Get Lakewood, NJ Home Insurance Rates!

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Are you paying too much for your homeowners insurance in Lakewood? For most people in Lakewood, the answer to that question is, yes.

Homeowners in Lakewood, New Jersey are paying an "average" of $1,277 for a standard home insurance policy. The national average premium across the United States which is $1,311.

If you are tired of paying too much for homeowners coverage, you are at the right spot.  We can help you shop a dozen insurers all at once, saving you both time and money. We will also make sure that every home insurance discount available to you will be included on your Lakewood, NJ homeowners policy.

Insurance issues New Jersey homeowners should know about

Lakewood weather can be severe at times which means that homeowners in your state may need to be aware of these additional risks and how they impact insurance coverage.

Flood Insurance: Hurricanes and other severe weather can lead to flooding which can do a tremendous amount of damage to a home. Flood damage is almost always excluded from a standard homeowners policy so you have to carry flood insurance in order to be fully protected.

Flood insurance can be pricey, but it can also be a financial lifesaver if your home is damaged or destroyed by a flood. Flood insurance is available via the National Flood Insurance Program (NFIP) or through private insurers.

Windstorm Insurance or Deductible: New Jersey is no stranger to hurricanes and these storms can lead to wind damage that may not be covered or triggers a hurricane deductible.

Some standard homeowner policies exclude wind damage caused by hurricanes or other high level windstorms, requiring homeowners to purchase a separate windstorm policy or if windstorm damage is covered, a windstorm deductible may apply.

A windstorm deductible kicks in when a hurricane is declared by National Weather Service. In New Jersey, hurricane deductibles apply for damage that occurs from the time a hurricane watch, or warning is issued for any part of New Jersey, up to 72 hours after such a watch or warning ends and anytime hurricane conditions exist throughout the state.

Windstorm deductibles are percentage deductibles which means you will pay a percentage of your coverage level as a deductible. As an example, if you are carrying $300,000 in coverage and have a 5 percent hurricane deductible, you will need to cover the first $15,000 of your claim.

Types of homeowners insurance in Lakewood

Homeowners insurance comes is a variety of types and the right one for your will depend on what kind of housing you own or rent. Here is a quick overview of the different types of policies that are available:

HO-3: This is the most common type of homeowners insurance being sold in Lakewood, and the United States. This is a standard homeowner policy for a single-family home. This type of policy will protect your home’s structure if it is damaged by any peril, except ones that are specifically excluded in the policy details.

However, your personal possessions are only covered against a specific set of perils. With most policies those covered perils are:

  • Theft
  • Fire or Lightning
  • Explosion
  • Smoke
  • Freezing
  • Vehicles
  • Falling Objects
  • Volcanic Eruption
  • Windstorm or Hail
  • Riot or Civil Commotion
  • Damage caused by Aircraft
  • Vandalism or Malicious Mischief
  • Damage due to weight of Ice, Snow, or Sleet
  • Sudden & Accidental Tearing Apart, Cracking, Burning, or Bulging
  • Sudden & Accidental Damage from Artificially Generated Electric Current
  • Accidental Discharge or Overflow of Water from Plumbing, Air conditioning

These policies provide great coverage and almost always come with dwelling, liability, personal property, other structures, and loss of use protection.  It should be noted that all HO-3 policies exclude flooding and earthquake damage, other exclusions usually apply so read the policy carefully.

HO-4: This policy was designed with renters in mind and is more commonly called renters insurance. A renters insurance policy will cover all of your personal property that is in your apartment, up to your coverage limits.

These policies also come with liability coverage which will help pay medical and legal expenses if a guest is injured in your apartment. If they decide to sue, this coverage will pay for your legal defense as well as any settlements or judgments that come out of the lawsuit.

HO-5: This is an upgrade from the HO-3 policy and tends to offer more comprehensive coverage, but at a higher premium. These policies are usually available on newer, more upscale houses. The big difference is that your personal property is covered from all perils except those excluded in the policy while an HO-3 only covers personal property against the perils named in the policy. It also offers replacement cost coverage as standard while an HO-3 will usually have fair market value as standard coverage.

Find a new policy now
Ready to start looking for a new policy?  Simply enter your Lakewood zip code, fill out our short home insurance quoting application form online and sit back while we shop your coverage. We will send you up to 12 policy quotes from national insurance companies.

In addition to multiple quotes, we will assign a New Jersey home insurance professional to your quote to help answer any questions you may have about policy details as well as pricing. Having an agent to turn to with questions can be a huge advantage and will ensure that have a complete understanding of your quote.

Start a quote online today or call us at 1-855-976-2656., we will work with you to find the best policy for your needs.

Compare Homeowners Insurance Rates in Lakewood, NJ!

Enter your Zip Code:    

Get up to 12 competitive Lakewood, NJ homeowners insurance rates all in one place!

Enter your Zip Code:    
Easily compare up to 12 competitive Lakewood, NJ rates all in one place!

Average Rates Nearby Lakewood

Are you looking for homeowners insurance in a city near Lakewood? Review coverage options and average rates in your area by clicking your city below. We can help you shop home insurance rates!

Home Insurance Rates by Zipcode in Lakewood, NJ

Easily review average rates and get multiple homeowners insurance quotes by clicking your zip code below located in Lakewood.

08701,     

Lakewood, NJ Home Insurance Average Premiums

Local Lakewood, NJ home insurance quotes comparison

$663 /yr.

Shows Lakewood's lowest average rates with discounts applied.

For the city of Lakewood, homeowners insurance rates may vary on deductible, coverage amount and property details. Below is a list of the averages based on the cost of an annual home insurance premium.

Coverage Amount:Annual Premium
1800 sq. ft. or below
(discounts applied)		$663 /yr.
Average Coverage:$913 /yr.
2600 sq. ft. or higher
(all discounts applied)		$1213 /yr.

What is the average home insurance cost for a home in Lakewood, NJ?

  • • The average homeowners insurance premium paid annually for a home in Lakewood is around $913 per year.

What does it cost on average per month for home insurance in Lakewood, NJ?

  • • Homeowners in Lakewood pay an average cost per month around $76.00 for insurance coverage.

Lakewood, NJ Coastal Wind, Hail & Flood Information

Lakewood is located in a coastal county which greatly increases the risk of hurricanes and windstorms. Our quoting process will include wind and hail coverage options to give you the best protection you need against high winds and storm damage.

Flood Zone Notice: The beautiful coastal city of Lakewood is know for it's beautiful beaches and waterways. Because Ocean County (FIPS: 34029) has a shoreline and is in a coastal area it is important to purchase flood insurance. The risk is very high in this area and we will work with you to provide the best flood insurance coverage you need for your home in Lakewood, NJ.

Lakewood, NJ - 2023 Housing Information

Month Current Home Value (2023) Last Year Home Value (2022)
January $525,360 $441,462
February $527,588 $452,418
March $531,569 $465,233
April $536,793 $476,797

Homeowners insurance will help cover the cost to repair or replace your Lakewood home if it is damaged or destroyed by a covered peril, up to your coverage limits. A homeowners policy is made up of a few different coverages. Here are the most common coverages:

  • Dwelling: This coverage will pay to repair or replace the structure of your home if it is damaged or destroyed. Review and Calculate Replacement Cost Coverage in Lakewood
  • Liability: This coverage will help cover medical and legal bills if someone is injured in your home, slipping on an icy sidewalk for example. It also offers protection if you damage another person’s property, your child hitting a baseball through a neighbor’s window for example.
  • Contents: This covers the cost to replace your personal possessions that are destroyed by a covered peril. Furniture, electronics, clothing and household goods are excellent examples. Contents coverage is often capped at 50% to 70% of your dwelling coverage.
  • Other Structures: This coverage protects other structures on your property such as detached garages, outbuildings, barns, and sheds.
  • Loss of use: This covers everyday costs that you incur if you cannot live in your home while it is being repaired due to a claim. It will pay hotel and restaurant bills and even the cost of dry cleaning.
Enter your Zip Code:    

Get up to 12 competitive Lakewood, NJ homeowners insurance rates all in one place!

Enter your Zip Code:    
Easily compare up to 12 competitive Lakewood, NJ rates all in one place!

Saving Money Tips on Lakewood Home Insurance

A great way to save money on Lakewood homeowners insurance is to make sure you are getting all the discounts you are qualified to receive. Here are just a few of the most common discount’s insurers offer:

  • Bundling: If you purchase your home and auto (or any other insurance coverage) from the same insurer, you should get a bundling discount. Expect to save 20%-25%.
  • Secure your home: Adding a monitored security system, water leak sensors, deadbolts, and smoke detectors should result in a discount.
  • Impact resistant roof: If you are replacing your roof, consider impact resistant roofing materials which help prevent hail and impact damage as well as resulting in a significant discount.
  • Stay claim free: If you have been claim free for a number of years (five is a common requirement) your insurer should offer a claim free discount.

Are you shopping for the best rate near or wihin the Lakewood area? Check out what homeowners are paying on average for New Jersey homeowners insurance.

Elevation Review for Coastal Wind or Flooding Risk

Elevation Details Homeowners Tips
80 ft. This is the average home elevation in Lakewood, NJ

» Elevation is crucial to a homeowners insurance policy because it determines the risk of your home being in a flood zone which is particularly important in a coastal state such as Lakewood, New Jersey.

A standard homeowners policy does not cover flood damage. If you live in a flood prone area, you will need to purchase a separate flood to fully protect your home.

Call Now for Flood Insurance Quotes: 888-620-1954!

Flood insurance can be purchased via the National Flood Insurance Program (NFIP) or in the private market. NFIP policies come with coverage caps and other restrictions so you may need to supplement your flood insurance coverage with a private market policy.

It's important to remember that flooding occurs in low and moderate risk areas as well. According to FEMA data, almost 25% of all flood claims come from low to moderate-risk areas.

To get online quotes on your home and compare rates on home insurance premiums in Lakewood, enter your zip code above and easily complete our online quoting application. Remember, it's important to speak with us about additional home insurance discounts so you can get the best rate for your home in Ocean County.

New Jersey Homeowners Insurance News & Information

  • Buy Flood Insurance: What we learned from Hurricane Ida Posted on Monday 20th September, 2021

    On September 2, 2021, Parked cars in New Brunswick, New Jersey submerged underwater after Tropical Storm Ida. Hurricane Ida struck Louisiana as a category 4 hurricane with 150 mile an hour winds and days later hit New Jersey, New York, and other states with a massive amount of rain that has caused numerous flash floods, […]

  • FEMA’s new rating system is called “Risk Rating 2.0,” effective October 1st, 2021 Posted on Wednesday 28th April, 2021

    A recent report by ValuePenguin looked at the new risk ratings that the Federal Emergency Management Agency’s (FEMA) will be using when determining premiums for flood insurance in the National Flood Insurance Program (NFIP). The report found that millions of homeowners could see noticeable increases in flood insurance costs. FEMA’s new rating system is called […]

  • Update: New Jersey Ordered Insurance Relief Posted on Wednesday 22nd April, 2020

    New Jersey residents may see some relief from insurance premiums due to COVID-19 pandemic. Recently, the New Jersey Department of Banking and Insurance ordered insurers to provide financial relief to residents and businesses.  The guidance was signed last week by Governor Phil Murphy and extends the grace periods during which insurance companies will not be […]

  • Mortgage Payment Relief 2020: Tips & Questions Posted on Tuesday 21st April, 2020

    Homeowners across the country are suffering as unemployment climbs across all industries, making it difficult for many homeowners to cover all of their bills. The Federal government, as well as some private mortgage companies are offering a bit of help by allowing some homeowners to apply for mortgage relief. While this sounds great, there can […]

  • New Mortgage Relief for New Jersey Homeowners During Coronavirus Crisis Posted on Wednesday 15th April, 2020

    Aerial view of Atlantic City, New Jersey, overlooking Atlantic City Boardwalk and pier. In a recent announcement, New Jersey Gov. Phil Murphy revealed the details of a 90-day grace period for mortgage payments for all New Jersey homeowners that have been financially impacted by the outbreak of the coronavirus. This will allow New Jersey residents […]

Lakewood, NJ Dwelling Coverage Estimate

It is important to calculate your dwelling coverage for your home in Lakewood so you know what type of homeowners insurance coverage you need to cover your replacement cost. It is recommended to have enough dwelling coverage to rebuild your home if it was destroyed by a covered peril.

Please remember that replacement cost coverage does not include the cost of the land, only the price to rebuild your home, which is why we like to help customers by answering a few questions that you may have.

What is the average replacement cost coverage in Lakewood, NJ?

- The average square footage in Lakewood is around 1,739 Sq. Ft. which would cost you around $335,600 to replace the home if you base the home on the price to build per square foot of $193.

Minimum Replacement Cost Total: $335,600

Location: Lakewood, New Jersey (Ocean County)

Average Building Cost Per Square Foot in Lakewood: $193 (low end)

Average Square Footage in Lakewood: 1,739 Sq. Ft.

Home Improvement StatusPrice per Sq. Ft.Dwelling Coverage
None or Very Minor Improvements$193$335,600
Some Additional Upgrades$241$419,500
Major Home Updates or Advancements$290$503,400

The dwelling coverage is calculated by the average cost per square foot ($193) in Lakewood, New Jersey times your heated square footage. Which would equal the cost to rebuild your home minus the cost of the property or land. Some homes will have a higher replacement cost due to home improvements like updated kitchens and bathrooms. Other upgrades may include: granite countertops, hardwood floors and stainless steel appliances. The national square foot average to build a brand new home is around 2500 square feet. So if you are looking to build, and your square footage of your new home is 2500, you are looking at a dwelling coverage premium of around $603,125 (Media price to build of $241 x 2500 sq. ft.) to cover the cost to rebuild your new home.

What is the difference between actual cash value and replacement cost value?

Homeowners insurance is available in both actual cash value (ACV) and replacement cost value (RCV). Knowing the difference is important:

Actual cash value: When valuing your personal possessions, an actual cash value policy will take depreciation into account. This means that your 10-year-old TV will be basically worthless according to your insurance company. While an ACV policy tends to be cheaper, if you have to make a claim you may be disappointed in your claim payout.

Replacement cost value: A RCV policy will replace your possessions with brand new items of similar quality regardless of how old they were at the time they were destroyed. While RCV policies are slightly more expensive, they are well worth the cost if you have to make a claim.