Who Has the Cheapest Homeowners Insurance Quotes in New Jersey?

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This article has been reviewed and deemed factual by our content auditor with 8 years of banking experience.

Article Approved By Banking Expert

This article has been reviewed and deemed factual by our content auditor with 8 years of banking experience.

New Jersey has character, history, diversity, and more. It also has millions of homes with millions of families living in them, all of them trying to get by and make plans for a better tomorrow. Yet sometimes nature and other factors outside your control want to get in the way of your plans, which is why you need homeowners insurance. A comprehensive plan can prepare you for just about anything and get your household back on its feet in no time. That peace of mind is worth the cost, and to keep that cost low, we found the cheapest providers in the state.

Here are the three cheapest homeowners insurance providers operating in New Jersey:

The Three Cheapest Quotes:

Living in New Jersey can mean different things to different people, and you should know that rates vary heavily within the state. Therefore, your rates and overall experience might be slightly different from what you read below.

The number listed next to each provider is the average annual rate for a standard policy.

1) State Farm: $804

The cheapest provider on average in New Jersey by quite a margin, State Farm is known for being able to provide simple yet affordable insurance plans of all types to millions of customers across the country. This makes it the most popular insurance provider as well as the best one for homeowners who don’t want to worry too much about the nuts and bolts of their plan. Just want to fulfill a requirement or have basic coverage in the event of a disaster? If so, State Farm is your first pick.

Yet simplicity has downsides, so be aware that there aren’t that many customization options for State Farm policies. Nor are there many discounts available, although the low average price makes up for this. If you need something special, look elsewhere.

You can expect the following working with State Farm:

  • An excellent online experience to support your efforts, complete with a top-quality online quoting tool.
  • A wide network of agents available to help you no matter where you are.
  • A massive infrastructure that provides State Farm with unparalleled stability, security, and experience in the industry.

2) Allstate: $1,294 

A somewhat more expensive alternative with extra perks and options to take advantage of, Allstate is another insurance provider that operates nationally that has a strong foothold in New Jersey. From them, you can expect solid coverage for the price, especially if you are looking to bundle your policy or are a new homeowner.

The main problem with Allstate is their customer service, and you will need to worry about getting a reasonable response time from their claims specialists. Allstate might also be pushy about upgrading or updating your coverage, even if you’re happy with it.

You can expect the following working with Allstate:

  • Excellent online and mobile apps to allow you to handle business on to go (or if something happens to your computer).
  • Optional coverages including water backup, garden and landscaping, identity theft restoration, business property, and scheduled personal property coverage for your valuable items.
  • Reliability and transparency in their coverages and practices.

3) Farmers: $1,734

Farmers is notably more expensive than our first two options, but with them, you get a lot more for your money. They will allow you to have a great amount of customization in your plan, and also have excellent customer service throughout the entire insurance process. Combine those things with benefits such as a great loss-of-use policy and available identity theft protection, and Farmers is worth your consideration.

Outside of the relative expense, Farmers’ customers are not always satisfied with results after they sign up, so you will want to read the fine print and double-check your plan. Specifically, inquire about rate hikes after a year or two and coverage levels not being enough for your home.

You can expect the following working with Farmers:

  • Three base packages to choose from, each of them customizable to at least some extent.
  • Declining deductibles and claim forgiveness if you make few to no claims prior.
  • Discounts available for new homes, not smoking, using strong and sturdy roofing materials, installing home safety systems, and making recent renovations.

Other Notable New Jersey Homeowners Insurance Providers

We cannot get a reliable average annual rate for every provider, but there are still some insurance providers that we think are worth your consideration. Here are two of the best:

4) Liberty Mutual

A company providing customers with all types of insurance all over the country, Liberty Mutual is reliable, if not the best in any one category. While it likely won’t be the cheapest, you might be able to get a low rate via discounts and you will get a policy that will serve most needs. There are also plenty of different customer support channels if you run into difficulties.

The main concern you’ll want to look into regarding Liberty Mutual is their claims process. Some people reported a tough time and Liberty Mutual not accepting their claim. Others report a long turnaround time during a difficult point in their life.

You can expect the following working with Liberty Mutual:

  • Plenty of different bundling and discount options to keep your rate affordable.
  • An inflation protection endorsement in order to offset the rising costs of home repairs.
  • Partnerships with thousands of organizations across the country, allowing you to get discounts and other perks.

5) Chubb

An excellent insurance provider that unfortunately will be the most expensive choice on this list for many readers, Chubb is able to provide comprehensive policies that have a lot of coverage in them, making them a great choice for those who want the best coverage, have a larger or special home, or are willing to spend a bit of money.

You might have to jump through a few hoops to get coverage, but first, you’ll want to get a quote, as depending on your situation we think there might be better options because of the cost.

You can expect the following working with Chubb:

  • An excellent claims process that will give you peace of mind in a less than peaceful time.
  • Cash settlement options if you have other ideas in mind outside of strict replacement.
  • Many other types of insurance offered, from classic car to farm and ranch.

Conclusion

No matter how secure you think your home is, there’s always a bigger threat that can cause costly damage and either wipe out your savings or put you in a poor position. Therefore, we think every New Jersey homeowner needs an insurance policy. They aren’t too expensive in the state and it doesn’t take too long to get set up. We hope that you determine your priorities for your home, do some more research, and find a good match among those listed above today.