Best cheap home insurance in Jersey City in 2024

The best home insurance companies in Jersey City

The average cost of home insurance in Jersey City is 47 percent less than the national average cost of home insurance for a policy with a $300,000 dwelling limit. However, with home insurance, cost isn’t the only consideration. If you find yourself needing to file a claim, it’s important to know that your home insurance company will be there when you need it most. To choose the best home insurance companies in Jersey City, Bankrate’s insurance editorial team considered customer satisfaction ratings from J.D. Power, third-party financial strength ratings, customer service availability and other metrics. Because we know that price is still an important factor for most homeowners, we also took discount availability and average rates from Quadrant Information Services into account. Based on our research, USAA, NJM, Chubb, Progressive and Selective write some of the best home insurance in Jersey City.

The cheapest home insurance companies in Jersey City

More than 62 percent of New Jersey residents are estimated to live in a home they own, according to U.S. Census data. In the most densely populated state in the country, that figure represents millions of homeowners, each with their own unique insurance needs and budget. For Jersey City homeowners looking to protect their homes without spending a fortune, Bankrate found the five cheapest home insurance companies in the city.

How much is home insurance in Jersey City, New Jersey?

The average cost of home insurance in Jersey City is $1,184 per year, according to our data from Quadrant Information Services. To compare, the average cost of home insurance in New Jersey is $1,112 per year for the same policy. Keep in mind that our average rates reflect a homeowner with a $300K dwelling limit policy, $1,000 deductible, clean claim history, good credit and a home built in 2016. Your home insurance rates will vary based on rating factors unique to you.

Jersey City rates by credit tier

In New Jersey, insurance companies can consider your credit-based insurance score when setting your home insurance rate. Most carriers award the cheapest rates to homeowners with good or excellent credit, while homeowners with poor or average credit typically pay more. The table below lists the five cheapest home insurance carriers in Jersey City and different average rates based on a homeowner’s credit tier.

Jersey City rates by home age 

Home age can also play a part in home insurance costs. Older homes can be more expensive to insure, as they could be built with materials that are more expensive to source nowadays (versus 30 or 40 years ago). Plus, if an older home is destroyed in a covered loss, it could be more expensive to rebuild it up to code — which is something most insurers take into account when setting rates for older homes. Below, you can see how rates for different aged homes vary across the five cheapest home insurance companies in Jersey City.

Jersey City rates by deductible amount

For a cheaper rate, you might want to consider a high-deductible home insurance policy. The deductible is the part of the part of the policy you are financially responsible for after you file a claim. By shifting more of the financial burden away from your insurance company and onto you, you could be rewarded with a lower premium. However, just be careful not to raise it to a level you cannot realistically afford.

Frequently asked questions

Methodology

Bankrate utilizes Quadrant Information Services to analyze July 2024 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on married male and female homeowners with a clean claim history, good credit and the following coverage limits:

• Coverage A, Dwelling: $150,000, $300,000, $350,000, $450,000, $750,000
• Coverage B, Other Structures: $15,000, $30,000, $35,000, $45,000, $75,000
• Coverage C, Personal Property: $75,000, $150,000, $175,000, $225,000, $375,000
• Coverage D, Loss of Use: $30,000, $60,000, $70,000, $90,000, $150,000
• Coverage E, Liability: $500,000
• Coverage F, Medical Payments: $1,000

The homeowners also have a $1,000 deductible, a $500 hail deductible and a 2 percent hurricane deductible (or the next closest deductible amounts that are available) where separate deductibles apply.

These are sample rates and should be used for comparative purposes only. Your quotes will differ.

Credit: Rates were calculated based on the following insurance credit tiers assigned to our homeowners: “poor, average, good (base) and excellent.” Insurance credit tiers factor in your official credit scores but are not dependent on that variable alone. The following states do not allow credit to be a factor in determining home insurance rates: California, Maryland, Massachusetts.

Year built: Rates were calculated based on the following years built for homes and assigned to our homeowners: “1959, 1982, 1992, 2010, 2016 (base) and 2020.”

Bankrate Score

Our 2024 Bankrate Score considers variables our insurance editorial team determined impacts policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories.

Each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. Our scoring model provides a comprehensive view, indicating when companies excel across several key areas and highlighting where they fall short.

• Tier 1 (Cost & ratings): To determine how well auto and home insurance companies satisfy these priorities, average quoted premiums from Quadrant Information Services (if available), as well as any of the latest third-party agency ratings from J.D. Power, AM Best, Demotech and the NAIC, were analyzed.
• Tier 2 (Coverage & savings): We assessed companies’ coverage options and availability to help policyholders find a provider that balances cost with coverage. Additionally, we evaluated each company’s discount options listed on its website.
• Tier 3 (Support): To encompass the many ways a home insurance company can support policyholders, we analyzed avenues of customer accessibility along with community support. This analysis incorporated additional financial strength ratings from S&P and Moody’s and factored a company’s corporate sustainability efforts.