ZIP 08350 Insurance Data

Data Snapshot: ZIP 08350 (Richland, NJ)

ZIP 08350 (Richland, NJ) shows an average homeowners insurance premium of $1,738 per year as of 2022, based on U.S. Treasury FIO ZIP-level observations across approximately 79 reported policies. That is 2% below the national average of $1,776 per year, placing this ZIP in the 63th percentile nationally. Compared to the New Jersey state average of $1,858, this ZIP runs 6% below, reflecting neighborhood-level differences in catastrophe exposure, property age, and claims history.

The loss ratio for ZIP 08350 is 188.3%, meaning insurers paid out more in claims than they collected — a signal that premiums may rise or carriers may exit. Claim frequency — the share of policies with at least one claim — is 2.60%, and the average claim severity (amount paid per claim) is $125,992. Nonrenewal — insurers declining to extend coverage at policy expiration — occurs at 1.30% in this ZIP; rising nonrenewal often signals insurer retreat from high-risk markets.

Across 5 years (2018–2022), premiums in ZIP 08350 have risen by 5.9%, ranging from $1,641 to $1,738 with a five-year average of $1,680 — an annualized rate of +1.4% 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.