New Jersey Homeowners Insurance Guide
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New Jersey Homeowners Insurance
Explore New Jersey Homeowners Insurance State Guides, Laws and Regulations before You Buy Insurance
The Garden State is tucked away in the northeast of the U.S. With over 130 miles of Atlantic Ocean coastline, New Jersey affords visitors and those that call it home, a great mix of city living and beach town relaxation. Whether you live in New Jersey and commute to New York City for work, or spend summers at your beach house in Atlantic City, the Garden State’s location and climate make it an attractive place to visit or call home, to just about anyone.
Due to the amount of coastal property located in New Jersey, the peril most homeowners must prepare for is flood. The Garden State’s climate isn’t extreme, but due to its proximity to the ocean, it can experience property loss due to tropical storms.
What Does Homeowners and Renters Insurance Cover, and How Much Does it Cost?
Property owners in the Garden State pay about the U.S. average regarding homeowners insurance and slightly less than the average for renters insurance. This reflects the fact that although New Jersey has over 130 miles of coastal land, it historically has not endured many catastrophic losses due to natural disasters. As a result, many homeowners and renters will be adequately covered with a standard property insurance policy that protects against losses from perils such as fire, theft, vandalism and several others.
Average Homeowners and Renters Insurance Premium
| State | Homeowners | Renters |
| New Jersey | $1,192 | $165 |
| USA | $1,211 | $180 |
Source: Insurance Information Institute (2017)
Those property owners that are lucky enough to be situated close to the Atlantic Ocean should seek flood coverage through the National Flood Insurance Program (NFIP). The combination of the coast and the remnants of hurricanes or tropical storms can occasionally cause flooding.
Which Property Insurance Carrier Should I Choose?
The Garden State is one of few states whereby a regional carrier has the most market share regarding homeowners insurance. This highlights the competition present in the market. The top four property insurance carriers measured by market share, are separated by just two percentage points. This competition undoubtedly helps keep homeowners and renters insurance rates low for property owners.
Top 5 Home Insurance Carriers in New Jersey
| Company | Market Share |
| NJM Insurance Group | 10.5% |
| State Farm | 10.3% |
| Allstate Corp. | 9.3% |
| Liberty Mutual | 8.4% |
| Chubb Group | 6.4% |
Source: Insurance Information Institute (2019)
Given the level of competition in the property insurance market in the Garden State, it’s important to compare coverage packages from both national and regional carriers alike. Many property owners, especially those that own property in mainland New Jersey, will be adequately covered through a standard property insurance policy.
New Jersey provides property owners the option of living on the coast and enjoying the sounds and views of the Atlantic Ocean, but also the opportunity to live in a city; both within proximity to perhaps the busiest metropolis in the world, New York City. These perks fortunately don’t come with a high property insurance price tag, as the Garden State’s homeowners insurance rates are about average when compared to the rest of the country.
New Jersey Regulating Agencies And References
