The average cost of homeowners insurance in Newark is $1,032 per year for a policy with $300,000 in dwelling coverage, according to our latest insurance pricing analysis.
With its proximity to the Atlantic Ocean, Newark has seen its share of bad weather, including nor’easters and hurricanes. So homeowners in Newark will want to have the best home insurance to withstand any weather event.
Compare the best cheap homeowners insurance companies in Newark
Based on our findings, NJM, State Farm, Farmers, and Chubb are the best home insurance companies in Newark.
To find the best cheap homeowners insurance in Newark, Policygenius reviewed over a dozen of the largest insurance companies in New Jersey and chose the five with the highest overall Policygenius rating.
Our ratings are based on each company's financial strength and customer service ratings, the number and quality of available coverage, and average policy premiums in each of Newark's 9 ZIP codes.
Company | Average monthly cost | Policygenius rating | |
|---|---|---|---|
$89 | 5.0 out of 5 | ||
$95 | 4.8 out of 5 | ||
$103 | 4.5 out of 5 | ||
$90 | 4.3 out of 5 |
Methodology & why you can trust our rates
Policygenius has analyzed home insurance rates provided by Quadrant Information Services in March 2022 for ZIP codes in all 50 states plus Washington, D.C., for a 40-year-old female homeowner with no claim history, good credit, a $1,000 deductible, and the following coverage limits:
Dwelling: $300,000
Other structures: $30,000
Personal property: $150,000
Loss of use: $60,000
Liability: $300,000
Medical: $1,000
All rates based on the above coverage limits except where otherwise noted.
Some carriers may be represented by affiliates or subsidiaries. Rates provided are a sample of costs. Your actual quotes may differ.
2024 Policygenius award winner
NJM Insurance
5.0
Bundle home & auto
Offers flood insurance
Offers earthquake insurance
Age 65+
Why we chose it
NJM is the best overall home insurance company in Newark for its cheap rates, range of coverage add-ons, and highly-rated customer service.
Pros and cons
Pros
Cheap rates and 9 discounts to save even more, including ones for being a non-smoker and owning a back-up generator
Excellent NAIC score for customer service — received 100% fewer complaints than other insurers of its size in 2021
Offers a variety of lesser-seen endorsements, such as earthquake, flood, and assisted living care coverage
Cons
Doesn’t offer mobile app or customer service via online chat
More details
Why we chose NJM
NJM is the best overall homeowners insurance company in Newark. While NJM is a small company, its rates and coverage options stack up well against those of a much larger company.
We found that NJM has among the cheapest homeowners insurance among major insurance providers in Newark, on average. NJM also offers a few discounts — including a non-smoker discount — that you can use to lower your rates even more.
NJM has a few useful add-ons, too. You can get water backup coverage, flood insurance (via the company's partnership with Wright Flood), scheduled personal property coverage, and others.
How do NJM home insurance rates compare to the average in Newark?
The average cost of NJM home insurance in Newark is $1,062 per year, which is 3% more expensive than the citywide average of $1,032 per year.
How to get a quote
Online through NJM
2024 Policygenius award winner
State Farm
4.8
Bundle home & auto
Offers extended replacement cost
Offers flood insurance
Offers earthquake insurance
Wind/hail deductible
Offers wildfire insurance
Why we chose it
State Farm is one of the best home insurance companies in Newark thanks to its large selection of policy options, high customer service marks, and industry-best financial stability ratings.
Pros and cons
Pros
Top-tier coverage add-ons, including extended replacement cost coverage
High customer satisfaction and financial strength ratings
Offers large discounts when you bundle your home and auto insurance
Cons
20% more complaints filed with the NAIC than other companies of its size
No discounts for first-time homebuyers
Rates are more expensive than average in NJ
More details
Why we chose State Farm
State Farm is the best home insurance company in Newark for those who want to customize a basic policy with home insurance endorsements. With State Farm, you can get extended replacement cost coverage for your home, replacement cost coverage for your personal property, water backup protection, and much more.
You also get top-rated customer service with State Farm. The company has received high ratings from policyholders according to J.D. Power’s 2022 customer satisfaction, claims, and digital experience surveys. It has also received the highest rating possible from A.M. Best for financial strength and stability.
In Newark, State Farm's rates are higher than average. The company doesn't offer the same number of discounts as other insurers in the state, but if you're planning to bundle home and auto insurance with State Farm, you may receive a large discount.
How do State Farm home insurance rates compare to the Newark average?
The average cost of home insurance from State Farm in Newark is $1,142 per year, which is 11% higher than the citywide average.
How to get a quote
Online through State Farm or by contacting your local State Farm agent.
2024 Policygenius award winner
Farmers
4.5
Offers extended replacement cost
Bundle home & auto
Smart home discounts
Why we chose it
Farmers is the best home insurance company in Newark for homeowners who want to add coverage to their policies. Farmers also has affordable rates, a range of discounts, and high claims satisfaction scores.
Pros and cons
Pros
Optional extended or guaranteed replacement cost dwelling coverage
Receives few complaints from policyholders and has a high claims satisfaction score
Cons
Below-average scores on J.D. Power’s overall customer satisfaction and digital experience surveys
More details
Why we chose Farmers
Farmers is the best homeowners insurance company in Newark if you want to add coverage to a basic policy, including guaranteed or extended replacement cost coverage, water backup protection, and a personal articles floater.
Farmers also earned a high score in J.D. Power’s 2022 claims satisfaction study (though it was below-average on J.D. Power’s overall customer satisfaction and digital experience surveys). Plus, Farmers receives fewer complaints than average, according to the National Association of Insurance Commissioners.
There are a few ways that homeowners can lower their rates with discounts. Farmers is one of the best companies for bundling home and auto coverage (you could save up to 18% on your premiums by bundling). The company also offers more than a dozen other discounts, many of which are easy for most homeowners to qualify for.
How do Farmers home insurance rates compare to the average in Newark?
The average cost of Farmers home insurance in Newark is $1,237 per year, which is 20% more expensive than the city's average annual premium of $1,032 per year.
How to get a quote
Online through Farmers
2024 Policygenius award winner
Chubb
4.3
All 50 states
Offers flood insurance
Offers extended replacement cost
Offers wildfire insurance
Smart home discounts
Bundle home & auto
Mobile app
New homebuyer discount
Why we chose it
Chubb is the best home insurance company for people with high-value and luxury homes, as well as other assets that need to be insured, like boats and luxury cars.
Pros and cons
Pros
Extended replacement cost coverage
Cash-out claim settlements
Complimentary wildfire and hurricane mitigation services
Cons
Below-average J.D. Power customer satisfaction ratings
More details
Why we chose Chubb
Chubb is the best home insurance company in Newark for high-value homes. While it's more expensive than average, Chubb's coverage offerings and specialized features make it our top pick for high-net worth individuals.
Chubb offers a range of robust coverages on top of its basic home insurance protections. These add-ons include extended replacement cost coverage for your home, replacement cost coverage for your personal property, water backup coverage, blanket personal property coverage, equipment breakdown coverage, and more.
You can also get a few special features with Chubb, like property manager services for a second home, high-tech home inspections, and personalized claims services.
How do Chubb home insurance rates compare to the Newark average?
The average cost of home insurance from Chubb in Newark is $1,082 per year, which is 5% more expensive than the Newark average of $1,032 per year.
How to get a quote
Online through Chubb
How much is homeowners insurance in Newark?
The average cost of homeowners insurance in Newark is $1,032 per year, or $86 per month, according to our analysis of quoted premiums in every ZIP code in the city.
This makes Newark home insurance around 16% more expensive than the New Jersey state average of $886 per year, but 41% cheaper than the national annual average of $1,754.
Newark home insurance rates by ZIP code
To help you find out how much home insurance costs where you live, we calculated average home insurance rates in Newark's 9 ZIP codes.
ZIP code | Average annual cost | Difference from state average (%) |
|---|---|---|
07105 | $995 | 12% |
07104 | $1,050 | 19% |
07107 | $1,026 | 16% |
07103 | $1,052 | 19% |
07106 | $1,063 | 20% |
07108 | $1,057 | 19% |
07112 | $1,032 | 16% |
07114 | $994 | 12% |
07102 | $1,016 | 15% |
Cheapest ZIP codes for home insurance in Newark
With an average annual premium of $994, the 07114 ZIP code has the cheapest average home insurance rates in Newark.
ZIP code | Average annual cost | Difference from state average (%) |
|---|---|---|
07114 | $994 | 12% |
07105 | $995 | 12% |
07102 | $1,016 | 15% |
07107 | $1,026 | 16% |
07112 | $1,032 | 16% |
Most expensive areas for homeowners insurance in Newark
With an average annual premium of $1,063 per year, the 07106 ZIP code has the most expensive home insurance rates in Newark.
ZIP code | Average annual cost | Difference from state average (%) |
|---|---|---|
07106 | $1,063 | 20% |
07108 | $1,057 | 19% |
07103 | $1,052 | 19% |
07104 | $1,050 | 19% |
Learn more >> Home insurance rates by ZIP code
Newark home insurance costs by coverage amount
Dwelling coverage is the part of homeowners insurance that covers the structure of your home in case it's damaged or destroyed by a covered event, like a fire or windstorm. A policy's dwelling coverage limit should equal to the home’s replacement cost, which is the amount it would cost to rebuild the home from the ground up.
A higher dwelling coverage limit generally means higher homeowners insurance premiums, and vice versa. Here is the average cost of home insurance in Newark for five different levels of coverage.
Dwelling coverage limit | Average annual cost |
|---|---|
$100,000 | $487 |
$200,000 | $795 |
$300,000 | $1,032 |
$400,000 | $1,274 |
$500,000 | $1,544 |
Newark home insurance costs by deductible amount
Your home insurance deductible is the amount you’re responsible for paying on each claim before insurance helps cover the remainder of the loss.
Newark residents can save $400 each year by choosing a $1,000 deductible over a $500 one.
Deductible | Average annual cost |
|---|---|
$500 | $1,317 |
$1,000 | $809 |
$2,000 | $894 |
Cheapest homeowners insurance companies in Newark
Based on our analysis, Cumberland Mutual, Selective Insurance, UPC Insurance, Franklin Mutual Insurance, and National General are the five cheapest home insurance companies in Newark, with average premiums ranging from $681 to $1,237 per year.
Company | Average annual cost |
|---|---|
Cumberland Mutual | $681 |
Selective Insurance | $781 |
$904 | |
Franklin Mutual Insurance | $1,033 |
$1,042 | |
$1,062 | |
Preferred Mutual Insurance | $1,081 |
$1,082 | |
$1,099 | |
$1,105 | |
$1,142 | |
The Philadelphia Contributionship | $1,163 |
$1,237 |
Cheapest home insurance in Newark if you have poor credit
Your credit score can impact your home insurance rates. Homeowners with poor credit scores are viewed by insurance providers as higher risk, so they’ll often be charged expensive rates as a result.
With an average rate of $1,033 per year, Franklin Mutual has the cheapest home insurance rates in Newark for homeowners with poor credit, while Farmers' average yearly premium of $2,351 is the highest.
Company | Average annual cost |
|---|---|
Franklin Mutual Insurance | $1,033 |
Selective Insurance | $1,139 |
Narragansett Bay | $1,401 |
Cumberland Mutual | $1,458 |
Preferred Mutual Insurance | $1,491 |
UPC Insurance | $1,509 |
National General | $1,542 |
Chubb | $1,549 |
NJM | $1,592 |
The Philadelphia Contributionship | $1,713 |
USAA | $1,824 |
State Farm | $1,923 |
Farmers | $2,351 |
Cheapest home insurance in Newark if you have an older home
It can be expensive to insure older homes since they're more prone to structural damage than newer homes. They're also often constructed with materials and features that would be more expensive to replace after a claim.
With an average annual premium of $681, Cumberland Mutual offers the cheapest home insurance rates for an older home in Newark.
Company | Average annual cost |
|---|---|
Cumberland Mutual | $681 |
Selective Insurance | $797 |
Chubb | $943 |
UPC Insurance | $970 |
Farmers | $1,025 |
Franklin Mutual Insurance | $1,033 |
USAA | $1,072 |
Preferred Mutual Insurance | $1,081 |
National General | $1,094 |
NJM | $1,132 |
State Farm | $1,142 |
Narragansett Bay | $1,156 |
The Philadelphia Contributionship | $1,163 |
Cheapest homeowners insurance in Newark if you have a history of claims
Having a history of claims is one of the most likely reasons why your rates could be expensive. If you have multiple claims on your record, insurers will think you're more likely to file future claims than a homeowner without any past claims.
With an average annual premium of $943, Chubb offers the cheapest home insurance rates in Newark for a homeowner that's filed three claims within a five-year period, while Farmers is the most expensive.
Company | Average annual cost |
|---|---|
Chubb | $943 |
Franklin Mutual Insurance | $1,033 |
Preferred Mutual Insurance | $1,081 |
Cumberland Mutual | $1,141 |
NJM | $1,245 |
State Farm | $1,259 |
Selective Insurance | $1,403 |
USAA | $1,564 |
UPC Insurance | $1,599 |
The Philadelphia Contributionship | $1,744 |
National General | $2,025 |
Narragansett Bay | $2,459 |
Farmers | $3,035 |
How to get homeowners insurance quotes in Newark
Now that you're familiar with the best and most affordable insurance companies in Newark, it's time to start shopping for homeowners insurance. Here are some things you should keep in mind as you compare home insurance quotes in Newark.
Frequently asked questions
Is home insurance mandatory in Newark?
Home insurance isn’t required in Newark unless you financed your home with a loan or mortgage. Mortgage lenders require home insurance to protect their investment against catastrophic losses. Even if you don’t have a mortgage, having home insurance is the best way to protect your assets against weather-related disasters like Hurricane Sandy.
What is the average home insurance cost in Newark?
The average home insurance rate in Newark is $1,032 a year or $86 a month. That’s about $150 more per year than the New Jersey statewide average.
Does Newark offer flood insurance?
Flood insurance is offered in Newark through insurers taking part in FEMA’s National Flood Insurance Program, as well as some independent insurance companies. Consider asking a Policygenius agent about getting this valuable coverage in addition to homeowners insurance.
