Home Insurance in Franklin, New Jersey
Homes in Franklin carry a median value of $272,600 - 26% lower than the Sussex County median.
The typical home in Franklin was built around 1955. Aging wiring, roofing and plumbing in older homes can push up the cost to insure or rebuild them. About 54% of homes were built before 1960, about 22 points above Sussex County's 32%.
Mobile and manufactured homes typically need a manufactured-home (HO-7) policy rather than a standard homeowners policy. The housing stock in Franklin is 54% single-family homes, 24% apartments in buildings with 5+ units and 5% mobile or manufactured homes. The rest are 2-4 unit or other housing types.
About 65% of owner-occupied homes in Franklin have a mortgage. Lenders require hazard (homeowners) insurance on any home carrying a mortgage.
Franklin has an owner-occupancy rate of 56% and a vacancy rate of 3%; unoccupied homes typically need a different coverage form.
Homes heated with propane and fuel oil can carry added fire risk. Fuel-tank leaks and spills are often excluded from standard homeowners policies. In Franklin, 51% of homes are primarily heated with fuel oil.
Sussex County's top FEMA-rated hazard is strong wind (Very High), per FEMA's National Risk Index. Sussex County had 193 active NFIP flood policies as of September 2026. See the full Sussex 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 | $272,600 |
|---|---|
| Median year built | 1955 |
| Owner-occupied share | 56% |
| Share of owner-occupied homes with a mortgage | 65% |
| Top county hazard | Strong Wind (Very High) |
| Active NFIP policies in Sussex County | 193 |
| 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)