- Very affordable rates.
- Great customer service and claims handling.
- Many additional coverages.
- Only available in a few states.
- Average financial stability rating on the BBB.
NJM is an insurance carrier that is based out of New Jersey. If you are looking for a carrier with experience, they are a great choice because they have been operating since 1913. They were originally established because of President Woodrow’s campaign pledge to provide injured workers with coverage. Through the years, the company has expanded to other lines of insurance to provide even more options for its customers.
They serve customers in New Jersey, Connecticut, Maryland, Ohio, and Pennsylvania. The products they offer range from personal to commercial. You can get coverage for your car, home, condo, apartment, and business through NJM. There is also the option to get a personal umbrella policy or flood policy for added protection. Over the last five years, they have earned a J.D. Power award for providing excellent auto claims experiences.
On its website, NJM makes it a point to mention its quick response time when it comes to claims. They never want to leave customers waiting on answers during the claims process, and it is clear they value the service they provide. Through customer surveys and feedback, they are able to create a great experience for all customers.
NJM homeowners insurance coverages
The coverage you get with NJM is fairly straightforward when you are shopping for homeowners insurance. Their policy protects your dwelling, other structures, personal belongings, additional living expenses, personal liability, and medical payments. NJM states that its policies are customizable, so you are able to add additional coverage if you choose.
On the website, NJM recommends walking through your home and adding up the estimated cost of all the items inside of it. This will give you an idea of the kind of coverage you need and can help you while you are building a quote through their online quoting tool. You can also choose to work with a local agent if you need help with the quote.
Additional coverages
There are many parts of your home that need protection, and NJM understands this. They offer a wide range of additional coverage you can choose to boost your homeowners policy. These are all endorsements that can be added at your discretion.
- Scheduled personal property
- Credit card fraud
- Personal property increased special limits
- Identity fraud expense
- Limited fungi/wet or dry rot/bacteria
- Supplemental loss assessment
- Water backup
- Earthquake
- Personal umbrella
If you want any of these coverages, they can be added to create a custom policy that offers the most protection possible. NJM makes it a point to offer a lot of additional coverage to its customers in order to create the best policies.
NJM home insurance discounts
When shopping for homeowners insurance, it is important to learn how to save money when you can. NJM does offer discounts to its customers. You can get a lower rate on your insurance if you qualify for any of these discounts.
- Bundle and Save: When you bundle your home and auto insurance through NJM, you qualify for a discount on both policies.
- Much Safer Home: Having a smoke alarm or sprinkler system installed will qualify you for a discount.
- 65 and Older: Being 65 or older will give you a discount through NJM.
- Generator: Having a backup or portable generator for your home will earn you a discount.
- Nonsmoker: If you do not smoke or recently quit smoking, you can earn a discount.
- Storm Shutters and Hurricane Glass: Having storm shutters and hurricane glass on all windows in your home will earn you a discount.
- Paid-in-Full: Paying for your policy in full will earn you a discount.
- Electronic Payment: Setting up automatic electronic payments will earn you a discount.
- Paperless: Going paperless with your policy documents and bills will earn you a discount.
NJM homeowners insurance premiums
NJM is an affordable option for homeowners insurance. You can expect to pay less money for a policy through NJM than you would if you select a competitor. For a $250,000 dwelling limit, a policy will cost around $601. This is 15% below the national average, so the carrier is a great choice if you are on a budget or looking to save money. When you combine these rates with the discounts that are offered, you can likely get a very low rate on your homeowners insurance.
Claims
There are great ratings when it comes to claims handling. Customers who use NJM state they were able to get paid out quickly after filing claims related to flooding and storm damage. People have also stated the carrier is very efficient and easy to talk to. It appears NJM has a great team to handle these claims, and it is apparent by all of the great reviews left by customers.
The only notable negative review came from an individual who lived in the path of Hurricane Sandy. They stated they were not paid until two and a half years later, but this appears to be one of the only negative reviews on the topic. Almost all other claims experiences are positive and have been paid out in a timely manner.
Customer service
NJM has a great reputation in the industry. Customers agree that the customer service provided is excellent and seem very happy with it. There are several customers who have been loyal to the carrier for many years and show no signs of looking elsewhere for insurance. Some have also stated NJM has a very easy renewal process that makes it simple to remain a customer for a long time.
Through the NAIC, NJM has a complaint index score of 0.05. With only three claims filed in 2022 that pertain to homeowners insurance, this is a very low number compared to the national average. A score of 1.0 is the average for other similar carriers. This is a great sign and reflects the company’s customer service that is being provided.
Financial strength
BBB
NJM has not yet been accredited by the Better Business Bureau. They currently hold a rating of C, which is only an average rating in terms of financial stability as a company.
AM Best
Through AM Best, NJM was updated to an A+ rating in March 2022. This is the highest rating possible and suggests the company is in excellent financial standing. In the future, NJM is listed as a stable company.
The verdict
NJM is a comprehensive insurance carrier that serves a select number of states. If you live within the coverage area, it is worthwhile to use NJM as a homeowners insurance carrier. They have plenty of different coverages to create a custom policy for your home. These coverages are extensive enough to feel you are fully protected depending on which ones you choose.
They offer very low rates when compared to the national average. When you combine these rates with the discounts they offer, you can likely get a great deal on your homeowners insurance. Many customers are very happy with the carrier. They have a great reputation when it comes to customer service, and most people are very satisfied with the claims handling process.
There are very few reasons not to choose NJM for your homeowners insurance. The biggest burden is likely going to be living in an area where they do not offer their coverage. Otherwise, the company is a great choice and has been attracting many loyal customers over the last several years.
Frequently asked questions
You can get a quote online by visiting https://www.njm.com/insurance/homeowners or by calling 1-800-232-6600. You will need to provide some basic information about your home and personal property, such as the address, year built, square footage, number of bedrooms and bathrooms, roof type, security features, etc.
You can access your policy online by registering or logging in to Manage Your Personal NJM Policy at https://www.njm.com/insurance/access-your-policy-online. You will need your insurance ID card or policy declarations page to register. With online access, you can make a payment, report a claim, view your policy details and documents, print your insurance ID card, and upload documents to your account https://www.njm.com/insurance/access-your-policy-online.
You can file a claim online by logging in to Manage Your Personal NJM Policy at https://www.njm.com/insurance/access-your-policy-online or by calling 1-800-367-6564. You will need to provide some information about the loss, such as the date and time of occurrence, the cause, and extent of damage, the names and contact information of any witnesses or involved parties, etc. You should also take photos or videos of the damage and make a list of the items that were damaged or stolen. An NJM claims representative will contact you to guide you through the process and answer any questions you may have.
