NJ Homeowners Could See 20% Insurance Rate Increases

The High Cost of Living in New Jersey

Here's a not-so-fun fact: living in New Jersey is expensive.

Whether it's what you pay at the grocery store, what you pay to the landlord, or what you pay to the state in taxes, Jersey is not a cheap place to call home.

I used to live in the middle of nowhere, Pennsylvania, and rented a 3-bed 1-bath apartment in the heart of downtown for $450 a month.

Trust me when I say that having to pay $1,550 a month for rent when we moved to Jersey gave me heart palpitations; it is not an exaggeration.

Why Many Still Choose to Live in the Garden State

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But there are a lot of positives in Jersey that help combat that cost; for example, jobs in Jersey typically pay more, we have beaches, gorgeous parks, tons to do, and there's something for everybody, so I think Jersey is a great place to call home.

Homeowners in NJ Could See Major Insurance Rate Hikes

Sadly, though, there's a good chance that if you're a homeowner in Jersey, you're going to have to shell out even more in the next year or so, now that homeowners' insurance companies got approvals for hikes.

According to NJ.com, some of the biggest increases are coming from companies like Founders and Mercury, which were approved for rate hikes of over 20 percent.

Photo by Vlad Deep on Unsplash

Other companies that were approved for hikes include State Farm, Cambridge Mutual, Homeowners Choice, and most of the 120-plus insurance companies that operate in the state.

Get the full list here.

How NJ Homeowners Can Try to Save on Insurance Costs

There are ways to try to save, but it may require a lot of effort. You'd have to call around to a lot of insurance companies, get quotes, ask for discounts, and see where you can pinch pennies.

But it's totally worth it when the cost of everything else is skyrocketing.