New Jersey Condo Insurance

Find the Best Condo Insurance Rates & Companies in New Jersey 

Though it's a small state by geographical area, New Jersey boasts a huge population. Among the many types of homes located here, condominiums and townhomes are popular choices. For condominium owners in New Jersey, it's critical to have the right protection for your property. If a neighbor causes a fire or a severe weather event damages your condo, you could be responsible for the cost of repairs or replacing your property if you lack the proper coverage. 

Fortunately, a local independent insurance agent in New Jersey can help you find the right condo insurance. Local agents know exactly which carriers offer top-quality New Jersey condominium insurance, and they can get you equipped with a policy today. But first, here's a breakdown of New Jersey condo insurance requirements and more.

Best Condo Insurance Companies in New Jersey

New Jersey condo insurance is sold by several different insurance companies across the state. However, when you want to find the best New Jersey condominium insurance, it's helpful to know where to begin looking. Here are some of our top picks for the best condo insurance companies in New Jersey to get you started on the right foot.

1. Foremost: This carrier sells condo insurance and many other types of personal insurance. Foremost has excellent ratings from AM Best and the Better Business Bureau (BBB), offers multiple discounts, and provides 24/7 claims reporting.
2. Stillwater: This carrier sells condo insurance and many other types of personal and business insurance. Stillwater has outstanding ratings from both AM Best and the BBB, offers nationwide coverage, and provides 24/7 claims reporting services.
3. Travelers: This carrier sells condo insurance and many other types of personal and business insurance. Travelers also has great ratings from both the BBB and AM Best, offers tons of discounts, and is a longstanding carrier in the industry.

A New Jersey independent insurance agent can help you compare condo insurance quotes from each of these carriers and others that sell coverage in your city.

What's the Difference Between HO3 and HO6 Condo Insurance?

While both HO3 and HO6 insurance provide coverage for personal property (also referred to as "contents"), only one of them is right for condo owners. HO3 policies are meant for owners of single-family and traditional homes, as they're designed to cover not only contents but the building's structure, as well. 

In contrast, HO6 policies are meant for condo owners and provide coverage for contents but not most elements of the building's structure or foundation. The homeowners association of a condominium property has a master policy that insures each condo's structure.

Is Condo Insurance Required in New Jersey?

Condo insurance isn't technically required by state laws in New Jersey. However, many mortgage lenders still require condo owners to get coverage. 

Further, having condo insurance can help you cover potentially hefty costs, such as lawsuits or property damage, that you'd otherwise have to pay out of pocket. So, if you're looking to buy a condo in New Jersey, plan to buy condo insurance, too.

What Does New Jersey Condo Insurance Cover?

Your condominium association has a master policy that covers liability and repairs for the common areas, such as lawns, sidewalks, pools, and parking areas. It also covers damage to the structure of the building, including the exterior walls and sometimes the plumbing, wiring, and windows. Aside from exterior walls and roofing, a condo insurance policy provides much of the same coverage as a standard homeowners insurance policy, including:

• Liability coverage: Pays the costs of third-party lawsuits filed against you for claims of personal property damage or bodily injury.
• Contents coverage: Pays to replace or repair your personal property, including clothing, appliances, furniture, and electronics, in case of a covered disaster like a burglary.
• Loss of use coverage: Pays for additional living expenses such as hotel rooms and takeout meals if you're required to temporarily stay away from your home while it undergoes repairs due to a covered peril such as fire damage.

Be sure your condo insurance policy includes each protection aspect you need and provides adequate coverage for the full estimated value of your personal property.

Save on Condo Insurance

Our independent agents shop around to find you the best coverage.

Request a quote

What's Not Covered by New Jersey Condo Insurance?

All condo insurance policies come with certain coverage exclusions that are helpful to be aware of. In New Jersey, condo insurance tends to exclude the following costs and disasters:

• Flood or earthquake damage to your personal property
• Damage caused by water or sewer backups
• Routine maintenance expenses
• Insect damage or infestation
• Intentional or malicious acts against third parties

If you're concerned about being protected from flood damage or sewer backups, you can typically add these types of coverage as endorsements to your policy.

How Much Does Condo Insurance Cost in New Jersey?

Condo insurance tends to be considerably more affordable than home insurance. The current average cost of condo insurance in New Jersey is $455 per year, which is the same as the national average rate. However, keep in mind that condo insurance premiums can vary based on the following factors:

• Your location
• Your personal claims history
• Your deductible amount
• The amount of coverage you need
• The type of coverage you choose

Talk to your agent about any New Jersey condo insurance discounts you may be eligible to earn, which can greatly reduce your premiums.

Popular Questions about New Jersey Condo Insurance