Best and Cheapest Homeowners Insurance in Jersey City, New Jersey (2021)

Best and Cheapest Homeowners Insurance in Jersey: With over 260,000 residents, Jersey City, New Jersey, is a part of the New York metropolitan area. The city is also surrounded by the Hudson River, the Upper New York Bay, the Hackensack River, and Newark Bay. This makes Jersey City a key transportation terminal in the Port of New York and New Jersey. Settled by Europeans in 1621, Jersey City was characterized by Dutch farmsteads. Today, the Jersey City waterfront has become one of the largest banking and finance centers in the United States.

Residents on either side of the river share mass transit connections, making a venture into Manhattan a quick trip for work or play. But overall, Jersey City in recent years has become a hip place for dining and entertainment that gives it a New York City feel. New Yorkers are moving to Jersey City to enjoy the relatively lower cost of living that the city has to offer.

Jersey City residents’ housing expenses are 40 percent lower than NYC, but they’re still 89 percent higher than the national average. And on top of that, Jersey has a humid subtropical climate. The city receives a high amount of precipitation and is vulnerable to nor’easters and hurricanes. Upkeep on a home may be costly with these factors in mind. Yet, with homeowners insurance in Jersey City, you’ll have the proper protection that keeps extra costs down. 

It’s time to start looking for the best homeowners insurance in Jersey City, New Jersey. Take a look at Insurify’s comparison tool and learn how easy it is to save now!

Also Read: Best and Cheapest Homeowners Insurance in Fargo, North Dakota (2021)

Overpaying for Jersey City home insurance?

The Jersey City, New Jersey, housing market is currently trending somewhat competitive. There’s a mix of homes getting multiple offers and home sales pending in 40 days. Now is the right time to jump into the market if you’re looking for a new home. But even if you already own a property in Jersey City, you need to be prepared to protect your financial investment from risks. 

Start by protecting your property with homeowners insurance in Jersey City. Home insurance isn’t required by law, but most lenders will require you to have it. Homeowners insurance protects your property and personal belongings financially from destructive events. These events include natural disasters, vandalism, and theft. And there are different coverage options available that depend on your property’s type, location, and other factors. 

Keep reading for a full guide on Jersey City home insurance. 

MORE ON NEW JERSEY HOME INSURANCE
For general information on New Jersey home insurance, check out our New Jersey homeowners insurance guide. For more city-specific information, here is our guide to Newark homeowners insurance.

Homeowners insurance rates aren’t always designed with savings in mind. That’s where Insurify comes in.

As of 2020, the average home insurance premium in the Jersey City area costs $921 annually, and the median home value is $921. 

Jersey City housing expenses and living expenses are higher than the national average. These expenses are 22 percent higher than the neighboring city of Newark. And the average cost of home insurance rates can vary depending on which homeowners insurance company you purchase from. Homeowners insurance companies like Nationwide, Allstate, and Liberty Mutual all price their home insurance rates differently. You can’t expect to pay the same from one insurance agency to another. To find the best home insurance companies at the best rates available, start by comparing with Insurify. Use the comparison tool, then get a personalized home insurance quote that fits your needs. Try it now!

Check out the average cost of homeowners insurance in Jersey City, NJ, below. 

Average Home Cost in Jersey CityAverage Annual Insurance Premium in Jersey City
$921$528,666

Cheapest ZIP Codes in Jersey City for Home Insurance

In the Garden State, homeowners insurance rates are not one-size-fits-all. That means Jersey City, New Jersey, homeowners insurance will cost different for you than for your friend a neighborhood or two over. 

Like property costs, home insurance varies in price from city to city. Pricing is determined by ZIP code–specific variables, such as the volume of claims filed nearby, crime rates, and property costs, and risk variables, such as natural disaster frequency. Even your specific neighborhood may determine if you pay more or less on your annual premiums. 

Rates in Jersey City can be relatively high or low compared to the national average; it all depends on which area you live in. Here are the most and least expensive ZIP codes in Jersey City for home insurance.

Most Expensive Real Estate in Jersey CityCheapest Real Estate in Jersey City
The Waterfront$847,465Hackensack Riverfront$378,725
Downtown$722,653Greenville$410,526
The Heights$585,767Liberty Park$495,614
Home value data from zillow.com 

Cheapest Home Insurance in Jersery City

Home Insurance Coverage Types in Jersey City

There are several types of home insurance. Specific terms of insurance policies may vary by city, but in general, the standard policy types are as follows:

HO-1   BasicThe simplest and least comprehensive type of homeowners insurance Provides coverage for a handful of potential problems, including Dwelling coverage for damages from some natural disasters (storms, fires, wind, lightning, volcanic eruption),  explosions,  theft,  damage from vehicles,  or civil commotion. 
HO-2   Broad FormBroad form homeowners insurance policies include all basic form coverage, plus protection from: falling objects,  damage from the weight of ice, snow, or sleet,  freezing of household systems including HVAC and pipes,  sudden and accidental damage to pipes and other household systems from artificially generated electrical current,  accidental discharge or overflow of water or steam, sudden and accidental damage.  HO-2 policies typically cover both dwelling protection and personal property. In some cases, broad form coverage may also include liability coverage. However, it still only covers the specific damages listed in the policy.
HO-3   Special FormThe most common form of homeowners insurance is known as a “special form” policy. While HO-1 and HO-2 policies are “named peril” policies (meaning they only cover dangers that are specifically listed in the policy), HO-3 policies are “open peril” policies meaning they’ll cover all dangers except those specifically excluded in the policy documents.
HO-4   Tenant’s FormHO-4 policies, also known as renters insurance, are for people who lease rather than own their homes.  Tenant’s form policies typically cover all the same dangers as HO-2 policies.  These policies include personal property coverage and liability coverage but don’t cover the physical structure of the house.  Some HO-4 policies may also include loss of use coverage for the tenants.
HO-5   ComprehensiveComprehensive form policies are usually the broadest and provide the highest level of coverage; not surprisingly, they also tend to be the most expensive type of homeowners insurance policies. The biggest difference between HO-3 and HO-5 policies is that most HO-3 policies are “actual cash value” policies, whereas typically HO-5 policies are “replacement cost value” policies. An actual cash value policy will only reimburse you for the actual value of a damaged or destroyed item, while a replacement cost value policy will reimburse you for however much it would cost to completely replace or repair the damaged or destroyed item (up to the coverage limits on the policy).  HO-5 policies also provide personal property coverage against a wider range of dangers than the typical HO-3 policy. Many HO-5 policies also have extra coverage for high-value personal property, such as jewelry and artwork.
HO-6   Condo FormNot surprisingly, condo form insurance is for condominium owners. HO-6 policies generally protect against the same types of dangers as HO-3 policies.  They provide dwelling protection coverage with a twist: HO-6 policies cover the walls, floors, and ceiling of the condo unit but not the rest of the building.  These policies also include personal property and liability coverage and may include loss of use coverage.
HO-7   Mobile Home FormIf you own a mobile home or manufactured home, you likely have an HO-7 policy.  Mobile home form policies are typically identical to HO-3 policies, except they’re designed specifically for mobile and manufactured homes. Like HO-3 policies, they provide dwelling protection coverage, other structures coverage, personal property coverage, liability coverage, and possibly loss of use coverage as well.  HO-7 policies generally only protect the home when it’s stationary; if you plan to move your mobile or manufactured home, you’ll need to get a special policy to cover it while it’s in transit.
HO-8   Older HomeOlder homes have generally been built to less stringent code standards than recently built homes, and so insurers have designed a specialized type of homeowners insurance policy for them.  HO-8 policies often only cover the basic perils listed in HO-1 policies and generally apply to homes that are registered landmarks or otherwise deemed historic homes.  Owners of registered landmarks are typically forbidden from making the updates to HVAC, electrical, and other parts of the home that would enable them to qualify for a standard HO-3 policy, so an HO-8 policy is often the only option for them.

Hurricanes and Homeowners Insurance Coverage in Jersey City

Jersey City, New Jersey, is no stranger to natural disasters like hurricanes, nor’easters, and blizzards. Take Hurricane Irene and Hurricane Sandy, for example. In 2011, Hurricane Irene hit New Jersey and caused about $1 billion in damage to over 200,000 properties. At the time, Irene was the most expensive natural disaster in the history of the Garden State. But about a year later, Hurricane Sandy hit. Mandatory evacuations were made. And an emergency declaration was signed by President Obama as Jersey City lost about half its power. Sandy’s impact was even more significant than Irene, with an economic loss of more than $30 billion. Two million homes in New Jersey lost power, and 346,000 homes were either damaged or destroyed. Sandy had by far been the worst storm that New Jersey had seen, as floods creating water damage spread through low-lying areas of Jersey City. 

Both tragic in their own right, each hurricane taught residents how to be tough and how to come together. They’re also significant examples of how homeowners insurance coverage can financially help. There’s also cleanup available in the most devastating circumstances. As a policyholder, get protection in home insurance coverage when it comes to lightning, hail, and wind damage. But be prepared when water damage pops up because flooding is not included in the typical homeowners insurance policy. Flood insurance is necessary when you live by the river, and Jersey City is no exception. You wouldn’t want to pay thousands of dollars in water damage repairs, would you? You can purchase a separate flood insurance policy from the National Flood Insurance Program provided by the Federal Emergency Management Agency. Talk to your insurance agent to find out about pricing and more information. 

Jersey City, New Jersey, Best Homeowners Insurance Quotes

A great way to save on Jersey City home insurance is to combine multiple insurance products under one insurance company. This is known as bundling. What you do is purchase multiple insurance policies like auto insurance, life insurance, and home insurance from one insurer. Insurance companies often reward customers with significant savings and discounts. Ask your insurance agent for more information. 

There are more homeowners insurance discounts awaiting you, too. Just by having a monitored burglar or fire alarm, you can get a deal. Can you pay in full? If so, lump-sum discounts may be available. Are you recently married? Some insurers will give you a discount for being married. And are you a part of a homeowner’s association (HOA)? Ask your insurer about discounts if you are a part of an HOA in your neighborhood. 

You can also try lowering your premium by raising your deductible. Though, be careful on this one. If you raise your deductible too high, you could be stuck paying more than you planned for out of pocket if something happens to your property. Only choose a deductible that’s as much as you can afford.

When you’re ready to compare and save, Insurify is here to help. Compare the best homeowners insurance companies in Jersey City now. Fill out your information and get a quote for free in a few minutes. It’s that simple and easy!

Buying a home is stressful enough—don’t let insuring it get in the way of enjoying your new property.

Frequently Asked Questions – Jersey City Homeowners Insurance

Do I need flood insurance in Jersey City?

Flood insurance is not generally included on a homeowners insurance policy. You should purchase separate flood insurance for your home in Jersey City based on its history of flooding. Talk to your local insurance agent for more information. 

How does bundling work with home and auto policies?

Bundling is also known as a multi-policy. So when you purchase home or auto insurance, you can add multiple insurance products under one insurer and save. Ask your insurance agent for more information on bundling deals.

Does State Farm Casualty Insurance Company cover personal belongings on homeowners insurance?

Yes, personal belongings are covered under State Farm. Of course, always check your policy or ask your agent for more detailed information like coverage limits. 

Does homeowners insurance cover personal liability and medical expenses?

Yes, homeowners insurance typically covers personal liability and medical expenses. But always make sure you know your coverage limits to see if you have enough of each.

Conclusion: How to Find the Cheapest Home Insurance in Jersey City

Jersey City is as close to taking a bite out of New York City as New Jersey can get. You pay less for a city lifestyle, with plenty of bars, restaurants, and nightlife at your disposal. And yet you still get the closeness and convenience of the PATH public transit system when you want to go to Manhattan. But beyond the city life are the expenses and upkeep of homeownership. With high rent and everything else, how do you pay for cheap yet excellent insurance? We have the answer. 

Use Insurify to compare home insurance premiums for your property in Jersey City. 

Best and Cheapest Homeowners Insurance in Jersey

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