Anyone suggest a Home Insurance company in NJ?

Question

Hi everyone,

I need a quote for HOI for 2-family non owner occupied home/s.

I saw people mentioned something around $300 per unit, so far I was quoted twice as much (weichert insurance)

Is there/what is a minimum reasonable/practical set of features I need to ask an insurance company to quote me?

Would you please suggest?

Charlie Hampton · Answer

Liberty mutual said they would not be able to insure my duplex.  It is in an LLC name so it had to be a commercial policy.  I am insured through Fidelity and pay just under $2k with $700k replacement cost (3500 sq ft so $200/ft is right on).

Steve Wilcox · Answer

I use affinity group managment

Call them and see what they quote, they do all our flips as well as our rentals

David Thomas · Answer

The $200/sq ft sounds correct for rebuild but thats just to determine replacement cost.  Your actual policy premium will have many other factors as you probably know - age of home, condition, owner vs non-owner occupant, security features, location, and on, and on!   Increasing your deductible a bit will lower the cost as well, but the key is to shop around.  Its worth the effort.

Aleksey Vinogradov · Answer

Michael, I've got a quote from Liberty Mutual for around 1100 for a 2-unit, so maybe for you it might be worth to check a couple of more places?

Michael Krassos · Answer

Hello @David Thomas, hope you are well.  What coverage amount are you basing a quote of 1000 to 1200 on?  In my experience the TNT insurance broker is suggesting about $200 per Sq foot in NJ to rebuild, resulting in 1300 a 1800 per typical 2 family in NNJ.  Thoughts, am I being taken for a ride?

Aleksey Vinogradov · Answer

Thanks for you advice, David! I'll contact them and will see what they get..

David Thomas · Answer

Hey @Aleksey Vinogradov ,

Your policy is going to cost you between $1,000-1,200 per year.   I personally got the lowest HOI rates from Geico and Travelers.

Call a local agency that shops around for you like Insurance Center of North Jersey.  Call Geico directly.