Homeowners Insurance in Camden, New Jersey

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Homeowners Insurance in Camden, New Jersey

Camden, just across the Delaware River from Philadelphia, is one of the largest cities in South Jersey. Properties and homeowners insurance in Camden are affordable.

Whether you’re an existing property owner or a first-time buyer, you can’t leave the protection of your property up to chance. Read here for help securing the best homeowners insurance in Camden. We break down average rates, cost factors, and more you should know.

How Much Is Homeowners Insurance in Camden, New Jersey?

The average cost of homeowners insurance in Camden is about $1,137 annually, with rates ranging from $737 to $1,473 for most people. 

New Jersey regularly ranks among one of the country’s most affordable states for home insurance, with an average rate of $1,123. Many factors affect premiums, and rates vary by location, but Camden premiums of $1,137 yearly are on par with the state’s average, meaning home insurance in the city is fairly friendly to your wallet. You’ll likely be able to find coverage for less than $100 per month.

Your home’s value is critical to your premiums, though, and you should expect to pay more for coverage if you have an expensive home. Insurance companies use your home’s replacement cost as a decisive factor in determining your rates.

Replacement cost is the amount of money it would take to rebuild your home from scratch based on construction, materials, and labor expenses. Larger, nicer homes cost more to rebuild and more to insure, as you can see in the table below.

Average Cost of Homeowners Insurance in Camden
Dwelling Coverage $200,000 $300,000 $400,000
Annual Premium $737 $1,105 $1,473

Bigger homes need more insurance, and more insurance costs more money. Again, many factors affect premiums, and you won’t know your exact rate until you get quotes. 

Camden Homeowners Insurance Coverages

Every Camden home insurance policy protects your home and property from possible damage sources called perils. Fires, hurricanes, and theft are some of the most typical covered perils, although plans typically cover over a dozen perils by default.

Coverage areas in homeowners insurance policies are as follows:

Camden Homeowners Insurance Coverages
Coverage Definition
Dwelling Coverage Dwelling coverage financially protects your home’s structure and components, including the roof, walls, flooring, pipes, and more, from covered perils.
Other Structures Coverage Other structures coverage guards features on your property that aren’t attached to your house, such as fences, sheds, detached garages, and carports.
Personal Property Coverage Personal property coverage protects your possessions, including furniture, electronics, clothing, tools, and jewelry, from theft and damage.
Loss of Use Coverage Loss of use coverage reimburses you for living expenses you incur if you’re forced to move out of your house after significant damage from a covered peril. Your insurer can temporarily cover hotel stays, groceries, and more.
Liability Coverage Liability coverage helps pay legal fees and medical bills if someone sues you for injuries for which you’re found responsible, such as a dog bite or a home accident. 
Medical Payments Coverage Medical payments coverage is designed to cover minor medical expenses if someone is injured around your property, regardless of fault.

It’s Time to Switch Your Homeowners Insurance

We partner with the nation’s top homeowners insurance companies so you can get a custom policy at an affordable price.

How to Get the Best Homeowners Insurance in Camden

The best homeowners insurance in Camden will cover your property and liability sufficiently at a good price. You may want to adjust some defaults in your policy to tailor it to your needs, and you should always shop around to find the best rate.

Customizing Your Coverage

You can adjust the coverage amounts of each section in your plan to suit your circumstances. Every coverage section has a maximum possible payout. Alter these limits to suit your needs.

For example, you can make a home inventory, valuing all your possessions to determine the exact amount of personal property coverage you need. Your dwelling limit must be between 80% and 100% of your home’s replacement cost. Raising your dwelling limit closer to 100% of your house’s value will leave you some more wiggle room during a rebuild, but it increases your premiums.

You should also note when and how your policy covers damage. Some sections may cover you at actual cash value, while others will reimburse you for damage at replacement cost. Replacement cost is preferable if you can choose between the two options, but it’s usually more expensive.

Getting the Cheapest Homeowners Insurance in Camden

It’s critical you get quotes from multiple companies when looking for Camden home insurance. Rates vary by company because each carrier has different business needs and underwriting practices that determine their rates. 

Shopping Around

Once you know what you want in your policy, you should shop around to find the company that has your desired coverage at the best price. Don’t settle for the first quote you get. You won’t know if it’s the best deal unless you compare your options.

Comparing several companies will also help you see the different endorsements and discounts available. Endorsements are optional coverage add-ons that supplement your protection for certain items or perils beyond policy default. Endorsements may be cheaper at one company than another. 

Also, you may qualify for more or better discounts at a certain company. Always ask about available discounts and how you can save on premiums. 

What to Know About Flood Insurance in Camden

We mention several perils that home insurance plans cover. It’s important to note that flooding isn’t one of these perils. Homeowners insurance always excludes flood damage.

Flooding is the nation’s most common natural disaster, and every property can be affected. Anywhere it rains, it can flood. You aren’t safe from the possibility of flooding unless you have a separate flood insurance policy.

In Camden, some properties on or near the Delaware River are prone to coastal flooding and storm surges and may lie in federally designated flood zones. The Federal Emergency Management Agency (FEMA) maintains flood risk maps for the country and also offers flood insurance at a subsidized rate through the National Flood Insurance Program (NFIP).

We can help you get flood insurance from the NFIP or a private flood insurance provider. The private flood market is growing yearly as technology improves. Explore your options today. 

Stay Above Water With Flood Insurance

Do you want to pay for costly and common flood damage yourself or have an insurance policy pick up the tab?

Cost Factors of Home Insurance in Camden, New Jersey

The average cost of home insurance in Camden is generally between $737 and $1,473 annually. Many factors related to your likelihood of filing of a claim affect your insurance costs. Some of the more significant ones are below.

Factors that can raise insurance costs include:

  • Old roofs
  • Attractive nuisances
  • Poor credit scores
  • Insurance claims histories
  • Potentially aggressive dog breeds

Factors that can lower insurance costs include:

  • Newly built home construction 
  • Security systems
  • Discounts 

Elements like old roofs, siding, or pipes are more likely to suffer from damage, which raises rates. Having attractive nuisances, such as pools and trampolines, or certain dog breeds, like pit bulls, increases your chances of a liability claim and raises premiums.

Conversely, newly built homes often have lower premiums than older ones due to a lack of wear and tear and compliance with the latest building and safety codes. Having a burglar alarm or deadbolt locks also commonly yields discounts, which reduces premiums.

Is Home Insurance in Camden Required?

Homeowners insurance in Camden isn’t required by any law, but that doesn’t necessarily mean you won’t need to have it. Most people have mortgages, and mortgage lenders require home insurance as part of all their home loans.

Lenders put down large sums of money when they help fund home purchases. They require insurance coverage on the property to protect their investment and ensure they at least get their money back if the house gets destroyed.

If a fire, hurricane, or other covered peril destroys your home, your insurance provider will reimburse you and your lender so no party loses out on their money. You must maintain homeowners insurance during your mortgage, or else your lender will force insurance on you. 

This force-placed insurance is expensive and lacks optimal coverage, so secure coverage yourself and make your premium payments on time.

How to Get Homeowners Insurance Quotes in Camden

Gathering several Camden home insurance quotes before buying is essential to find the best deal. If you want help finding the right coverage, consult our team at Clovered. We’re an independent insurance agency specializing in all types of property insurance.

You can assess your options and potentially bind your policy online using our proprietary quoting platform. It only takes a few minutes to provide your information and see your choices.

Or you can chat with one of our agents over the phone for a Camden home insurance quote. Call our team at  833-255-4117 for professional help and quality customer service. We want to see your house have the right protection. You can also email us at [email protected] with any questions.

Homeowners
It's Time to Switch Your Homeowners Insurance

We partner with the nation's top homeowners insurance companies so you can get a custom policy at an affordable price.

The editorial content on Clovered’s website is meant to be informational material and should not be considered legal advice.

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