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.
| Company | J.D. Power Score | AM Best Rating | Average rating (out of 5) |
|---|---|---|---|
| USAA | 884 | A++ | |
| State Farm | 829 | A++ | |
| Chubb Ltd | 809 | A++ | |
| Allstate | 815 | A+ | |
| Farmers | 792 | A | |
| American Family | 842 | A |
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 Premium | Average Monthly Premium |
|---|---|
| $487 | $41 |
CONDO INSURANCE CALCULATOR
Average condo insurance rates in NEW JERSEY
AVERAGE RATE: $638
Most & least expensive zip codes for condo insurance in New Jersey
Most Expensive
| Zip Code | City | Highest Rate |
|---|---|---|
| 08203 | Brigantine | $797 |
| 08402 | Margate City | $791 |
| 08406 | Ventnor City | $779 |
| 08401 | Atlantic City | $770 |
Least Expensive
| Zip Code | City | Lowest Rate |
|---|---|---|
| 07823 | Belvidere | $492 |
| 07946 | Millington | $498 |
| 07866 | Rockaway | $498 |
| 07945 | Mendham | $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.
| Company | Average 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.
