners insurance policy, compare quotes from multiple insurers, enabling you to find the right coverage that aligns with your specific requirements.

Read this guide to learn how much homeowners insurance costs monthly in Lakewood, what home insurance costs for different dwelling coverage, and which companies offer cheap home insurance in Lakewood.

How much is homeowners insurance in Lakewood per month

Residents of Lakewood pay an average of $125 a month for homeowners insurance, as per Insure.com’s rate analysis. It’s same as the state average of $125 and $84 less than the national average for home insurance across the United States.

The cost of your homeowners insurance policy in Lakewood may change based on location, property value, and selected coverage options.

How much is homeowners insurance for a $200,000 house in Lakewood

In Lakewood, NJ, homeowners pay an average of $1,139 annually for a $200,000 home. The annual cost of home insurance is influenced by factors such as the risk of natural disasters in your area.

Regions more susceptible to natural disasters, such as floods, hurricanes, or tornadoes, typically face higher rebuilding costs, leading to increased insurance premiums. It is important to understand that standard insurance policies might not cover damages caused by floods or hurricanes. If you live in a flood-prone area, it is advisable to purchase flood insurance.

How much is homeowners insurance for a $300,000 house in Lakewood

As per rate analysis by Insure.com, homeowners residing in Lakewood typically pay an average of $1,495 annually to insure a home for coverage limits of $300,000 dwelling, $100,000 liability protection with a $1,000 deductible.

Your home insurance rates will be increased by $356 if you increase your dwelling coverage from $200,000 to $300,000. It is advisable to buy enough insurance sufficient insurance to cover the entire cost of rebuilding your home. However, the amount of dwelling coverage you need may vary depending on the size of your home, the features in your home, and the cost of living in your area.

How much is homeowners insurance in Lakewood by company

Among the carriers analyzed, New Jersey Manufacturers is the most affordable homeowners insurance company in Lakewood, offering an average annual rate of $1,004, while National General Insurance ranks second.

Researching a company thoroughly before selecting a homeowners insurance policy is essential. Insure.com has meticulously reviewed all insurance companies operating in Lakewood and compiled a list of the most affordable options.

Below are the details of home insurance companies in Lakewood and their average annual premiums.

Common natural disasters in New Jersey that may affect home insurance

Living in New Jersey comes with its unique challenges, particularly when it comes to the risk of natural disasters. These events can cause significant damage to homes and property, leading to potential insurance claims. Understanding which natural disasters are common in your area can help you make an informed decision when choosing your home insurance policy.

Coastal flooding and Strong wind are some of the common natural disasters in New Jersey that may affect your home insurance rates.

How home insurance protects you against natural disasters

Home insurance plays a crucial role in protecting your home and belongings in case of natural disasters. Events such as hurricanes, floods, earthquakes and wildfires can cause significant damage, and home insurance helps by covering the costs of repairs or replacement of your property. Depending on your policy, it may also provide coverage for temporary living expenses if your home becomes uninhabitable.

In addition to physical damage, home insurance typically covers liability costs if someone is injured on your property. This added protection gives homeowners peace of mind, knowing they have financial support during difficult times.

A standard home insurance policy may not cover all-natural disasters. Review your policy carefully to ensure you’re covered for the specific risks.

Methodology

Insure.com, with the help of Quadrant Information Services, gathered data for homeowners insurance rates in Lakewood for $300,000 dwelling coverage and $100,000 liability coverage with a $1,000 deductible. The data presented are those with a good credit tier alignment.

Shivani Gite

Contributing Writer

 

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Shivani Gite is a personal finance and insurance writer with a degree in journalism and mass communication. She is passionate about making insurance topics easy to understand for people and helping them make better financial decisions.

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