Home Insurance in Franklin Lakes, New Jersey
Homes in Franklin Lakes carry a median value of $1,264,000 - 103% higher than the Bergen County median.
The typical home in Franklin Lakes was built around 1982. About 12% of homes were built before 1960, about 39 points below Bergen County's 51%. Older homes can cost more to insure or rebuild because of aging wiring, roofing and plumbing.
Housing in Franklin Lakes breaks down to 92% single-family homes and 7% apartments in buildings with 5+ units.
In Franklin Lakes, about 67% of owner-occupied homes have a mortgage - lenders require hazard insurance on every mortgaged home.
The vacancy rate is 2%; vacant or unoccupied homes typically need a different coverage form than an owner-occupied policy. About 89% of occupied homes in Franklin Lakes are owner-occupied.
Most homes in Franklin Lakes - 90% - are primarily heated with natural gas.
Bergen County had 10,272 active NFIP flood policies as of September 2026. Its top FEMA-rated hazard is coastal flooding (Very High). See the full Bergen County home insurance overview for all FEMA hazard ratings and flood coverage details. Flood damage is excluded from a standard homeowners policy.
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 | $1,264,000 |
|---|---|
| Median year built | 1982 |
| Owner-occupied share | 89% |
| Share of owner-occupied homes with a mortgage | 67% |
| Top county hazard | Coastal Flooding (Very High) |
| Active NFIP policies in Bergen County | 10,272 |
| Home insurance premium | $1,551 - statewide average (NAIC, 2023 data) |
Nearby towns
Sources
Data last updated: 2026-09-29
- U.S. Census Bureau Gazetteer Files (2024)
- U.S. Census Bureau, American Community Survey 2020-2024 5-Year Estimates (2024)
- FEMA National Risk Index (December 2025)
- FEMA OpenFEMA NFIP Redacted Policies v3 (2026)
- NAIC Dwelling Fire, Homeowners Owner-Occupied, and Homeowners Tenant and Condominium/Cooperative Unit Owners Insurance: Data for 2023 (published 2026) (2023)