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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.

KEY TAKEAWAYS
  • Condo owners in New Jersey pay an average of $555 per year or $46 per month in condo(HO6) insurance.
  • High Point Preferred Ins Co is the cheapest condo insurance company in New Jersey at only $278 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 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.

CompanyJ.D. Power scoreAM Best rating
USAA882A++
State Farm835A++
Allstate829A+
Liberty Mutual806A
Chubb801A++
Homesite779-

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.

Average annual premiumAverage monthly premium
$532$44

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: $675

HIGHEST RATE: $1,863 LOWEST RATE: $257

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

Most Expensive

Zip CodeCityHighest Rate
08739Normandy Beach$878
08220Leeds Point$873
08240Pomona$848
08402Margate City$840

Least Expensive

Zip CodeCityLowest Rate
07823Belvidere$542
07866Rockaway$543
07457Riverdale$544
07946Millington$545

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.

CompanyAverage annual premium
High Point Preferred Ins Co$278
Allstate$373
Chubb$379
New Jersey Manufacturers Ins Co$406
Foremost$411
Liberty Mutual$498
State Farm$522
LM Insurance$558
Fidelity & Guar$585
Homesite$761
USAA$782

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