Parsippany-Troy Hills Homeowners Insurance

Complete Guide to Parsippany-Troy Hills, NJ, Homeowners Insurance

Find the right homeowners insurance policy for you.

Beautiful Exterior of New Home at Twilight

Often ranked among the best places to live in America, the township of Parsippany-Troy Hills is home to about 53,000 people.  If you own a house in this New Jersey township, you will want to be sure to protect your investment with a suitable homeowners insurance policy.

Independent insurance agents can help you find the best and most affordable insurance coverage for your Parsippany-Troy Hills home. Find an insurance agent near you to learn more, and discover how easy it can be to start comparing customized homeowners insurance quotes.

How Much Does Homeowners Insurance Cost in Parsippany-Troy Hills, NJ?

The average home insurance cost in this state is slightly lower than the national average.  In Parsippany-Troy Hills Township, however, the average cost is slightly higher.

  • National average yearly premium: $1,173
  • New Jersey average yearly premium: $1,149
  • Parsippany-Troy Hills average yearly premium: $1,180

Of course, the quotes you get from insurance companies will likely differ from the average price listed above. This is because premiums are calculated individually based on a number of factors such as: 

  • The size, age, and value of your house
  • Whether the property you are insuring is your primary residence
  • The number of stories in your house and whether or not you have a basement
  • The age of your roof
  • The crime rate and weather risks in the vicinity of your ZIP code
  • Whether you are bundling your coverage with another policy like car insurance or life insurance

Comparing quotes lets you choose the homeowners policy that offers the coverage you want at the lowest price. Independent insurance agents in Parsippany-Troy Hills make comparison shopping easy.

What Kinds of Property Damage Does Homeowners Insurance Cover?

Your homeowners insurance is designed to cover you against many of the hazards you are likely to face as a property owner in Parsippany-Troy Hills Township. This includes risks ranging from accidental fires to destructive weather events like windstorms.

  • Number of federally 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: 2.0
  • Average amount of property damage per year in NJ:  $1.08 billion
  • 1 in 15 insured homes has a claim each year

Residents of Parsippany-Troy Hills are most at risk for damages caused by severe storms, heavy snows, freezing temperatures, and hurricanes. Be aware that even though hurricanes are typically covered by home insurance, the flood damage that often accompanies these storms is not.

Residents of Parsippany-Troy Hills are no stranger to flooding. In August 2011, homeowners in the Lake Hiawatha section of this township saw terrible flooding after Hurricane Irene caused the Rockaway River to breach a flood wall.  Affected residents could only receive compensation for the resultant damage if they had purchased separate flood insurance policies.

If your house is at risk, your local independent insurance agent can help you obtain an affordable flood insurance policy through the National Flood Insurance Program (NFIP).

Why Would Parsippany-Troy Hills Homeowners Need Liability Protection?

If you are accidentally responsible for someone experiencing a severe injury, expensive property damage, or other hardship, you may be held liable for covering their costs. That is why homeowners insurance also provides policy holders with liability coverage.

Homeowners liability insurance is designed to cover the various expenses (including court costs, legal fees, and damages) that you may accrue if you are sued for a covered event. Some examples of situations in which this personal liability coverage can protect you include:

  • A guest in your home trips on a loose stair tread and sustains serious injuries.
  • You accidentally hit someone with your club while spending a day at the Knoll East Golf Course.
  • Your child hits a baseball through a neighbor’s window while playing in the yard with friends.
  • Your dog runs past you out your front door and bites someone in the neighborhood.
  • A business sues you for libel after you post a negative review online.

Your local insurance agent can explain your homeowners liability coverage in greater detail. If you wish to have higher liability limits than your home insurance policy allows, your agent can also help you acquire a reasonably-priced umbrella insurance policy.

How High Is the Risk of Burglary in Parsippany-Troy Hills?

The burglary rate in New Jersey is lower than the national average. In the township of Parsippany-Troy Hills, the burglary rate is even lower. This is great news for local residents who are looking for affordable homeowners insurance.

  • Number of burglaries per 1,000 homes in the US: 4.69
  • Number of burglaries per 1,000 homes in New Jersey: 3.47
  • Number of burglaries per 1,000 homes in Parsippany-Troy Hills: 1.28

While the risk of a burglary is low in this township, it may bring you some peace of mind to know that if your house is targeted by burglars, your homeowners insurance can compensate you for any resultant loss or damage.

Your insurance agent can help you review your contents coverage to ensure that your most valuable belongings are fully covered.

What about Insurance for Second Homes and Vacation Homes?

Maybe you own a vacation home in Florida. Or perhaps you own a second house nearby that you rent out to young families to earn some extra income. Whatever your reasons, if you own more than one house, you will need to cover all of your properties with appropriate home insurance policies.

When a home is not your primary residence, it will frequently have different or additional coverage needs that insurance companies will take into consideration. For example:

  • Vacation homes that are unoccupied for several months out of the year have an increased risk of property damage. Vacant home insurance may be required whenever the property is not in use.
  • Second homes that are occupied by tenants have higher property damage and liability risks. Insurers typically require you to cover these properties with landlord insurance if you are renting them to someone else.

An independent insurance agent in Parsippany-Troy Hills can help you review the coverage needs of all your residential properties and can assist you with finding the best and most reasonably priced policies to insure them.

Why Work with an Independent Insurance Agent in Parsippany-Troy Hills?

The easiest way to find the best homeowners policy is by enlisting the help of an independent insurance agent. Because they live and work in your neighborhood, these local agents understand the risks you face as a property owner in Parsippany-Troy Hills and help you find a policy that offers the protection you need.

Independent agents work for you, not for a single insurance provider, so you can be sure that you are getting reliable guidance as you shop for coverage for your home. Contact an insurance agent in Parsippany-Troy Hills to start comparing customized homeowners insurance quotes.

Share this page on Twitter Share this page on Facebook Share this page on LinkedIn

©2020, Consumer Agent Portal, LLC. All rights reserved.

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