Home Insurance in Paterson, New Jersey
Homes in Paterson carry a median value of $360,100 - 22% lower than the Passaic County median.
The typical home in Paterson was built around 1954. Older homes can cost more to insure or rebuild because of aging wiring, roofing and plumbing. About 59% of homes were built before 1960, about 2 points above Passaic County's 57%.
The housing stock in Paterson is 20% single-family homes and 25% apartments in buildings with 5+ units. The rest are 2-4 unit or other housing types.
In Paterson, about 68% of owner-occupied homes have a mortgage - lenders require hazard insurance on every mortgaged home.
Paterson has an owner-occupancy rate of 27% and a vacancy rate of 5%; unoccupied homes typically need a different coverage form.
In Paterson, 82% of homes are primarily heated with natural gas.
Passaic County had 2,754 active NFIP flood policies as of September 2026. Its top FEMA-rated hazard is strong wind (Very High). See the full Passaic County home insurance overview for all FEMA hazard ratings and flood coverage details.
In New Jersey, the statewide average premium for a standard HO-3 homeowners policy is $1,551 per year (NAIC, 2023 data).
Key figures
| Median home value | $360,100 |
|---|---|
| Median year built | 1954 |
| Owner-occupied share | 27% |
| Share of owner-occupied homes with a mortgage | 68% |
| Top county hazard | Strong Wind (Very High) |
| Active NFIP policies in Passaic County | 2,754 |
| 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)