- Best condo insurance companies in New Jersey
- Average cost of condo insurance in New Jersey
- Condo insurance rates in New Jersey by coverage level
- Condo insurance rates by company in New Jersey
- Compare condo insurance rates by city in New Jersey
- Methodology
- Compare New Jersey condo insurance rates with other states
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, scores, and ratings from sources like the National Association of Insurance Commissioners (NAIC) and AM Best for major insurance companies in New Jersey. Below are the best condo insurance companies in New Jersey based on Insurance.com’s analysis.
| Company | Annual premium | AM Best rating | NAIC | Insurance.com rating |
|---|---|---|---|---|
| New Jersey Manufacturers | $374 | A+ | 0.14 | |
| Farmers | $360 | A | 0.54 | |
| Chubb Ltd | $483 | A++ | 0.18 | |
| Franklin Mutual | $244 | A | 0.71 | |
| State Farm | $435 | A++ | 0.95 | |
| Allstate | $547 | A+ | 0.90 | |
| American Family | $795 | A | 0.37 | |
| Plymouth Rock Assurance | $333 | A- | 1.38 |
Average cost of condo insurance in New Jersey
The average cost of condo insurance in New Jersey is $484 a year or $40 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 |
|---|---|
| $484 | $40 |
Condo insurance calculator
Average condo insurance rates in New JerseyMost & least expensive ZIP codes for condo insurance in New Jersey
Most expensive
| ZIP code | City | Highest rate |
|---|---|---|
| 08406 | Ventnor City | $643 |
| 08203 | Brigantine | $640 |
| 08402 | Margate City | $640 |
| 08403 | Longport | $628 |
Least expensive
| ZIP code | City | Lowest rate |
|---|---|---|
| 07823 | Belvidere | $398 |
| 07865 | Port Murray | $403 |
| 08865 | Alpha | $403 |
| 07882 | Brass Castle | $405 |
Condo insurance rates in New Jersey by coverage level
Based on a rate study by Insurance.com, Franklin Mutual provides the lowest condo insurance rates in New Jersey based on our standard coverage sample of $60,000 for personal property coverage, $300,000 for liability coverage and a $1,000 deductible.
Plymouth Rock Assurance is the next cheapest option, offering low-cost condo insurance in New Jersey at $333 per year. However, rates vary by coverage level.
The table below shows condo insurance rates from several top companies at various coverage levels.
| Company | $40,000 contents/$100,000 liability | $40,000 contents/$300,000 liability | $60,000 contents/$100,000 liability | $60,000 contents/$300,000 liability | $80,000 contents/$100,000 liability | $80,000 contents/$300,000 liability | $100,000 contents/$100,000 liability | $100,000 contents/$300,000 liability |
|---|---|---|---|---|---|---|---|---|
| Franklin Mutual | $211 | $211 | $244 | $244 | $311 | $311 | $377 | $377 |
| Plymouth Rock Assurance | $261 | $266 | $328 | $333 | $395 | $400 | $463 | $468 |
| Farmers | $312 | $332 | $340 | $360 | $369 | $389 | $400 | $420 |
| New Jersey Manufacturers | $307 | $327 | $354 | $374 | $402 | $422 | $450 | $470 |
| State Farm | $356 | $378 | $413 | $435 | $457 | $479 | $499 | $521 |
| Chubb Ltd | $327 | $385 | $425 | $483 | $523 | $581 | $617 | $675 |
| Allstate | $438 | $455 | $530 | $547 | $611 | $628 | $681 | $698 |
| USAA | $633 | $633 | $710 | $710 | $779 | $779 | $839 | $839 |
| American Family | $667 | $676 | $786 | $795 | $894 | $903 | $1,001 | $1,010 |
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. Plymouth Rock Assurance, and Farmers, are the second and third cheapest options.
| Company | Average annual rate | Average monthly rate |
|---|---|---|
| Franklin Mutual | $244 | $20 |
| Plymouth Rock Assurance | $333 | $28 |
| Farmers | $360 | $30 |
| New Jersey Manufacturers | $374 | $31 |
| State Farm | $435 | $36 |
| Chubb Ltd | $483 | $40 |
| Allstate | $547 | $46 |
| USAA | $710 | $59 |
| American Family | $795 | $66 |
Compare condo insurance rates by city in New Jersey
Condo insurance rates vary significantly across cities, influenced by various factors, including weather patterns, crime rates, and property values. You must consider these factors and compare quotes from different insurers to get the best deal on condo insurance for your specific city in New Jersey.
City Annual insurance premium
Methodology
Insurance.com compared condo insurance rates provided by Quadrant Data Solutions in 2023 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 2024.
Compare New Jersey condo insurance rates with other states
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