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Best cheap home insurance in Jersey City in 2024
Powered by Coverage.com (NPN: 19966249)
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.
The best home insurance companies in Jersey City
The average cost of home insurance in Jersey City is 46 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.
Bankrate Score
Avg. annual premium
$300K dwelling coverage
JD Power
Why USAA made our list: USAA home insurance is only available to military members, veterans and their qualifying family members. If you’re eligible for a USAA home insurance policy, it may be worth getting a quote: For the third year in a row, USAA tied for the Best Home Insurance Company Overall Bankrate Award. Its standard home insurance policies come with replacement cost coverage and up to $5,000 of identity theft protection pre-included, along with no-deductible coverage for military equipment.
Why USAA may be the best for customer service: Because of USAA’s strict eligibility criteria, it isn’t rank-eligible in J.D. Power studies. However, year after year, it is a top scorer in both the Home Insurance and Property Claims Satisfaction studies. Its NAIC complaint index for its home insurance product is also well below average, meaning USAA receives fewer complaints than expected. However, USAA does not have any brick-and-mortar agency locations, so customers will need to handle their policies online.
| Bankrate Score | 4.7 |
| J.D. Power | 737/1,000 |
| AM Best Rating | A++ |
Bankrate Score
Avg. annual premium
$300K dwelling coverage
JD Power
Not rated
Why NJM made our list: NJM, short for New Jersey Manufacturers, has a Bankrate Score of 4.5 due to its competitive average rates and high third-party financial strength ratings. NJM only writes home insurance in five states and may also be a good choice for Jersey City homeowners looking to work with a smaller company. Notably, NJM partners with Wright Flood to provide homeowners with flood insurance.
Why NJM may be the best for custom policies: Homeowners looking to build out a custom home insurance policy with endorsements may be interested in an NJM policy. Homeowners can add scheduled personal property coverage, identity protection, water backup, earthquake and assisted living care coverage. Other endorsements include fungi coverage, rot and bacteria coverage, supplemental loss assessment and credit card coverage.
| Bankrate Score | 4.5 |
| J.D. Power | |
| AM Best Rating | A+ |
Bankrate Score
Avg. annual premium
$300K dwelling coverage
JD Power
Why Chubb made our list: Chubb’s Masterpiece home insurance policy comes with several extras, like HomeScan, where a professional can examine your home to point out potential causes of damage before they happen. Chubb also offers risk consulting to help build out your home policy to meet your home’s unique insurance needs. Chubb’s private flood insurance policy has covered limits up to $15 million for dwelling and contents, which could make it an appealing option for homeowners who need higher limits than what the National Flood Insurance Program (NFIP) can offer.
Why Chubb may be best for high-value homes: Chubb took home the 2024 Bankrate Award for Best for High-Value Homes. Its coverage limits may be higher than what you can find with other insurers, and it has the financial strength to back up its policies. Chubb has an A++ (Superior) rating from AM Best, the highest possible.
| Bankrate Score | 4.3 |
| J.D. Power | 688/1,000 |
| AM Best Rating | A++ |
Bankrate Score
Avg. annual premium
$300K dwelling coverage
JD Power
Why Progressive made our list: Progressive may be more well-known for its auto insurance policies, but the company also offers home insurance. Progressive partners with American Strategic Insurance (ASI) to underwrite most of its home policies, but exactly which company underwrites your policy may depend on location. Policies are fairly standard, and Progressive only advertises two endorsement options for water backup and personal injury protection.
Why Progressive may be best for digital tools: Progressive was one of only a few insurance companies that scored above average in the service and shopping categories of the J.D. Power Insurance Digital Experience Study. For homeowners who prefer to manage their policies online, Progressive may be the right fit.
| Bankrate Score | 4 |
| J.D. Power | 851/1,000 |
| AM Best Rating | A+ |
Bankrate Score
Avg. annual premium
$300K dwelling coverage
JD Power
Not rated
Why Selective made our list: Selective partners with 10 different underwriting companies to provide insurance to 32 of the 50 states. On its website, Selective states that each of its underwriting partners maintains an AM Best rating of A+ (Superior). Selective sells insurance through a network of independent agents, which could make it a strong choice for homeowners looking to work one-on-one with an industry professional.
Why Selective may be best for budget coverage: Selective’s rates are impressive: the average cost of a $300K dwelling policy from Selective is $522 per year, which is 58 percent less than the statewide average of $1,162. In addition to its competitive rates, Selective offers a solid list of discounts, which advertise savings for bundling home and auto, having protective devices like a burglar alarm and automatic sprinklers and choosing a higher deductible policy.
| Bankrate Score | 3.9 |
| J.D. Power | |
| AM Best Rating |
Bankrate's trusted insurance industry expertise
Read our full methodologyTo choose the best home insurance companies in Jersey City, Bankrate looked at a myriad of factors like average rate data from Quadrant Information Services, customer satisfaction ratings, discount availability and coverage options. We update our average rate information on a monthly basis to provide you with the best quality analysis.
46
years of industry experience
122
carriers reviewed
34.5K
ZIP codes examined
1.2M
quotes analyzed
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.
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|---|---|---|
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Selective
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$44
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$522
|
|
US Coastal
|
$64
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$772
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|
$73
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$880
|
|
|
Cumberland Mutual Fire
|
$74
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$882
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|
|
|---|---|---|
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Selective
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$49
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$522
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|
US Coastal
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$72
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$772
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|
$81
|
$880
|
|
|
Cumberland Mutual Fire
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$84
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$882
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|
|---|---|---|
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Selective
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$61
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$726
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|
US Coastal
|
$85
|
$1,021
|
|
$97
|
$1,164
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|
|
Cumberland Mutual Fire
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$106
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$1,275
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|
|---|---|---|
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Selective
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$92
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$1,107
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US Coastal
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$126
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$1,507
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$146
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$1,746
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|
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Franklin Mutual
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$154
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$1,853
|
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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.
Compare home insurance rates
Answer a few questions to see personalized rates from top carriers.
Powered by Coverage.com (NPN: 19966249)
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.
How much is home insurance in Jersey City, New Jersey?
The average cost of home insurance in Jersey City is $1,238 per year, according to our data from Quadrant Information Services. To compare, the average cost of home insurance in New Jersey is $1,162 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.
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|---|---|---|---|---|
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Selective
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$891
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$555
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$522
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$454
|
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US Coastal
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$1,027
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$772
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$772
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$742
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|
$1,907
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$952
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$880
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$783
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|
|
Cumberland Mutual Fire
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$2,087
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$985
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$882
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$780
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Franklin Mutual
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$969
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$969
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$969
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$969
|
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.
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|---|---|---|---|---|---|
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Selective
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$673
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$644
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$628
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$586
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$442
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US Coastal
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$1,390
|
$1,446
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$1,412
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$982
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$727
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|
$1,197
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$1,135
|
$1,120
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$997
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$794
|
|
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Cumberland Mutual Fire
|
$998
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$998
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$998
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$982
|
$816
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Franklin Mutual
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$1,106
|
$1,106
|
$1,106
|
$1,051
|
$869
|
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.
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|---|---|---|---|
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Selective
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$503
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$471
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$414
|
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US Coastal
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$772
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$666
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$583
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$833
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$792
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$666
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Cumberland Mutual Fire
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$882
|
$835
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$781
|
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Franklin Mutual
|
$921
|
$921
|
$824
|
Related content:
Frequently asked questions
Methodology
Bankrate utilizes Quadrant Information Services to analyze November 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.
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Cost & ratings 50%
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Coverage & savings 30%
-
Support 20%
- 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.
