More than 50 homeowners insurance companies have been granted rate increases by the New Jersey Department of Insurance this year. That's almost half. St Paul's owned by Travelers was granted one of the largest increases a whopping 19.5 percent. The largest overall increase went to Founders Insurance, It was an impressive 23.6 percent increase. Rounding out the top three was Farmers Insurance with a 21.6 percent increase. All of the insurance companies say the increases are justified for a variety of reasons. Starting with climate, supply chain, inflation and higher home replacement costs. Not all home insurance companies have asked for an increase. It might save you some money to take the time to shop around.
Source: NJ.COM
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