Home Insurance in New Jersey
New Jersey's median home value is $454,400.
The typical home in New Jersey was built around 1970. About 38% of homes were built before 1960. Aging wiring, roofing and plumbing in older homes can push up the cost to insure or rebuild them.
The housing stock in New Jersey is 63% single-family homes, 22% apartments in buildings with 5+ units and 1% mobile or manufactured homes. The rest are 2-4 unit or other housing types.
In New Jersey, about 64% of owner-occupied homes have a mortgage - lenders require hazard insurance on every mortgaged home.
The vacancy rate is 7%; vacant or unoccupied homes typically need a different coverage form than an owner-occupied policy. About 64% of occupied homes in New Jersey are owner-occupied.
Homes heated with fuel oil can carry added fire risk. Fuel-tank leaks and spills are often excluded from standard homeowners policies. Most homes in New Jersey - 73% - are primarily heated with natural gas.
The statewide average premium for a standard HO-3 homeowners policy in New Jersey is $1,551 per year, according to the NAIC homeowners insurance report (2023 data).
Key figures
| Median home value | $454,400 |
|---|---|
| Median year built | 1970 |
| Owner-occupied share | 64% |
| Share of owner-occupied homes with a mortgage | 64% |
| Home insurance premium | $1,551 - statewide average (NAIC, 2023 data) |
Counties
- Atlantic County
- Bergen County
- Burlington County
- Camden County
- Cape May County
- Cumberland County
- Essex County
- Gloucester County
- Hudson County
- Hunterdon County
- Mercer County
- Middlesex County
- Monmouth County
- Morris County
- Ocean County
- Passaic County
- Salem County
- Somerset County
- Sussex County
- Union County
- Warren County