The average cost for home insurance in America is $1,312 annually. However, in Newark homeowners insurance costs $868 per annum for $250K coverage. This is higher than the $751 annual average cost for insurance in New Jersey. This makes it even more crucial that Newark homeowners search for the most affordable home insurance companies to protect and invest.
According to the U.S. Census 282,011 people live in Newark. The city has more than 100,200 homes, and 22.3% are occupied by homeowners. There are many home insurers that service Newark. However, not all may offer the coverage a Newark homeowner requires. These are the top Newark homeowners insurance companies based on data, rankings and figures.
Newark’s best home insurance company
We used 2021 rates provided by Quadrant Information Services, and the most recent customer satisfaction ratings from J.D. We used power to narrow down the top providers. We also looked at coverage options, discounts, and accessibility.
Travelers
Newark homeowners insurance policy with Travelers includes additional protections. You have the option of loss of use, flood insurance, water backup, sump pump discharge and overflow. You have the option to select special personal property coverage, contents substitution cost, additional replacement cost protection, and protection for jewelry and valuables. Ask about homebuyer, loss-free, and green home discounts to help you save. Bundling your home insurance with another Travelers policy can save you up to 15%. This applies whether you are looking for boat insurance, car insurance, or even event and wedding insurance.
USAA
USAA is the largest company for car insurance. However, it also specializes in home insurance. To be eligible for coverage, you must be an active military member, veteran, or eligible family member. USAA offers some of the lowest home insurance rates in Newark. Standard coverage includes identity theft insurance with coverage up to $5,000. There are also potential options for loss, home-sharing, and earthquake coverage. Bundling policies, or remaining claims-free for five years or more can help you get 10%
State Farm
State Farm offers insurance for all types of property, including condo, manufactured and rental property insurance. You can also bundle it with auto, motorcycle, and RV insurance to get a complete package of protections. You can also check out the Steer Clear(r), and Drive Safe & SaveTM discounts. You can also save by adding home alert protection, roof discounts, and higher deductibles. State Farm offers the best mobile tools available in the industry and online resources to help manage your policy.
The Hanover
Two home insurance packages are available from Hanover: the Prestige or the Platinum. Platinum bundles auto and home for one account with low pricing. The Prestige policy is also available, which covers high-value property. You can add ordinance or law coverage, coverage for service lines, water backup, and guaranteed replacement cost to get even more protection in case of an emergency. You can choose to have loss mitigation expense coverage that covers up to $2,500 for claims exceeding $10,000, or opt for the waiver of deductibles for large losses. This means you don’t pay a deductible if you suffer a loss greater than $50,000.
Allstate
Allstate offers a variety of add-on protections to make your home insurance policy truly personalized. HostAdvantage(r), a program that allows home-sharing and provides identity theft restoration services, is available. Allstate offers some rare types of coverage that are not often seen, such as insurance protection for your yard, garden and sports equipment. You may be eligible for green improvement reimbursement if you make certain home improvements.
Newark Home Insurance Tips
New Jersey, with its location on the Eastern Seaboard, is vulnerable to natural hazards. While the standard home insurance policy can be a great start, it may not provide enough protection to give you peace of mind.
- Flood insurance: New Jersey’s location along the Atlantic Ocean could make it more vulnerable to flooding and severe storms. Flood insurance is available to protect your home in the event of flooding.
- Water damage: Water damage can sometimes be caused by a malfunctioning sump pumps or clogged sewers. Most providers offer water backup and sump pump coverage.
- Windstorm: Although windstorm coverage is available with certain policies, it must be purchased separately with other providers. For homeowners in New Jersey who are vulnerable to hurricanes and punishing winds, it is strongly recommended.
Newark: Home insurance discounts
There are many ways you can save money on your home insurance every month. Many homeowners insurance companies offer discounts that will help you lower your monthly premium.
- Home: Additional discounts can be earned if you have safety features installed in your home such as a security system, smoke detectors, or a new roof.
- Payment: Many companies offer discounts to sign up online for payments, pay in full, or renew your policy before the deadline.
- Customer: Other discounts like military, seniors and new homebuyer discounts are also available.
Bundling policies is a great way of saving money. You could get discounts on multiple policies you have from the same company. Consider purchasing additional insurance policies from the same company when you purchase a new home policy.
Questions frequently asked
Which is the best company for home insurance?
Our latest research shows that the top home insurance companies includes a number of the best Newark companies. But which one is best depends on your needs and the rates they offer.
What is the cost of Newark home insurance?
For $250K coverage, the average cost for home insurance in Newark is $868 per year. Although it’s more expensive than the New Jersey average home insurance of $751 per annum, it is still much less than the national average of $1312 per annum.
What amount of Newark home insurance do you need?
Newark residents do not require home insurance. However, if you have a loan, your lender may require that you maintain minimum coverage. Home insurance is highly recommended to protect your home.