Cherry Hill Homeowners Insurance

Your Complete Guide to Cherry Hill, NJ Homeowners Insurance

Find the right homeowners insurance policy for you.

Cherry Hill, New Jersey has a population of over 71,000 residents. It is located on the Delaware Valley coastal plain, approximately 8 miles southeast of Philadelphia. Most Cherry Hill homeowners consider their home to be their greatest asset. For that reason, you need home insurance to protect your home and other assets from the financial devastation brought on by fires, severe weather, and even break-ins or vandalism. Where can you find an affordable policy with the coverage you need? A local independent insurance agent can help you obtain the best and most affordable insurance coverage for your unique situation.

Cost of Homeowners Insurance in Cherry Hill, NJ

New Jersey is the 21st most expensive state for home insurance in the US. In Cherry Hill, homeowners can expect to pay less, on average, for coverage than homeowners in other parts of the state. 

  • National average yearly premium: $1,173
  • New Jersey average yearly premium: $1,149
  • Cherry Hill average yearly premium: $957

When you receive quotes for Cherry Hill homeowners insurance, expect your premiums to be more or less than average. Everyone’s homeowners insurance rates are a little different because insurance costs are based on your individual home’s characteristics and the amount of coverage you need. The type of home you have (one-story, townhome, two-story, etc.), as well as its age, size, and value, are the first characteristics that insurance companies use to determine your home insurance rates. They also consider the types of materials used in your home’s construction, as well as several other factors, such as:

  • Your claims history and credit score
  • Your coverage limits and the deductible that you choose
  • The crime rate and weather risks in your city or ZIP code
  • Whether you are bundling your coverage with other policies like car insurance

The best way to make sure you are getting the best price is to shop around. An independent insurance agent can get quotes from multiple insurance companies, so you can compare costs and coverage and make the best choice for your needs and budget. 

Burglary Rate in Cherry Hill, NJ

Cherry Hill homes are more susceptible to break-ins and burglaries than homes in many other cities. On average, there are 7.98 burglaries per 1,000 homes each year in Cherry Hill. 

  • Number of burglaries per 1,000 homes in the US: 4.69
  • Number of burglaries per 1,000 homes in New Jersey: 2.83
  • Number of burglaries per 1,000 homes in Cherry Hill: 7.98

Cherry Hill residents must protect their homes from break-ins, theft, and vandalism. If you are unfortunately a victim of a property crime, your home insurance will help you pay to replace or repair stolen or damaged property. A local independent agent can help you be certain that your home and your possessions are properly insured. 

If you have items like expensive jewelry, special collections, or family heirlooms, ask your agent about adding special endorsements or riders to ensure these items have appropriate coverage. You might also have special coverage considerations if you own a Victorian or historic home. You should also consider installing a home security system. Burglar alarms are a great way to keep the thieves out. And most insurance companies offer discounts to homeowners who have security systems. 

Catastrophic Events in New Jersey

Cherry Hill enjoys mild winters and long, hot summers. The area is also subject to occasional ice storms and heavy snowfall, which can cause serious property damage. Precipitation is high in Cherry Hill all year long, and the effects of Atlantic tropical storms can bring damaging wind and rain. 

  • Number of declared disasters in New Jersey: 51
  • Most common reasons for disasters in the state: Severe Storms and Hurricanes
  • Average number of tornadoes per year in New Jersey: 2
  • Average amount of property damage per year in New Jersey: $1,078,146,000
  • 1 in 15 insured homes has a claim each year

Homeowners insurance protects you from the financial consequences of most property losses. From a small kitchen fire to a roof collapse after heavy snowfall or siding damage after high winds, a reliable home insurance policy will help reimburse you for repair costs, lost and damaged possessions, and even living expenses if you can’t live at home while you make repairs. 

Liability Insurance for Cherry Hill Homeowners

Liability insurance protects you when a family member or you are sued for some kind of negligence. This can happen when someone is injured on your property, or even if a family member or you cause some kind of property damage or an injury while you are away from home. Without insurance protection, a lawsuit would be financially devastating. But the liability insurance portion of your homeowners policy takes away the worry. 

It covers medical expenses and the costs to repair or replace property for the injured party. And it covers court costs, legal fees, and even settlements or judgments that you could be required to pay if you are sued. Talk to your independent insurance agent to learn how an umbrella policy can offer even more liability coverage than your home insurance policy will allow. An umbrella policy supplements the liability coverage in both your home and auto insurance policies. 

Second Home and Vacation Home Insurance

If your primary residence is in Cherry Hill but you own a rental property or a vacation home, an additional home insurance policy is necessary to reflect the unique risks of your other residential property. Whether you own a vacation home on the Jersey Shore or rent out an apartment in the city, your second home needs special insurance protection. You might think it’s easier to insure a second home, but in fact, homes that do not serve as a primary residence actually have additional risks. 

  • Rental property owners have high liability risks. Landlord insurance can help protect you from the costs of liability claims and lawsuits.
  • Thieves and vandals often target homes that are empty for long periods. What’s more, water damage, ice damage, and fires are more common in homes that are only occupied seasonally. Talk to an independent agent to see if vacant home insurance can help in your situation. 

Why Work with an Independent Insurance Agent?

The easiest way to find a reliable and affordable homeowners insurance policy is by contacting a local independent insurance agent. These agents work for you, not for a particular insurance company, so you can be sure that you are receiving trustworthy guidance and the coverage you need. 

Contact an agent in or near Cherry Hill to start comparing customized, competitively priced home insurance quotes. 

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http://www.naic.org/prod_serv/AUT-PB-14.pdf
https://www.census.gov
http://www.city-data.com