Best & Cheapest Homeowners Insurance in Newark, NJ May, 2024
Homeowners in Newark can discover the most budget-friendly home insurance option with Chubb, providing an average annual quote of $752.
After thoroughly evaluating home insurance providers in Newark, New Jersey, Chubb emerges as the most cost-effective option, with an average yearly rate of $752. However, it’s crucial to consider that the best insurer can vary based on your specific circumstances and requirements.
For example, if you own a newly constructed home, Chubb offers the most affordable solution at $609 per year. Conversely, for older homes, State Farm provides competitive rates of $1,132 annually alongside comprehensive coverage.
If your credit score has been affected negatively, Chubb still provides the most economical choice with an average annual premium of $1,559. For individuals with a history of claims, USAA offers an affordable and accommodating option at $1,574 annually.
Additionally, if you have valuable personal belongings needing protection, USAA once again stands out as a top choice, offering extensive coverage at a reasonable rate of $1,223 per year.
Our comprehensive analysis at Insuranceopedia aims to assist you in finding the perfect match for your home insurance needs. By comparing customer ratings, evaluating personal experiences, and providing comparison charts, we aim to equip you with all the necessary information to make a well-informed decision.
How much is homeowners insurance in Newark, NJ?
In Newark, New Jersey, Chubb provides the most affordable homeowners insurance rate, priced at $752 per year.
| Area | Average Monthly Rate |
| National | $1,820 |
| New Jersey | $1,256 |
| Newark | $1,247 |
It’s crucial to acknowledge that insurance rates aren’t consistent; they can differ significantly based on various factors.
Cheapest Homeowners Insurance in Newark, NJ
Our Methodology
To determine the most affordable home insurance rates in Newark, we conducted an analysis using data from various home insurance review platforms. Some of these platforms assessed rates obtained from public filings acquired by Quadrant Information Services. We calculated an average of these rates for this review. However, it's essential to note that the rates offered by each company can fluctuate regularly and may vary depending on your specific circumstances. Furthermore, our comprehensive rating considers my subjective opinion, based on fifteen years of experience as a licensed insurance agent and over three decades of purchasing home insurance.
Quotes Analyzed
Years Of Industry Experience
Brands Reviewed
Research Hours
Cheapest Homeowners Insurance in Newark, NJ
Chubb is distinguished as the most budget-friendly option for homeowners insurance in Newark, New Jersey, with an average annual rate of $752.
| Company | Annual Premium |
| Chubb | $752 |
| Travelers | $820 |
| State Farm | $1,182 |
| Allstate | $1,237 |
| Homesite | $2,028 |
The cost of your insurance policy is influenced by several factors like your location, home value, and claims history. Chubb provides a balanced blend of affordability and comprehensive coverage.
Cheapest Homeowners Insurance If You Have an Older Home
State Farm provides the most affordable rates for older homes, averaging $1,132 per year.
| Insurance Company | Average Annual Premium |
| State Farm | $1,132 |
| USAA | $1,187 |
| Chubb | $1,310 |
| Farmers | $1,454 |
Older homes often come with unique risks and maintenance challenges, which can result in higher insurance costs. However, State Farm provides competitive rates and comprehensive coverage tailored to address the specific needs of older homes.
Cheapest Homeowners Insurance for Newly Constructed Homes
Chubb offers the most cost-effective option for newly constructed homes, with an average annual rate of $609.
| Insurance Company | Average Annual Premium |
| Chubb | $609 |
| USAA | $830 |
| State Farm | $895 |
| Allstate | $1,106 |
| Homesite | $1,790 |
Newly constructed homes often have different coverage needs compared to older ones, and Chubb is recognized for providing affordable policies tailored to meet these specific requirements.
Cheapest Homeowners Insurance If You Have Poor Credit
If you have a poor credit score, Chubb offers the most affordable solution, with an average annual rate of $1,559.
| Insurance Company | Average Annual Premium |
| Chubb | $1,559 |
| NJM | $1,595 |
| State Farm | $1,843 |
| USAA | $1,942 |
| Farmers | $2,360 |
Your credit score can significantly influence your insurance rates as insurers use it to evaluate risk. Chubb recognizes the importance of offering fair coverage to all individuals, regardless of their financial history.
Cheapest Home Insurance for a History of Claims
| Insurance Company | Average Annual Premium |
| USAA | $1,574 |
| State Farm | $1,602 |
| NJM | $1,754 |
| National General | $2,054 |
| Farmers | $3,043 |
Cheapest Home Insurance Rates for Lots of Personal Property
If you own a significant amount of personal property, USAA offers the most affordable rates, averaging $1,223 annually.
| Insurance Company | Average Annual Premium |
| USAA | $1,223 |
| State Farm | $1,240 |
| Allstate | $1,384 |
| MetLife | $1,490 |
| Homesite | $2,046 |
As the value of your personal property increases, your coverage needs may also grow, potentially resulting in higher premiums. However, USAA provides comprehensive coverage at reasonable rates, ensuring that all your belongings are adequately protected.
Best Homeowners Insurance Companies in Newark NJ
Selecting the right homeowners insurance isn’t just a necessity; it’s a strategic decision. With Newark’s rich history, its homes are as unique as its residents. Hence, finding an insurance provider that offers comprehensive coverage at competitive rates is crucial.
To simplify your decision-making process, we’ve compiled a list of the top homeowners insurance companies in Newark, New Jersey. These companies were evaluated based on criteria such as annual premiums, coverage options, customer satisfaction ratings, and overall reliability. Refer to our comparison chart below to find the perfect match for your home insurance needs.
| Company | Annual Premium | |
| 1. | Chubb | $752 |
| 2. | Travelers | $820 |
| 3. | State Farm | $1,182 |
| 4. | Allstate | $1,237 |
| 5. | Homesite | $2,028 |
| 6. | NJM | $1,170 |
| 7. | MetLife | $1,376 |
| 8. | ASI | $1,425 |
Average Home Insurance Rates by Zip Codes
Home insurance prices in Newark, NJ can vary widely depending on the zip code. Here are tables that show the rates for different zip codes in Newark, including the least and most expensive ones for annual home insurance premiums.
| ZIP Code | Average Insurance Premium (Annual) |
| 07103 | $1,062 |
| 07114 | $1,004 |
| 07105 | $1,005 |
| 07102 | $1,026 |
| 07106 | $1,073 |
| 07112 | $1,042 |
Cheapest Zip Codes
| ZIP Code | Average Insurance Premium (Annual) |
| 07105 | $1,005 |
| 07114 | $1,004 |
| 07102 | $1,026 |
| 07112 | $1,042 |
| 07107 | $1,036 |
Most Expensive Zip Codes
| ZIP Code | Average Insurance Premium (Annual) |
| 07106 | $1,073 |
| 07103 | $1,062 |
| 07108 | $1,067 |
| 07104 | $1,060 |
Average Home Insurance Rates in Newark, NJ by Deductible Amount
The deductible amount you select for your homeowners insurance policy can greatly affect premium rates in Newark, NJ. Here’s how average home insurance rates vary based on different deductible amounts:
| Deductible Amount | Average Annual Premium |
| $500 | $1,089 |
| $1,000 | $953 |
| $1,500 | $920 |
| $2,000 | $850 |
Average Home Insurance Rates in Newark, NJ By Coverage Amount
A critical aspect that influences your premium is the dwelling coverage amount. This figure indicates the maximum amount your insurance provider will pay to rebuild or repair your home in case of damage or destruction.
Here’s a comparison chart displaying the average annual premiums for homeowners insurance based on different dwelling coverage amounts:
| Dwelling Coverage Amount | Average Annual Premium |
| $200,000 | $770 |
| $250,000 | $964 |
| $300,000 | $1,136 |
| $350,000 | $1,349 |
| $400,000 | $1,450 |
Average Home Insurance Rates in Newark, NJ by Company
Here is a comparison of annual premiums from leading insurance providers in Newark.
| Company | Annual Premium |
| Chubb | $752 |
| Travelers | $820 |
| State Farm | $1,182 |
| Allstate | $1,237 |
| Homesite | $2,028 |
| NJM | $1,170 |
| MetLife | $1,376 |
| ASI | $1,425 |
How Much is Homeowners Insurance for Other Cities in New Jersey?
Here is a comprehensive comparison chart displaying the most affordable annual premiums across different areas in New Jersey.
| City | Annual Premium |
| Jersey City | $1,245 |
| Hoboken | $1,263 |
| Atlantic City | $2,370 |
| Trenton | $1,398 |
Getting Online Homeowners Insurance Quotes in New Jersey
With helpful platforms like Insuranceopedia, discovering the ideal coverage for your unique needs is just a few clicks away. By offering fast online quotes from several top-rated insurers, Insuranceopedia allows you to effortlessly compare rates.
Simply enter your details, and we’ll take care of the rest by presenting you with a range of options customized to your requirements. This empowers you to confidently choose a policy that delivers the best value, balancing cost and comprehensive coverage effectively.
FAQs
Who has the cheapest home insurance in Newark, NJ?
Chubb provides the most affordable home insurance option in Newark, New Jersey, with an annual premium of $752.
What is the average cost of home insurance in Newark, NJ?
On average, homeowners insurance in Newark, New Jersey typically costs approximately $1,247 annually.
