Paterson ,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 Paterson, 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 Paterson, NJ is $1123. Enter your zipcode below and click “GO” to get multiple free quotes.
It is important to understand the different coverage options available in Paterson, NJ. VHome Insurance will help you navigate the world of homeowners insurance coverages in Paterson, NJ.
| Coverage Level | Average Annual Premium |
|---|---|
| $100,000 | $449 |
| $200,000 | $764 |
| $300,000 | $943 |
| $400,000 | $1,437 |
| $500,000 | $1,808 |
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 Paterson, NJ, and how to choose the right one for your needs.
| Deductible Level | Average Annual Premium |
|---|---|
| $500 Deductible | $1,151 |
| $1000 Deductible | $1,030 |
| $1500 Deductible | $971 |
| $2500 Deductible | $876 |
| $5000 Deductible | $741 |
| Home Insurance Company Near Paterson, NJ | Homeowners Insurance Agency Near Paterson, NJ | Address |
|---|---|---|
| Travelers | Julius A Rose Inc | 611 BROADWAY, BAYONNE, NJ, 7002 |
| Travelers | Schutzenbach Agency Ltd | 260 MAIN ST SUITE 203, NORTHPORT, NY, 11768 |
| NA | Gunn, Steers & Company, Llc | 30 East 39Th Street 30 East 39Th Street New York, NYC, NY, 10016 |
| NA | On Time Insurance Brokerage | 3923 Fort Hamilton Pkwy Brooklyn, NYC, NY, 11218 |
| State Farm | Deborah Morson | 147 Lake Ave, Deer Park, NY, 11729-4242 |
| Place | 1 Car Bundle Savings On Insurance | 2 Car Bundle Savings On Insurance | 3 Car Bundle Savings On Insurance |
|---|---|---|---|
| Prospect Park borough, New Jersey | $126 | $168 | $252 |
| Haledon borough, New Jersey | $128 | $170 | $255 |
| Elmwood Park borough, New Jersey | $131 | $175 | $263 |
| Place | Home insurance as a % of housing cost for homes with mortgage | Home insurance as a % of housing cost for homes without mortgage |
|---|---|---|
| Paterson, NJ | 2.7% | 7.1% |
| Prospect Park | 2.93% | 7.01% |
| Haledon | 2.83% | 7.1% |
| Elmwood Park | 2.76% | 7.59% |
| Paterson Home By Monthly Rent | Total Homes | % of Total | Estimated Monthly Income To Afford Rented House Including Renters Insurance |
|---|---|---|---|
| Less than $200 | 668 | 2.0% | $334 |
| $200 to $299 | 1,432 | 4.0% | $784 |
| $300 to $499 | 1,264 | 4.0% | $1234 |
| $500 to $749 | 3,077 | 10.0% | $1909 |
| $750 to $999 | 5,794 | 18.0% | $2659 |
| $1,000 to $1,499 | 14,742 | 48.0% | $3784 |
| $1,500 or more | 3,520 | 11.0% | $5434 |
| Streets in Paterson Area | Homeowners Insurance Cost |
|---|---|
| Tyler St, Caldwell Ave, Ellison Pl, Ramsey St, Passaic County 651, Parkway, River Ter, E 36th St, Tony Columbia Pl, N 11th St | $859 |
| Oliver St, 22nd Ave, Hillman St, Eagle Ave, Temple St, Paterson St, Fulton St, E 13th St, Erie St, Colonial Ave | $874 |
| Southard St, Harris Pl, Elizabeth St, E 11th St, Atlantic St, Morton St, Curtis Pl, N 1st St, Smith St, E 15th St | $964 |
| Salem Rd, E 34th St, May St, Ward St, Howard St, Pope Rd, Manor Rd, E 42nd St, Olive St, Hoxey St | $864 |
| Hopper St, Coral St, Kent Rd, Katz Ave, Katz Ave, Wayne Ave, Wait St, Hill St, McBride Ave Exd, Albion Ave | $848 |
| Place | Savings For Senior Occupied Homes |
|---|---|
| Paterson | $127 to $129 |
| Prospect Park | $126 |
| Haledon | $127 |
| Elmwood Park | $131 |
| Low Deductible | High Deductible | |
|---|---|---|
| Deductible | $700 | $1,700 |
| Yearly Paterson Homeowner Insurance Premium Example | $1,600 | $1,400 |
| Out of Pocket Expense During Claim | $700 | $1,700 |
| Total Home Insurance Premium for 8 years + Out of Pocket Expense for Claim | $13,500 | $12,900 |
| Net Savings to Paterson Home Owner from High Deductible Plan | $600 | |
| Scenario | Paterson, NJ Home Replacement Value MORE than Home Value | Paterson, NJ Home Replacement Value LESS than Home Value |
|---|---|---|
| Replacement Value | $394,000 | $243,500 |
| Insurance Premium based on Replacement Value | $1,900 | $1,175 |
| Risk Exposure from Under Insuring Coverage | Unnecessary Home Insurance Coverage of $64,500 | Risk Exposure from Under Insuring Coverage is $86,000 |
| Premium Impact | Insurance cheaper by $425/year | Insurance costlier by $300/year |
| Insurance Company | GEICO Insurance | Travelers | Nationwide Insurance |
| Monthly Premium | 65 | 71 | 107 |
| Year Built | 1953 | 1977 | 1941 |
| Home Details | 2 Beds, 1 Baths | 3 Beds, 2 Baths | 4 Beds, 3 Baths |
| Coverage Amount | $200000-$250000 | $200000-$250000 | $250000-$300000 |
| Deductible | $2500-$5000 Deductible | $1000-$2500 Deductible | $500 Deductible |