Best home insurance company for military-focused coverage

USAA
3.7 Bankrate ScoreExplore Bankrate's review
- J.D. Power:
- 884 /1,000
- AM Best:
- A ++
- Avg. annual premium for 250k dwelling
- $ 770
Explore Bankrate's review
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
At Bankrate, we strive to help you make smarter financial decisions. To help readers understand how insurance affects their finances, we have licensed insurance professionals on staff who have spent a combined 47 years in the auto, home and life insurance industries. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation of . Our content is backed by Coverage.com, LLC, a licensed entity (NPN: 19966249). For more information, please see our .
At Bankrate, we strive to help you make smarter financial decisions. To help readers understand how insurance affects their finances, we have licensed insurance professionals on staff who have spent a combined 47 years in the auto, home and life insurance industries. While we adhere to strict , this post may contain references to products from our partners. Here’s an explanation of . Our content is backed by Coverage.com LLC, a licensed entity (NPN: 19966249). For more information, please see our
With an average annual premium of $775 per year for $250,000 dwelling coverage, homeowners insurance rates in New Jersey are 44% cheaper than the national average rate of $1,383. However, Bankrate knows that, while important, low rates aren’t the only factor when looking for the best coverage. Our insurance editorial staff (including four licensed property and casualty agents with almost 50 years of combined experience) evaluated companies across the Garden State, studying metrics like customer satisfaction, digital tools, coverage options and more. According to our research, you may find the best homeowners insurance in New Jersey by shopping with USAA, State Farm, New Jersey Manufacturers (NJM), Allstate or Travelers.
With an average annual premium of $775 per year for $250,000 dwelling coverage, homeowners insurance rates in New Jersey are 44% cheaper than the national average rate of $1,383. However, Bankrate knows that, while important, low rates aren’t the only factor when looking for the best coverage. Our insurance editorial staff (including four licensed property and casualty agents with almost 50 years of combined experience) evaluated companies across the Garden State, studying metrics like customer satisfaction, digital tools, coverage options and more. According to our research, you may find the best homeowners insurance in New Jersey by shopping with USAA, State Farm, New Jersey Manufacturers (NJM), Allstate or Travelers.
Bankrate took a data-based approach to finding the best homeowners insurance in New Jersey. Our insurance editorial team analyzed the largest home insurance companies by market share across multiple categories, including: customer satisfaction rankings from J.D. Power, financial strength rating from AM Best, the most recent premium data from Quadrant Information Services, policy offerings and discount options.
Based on their performance in these categories, each of these New Jersey homeowners insurance companies also earned a Bankrate Score, with a maximum score of 5 points. Using our Bankrate Score can help give an idea of which insurance companies have competitive home insurance policies and can be used to compare home insurance carriers to each other.
USAA, NJM and State Farm earned the top Bankrate Scores, based on our extensive analysis of third-party ratings such as the J.D. Power 2022 U.S. Home Insurance Study, premium data, and other factors. Allstate and Travelers weren’t far behind. Allstate scored well in customer service satisfaction based on J.D. Power rankings and Travelers ranked as one of the cheapest home insurance rates in New Jersey.
Insurance company | J.D. Power | AM Best | Average monthly premium | Average annual premium | |
---|---|---|---|---|---|
USAA
3.7
Bankrate Score
|
J.D. Power
884
/1,000 |
AM Best
A++
(Superior)
|
Average monthly premium
$64
|
Average annual premium
$770
|
Get a quote |
State Farm
3.2
Bankrate Score
|
J.D. Power
829
/1,000 |
AM Best
A++
(Superior)
|
Average monthly premium
$65
|
Average annual premium
$779
|
Read review |
NJM
3.2
Bankrate Score
|
J.D. Power
Not rated |
AM Best
A+
(Superior)
|
Average monthly premium
$31
|
Average annual premium
$373
|
Read review |
Allstate
3.5
Bankrate Score
|
J.D. Power
815
/1,000 |
AM Best
A+
(Superior)
|
Average monthly premium
$79
|
Average annual premium
$953
|
Get a quote |
Travelers
3.3
Bankrate Score
|
J.D. Power
794
/1,000 |
AM Best
A++
(Superior)
|
Average monthly premium
$53
|
Average annual premium
$637
|
Get a quote |
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
*Average rates are for annual policies with $250,000 in dwelling coverage
USAA not officially ranked with J.D. Power due to eligibility restrictions
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The average premium cost for a homeowners insurance policy in New Jersey is $775 for $250,000 in dwelling coverage per year. This is significantly lower than the national average of $1,393, making New Jersey one of the most affordable states for homeowners insurance. There are likely a few reasons that the average cost of home insurance is so low in this state. For example, New Jersey has a lower cost of living compared to nearby states, which likely contributed to the lower cost of insurance. New Jersey’s average home insurance rates are especially affordable compared to the neighboring state of New York, which has an average home insurance cost of $1,289 per year for $250,000 in dwelling coverage. New Jersey’s average home insurance costs are also cheaper than Delaware, but the state is about on par with the average cost of home insurance in Pennsylvania, which is $786 annually for the same coverage.
With severe weather impacts year-round, a well-rounded New Jersey homeowners insurance policy could make a significant difference. In the summer, the potential of strong hurricanes can negatively impact insurance premiums, particularly in Jersey Shore communities. In the winter, nor’easters and other severe storms due to catastrophic winds and the heavy weight of snow and ice buildup can cause property damage to the roofs of homes. Tornadoes are also prevalent in New Jersey in the spring, summer and fall.
Common property losses that are typically seen with home insurance claims in New Jersey include:
Fortunately, New Jersey is not a high-risk state for earthquakes, although small tremblers occur occasionally. The most severe earthquake ever recorded in the state was a 4.8 quake in 1938. New Jersey is also far from “Tornado Alley” in the Midwest, but occasionally experiences tornado outbreaks, including in July 2021 in areas near the Delaware River.
As a coastal state, New Jersey sits perched on the Atlantic Ocean, leaving it vulnerable to specific risks.