ZIP 07055 Insurance Data

Data Snapshot: ZIP 07055 (Passaic, NJ)

ZIP 07055 (Passaic, NJ) shows an average homeowners insurance premium of $2,149 per year as of 2022, based on U.S. Treasury FIO ZIP-level observations across approximately 8,591 reported policies. That is 21% above the national average of $1,776 per year, placing this ZIP in the 80th percentile nationally. Compared to the New Jersey state average of $1,858, this ZIP runs 16% above, reflecting neighborhood-level differences in catastrophe exposure, property age, and claims history.

The loss ratio for ZIP 07055 is 54.5%, meaning insurers retained a working margin after claims. Claim frequency — the share of policies with at least one claim — is 5.79%, and the average claim severity (amount paid per claim) is $20,234. Nonrenewal — insurers declining to extend coverage at policy expiration — occurs at 1.10% in this ZIP, a rise of 55.2% over the past five years; rising nonrenewal often signals insurer retreat from high-risk markets.

Across 5 years (2018–2022), premiums in ZIP 07055 have risen by 4.7%, ranging from $2,052 to $2,149 with a five-year average of $2,108 — an annualized rate of +1.2% per year. FIO data aggregates voluntary reporting from the 40 largest homeowners insurers, covering roughly 80% of the U.S. market, so figures represent market averages rather than individual policy quotes; your own premium will vary with dwelling value, deductible, coverage limits, construction type, and insurer-specific underwriting. This page is educational research only and is not insurance advice — homeowners should request quotes from multiple licensed carriers or an independent agent before purchasing or renewing coverage.