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Condo insurance isn’t required by law in New Jersey, but your mortgage company likely requires it. Condo insurance is a home insurance policy that covers everything inside your condo, while the homeowners association’s insurance covers the outside of your building and common areas.

Depending on your HOA’s rules, your condo insurance may cover not only personal property, but also provides dwelling coverage known as building property coverage, for the interior of the structure. Make sure you know how much condo insurance you need before you buy condo insurance.

To find the best condo insurance in New Jersey, we’ve gathered data on the top companies. Below you’ll find a list of the best condo insurance companies in New Jersey with average annual rates.

Key takeaways

  • The residents of New Jersey pay an average of $487 per year for condo insurance for a coverage level of $60,000 for personal property, $300,000 for liability protection with a $1,000 deductible.
  • Based on the analysis by Insurance.com, USAA is the top pick for the best condo insurance company in New Jersey.
  • Franklin Mutual offers the cheapest condo insurance in New Jersey at an average of $244 per year.

Best condo insurance companies in New Jersey

In New Jersey, you have a lot of options when it comes to finding the best condo insurance company. To make your task easier, our insurance experts have analyzed premiums, coverage offerings, J.D Power score and customer satisfaction ratings of major insurers in New Jersey. Below are the best condo insurance companies in New Jersey based on Insurance.com’s analysis.

CompanyJ.D. Power ScoreAM Best RatingAverage rating (out of 5)
USAA884A++
4.0
State Farm829A++
3.8
Chubb Ltd809A++
3.5
Allstate815A+
3.0
Farmers792A
2.9
American Family842A
2.6

Average cost of condo insurance in New Jersey

The average cost of condo insurance in New Jersey is $487 a year or $41 a month with $1,000 as deductible, $60,000 in personal property coverage, and liability coverage of $300,000. Your average annual premium will vary depending on your location, the coverage limits you select, and the deductible amount among other factors.

To find the most affordable policy for your situation, compare quotes from multiple providers based on the coverage you need.

Average Annual PremiumAverage Monthly Premium
$487$41

CONDO INSURANCE CALCULATOR

Average condo insurance rates in NEW JERSEY

$60,000
$1,000
$100,000
7107 - Newark
Personal Property Coverage $60,000, Deductible $1,000 and Liability $100,000.

AVERAGE RATE: $638

HIGHEST RATE: $1,863 LOWEST RATE: $244

Most & least expensive zip codes for condo insurance in New Jersey

Most Expensive

Zip CodeCityHighest Rate
08203Brigantine$797
08402Margate City$791
08406Ventnor City$779
08401Atlantic City$770

Least Expensive

Zip CodeCityLowest Rate
07823Belvidere$492
07946Millington$498
07866Rockaway$498
07945Mendham$498

Condo insurance rates by company in New Jersey

Rates for condo insurance by company in New Jersey vary. It’s important to shop around and compare quotes to find the best price. 

In the table given below, you’ll see condo insurance rates for major companies in New Jersey. The cheapest company for condo insurance in New Jersey is Franklin Mutual. Palisades, and Farmers, are the second and third cheapest options.

CompanyAverage Annual Rate
Franklin Mutual$244
Palisades$341
Farmers$360
New Jersey Manufacturers$382
Allstate$450
State Farm$468
Chubb Ltd$468
USAA$681
American Family$790

Methodology

Insurance.com compared condo insurance rates provided by Quadrant Data Solutions in 2022 for $60,000 of personal property coverage with a $1,000 deductible and $300,000 of liability coverage for all available ZIP codes and with a good credit score. The content was updated in 2023.

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