Home Insurance in Madison, New Jersey
The median home value in Madison is $943,200, 62% higher than the Morris County median.
The typical home in Madison was built around 1961. Older homes can cost more to insure or rebuild because of aging wiring, roofing and plumbing. About 48% of homes were built before 1960, about 15 points above Morris County's 33%.
The housing stock in Madison is 70% single-family homes and 16% apartments in buildings with 5+ units. The rest are 2-4 unit or other housing types.
68% of owner-occupied homes in Madison carry a mortgage, and mortgage lenders require hazard insurance for as long as the loan is active.
About 64% of occupied homes in Madison are owner-occupied. The vacancy rate is 3%; vacant or unoccupied homes typically need a different coverage form than an owner-occupied policy.
87% of homes in Madison are primarily heated with natural gas.
Morris County had 2,729 active NFIP flood policies as of September 2026. Its top FEMA-rated hazard is strong wind (Relatively High). See the full Morris County home insurance overview for all FEMA hazard ratings and flood coverage details.
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 | $943,200 |
|---|---|
| Median year built | 1961 |
| Owner-occupied share | 64% |
| Share of owner-occupied homes with a mortgage | 68% |
| Top county hazard | Strong Wind (Relatively High) |
| Active NFIP policies in Morris County | 2,729 |
| 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)