Your Agency Partner for Landlord Insurance in New Jersey
We take our prior experience advising on over $1.0 Billion Dollars of real estate transactions and put it to work now for our insurance agency clients.
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Notable Risk will Help you Obtain Reliable Landlord Insurance in New Jersey
We are your dedicated agency partner for your landlord insurance in New Jersey. At Notable Risk, we take a unique approach to protecting your real estate investments. Our agency is driven by our MBA and JD degrees, which instill professionalism and attention to detail that translates into dependable and comprehensive coverage for our clients.
Through our extensive network, we access top-tier insurance companies that provide coverage tailored to landlords’ needs.
Notable Risk is committed to delivering exceptional outcomes for real estate investors seeking smart risk solutions.
Residential Properties
Coverage for rental houses, condos, 2-4 units, apartment buildings, rental property portfolios and significant residential investment property holdings.
Commercial Properties
Insurance solutions for retail and shopping centers, office properties, mixed-use, parking and industrial assets.
Hospitality Assets
Programs for small inns, motels, hotels, resort properties, and hospitality portfolios.
For those who need real estate insurance in New Jersey and want a partner with deep risk management experience.
Here’s what you can expect from Notable Risk when you work with us to find landlord insurance in New Jersey:
1. A partner who knows a lot about real estate investment, management, and development.
2. An agency that happily answers questions.
3. A dedicated advisor who slows down to carefully analyze your needs.
4. An efficient onboarding process that leverages leading technology.
5. A different insurance agency experience that makes you smile alot more.
Whether you own a duplex in Ridgewood, an apartment complex in Fort Lee, an office building in Paramus, or a retail shopping center off the Garden State Parkway, Notable Risk will find smart real estate insurance solutions for you to count on.
We leverage JD and MBA degrees to supercharge our professional approach to working with clients.
INSURANCE COMPANIES WE Access
Mins FOR REI ONBOARDING
YRS of Prior Risk MGT Experience
REAL ESTATE ASSET CLASSES TO INSURE
Get an agency that makes complex insurance coverage easy to understand.
Get an agency that builds trust like your lawyer, CPA or financial advisor.
Get an agency that uses technology to save clients valuable time.
Get an agency that believes in risk management, not simply selling policies.
Schedule Intro Call
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Four Steps to Find Great Landlord Insurance in New Jersey
Analyze Risk
Complete REI onboarding online with the help of a dedicated advisor.
Build Program
We carefully review your exposures, recommend coverage, and access our networks to find reliable REI insurance policies.
Explain Coverage
Quotes are delivered by a convenient video presentation, with an advisor on standby to help answer all your questions.
Get Insurance
You pick your coverage and quotes and we bind your policies with one of the best landlord insurance companies available.
All your real estate investor insurance needs are in one place. We find landlord insurance in New Jersey solutions so that you don’t have to.
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Are you aware that the office market in New Jersey comprises 256,491,146 square feet?
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Are you aware that industrial properties in New Jersey represent more than twice the square footage of the office inventory with a total of 688,881,753 square feet?
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Are you aware average fair market rent prices in New Jersey are the 6th most expensive in the United States?
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Are you aware that the most expensive New Jersey counties for rent based on 2-bedroom rentals are Hudson, Bergen and Passaic Counties?
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Are you aware that the residential rental vacancy rate across New Jersey was as high as 11.2% in 2012 and a low of 2.9% in 2020?
One firm. All Your Real Estate Investment Property Insurance Solutions.
If you need dependable help with landlord insurance in New Jersey, not a sales pitch, we can help. In fact, Notable Risk will be your one-stop shop for all of your real estate investor insurance needs from rental home insurance in Plainfield to apartment building insurance in Hoboken.
Our networks provide access to national and specialist landlord insurance companies. We can help with residential, commercial, hospitality, and industrial property coverages.
Environmental exposures have a big impact on landlord insurance. We focus on lots of data to navigate any challenges we encounter on your behalf.
Wind
New Jersey has 130 miles of coastline.
Wind is a significant exposure across the entire state, with higher risk concentrated near the coastline. 55% of New Jersey properties are at risk of wind damage over the next 30 years.
There are 2.5 million properties that are classified as a major risk and about 645,400 that are subject to severe risk.
Historically, about 115 hurricanes or tropical storms have impacted New Jersey.
Fire
Significant exposure to wildfire is critical to monitor in New Jersey. 1,663,882 properties across the state face wildfire risk at some point over the next three decades. That equates to approximately 48% of New Jersey properties!
As of 2023, already 1.3 million properties are at risk of wildfire damage.
89 wildfires were counted in New Jersey between 1984 to 2021.
In 2022, the Mullica River Fire burned 13 buildings.
Flood
Approximately 27% of all properties in New Jersey have a greater than 1 out of 4 chance of severe flood damage over the next 3 decades! That amounts to 629,283 properties.
In 2021, tropical Cyclone Ida hit New Jersey and was considered a 100-year storm event that resulted in significant flood damage. Some northern and central New Jersey counties suffered a 1000-year event with over 9 inches of rain!
To get additional information that is helpful for landlords in New Jersey to understand flood exposures and safety measures, the National Weather Service has a helpful site that explores past and future risks.
Hail
While many landlords throughout the country in other states have to pay particular attention to severe hail risk, New Jersey property owners only face “relatively low” or “very low” hail exposure according to the FEMA.
The annual property damage resulting from hail damage in New Jersey has been reported recently as the 7th lowest in the country.
We start with landlord insurance in New Jersey and build a wider coverage program that provides the protections you need.
Comprehensive Insurance Plans Remove Exposure Gaps
Count on us to build a robust commercial insurance plan that protects your assets and financial well-being.
Commercial Umbrella
New Jersey landlords look to commercial umbrella insurance policies to provide increased coverage limits to protect against unexpected liability. As a prudent property investor, once the underlying limit on your residential or commercial property insurance is exhausted, you need an umbrella policy in place to extend the underlying limits and provide greater protection.
Equipment Breakdown
Owners of investment properties need predictable expenses. This coverage provides reimbursement for losses sustained due to the sudden breakdown of building systems and appliances like boilers, air conditioning units, water heaters and ovens.
Tenant Discrimination
Landlord liability insurance generally does not provide coverage for claims against an owner for allegations such as discrimination, wrongful eviction or harassment. Tenant discrimination coverage is intended to close the gap and cover legal fees, settlements and court awards made against landlords and property managers related to these potential legal claims.
Workers Compensation
If your New Jersey real estate business has employees, you will be required to obtain workers’ compensation insurance unless coverage is through a federal program. Even beyond the legal requirement, this coverage is essential to provide protection for both the employer and employee for job-related injuries and resulting medical costs, lost wages, ongoing care expenses, and death benefits.
Flood Insurance
Damage to investment properties caused by floods can be extensive. Given the magnitude and likelihood of flood damage, New Jersey landlords need to obtain coverage through either the National Flood Insurance Program (NFIP) or the private flood market which has grown and carriers now offer flexibility in terms of large coverage amounts for personal and real property.
Employment Practices
We provide local insurance solutions across the 70 miles east to west across the Garden State!
Notable Risk can help when you purchase rental properties in any of New Jersey's 21 counties.
The diligence that you contribute to searching for an investment property, should also include important effort to find coverage from one of the best landlord insurance companies. That’s where Notable Risk can be your trusted partner. Whether you need rental home insurance or warehouse insurance, we can assist you across the state.
New Jersey is known for its renowned universities, population density, amazing beach communities, beautiful suburbs, and thriving communities near New York City.
In terms of the economy, New Jersey’s largest sectors for employment include elementary and secondary schools, construction, and restaurant and food services.
The largest industries that impact the New Jersey economy are: financial services, transportation and logistics, and life sciences.
If you need help with landlord insurance in New Jersey, Notable Risk can be your reliable partner.
DISCLAIMER: The information contained herein is for illustration purposes only and shall not be relied upon for any purpose. Notable Risk does not provide any investment advice of any kind or nature whatsoever. You must consult your real estate agent, lawyer, tax advisor and other professionals.
Morris County, New Jersey
Morris County is located near major cities such as New York City and Newark, and offers easy access to transportation options such as highways and train stations. This makes it a great location for both residential and commercial properties. Investors can choose from a diverse range of property types, from charming historic rental homes to modern apartment building developments.
The county has a thriving job market across various industries including finance, healthcare, technology, and education, which creates a high demand for both housing and commercial spaces. Morris County also offers excellent amenities such as top-rated schools, recreational facilities including parks and golf courses, shopping centers with renowned brands, and fine dining establishments serving delicious cuisine. These amenities contribute to a high quality of life that attracts homeowners and tenants.
Notable Risk can help with your coverage needs whether you already own an office, shopping center or warehouse property or plan to purchase a rental home or apartment building, we can help with all of your landlord insurance in New Jersey.
Hunterdon County, New Jersey
Hunterdon County is an attractive location for residents and investors alike. The county’s natural beauty, charming small towns, and proximity to major cities like New York City and Philadelphia make it a desirable destination.
Real estate investors can choose from a diverse range of property types, including single-family rental homes, multi-unit buildings, and commercial spaces.
The county’s economy is diverse, with industries such as healthcare, manufacturing, agriculture, and tourism contributing to its stability and potential growth. Families looking for quality schools will find excellent educational institutions in Hunterdon County. Additionally, the county’s parks system offers a wide array of recreational activities, including hiking, fishing, and camping, which adds value to nearby properties.
Transportation infrastructure is well developed, with easy access to major highways like Interstate 78 and Route 31, making commuting convenient and facilitating commerce throughout the region.
Investing in real estate in Hunterdon County can provide many opportunities to explore due to its desirable location near urban centers coupled with its natural beauty and economic stability.
If you own rental properties or decide or purchase one, Notable Risk can assist with your landlord insurance in New Jersey.
Somerset County, New Jersey
Somerset County offers a variety of real estate investment opportunities. The county’s strategic location and strong economic growth make it an attractive destination for investors.
Somerset County has a diverse range of properties, including residential rental homes, commercial office and retail spaces, and vacant land suitable for development projects. Transportation links are excellent, and access to urban amenities is easy, making it highly desirable for both residents and businesses.
The county’s economy is strong, with successful industries such as healthcare, pharmaceuticals, technology, and finance contributing significantly to job creation and overall prosperity.
In addition to its strong economy and convenient location, Somerset County offers an exceptional quality of life. Beautiful parks and recreational areas, top-rated schools, and a vibrant cultural scene with museums, theaters, and art galleries make it an attractive environment for families and others looking to settle down.
If you already have purchased rental homes or other investment properties or decide or buy a rental property, you can count on Notable Risk to help with your landlord insurance in New Jersey.
Monmouth County, New Jersey
Monmouth County is situated along the Jersey Shore and is close to major cities like New York City and Philadelphia. The county attracts both tourists and residents looking for a convenient coastal lifestyle.
Potential investors can choose from a diverse range of properties, including single-family homes, condominiums, commercial buildings, and rental properties.
The county also has excellent amenities and infrastructure, including top-rated schools, beautiful parks, shopping centers, restaurants, and entertainment options.
Due to its coastal location, Monmouth County offers various recreational activities, including stunning beaches along the Atlantic Ocean and numerous water sports such as fishing, boating, surfing, and more. These attractions contribute to high demand for vacation rentals during peak seasons.
The county boasts diverse industries such as healthcare services, education institutions including prestigious universities like Rutgers University-New Brunswick campus located nearby, tourism industry (with popular destinations like Asbury Park), technology companies (such as Bell Labs), and finance sector (including banks headquartered here).
You can count on Notable Risk to assist with your real estate insurance requirements whether it’s warehouse insurance for an industrial property you already purchased or a multifamily rental property you plan to buy.
We can build a wide range of reliable coverage when you need landlord insurance in New Jersey.
Bergen County, NJ
Bergen County is located just outside of New York City and offers an excellent quality of life, making it a popular choice for both residential and commercial properties.
Investors can choose from a diverse range of neighborhoods, each with its own unique charm and appeal. From the upscale suburbs like Alpine and Saddle River to vibrant urban areas like Englewood and Hackensack, there is something for every investor’s preference.
The county also boasts top-rated schools, beautiful parks, and numerous cultural attractions that attract residents and businesses alike. This helps to support a strong rental market.
Additionally, short-term rentals through platforms like Airbnb have become increasingly popular among tourists visiting nearby attractions such as MetLife Stadium or shopping destinations like Garden State Plaza Mall. Bergen County offers excellent schools, beautiful parks, and an abundance of shopping and dining options.
These amenities make it an attractive destination for residents looking to settle down or professionals seeking a convenient commute.
The local economy is also supported by various industries such as healthcare, finance, technology, and education, which contribute to job growth.
For many investors, Bergen County presents attractive opportunities due to its strategic location near NYC coupled with its desirable amenities and strong economic fundamentals.
Whether you already own a warehouse or office building in Ramsey New Jersey or you plan to purchase a rental home in Ridgewood, Notable Risk can help with a wide range of real estate investor insurance needs. Notable Risk can build a robust coverage plan for all of your need landlord insurance in New Jersey requirements.
Middlesex County, New Jersey
Middlesex County is a highly desirable destination for both residential and commercial properties due to its proximity to major cities like New York City and Philadelphia, as well as its easy access to transportation networks such as highways and airports.
The county offers a diverse range of neighborhoods and communities, each with its own unique charm, making it an ideal location for those seeking suburban single-family rental homes or urban property developments.
The area benefits from a strong job market, with industries such as healthcare, education, and technology driving economic growth. Additionally, the county has a well-developed transportation infrastructure, including major highways and public transportation options like trains and buses, making it easily accessible for residents and visitors alike.
The population continues to grow, drawn by employment opportunities and other factors, which in turn helps support the residential property rental and commercial property markets. Middlesex County is also home to several prestigious universities and colleges, including Rutgers University, which attracts many students seeking off-campus student housing options or other rental homes near their institutions. Investing in student housing can provide another potential option for those considering the area.
Furthermore, the county offers various recreational activities such as parks, golf courses, shopping centers, restaurants, and entertainment venues that attract visitors from neighboring areas, adding to the overall desirability of the region.
Overall, the combination of Middlesex County’s strategic location, cultural diversity, and strong growth makes it an attractive area in New Jersey to explore more closely.
If you are looking for a specialist to help with your rental home insurance, apartment building coverage, or warehouse insurance, Notable Risk can help you. Similarly, if you are soon to purchase a rental property, we can assist you with your landlord insurance in New Jersey – and build and find a rock-solid coverage plan.
You need to be sure. The coverage limit for your rental home insurance in New Jersey may be inaccurate. Use our free tool to find out (it takes 90 seconds!).
When you obtain coverage for your real estate investment property, it’s imperative to understand the difference between replacement cost and market value.
The replacement cost refers to the expense incurred in bringing an asset back to its original condition, using similar materials of the same quality and kind, regardless of depreciation.
In contrast, market value is the current worth of a property, as determined by an arms-length transaction between a willing and able buyer and seller.
Insurance providers typically use the replacement cost approach to determine the coverage needed under your landlord insurance policy, but the two methods can lead to different values. Thus, it’s essential to understand the difference between them.
Your questions answered. Learn More about landlord insurance in New Jersey.
When a New Jersey tenant in a rental property is in default for non-payment of rent, will landlord insurance in New Jersey cover this loss?nt?
No. Landlord insurance protects investment property owners from covered losses unrelated to lease provisions such as rent default.
What does New Jersey landlord insurance cover?
Landlord insurance covers three main things. Firstly, it covers the structure of your rental property in the event of damage or destruction due to a covered loss, such as a fire or severe storm. Secondly, it provides premises liability coverage if someone gets injured at your rental property. For example, if a tenant falls slips on a front sidewalk and fractures their leg, this portion of landlord insurance would provide protection for legal expenses, settlement agreements, and potential court awards. Lastly, landlord insurance provides coverage for the loss of rental income in the event that your investment property suffers damage or destruction due to a covered peril, like a fire or water damage due to a pipe burst. If tenants are then forced to vacate, the landlord will receive compensation for the rent that would have been paid by the tenants subject to the underlying lease, up to policy limits, to pay for ongoing expenses like loans, real estate taxes, and electric, gas and other utilities.
How much does landlord insurance in New Jeresey cost?
The average cost of New Jersey landlord insurance is about $1,520.
The cost of insuring your rental property can vary greatly depending on various individual factors such as the location, value, size, age, and condition of the property. For example, if your rental property is located near environmental hazards such as brushfire sources, or is situated far from a hydrant and fire department, you may have to pay more for insurance. Similarly, if your property is an older unit and the roof, plumbing, electrical, and HVAC systems have not been updated, it may be more difficult to insure it at lower premiums.
Does landlord insurance in New Jersey include cover for vacancy?
Typically, if your investment property is partially or fully vacant, your existing insurance policy will not provide coverage.
To cover the exposure, you will need to obtain a rider or endorsement for your existing policy or purchase standalone vacancy coverage for your rental property. Even if your property is vacant for only 30 days, you will need to obtain vacancy coverage to avoid being denied coverage for later claims, such as water damage or vandalism. Insurance companies consider vacant rental properties to have a different risk profile and, therefore, have exclusions in their landlord insurance policies (and other coverages) that require real estate to be occupied to qualify for insurance coverage.
In 2023, the New Jersey vacancy rate for rental housing was 2.2%, which was near historical lows. However, it’s important to remember that there have been dramatic and sudden increases in vacancy rates in the past. For example, in 2022, the rental vacancy rate in New Jersey increased by 68%. Therefore, it’s crucial to actively monitor vacancy risk to ensure that you have the right coverage in place.
It is permissible for New Jersey landlords require renters insurance be obtained by tenants?
Yes, New Jersey landlords can require in their lease agreement that tenants obtain renters insurance.
Here is a helpful guide prepared by the State of New Jersey for tenants to better understand renters insurance.
Can you help me understand the average cost of renters insurance in New Jersey?
Renters insurance is essential for tenants in New Jersey. On average, it costs $135 per year and provides coverage of up to $15,000 for personal property, including furniture and clothing. The deductible for this coverage is $2,000. In addition, it includes $100,000 of personal liability protection.
However, it’s important to note that these numbers are just estimates and may not suffice in certain circumstances. Also, depending on individual needs and factors such as the personal property limit, the coverage amounts may significantly increase and change the overall cost.
What impacts the premium cost of landlord insurance in New Jersey?
When applying for landlord insurance in New Jersey, there are several essential factors to keep in mind. Insurance companies focus on the age, roof, plumbing, mechanical, and electrical systems, claims history, size of the property, safety features, and environmental impact. Maintaining a safe environment for tenants through safety features like fire extinguishers and alarm systems can reduce premiums, while risks like natural disasters can impact coverage availability and pricing.
When considering homeowners insurance vs landlord insurance what does a NJ landlord need to know?
If you are renting out your home, it is crucial to have landlord insurance (or a separate coverage or endorsement) that takes into account that your property is being rented to others. Insurance companies often assume that tenant-occupied rental houses pose added risks compared to owner-occupied properties where owners are more likely to address maintenance issues quickly, which can lead to potential losses such as water damage.
If you fail to obtain rental home insurance for your property that is being rented out, your homeowners insurance carrier will likely deny any claims.
To help you avoid coverage gaps and potential claims denials, Notable Risk has prepared an educational article (complete with a helpful illustration!) that displays the key differences when assessing landlord insurance vs homeowners insurance.
Who are some the best landlord insurance companies that are newer providers?
When it comes to landlord insurance, both experienced and less-experienced companies can provide reliable options for your investment property. However, several new companies have emerged in recent years that focus on providing insurance solutions for real estate investors. Here are five providers we believe are worth considering:
1. Obie Insurance: This landlord insurance specialist operates in all 50 states and aims to simplify the process of obtaining coverage for landlords and investors. Obie Insurance streamlines the process of obtaining quotes and binding insurance.
2. Honeycomb Insurance: This tech-focused company offers real estate insurance for property owners, condo associations, and more. They use proprietary technology to help customers obtain insurance coverage, and also provide 24/7 online access to engage in self-service activities like obtaining insurance certificates.
3. Steadily Insurance: This provider focuses on premium coverage for rental properties and helps owners obtain quotes quickly and easily. They offer products for both long-term tenant properties as well as short-term rentals like those on Airbnb. Additionally, they will insure trusts, limited liability companies, and other corporate entities.
4. Openly Insurance: This insurer provides real estate insurance for owner and tenant-occupied properties. They focus on providing a premium product in a simple fashion and are highly rated for their comprehensive coverage and claims handling.
5. Hippo Insurance: This company is heavily focused on technology and making the process of finding and buying insurance simple. They offer dwelling policies for landlords as well as homeowners policies for owner-occupied homes. One of their key focuses is the use of smart devices in properties to reduce risk from exposure like fire or burglary.
It’s important to note that each property and situation requires careful review to determine whether any of the above companies are an appropriate fit for the specific risks involved. This list is for illustration purposes only and should not be relied upon independently for any purpose.
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If you need landlord insurance in New Jersey, Notable Risk can help you!
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