Best Condo insurance in New Jersey

If you live in a condo, then it is important for you to purchase condo insurance to protect your investment. Some homeowners associations offer insurance, but it is not always the best option. It's better to have your own policy and make sure you are fully protected in case anything happens.

Homeowners association's insurance covers the outside of your building and common areas. But HOA's policy doesn't cover what's inside your condo- like furniture or other personal belongings.

If you are looking for the best condo insurance in New Jersey, then this guide is for you. You'll find the list of best condo insurance companies for New Jersey homeowners and their average annual rates. Use this guide to make informed insurance decisions.

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 rating of all the major insurers across New Jersey. Below are the best condo insurance companies in New Jersey based on Insurance.com's analysis.

• USAA
• State Farm
• Allstate
• Liberty Mutual
• Chubb

Compare best condo insurance companies in New Jersey

We have compared the insurance providers based on their J.D. Power score and ratings from AM Best to help you find affordable condo insurance in New Jersey. Based on the analysis by Insurance.com, USAA tops the list of best condo insurance companies in New Jersey. It has earned 882 scores out of 1000 from J.D. Power and an A++ rating from AM Best, which is the highest rating they offer. Although, USAA offers condo insurance services only for members of the military and their families.

State Farm is another option after USAA for condo insurance, it received 835 scores from J.D. Power and an A++ rating from AM Best. Here is a comparison of some of the best condo insurance companies in New Jersey.

Average cost of condo insurance in New Jersey

The average cost of condo insurance in New Jersey is $532 a year or $44 a month with $1,000 as deductible, $40,000 as personal property coverage, and liability coverage of $100,000. Your average annual premium will vary depending on your location, the coverage limits you select, and deductible amount among other factors.

Condo insurance covers the interior of the unit, it provides protection against the damage caused by fire, theft, vandalism, natural disasters, and frozen pipes.

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

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CONDO INSURANCE CALCULATOR

Average condo insurance rates in NEW JERSEY

Zip

Personal Property Coverage Covers your personal belongings, such as your furniture, electronics, clothing, artwork, etc. Choose the amount you believe would cover all of your belongings.

$40,000$60,000$80,000$100,000 $60,000

Deductible Choose the amount you want to pay out-of-pocket before insurance kicks in. This applies to your dwelling and personal belongings claims.

$1,000 $1,000

Liability Covers the medical expenses of people who are hurt while in your home or on your property, as well as damage you caused to others’ property. Also covers legal fees if you are sued by someone hurt in your home or on your property. Limits of $300,000 or $500,000 are recommended.

$100,000$300,000 $100,000

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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 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

• Methodology ×

  Insurance.com commissioned Quadrant Information Systems to provide condo insurance rates for nearly every ZIP code in the country from up to six major insurers. The applicant profile is of a married, 35-year-old who has filed no claims in five years. Coverage includes dwelling coverage of $50,000, medical payments coverage of $5,000, contents replacement at replacement value and loss of use at 10 percent of personal property limit.

  METHODOLOGY +

Condo insurance rates by companies in New Jersey

The rates for condo insurance by companies in New Jersey vary greatly. It is important to shop around and compare quotes to get affordable insurance rates. To find the best insurance company in New Jersey, you should consider price, coverage options, financial stability, and customer satisfaction when shopping around.

In the table given below, you'll see that major companies in New Jersey have different insurance rates for condo insurance, and High Point Preferred, Allstate and Chubb are the top three cheapest condo insurance companies for New Jersey residents.