Cheapest Homeowners Insurance in New Jersey (2024 Rates)

Chubb offers the most affordable home insurance rates overall in New Jersey, even for homeowners with poor credit scores, claims history and high deductibles. However, New Jersey Skylands provides competitive rates if you own a high-value home, while Farmers is the top pick for newer homes. For bundled insurance packages, State Farm is the cheapest option.

Get the cheapest home insurance in New Jersey with Chubb, offering the lowest annual rate for $100K in dwelling coverage at an average of only $372. Remember, rates can vary significantly based on dwelling coverage. Here's a quick look at the most budget-friendly options in New Jersey for different levels of coverage:

• Cheapest for $100,000: Chubb at $372 per year
• Cheapest for $250,000: New Jersey Skylands at $855 per year
• Cheapest for $500,000: New Jersey Skylands at $1,323 per year

Dive deeper into the cheap home insurance options and see how costs change as your dwelling coverage increases with MoneyGeek's insightful table below.

We recommend comparing rates from several insurance companies to secure affordable home insurance in New Jersey. MoneyGeek's home insurance calculator facilitates this, offering New Jersey quotes quickly and efficiently without needing to provide personal information upfront.

In New Jersey, the cheapest home insurance is from New Jersey Skylands, which offers the best rate for $750K in dwelling coverage at only $1,827 per year on average. Remember, dwelling coverage greatly influences home insurance costs and owners of high-value homes typically pay more. Here are the most budget-friendly options for houses with higher values:

• Cheapest for $750,000: New Jersey Skylands at $1,827 per year
• Cheapest for $1,000,000: New Jersey Skylands at $2,535 per year

We recommend homeowners purchase dwelling coverage for their home's replacement cost, not property value. To see how dwelling coverage affects rates, check out MoneyGeek's table of cheap home insurance.

New Jersey's most affordable home insurance for new properties with $100K in dwelling coverage is from Farmers, costing an average of $248 annually. Newer homes in the state usually have lower premiums due to adherence to modern building codes and reduced maintenance, repair and replacement costs.

The best rates in New Jersey for new homes and different dwelling coverage values include the following:

• Cheapest for $100,000: Farmers at $248 per year
• Cheapest for $250,000: Farmers at $491 per year
• Cheapest for $500,000: Farmers at $900 per year

For changes in cost for newly constructed homes per dwelling coverage, refer to MoneyGeek's table below.

Chubb offers the most affordable home insurance for homeowners in New Jersey with poor credit at $666 annually for $100K in dwelling coverage. Your credit history is relevant to insurers in determining rates as it reflects the risk of the policyholder defaulting on their payments.

The following providers offer the cheapest rates in New Jersey if you have poor credit:

• Cheapest for $100,000: Chubb at $666 per year
• Cheapest for $250,000: Chubb at $1,562 per year
• Cheapest for $500,000: New Jersey Skylands at $2,483 per year

A poor credit score can significantly increase your premium; for example, the average annual cost for $100K dwelling coverage is $1,179 for poor credit and $654 for good credit. Check out our table below to see how rates change based on credit history.

The most affordable home insurance company in New Jersey for homeowners with one claim in the past five years is Chubb, with average rates at $372 per year for a policy with $100K in dwelling coverage. Be aware that a history of claims typically results in higher future premiums.

Across different coverage levels, Chubb is the most affordable provider in New Jersey for homeowners with a recent claims history. See how rates change below:

• Cheapest for $100,000: Chubb at $372 per year
• Cheapest for $250,000: Chubb at $872 per year
• Cheapest for $500,000: Chubb at $1,638 per year

Filing claims increases your premiums. For example, New Jersey homeowners who have made two claims end up paying an average of $305 more per year for $100K in dwelling coverage compared to those with no claims, demonstrating the financial benefit of a clean claims record.

The type of construction and roofing material you use in your home impacts home insurance costs significantly. In New Jersey, for a house with frame construction and a shake-treated roof, Chubb offers the least expensive home insurance premium, with an average annual premium of $372. These factors hike the insurance cost due to the higher potential for damage leading to insurance claims.

Here are the companies offering the most affordable insurance at different coverage values in New Jersey:

• Cheapest for $100,000: Chubb at $372 per year
• Cheapest for $250,000: Chubb at $872 per year
• Cheapest for $500,000: New Jersey Skylands at $1,427 per year

By comparison, homes with superior construction and tile roofs are $115 cheaper annually than those with a shake-treated roof and frame construction. Thus, New Jersey residents could lower their insurance premiums by selecting superior construction methods and durable roofing materials, such as tile. These materials reduce the likelihood of damage and, consequently, insurance claims.

Altering your deductible could potentially save hundreds per year. In New Jersey, the most affordable house insurance company for a $2,000 deductible is Chubb, with an average annual premium of $327. Meanwhile, the cheapest $500 deductible policy is also from Chubb, priced at $426 per year.

For $100K in dwelling coverage, the most cost-effective companies in New Jersey by deductible are:

• $2,000 deductible: Chubb at $327 per year
• $1,500 deductible: Chubb at $372 per year
• $1,000 deductible: Chubb at $372 per year
• $500 deductible: Chubb at $426 per year

In insurance, a deductible is the amount you have to pay before coverage applies. The average cost variance for a $500 versus a $2,000 deductible across all insurers is $145 annually.

The cheapest home and auto bundle policy provider in New Jersey is State Farm, offering coverage for just $2,710 annually. Bundling home and auto insurance together can unlock major discounts, providing significant savings.

The following companies offer the cheapest bundle plans in New Jersey:

• State Farm at $2,710 per year
• Farmers at $4,719 per year

In addition to financial benefits, bundling offers the convenience of managing both policies with one insurer. This streamlines communication and simplifies policy management, facilitating a smoother insurance experience. Discover more benefits and providers with our guide on the best New Jersey insurance bundles.

Chubb offers the lowest home insurance rates in most New Jersey cities, with premiums ranging from $355 to $390, depending on location. Price disparities between cities are mainly due to differences in local building codes, crime rates and weather conditions. For example:

• In Elizabeth, Chubb's lowest average annual premium is only $355.
• Meanwhile, the same company charges $390 in Newark for the same policy.

Shopping around for home insurance saves you money since companies may calculate rates differently based on geography, potentially leading to significant savings. We explore the cheapest homeowners insurance rates in different New Jersey cities below.