Posted July 8th, 2019 by Amy Danise
Hurricane Sandy, which hit New Jersey on Oct. 29, 2012, ranks as the 4th costliest hurricane in the U.S. Its damage costs totaled $71 million, according to the National Oceanic and Atmospheric Administration. The storm illustrated the importance of having good homeowners insurance in New Jersey.
EverQuote analyzed complaints against the 25 largest homeowners insurance companies operating in New Jersey (listed at the bottom). From that we list found the 10 best, which had the lowest levels of homeowners complaints in 2018.
Best New Jersey homeowners insurance companies
- Fidelity & Guaranty Insurance
- Liberty Mutual Mid-Atlantic Insurance Co
- Allstate New Jersey P&C Insurance Co.
- High Point Preferred Insurance Co.
- FMI Insurance Co.
- Palisades P&C Insurance Co.
- New Jersey Manufacturers Insurance Co.
- AIG Property Casualty Co.
- United Services Automobile Assn.
- Chubb Insurance Co. of New Jersey
What does New Jersey homeowners insurance cover?
A typical policy in New Jersey will have these six main coverage types:
- Dwelling (Coverage A) pays if your house is damaged or destroyed by a problem covered by the policy.
- Personal property (Coverage C) pays if your belongings (such as furniture, clothing and decorations) are damaged, stolen or destroyed.
- Other structures (Coverage B) pays for damaged or destroyed structures that are not attached to your house, such as detached garages, storage sheds and fences.
- Loss of use (Coverage D) pays for additional living expenses (costs over your normal expenses) such as hotel and restaurant bills if you must temporarily move because of damage to your house.
- Personal liability (Coverage E) pays to defend you in court against liability lawsuits and provides coverage if you are legally responsible for someone else’s injury or property damage.
- Medical payments to others (Coverage F) pays medical bills of people hurt on your property.
How much is New Jersey home insurance?
The average New Jersey homeowners insurance premium is $1,174 a year for a typical policy, according to the National Association of Insurance Commissioners. That’s slightly lower than the nationwide average of $1,192.
How do I get insurance for hurricanes in New Jersey?
To have the right insurance protection for a hurricane in New Jersey, you need coverage for both wind and water. Homeowners insurance policies in New Jersey generally cover wind damage. But for water damage from floods you’ll need to buy a flood insurance policy. There are a few ways to achieve this, with options listed below.
How do I get flood insurance?
Federal flood insurance is available from the National Flood Insurance Program (NFIP). Most people with flood insurance have an NFIP policy. You can buy one through your home insurance agent.
Some New Jersey home insurers offer private flood insurance as an “endorsement,” or add-on, when you also buy a homeowners insurance policy from them.
- AIG Property Casualty Co.
- Berkley Insurance Co.
- Cincinnati Insurance Co.
- Crestbrook Insurance Co.
- Federal Insurance Co.
- Ironshore Indemnity Inc.
- Markel American Insurance Co.
- Narragansett Bay Insurance Co.
- Philadelphia Contributionship Insurance Co. and Germantown Insurance Co. (limited coverage for inland flooding only)
- Privilege Underwriters Reciprocal Exchange (PURE)
Where can I get a flood insurance policy that’s separate from my homeowners policy?
These companies sell “stand-alone” flood insurance. You’d buy your New Jersey homeowners insurance from someone else. In some cases they sell coverage with higher limits or more options than an NFIP policy.
- Homeowners Choice Property & Casualty Insurance Co. (in Camden, Cape May, Hudson and Gloucester counties).
- The Flood Insurance Agency (underwritten by Lexington, an AIG company, coverage is identical to an NFIP policy).
- Neptune Flood Insurance Co.
Where can I get extra flood insurance on top of an NFIP policy?
These companies sell “excess” flood insurance New Jersey, giving you broader coverage and/or higher coverage limits.
- Bankers Insurance Co.
- Wright National Flood Insurance Co.
Top 25 homeowners insurance companies in New Jersey, ranked by size
Market share % in NJ
|1||State Farm Fire & Casualty Co.||State Farm||
|2||New Jersey Manufacturers Insurance Co.||NJM Insurance||
|3||Fidelity & Guaranty Insurance||Travelers||
|4||Allstate New Jersey Insurance Co.||Allstate Corp.||
|5||Liberty Mutual Mid-Atlantic Insurance Co.||Liberty Mutual||
|6||Chubb Insurance Co. of New Jersey||Chubb||
|7||Allstate New Jersey P&C Insurance Co.||Allstate Corp.||
|8||High Point Preferred Insurance Co.||Plymouth Rock of New Jersey||
|9||Liberty Mutual Fire Insurance Co.||Liberty Mutual||
|10||FMI Insurance Co.||Franklin Mutual||
|11||Homesite Insurance Co.||American Family Insurance||
|12||Narragansett Bay Insurance Co.||Heritage Insurance||
|13||USAA Casualty Insurance Co.||USAA||
|14||New Jersey Skylands Insurance Assn.||National General Holdings Corp.||
|15||United Services Automobile Assn.||USAA||
|16||Homesite Insurance Co. of the Midwest||American Family Insurance||
|17||Cumberland Mutual Fire Insurance Co.||Cumberland Insurance Group||
|18||Truck Insurance Exchange||Farmers Insurance||
|19||AIG Property Casualty Co.||AIG||
|20||Federal Insurance Co.||Chubb||
|21||Preferred Mutual Insurance Co.||n/a||
|22||United P&C Insurance Co.||UPC Insurance||
|23||Integon National Insurance Co.||National General Holdings Corp.||
|24||Palisades P&C Insurance Co.||Plymouth Rock of New Jersey||
|25||Farmers Mutual Fire Insurance Co. of Salem County||n/a||
|Source: S&P Global Market Intelligence, bases on homeowners multi-peril insurance market share in 2018.|
What if I can’t find home insurance?
If homeowners insurance companies refuse to sell you coverage, you can turn to the New Jersey Insurance Underwriting Association, known as the FAIR Plan. It sells basic property insurance and optional theft coverage to those who are rejected by standard insurers. Any New Jersey home insurance agent can help you buy a FAIR Plan policy. See www.njiua.org for more details.
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