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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!
Local New Jersey Home Insurance Rates
Check out our recent homeowners in Atlantic City, NJ, competitive rate of $974 per year. Average rates range from $724 to $1274. See details on average rates within the city of Atlantic City. - Get Atlantic City Home Insurance Quotes! or Give us a call now at 1-855-976-2656
Check out our recent homeowners in Jersey City, NJ, competitive rate of $898 per year. Average rates range from $648 to $1198. See details on average rates within the city of Jersey City. - Get Jersey City Home Insurance Quotes! or Give us a call now at 1-855-976-2656
Average Homeowners Insurance Premiums in NJ
With over 95% of all Americans are known to have homeowners insurance coverage, it's important to know what NJ homeowners are paying on average. Did you know that the average homeowners insurance premium in NJ is $1277? NJ is now ranked 22 in the country. The country wide average for homeowners in the United States is $1,311. This means the average home insurance premium in NJ is 2.59% less than the national average.
|Year||Average Annual Premium||Average Monthly Premium||State Rank (Overall)|
|2020||$1277 (3.2%)||$ 106||22|
|2019||$1237 (2.3%)||$ 103||23|
|2018||$1209 (1.42%)||$ 101||24|
|2017||$1192 (1.52%)||$ 99||23|
|2016||$1174 (2.15%)||$ 98||22|
When we combine the state averages over the last decade, the NJ overall average is estimated to be around $1,106.67. Our homeowners insurance quoting and rating process helps you compare homeowners insurance quotes, coverages and premiums. NJ current state rank compare to the rest of the country is #22. Consider shopping your NJ home insurance with us so we can help you save up to 40% or more on your policy.
NJ 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 […]
NJ Housing & Real Estate Data
|Total Housing Units||3553562|
|Occupied Housing Units||3214360|
|Vacant Housing Units||339202|
|Vacant Housing Units for Rent||92118|
|Vacant Housing Units Rented Not Occupied||4578|
|Vacant Housing Units For Sale||39260|
|Vacant Housing Units Sold Not Occupied||8145|
|Vacant Housing Units For Seasonal Occasional Use||134903|
|Vacant Housing Units All Other Vacants||60198|
|Housing Units Homeowner Vacancy Rate Percent||1.8|
|Housing Units Rental Vacancy Rate Percent||7.6|
|Housing Tenure Occupied Units||3214360|
|Housing Tenure Occupied Units Owner Occupied||2102465|
|Housing Tenure Occupied Units Owner Occupied Population||5859337|
|Housing Tenure Occupied Units Owner Occupied Averge Household Size||2.79|
|Housing Tenure Occupied Units Renter Occupied||1111895|
|Housing Tenure Occupied Units Renter Occupied Population||2745681|
|Housing Tenure Occupied Units Renter Occupied Average Household Size||2.47|
Understanding NJ Homeowners Insurance
When shopping for NJ homeowners insurance quotes you should be aware of the various types of insurance policies that are available in your area:
- HO-3: This is the most common type of homeowers policy. This policy type protects your home against all perils, except ones that are specifically excluded. In most cases earthquake and flood damage are excluded.
- H0-6: This policy type is specifically written for condos or co-ops. If you own a condo or live in a co-op building this type of policy is a necessity. A HO-6 policy covers both your personal belongings and the structural parts of the building that you own. There are 16 disasters listed on a typical policy that HO-6 protects against.
- HO-4: If you are looking for NJ renters insurance, a HO-4 policy is a great option. Renters insurance will cover your contents as well as offer liability coverage in the event a person is injured in your apartment.
While other types of policies exist, these are the most common ones. A HO-2 is a more basic policy that offers reduced coverage levels and a HO-5 is a high-end policy that offers increased protection.
If you are shopping for a new home in NJ, homeowners insurance is a must do. We can help you find the perfect policy for your new home, regardless of whether you need a standard HO-3 policy, HO-6 or renters insurance, our site makes shopping for homeowners insurance quotes easy. Visit our online quoting application today and let us help you shop and compare up to 12 different NJ rates and coverage options.