Home Insurance Paterson, NJ

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Protect the Value of Your Home in Paterson

Owners of residences in the largest city in Passaic County and the third most populous municipality in New Jersey need home insurance coverage. The median home value in Paterson was $269,200 between 2017 and 2021 and is now estimated to be between $400,000 and $450,000. The rising valuation of homes in North Jersey is one of the best reasons to get home insurance in Paterson.

Whether you live in the East Side Park Historic District, Stoney Road or Hillcrest, you can benefit from a policy that protects your home against common risks in this region. Home insurance can cover losses due to property crime in addition to fire, storm and other catastrophic damage.

Why You Need Home Insurance in Passaic County

Home insurance and supplemental policies can protect against several risks to property in Paterson. Find out more about some of the most potentially costly causes of damage:

Property crime: The annual rate of property crime in Paterson is 12.48 per 1,000 residents. You have a 1 in 80 chance of being a victim of property crime in Paterson, compared to a 1 in 89 chance in New Jersey in general.
Hurricanes: Hurricane Ida in 2021 and Hurricane Irene in 2011 both caused damage in Paterson. Most home insurance policies cover wind damage.
Flooding: Approximately 4,435 out of 18,411 homes in Paterson are at risk of flooding, especially residences in low-lying neighborhoods near the Passaic River. Supplementary flood insurance coverage is advisable for many homeowners.

The location of your home in Paterson can determine whether you should get flood insurance in addition to homeowners insurance. Much of the city is on the Passaic floodplain, and heavy rainfall and cresting rivers frequently overwhelm a combined sewer overflow system.

The Cost of Home Insurance in Paterson

Average annual rates for insuring homes in Paterson are around $1,000 per year or less, which is below the state and national average. The cost of insuring your home can be higher if you require additional flood insurance or sewer backup coverage. Homeowners insurance is a smart investment given the relative affordability of insuring a home in North Jersey. VIU by HUB is the best service for comparing rates from multiple insurance companies.

Factors for Home Insurance Rates in New Jersey

Several data points can determine the cost of insuring your home in Paterson. The age and size of a residence are both significant factors, as is the level of coverage you need. A history of claims for damage to a property can also result in higher rates.

The location of your home can indicate the relative risk of property crime or flooding, both of which can raise premiums. Owners of homes near the Passaic River may want to consider additional coverage through the National Flood Insurance Program or a private flood insurance provider.

Custom Coverage for Paterson Homes

Home insurance coverage should account for the value of your North Jersey residence. You can further reduce the financial burden of restoring or rebuilding your house or replacing valuable possessions after damage or loss with the following coverage options:

Separate policies for high-dollar items, such as collectibles, fine art or jewelry
Replacement cost policies that do not deduct depreciation
Umbrella insurance policies for higher liability limits at home and on the road

VIU by HUB makes it easy to compare rates for home insurance in Paterson. We can help you find the level of coverage you need at a price you can afford.

This information is intended for general informational purposes only and is not intended to constitute legal advice.