The user friendly tool provides basic information to help New Jersey residents use their time more efficiently when it comes to searching for homeowners insurance. To begin the process residents should visit the State of New Jersey Department of Banking & Insurance website and navigate to the Homeowner's Insurance Premium Comparison webpage.
Select the Type of Homeowners Policy
The first step is to select the type of insurance desired. The website does a nice job of giving a general description of three of the most popular types of homeowners insurance; the HO-3 Standard Homeowners policy, the Renters/Tenants HO-4 policy and the HO-6 policy which covers Condominiums.
Keep in mind that the premiums listed on the site are calculated based on the limits, deductibles listed in the survey examples. Therefore, individuals looking to purchase renters/tenants insurance for limits higher or lower than those used in the example, can look to pay more or less, depending on the underwriting information submitted to the insurance company. The premiums listed on the site serve to give consumers a point of reference.
Choose Municipality or County
The website breaks down the insurance calculations by municipality first then by county. If the home doesn't fall into one of the 11 listed municipalities, then the consumer must select the New Jersey County in which the insured property is located. Clicking on the appropriate municipality or county brings up a listing of insurance companies that offer coverage in the area. Next to each company is the average insurance rate the company would charge for the each of the three types of homeowner policies (HO-3, HO-4 and HO-6).
The alphabetical listing of insurance companies is rather extensive. Consumers should carefully review and compare the insurance premiums. As mentioned earlier, it is important for the consumer to understand that the premiums are an average premium charge. It will vary depending on a variety of underwriting factors. What the tool does, however, is it helps New Jersey insurance seekers to get a comparison of how insurance companies charge.
Individuals who are looking to purchase the cheapest possible insurance policy should contact those carriers that fall into the lowest average premium charge. For New Jersey residents who are looking for a few bells and whistles and don't mind paying a little extra for their homeowners insurance can bypass the lower charging companies and contact those that fall within the mid to high premium range.
Other Insurance Factors to Consider
Unfortunately, many insurance seekers select an insurance policy or insurance company based on premiums alone. Before making a decision, consider What to Look for in a Homeowners Insurance Company. The other factors can help consumers to select the right policy when faced with two very similar insurance quotes.
Felicia A. Williams - Felicia A. Williams is a full time freelance writer with over 20 years of business writing experience.
