Average cost of homeowners insurance in new jersey. Despite new jersey s risks the difference in the national and the state s premium is only 18.
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Homeowners insurance costs differ from state to state for a number of reasons.
Average home insurance cost in nj. The graph below shows how much rates can vary between top home insurance companies. For example if the average cost is 1 918 but this is for a 200 000 home then you can not reasonably expect to be paying close to an average price on home insurance if your home reconstruction value is 500 000 or over 1 000 000. Keep in mind that.
Average of 1 215 a year. Some states pay a lot more while some a lot less. The national average rate for homeowners insurance is 2 305 but new jersey residents come in nicely under that with an average rate of 1 744 561 under the national average.
In 2016 latest available data iii recorded that new jersey s annual average home insurance premium was 1 174 while the nationwide annual premium stood at 1 192. Its average cost is 561 or 24 less than the national average of 2 305 for the coverage level of. 300 000 dwelling coverage 1 000 deductible.
The 2017 average premium the most recent data available was a 1 6 increase from the 2016 average of 1 192. That puts new jersey s average cost of home insurance at 4 below the u s. As you ll see in the homeowners insurance cost by state chart below oklahoma is the most expensive state for home insurance 2 140 more than the national average for the coverage level analyzed.
We show average home rates for three other common coverage levels at the end of this article. It depends but the national average for home insurance is 2 305. Some states pay a lot more while some a lot less.
Premiums have been steadily rising over the past decade. In 2012 the national. The average cost of homeowners insurance in new jersey is 1 161 a year or 97 a month.
The average cost of homeowner insurance in new jersey is 1 192 per year. Therefore homeowners in new jersey will pay an average monthly premium of 98. According to the national association of insurance commissioners the average annual homeowners insurance premium is 1 211.
The average cost of home insurance in new jersey is 1 744 making new jersey the 14th least expensive state in the country for home insurance. That is just slightly under the united states national average which is 1 211 annually.
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