Best cheap homeowners insurance in Jersey City

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The average cost of homeowners insurance in Jersey City is $824 per year for $250K dwelling coverage. It is a little bit more than the average cost of home insurance in New Jersey, which costs $851 per year, but it is far less than the national average. The average cost of home insurance in the U.S. is $1,312 per year for the same amount of coverage.

The U.S. Census reports that of the roughly 262,075 residents in Jersey City, there are over 103,000 households with a 29.1% owner occupancy rate. Most of these homeowners need home insurance to protect their properties, but finding the best cheap homeowners insurance in Jersey City is not always so easy to find. Using the latest 2021 home insurance trends and data, these are the best home insurance companies for cheap home insurance in Jersey City.

Best cheap home insurance companies in Jersey City

To find the best cheap home insurance companies in Jersey City, we consider several criteria, including policy offerings, pricing and discounts. We also take into account factors like customer satisfaction and financial stability to find the best home insurance companies with the cheapest home insurance prices for your family in Jersey City.

Home Insurance Company Average Annual Premium for $250K Liability J.D. Power customer satisfaction score
USAA $744 889/1,000
Travelers $767 803/1,000
State Farm $974 829/1,000
The Hanover $1,162 Not rated
Allstate $1,187 829/1,000

USAA

USAA consistently receives high points for customer satisfaction from organizations like J.D. Power. It also has the cheapest premiums for Jersey City. However, you have to be an active member of the military, veteran or eligible family member of a military member or veteran to receive a USAA membership. In addition to the standard coverages, there are other types of homeowners insurance protection available, such as loss of use, home-sharing, personal liability, separate structures and earthquake coverage. To get potential discounts, you may be able to bundle your home insurance, install protective devices in your home, go claims-free discount or opt for a higher deductible.

Learn more: USAA Insurance review

Travelers

Travelers receives below-average customer satisfaction scores in J.D. Power’s latest survey. However, it receives AM Best’s highest score for financial stability, which means that claims processing is often efficient and reliable. Coverage options include loss of use, special personal property, contents replacement and additional replacement cost protection coverage. You can also add on a personal articles floater, valuable items coverage and green home protection. If you are a new homebuyer, you could receive a discount. Other savings include claims-free and green home discounts.

Learn more: Travelers Insurance review

State Farm

State Farm receives above-average scores for both J.D. Power and AM Best. It also offers excellent mobile tools and resources when you need to file a claim. There is insurance available for a variety of properties, including manufactured home insurance, farm and ranch insurance, plus the choice of optional flood insurance. To help you save each month, there are extra discounts potentially available for multiple policies, home alert protection, roofing savings and the option of higher deductibles.

Learn more: State Farm Insurance review

The Hanover

The Hanover is great for specialized coverage, protecting higher-end properties that the average insurance company may not always cover. In addition to standard homeowners insurance, there are other types of coverage available, such as sewer line protection, water backup, guaranteed replacement cost, umbrella insurance and identity theft insurance. The Hanover also offers two exclusive programs for extended coverage. There is the Hanover Platinum, which bundles your home and auto insurance and the Hanover Prestige for high-value homes and auto insurance.

Learn more: The Hanover Insurance review

Allstate

Allstate is another provider for above-average customer satisfaction. Home insurance options include personal umbrella, manufactured/mobile home and flood insurance. Allstate also offers its own HostAdvantage® coverage for home-sharing, plus exclusive savings when you sign up for its Easy Pay Plan®. Other ways to save on your home insurance include early signing, welcome, loyalty and senior discounts.

Learn more: Allstate Insurance review

Jersey City home insurance options

Jersey City experiences several weather-related events each year that can impact your home insurance. Many people opt for extra coverage that covers extreme weather:

  • Harsh winters: Jersey City can experience extreme winters that cause pipes to burst and floods to happen. Consider adding sump pump coverage for extra coverage.
  • Tornadoes: New Jersey saw five tornadoes in 2019 alone, so while they are not common, they can certainly happen. Unlike earthquake insurance, tornado coverage is usually included with the standard policy.
  • Hurricanes: Hurricane Sandy brought catastrophic damage to the Jersey Shore, reminding homeowners why preparing for hurricanes is so important. FEMA’s Flood Map Service Center can help you determine whether you live in a flood zone and may want to consider flood insurance.

Home insurance discounts in Jersey City

There are several home insurance discounts that you may be able to use to save money in Jersey City. Here are some common options:

  • Bundle: When you purchase more than one policy with the same provider, you can earn a multi-policy discount. Consider bundling your homeowners insurance with another type of insurance.
  • Customer: There are individual-based discounts that you can earn, too. Look for discounts for new homebuyers, seniors and loyalty discounts.
  • Home: Many home insurance companies offer home improvement and roofing discounts. There are also protection discounts that include security alarms, smoke detectors and other safety discounts.

All of these discounts are ways to lower the cost of your insurance, especially if you need to add extra coverage. In Jersey City, it may be hard to receive a claims-free discount when there are so many weather events each year. However, you can take some steps to prepare your home for extreme weather so you lower your risk of a loss and, in doing so, reduce the cost of your insurance.

Frequently asked questions

What is the best home insurance company?

The best home insurance companies for you may vary, depending on your needs. Consider getting several quotes to see which companies offer the best coverage for the best price.

How much does home insurance in Jersey City cost?

The average home insurance policy in Jersey City costs $824 per year for $250K dwelling coverage. Home insurance premiums depend on several factors, such as where you live, the kind of home you have, your claims history and your credit score.

How much home insurance do I need in Jersey City?

Home insurance is not required for homeowners in Jersey City, although if you have a mortgage, your lender will likely require that you carry a minimum amount of coverage. Regardless, it is almost always a good idea to purchase adequate coverage for your home and belongings so you can minimize out-of-pocket expenses if an emergency happens.

Methodology

Bankrate utilizes Quadrant Information Services to analyze rates for all ZIP codes in all 50 states and Washington, D.C. Quoted rates are based on 40-year-old male and female homeowners with a clean claim history, good credit and the following coverage limits:

  • Coverage A, Dwelling: $250,000
  • Coverage B, Other Structures: $25,000
  • Coverage C, Personal Property: $125,000
  • Coverage D, Loss of Use: $50,000
  • Coverage E, Liability: $300,000
  • Coverage F, Medical Payments: $1,000

The homeowners also have a $1,000 deductible and a separate wind and hail deductible (if required).

These are sample rates and should be used for comparative purposes only. Your quotes may be different.

Rates are determined based on 2021 Quadrant Information Services data.

Written by
Lena Borrelli
Insurance Contributor
Lena Muhtadi Borrelli has several years of experience in writing for insurance domains such as allconnect, Healthline and Reviews.com. She previously worked for Morgan Stanley.
Edited by
Loans Editor