New Jersey Homeowners Insurance Quotes

New Jersey is a great place to live, work and play. We have everything from the hustle and bustle of a big city to the calm and relaxing lifestyle you can only find in a beach community along with everything else in between.

The crown jewel of New Jersey has to be its 130 miles of coastline. Our beautiful beaches include everything from barrier islands to lighthouses and fishing villages. They all come with spectacular views.

If you are looking for nightlife and cultural activities, New Jersey has you covered. We have dozens of museums, art galleries, as well as world-class restaurants.

If gambling is your thing, head to Atlantic City while more cerebral pursuits can be found in Princeton. History buffs will love Morristown and if you crave the big city life you may want to call Newark home.

No matter which city or town you end up calling home you are going to love your new life in New Jersey. Here are a few facts about your new home state.

New Jersey Homeowner Facts

The state of New Jersey is not huge, in fact it is the fourth smallest state in the country when it comes to area size but tons of people love to call it home. New Jersey is the 11th most populated state with 9 million residents.

New Jersey has roughly 5,922 households per zip code with an average of 3 people per household. The median household income is $52,174, which is above the national average but is also necessary as living in New Jersey can be expensive, especially in major cities.

According to Zillow data, the average house value in New Jersey comes in at $311,600, which is a 4 percent increase over last year and Zillow predicts a 2.6 percent rise in home prices in the coming year. However, home prices can vary dramatically depending on which part of the Garden State you call home. In the major cities close to New York City home prices can be much higher.

Home prices will vary depending on where you call home. In Trenton the median price is a very affordable $87,400 while a home in Edison will set you back almost $350,000. Toms River on the other hand sits somewhere in the middle with an average price of $261,000.

Homeowners Insurance in New Jersey

New Jersey ranks 21st in the nation when it comes to the cost of homeowners insurance with residents paying an average premium of $1,092. This compares well with the countrywide average of $1,034.

It is important to remember that premiums will vary dramatically across the state and houses on the shore or in flood prone areas can expect to pay quite a bit more than the state average.

Homeowners insurance comes in a variety of flavors and it is a good idea to be aware of the different types of policies, as there are a number of housing options in New Jersey.

Here is a quick overview of the most common insurance types:

HO-3: This is considered a standard homeowners policy and is probably the most common policy that homeowners carry. It is designed for single-family homes and protects against all perils unless they are specifically excluded in the policy wording. In most cases, flood and earthquake damage is excluded.

HO-6: This policy is specifically designed for condo/co-op owners, which is handy for residents of New Jersey as there are tons of apartments and condos. These policies cover your belongings as well as the structural parts of the building that you actually own such as the interior walls and appliances. These policies protect against 16 perils that are listed in the policy.

HO-4: This is renters insurance, which is a necessity for anyone renting a house or apartment. These policies cover your personal property and also offer some liability protection in the event someone is hurt in your apartment. Renters insurance is very affordable in most cases.

Other policy types exist but these are the most common. An HO-2 is a bare bones policy which offers reduced coverage levels and protection from fewer perils. An HO-5 is a high-end policy that is mainly used for new builds.

Factors to Consider in New Jersey

New Jersey is actually a fairly safe place to live with violent crime rates coming in at 2.45 per 1,000 residents while the national average is 4.0. Property crime rates are well below the nationwide average with 15.45 property crimes per 1,000 residents while the national median is 25.

As with any state, crime rates can vary dramatically depending on where you choose to live. Urban areas tend to have more crime than rural areas. Crime rates can even vary by neighborhood so if you are shopping for a new home be sure to check crime rates in all areas you are considering.

Severe weather can also be a factor in New Jersey. Blizzards, thunderstorms and hurricanes have all done extensive damage to New Jersey property. Hurricane Sandy for example did almost $30 billion in damage.

If your home is in a flood prone area you will need to carry a flood policy, as flood damage is not covered by a standard homeowners policy. If you are not carrying flood insurance you will be on the hook to repair or rebuild your home. Flood insurance can be quite expensive depending on where you live and costs can be fairly dramatic if you live on the coast.

Regardless of whether you are moving into a deluxe apartment in Newark or settling down in Paterson you will need an insurance policy to protect your personal property. We can help you find the perfect policy, whether it is a H0-3, H0-6 or any other type. Please visit our online quoting application today by entering your New Jersey zip code and let us help you shop and compare up to 12 different rates and coverage options. We look forward to working with you!