Newark ,NJ Home Insurance - The cost of homeowners insurance is influenced by a range of factors, including the value of your coverage, deductible, and the construction materials used in your home.
VHome Insurance conducted a thorough analysis of the Newark, NJ homeowners insurance market, taking into account factors like average costs, range of coverages, deductibles and customer satisfaction ratings to determine the best providers. The Average home insurance cost in Newark, NJ is $1124. Enter your zipcode below and click “GO” to get multiple free quotes.
It is important to understand the different coverage options available in Newark, NJ. VHome Insurance will help you navigate the world of homeowners insurance coverages in Newark, NJ.
| Coverage Level | Average Annual Premium |
|---|---|
| $100,000 | $450 |
| $200,000 | $764 |
| $300,000 | $944 |
| $400,000 | $1,439 |
| $500,000 | $1,810 |
One key aspect of your policy is the deductible, which is the amount you pay out of pocket before your insurance kicks in. Choosing the right deductible can have a major impact on your insurance premiums and overall savings. In this guide, we'll help you understand the options available for homeowners insurance deductibles in Newark, NJ, and how to choose the right one for your needs.
| Deductible Level | Average Annual Premium |
|---|---|
| $500 Deductible | $1,152 |
| $1000 Deductible | $1,031 |
| $1500 Deductible | $972 |
| $2500 Deductible | $877 |
| $5000 Deductible | $742 |
| Home Insurance Company Near Newark, NJ | Homeowners Insurance Agency Near Newark, NJ | Address |
|---|---|---|
| Travelers | Derosa Rockefeller Sohigian & Werdal Inc | 47 Halstead Avenue Suite 208, Harrison, NY, 10528 |
| Travelers | General Marine Inc | 1325 SIXTH AVE STE 2800, NEW YORK, NY, 10019 |
| Liberty Mutual | Ralph Bottone | 9030 Metropolitan Ave. Ste 200, Rego Park, NY, 11374 |
| State Farm | Robert Larson | 7922 Jamaica Ave, Woodhaven, NY, 11421-1801 |
| State Farm | Scott West | 615 South Livingston Avenue, Livingston, NJ, 07039-0556 |
| Place | 1 Car Bundle Savings On Insurance | 2 Car Bundle Savings On Insurance | 3 Car Bundle Savings On Insurance |
|---|---|---|---|
| Harrison town, New Jersey | $128 | $171 | $257 |
| East Newark borough, New Jersey | $128 | $171 | $257 |
| Irvington township, Essex County, New Jersey | $124 | $165 | $248 |
| Place | Home insurance as a % of housing cost for homes with mortgage | Home insurance as a % of housing cost for homes without mortgage |
|---|---|---|
| Newark, NJ | 3.1% | 8.2% |
| Harrison | 2.58% | 7.91% |
| East Newark | 3.19% | 7.59% |
| Irvington | 3.01% | 8.1% |
| Newark Home By Monthly Rent | Total Homes | % of Total | Estimated Monthly Income To Afford Rented House Including Renters Insurance |
|---|---|---|---|
| Less than $200 | 3,088 | 4.0% | $339 |
| $200 to $299 | 4,744 | 6.0% | $789 |
| $300 to $499 | 4,714 | 6.0% | $1239 |
| $500 to $749 | 8,431 | 12.0% | $1914 |
| $750 to $999 | 16,986 | 24.0% | $2664 |
| $1,000 to $1,499 | 23,764 | 34.0% | $3789 |
| $1,500 or more | 7,795 | 11.0% | $5439 |
| Streets in Newark Area | Homeowners Insurance Cost |
|---|---|
| Federal Sq, Crawford St, Garden St, Abington Ave W, Nursery St, Rowley St, Komorn St, Evergreen Ln, Clara Maass Dr, Treadwell St | $853 |
| Nichols St, Brenner St, Clipper St, W Alpine St, Eckert Ave, 19th Ave, Esther St, Vanderpool St, Frelinghuysen Ave, Hazelwood Ave | $832 |
| Waydell St, Clifton St, Distribution St, Van Wagenen St, N 14th St, Mount Prospect Pl, Downing St, Margaretta St, Wicker Ct, Tuxedo Pkwy | $855 |
| Beaman Plz, Longworth St, Catherine St, Hanover St, Seymour Ave, Boston Ct, Tichener Ln, Ashby Ln, W Grove Ter, Elliott St | $865 |
| Seabury Ct, Hamilton St, Mulberry St, Mitchell Pl, Eagles St, Kerrigan Blvd, Cutler St, Bruen St, Boyden St, Treacy Ave | $875 |
| Place | Savings For Senior Occupied Homes |
|---|---|
| Newark | $125 to $127 |
| Harrison | $128 |
| Irvington | $124 |
| Kearny | $129 |
| Low Deductible | High Deductible | |
|---|---|---|
| Deductible | $900 | $1,900 |
| Yearly Newark Homeowner Insurance Premium Example | $1,200 | $1,000 |
| Out of Pocket Expense During Claim | $900 | $1,900 |
| Total Home Insurance Premium for 8 years + Out of Pocket Expense for Claim | $10,500 | $9,900 |
| Net Savings to Newark Home Owner from High Deductible Plan | $600 | |
| Scenario | Newark, NJ Home Replacement Value MORE than Home Value | Newark, NJ Home Replacement Value LESS than Home Value |
|---|---|---|
| Replacement Value | $357,000 | $242,000 |
| Insurance Premium based on Replacement Value | $2,075 | $1,400 |
| Risk Exposure from Under Insuring Coverage | Unnecessary Home Insurance Coverage of $46,000 | Risk Exposure from Under Insuring Coverage is $69,000 |
| Premium Impact | Insurance cheaper by $400/year | Insurance costlier by $275/year |
| Insurance Company | State Farm | GEICO Insurance | Chubb Group of Insurance |
| Monthly Premium | 41 | 68 | 89 |
| Year Built | 2011 | 1988 | 1958 |
| Home Details | 2 Beds, 1 Baths | 3 Beds, 2 Baths | 4 Beds, 2 Baths |
| Coverage Amount | $100000-$125000 | $200000-$250000 | $300000-$350000 |
| Deductible | $500 Deductible | $5000 to $10,000 Deductible | $2500-$5000 Deductible |