NJ Homeowners Insurance Skyrocketing: What To Know

Severe storms. Rising costs of building materials. Rising home values. All of those factors and more have prompted insurance companies in New Jersey to seek rate increases for homeowner's insurance, in some cases by double digits.

Insurance companies providing coverage in New Jersey must seek approval from the state Department of Banking and Insurance, and justify the reason for those increases. The state can object to the rate increase and ask for more information before deciding whether to approve it.

In 2025, more than 80 insurance companies operating in New Jersey have filed rate increase requests and some have received approval increases in double-digit percentages.

The table below lists companies that have sought increases, with the percentage increase they requested and the amount the state approved or pending if the state is still reviewing the request.

The largest increase approved so far has been for Founders Insurance, with state regulators approving a plan to increase rates 23.9 percent.

The largest increase requested so far has been by American Strategic Insurance, which provides homeowners insurance for people who have their vehicles insured through Progressive. American Strategic has requested an increase of 43.2 percent.

Some companies have multiple requests filed for different coverages they offer. For example, American Strategic has a separate request to increase rates 11.4 percent.

In justifying rate increases, the companies said costly storm damage combined with the costs of rebuilding damaged homes have forced them to look hard at the rates they charge. Some companies have increased the rates on expensive homes, with additional charges for every thousand dollars of value above a certain threshhold.

Some companies are seeking higher rate increases for some of their offerings, while holding other rate increases low or flat.

Allstate, for example, asked for a 3.7 percent increase on policies for owner-occupied single family homes, but is requesting a 12.1 percent increase for condominium policies.

The company also said it will no longer write policies for homes valued at more than $1 million.

Some, such as Selective, are writing fewer policies altogether.

"Due to profitability concerns in the state, Selective has slowed growth in New Jersey. It is our intention to resume growing once we can do so profitably," the company said in its rate request filing.

Search the table below to see if your company has requested a rate increase.