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Best cheap home insurance in Brooklyn in 2024
Powered by Coverage.com (NPN: 19966249)
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
Best cheap home insurance companies in Brooklyn
Nationwide, State Farm and NYCM offer some of the best home coverage for cheap rates on average in Brooklyn, based on data provided by Quadrant Information Services. However, Bankrate understands that finding the right home insurance company is usually about more than just price. Our insurance editorial team reviewed coverage options, discounts, financial strength ratings from AM Best, customer satisfaction scores from J.D Power and digital tools to narrow down the best home insurance in Brooklyn. This information was used to assign each carrier a Bankrate Score based on a 5-point scale.
Bankrate Score
Avg. annual premium
$300K dwelling coverage
JD Power
Nationwide may be a great choice for homeowners looking for a robust policy with endorsements. Policyholders may be able to enhance their coverage with optional add-ons such Better Roof Replacement and Valuables Plus coverage for high-value items. Brooklyn homeowners may be able to save on coverage with Nationwide with potential discounts for home renovations, smart homes, a new home purchase and more. Nationwide offers some financial services for homeowners through a partnership with Axos Bank, but its J.D. Power score is slightly below average, which may be a concern for homeowners who value service.
| Bankrate Score | 4.3 |
| J.D. Power | 812/1,000 |
| AM Best score | A+ |
Bankrate Score
Avg. annual premium
$300K dwelling coverage
JD Power
State Farm is the largest home insurance company in the country by market share. In addition to low average rates in Brooklyn, State Farm policyholders may save even more by leveraging discounts for bundling and updated roofs. State Farm came in above the industry average in J.D. Power’s Home Insurance Study, which may be in part due to its local agent availability and robust digital tools.
| Bankrate Score | 4.2 |
| J.D. Power | 829/1,000 |
| AM Best score | A++ |
Bankrate Score
Avg. annual premium
$300K dwelling coverage
JD Power
Not rated
New York Central Mutual, or NYCM, not only offers some of the cheapest average homeowners insurance rates in Brooklyn, but it also offers a few handy add-ons for policies. For homeowners who want to customize their coverage, they may be able to purchase endorsements for equipment and appliance breakdown coverage, valued possession coverage and utility line expense coverage. In addition to cheap rates, NYCM offers fairly unique home insurance discounts with potential savings for homeowners who work from home, retired homeowners and renovated homes. NYCM is not scored by J.D. Power for customer satisfaction, likely because it is a regional carrier. You may want to speak with existing policyholders about their customer service experience.
| Bankrate Score | 4.1 |
| J.D. Power | |
| AM Best score | A |
Bankrate Score
Avg. annual premium
$300K dwelling coverage
JD Power
Farmers Insurance might be a good option for Brooklyn homeowners who value robust coverage options and customized insurance policies. Homeowners can enhance their coverage with the Farmers Flex Personal Home program, which includes options like extended replacement cost coverage and emergency mortgage assistance, covering up to three months’ worth of mortgage payments while the home is being repaired. However, Farmers does not offer 24/7 customer service. Potential discounts for renters switching to homeowners insurance, new homes, UL-approved roofing materials and green certifications are also available.
| Bankrate Score | 3.6 |
| J.D. Power | 800/1,000 |
| AM Best score | A |
Bankrate Score
Avg. annual premium
$300K dwelling coverage
JD Power
Not rated
Main Street America may appeal to Brooklyn homeowners who appreciate personalized coverage tailored to fit their unique needs and budget. Standard coverage includes protection for dwellings, personal property and other structures, along with personal liability coverage. Homeowners can enhance their policies with additional coverage types such as cyber and identity fraud protection, water back-up and overflow coverage and equipment breakdown coverage. Main Street America offers discounts for bundling auto and home insurance, having a new home or roof, being loss-free and installing alarm and safety equipment. The company partners with independent agents to provide local expertise and customized coverage options.
| Bankrate Score | Not rated |
| J.D. Power | |
| AM Best score |
Bankrate's trusted insurance industry expertise
Read our full methodologyBankrate understands that home insurance rates can vary widely, especially in dynamic markets. Our team regularly updates our rates using the most current data from Quadrant Information Services, analyzed by ZIP code, to ensure you receive the most relevant and accurate information for your decision-making.
46
years of industry experience
122
carriers reviewed
34.5K
ZIP codes examined
1.2M
quotes analyzed
The cheapest home insurance companies in Brooklyn
When searching for the cheapest home insurance in Brooklyn, homeowners should consider several factors that could impact their premiums. These factors might include the age and condition of the home, the materials used in its construction, and the presence of safety features like alarm systems. Additionally, property crime rates in Brooklyn can influence insurance costs, making it important to consider security measures that could qualify for discounts. Comparing quotes from multiple insurers and looking for available discounts can typically help in finding more affordable coverage. Understanding other specific risks associated with Brooklyn, such as weather-related events, may also play a crucial role in determining insurance costs.
| Company | Average monthly premium* | Average annual premium* |
|---|---|---|
|
$66
|
$793
|
|
|
$85
|
$1,015
|
|
|
Sterling Insurance
|
$100
|
$1,194
|
|
Dryden Mutual
|
$119
|
$1,426
|
| Company | Average monthly premium* | Average annual premium* |
|---|---|---|
|
$73
|
$793
|
|
|
$100
|
$1,015
|
|
|
Sterling Insurance
|
$111
|
$1,194
|
|
Dryden Mutual
|
$138
|
$1,426
|
| Company | Average monthly premium* | Average annual premium* |
|---|---|---|
|
$87
|
$1,042
|
|
|
$131
|
$1,572
|
|
|
Sterling Insurance
|
$139
|
$1,669
|
|
Dryden Mutual
|
$176
|
$2,117
|
| Company | Average monthly premium* | Average annual premium* |
|---|---|---|
|
$140
|
$1,681
|
|
|
Sterling Insurance
|
$210
|
$2,524
|
|
$227
|
$2,722
|
|
|
Dryden Mutual
|
$291
|
$3,496
|
How much is home insurance in Brooklyn, New York?
The average cost of home insurance in Brooklyn for $300,000 in dwelling coverage is $2,126 per year. When compared to the state average, Brooklyn's rates are typically 26 percent more than the rest of New York. These variations in cost might be due to factors like the higher property crime rates in the city, the age and construction style of homes and the increased risk of weather-related events. Homeowners in Brooklyn should consider these aspects when budgeting for home insurance.
Brooklyn rates by credit tier
Home insurance premiums in Brooklyn can be significantly influenced by the homeowner's credit score. Insurers often use credit-based insurance scores to help determine the likelihood of a policyholder filing a claim. Generally, a higher credit score could result in lower premiums, as it may indicate a lower risk to the insurer. Conversely, lower credit scores might lead to higher insurance costs. Brooklyn homeowners should be aware of how their credit history can impact their insurance rates and take steps to improve their credit if necessary to potentially lower their premiums. Here is a breakdown of how having poor to excellent credit could affect your premium.
| Company | Poor Credit | Average Credit | Good Credit | Excellent Credit |
|---|---|---|---|---|
|
$2,030
|
$902
|
$793
|
$738
|
|
|
$1,812
|
$1,117
|
$1,015
|
$841
|
|
|
Sterling Insurance
|
$1,194
|
$1,194
|
$1,194
|
$1,194
|
|
Dryden Mutual
|
$1,426
|
$1,426
|
$1,426
|
$1,426
|
|
$2,733
|
$1,830
|
$1,718
|
$1,465
|
Brooklyn rates by home age
The age of a home can play a significant role in determining home insurance rates in Brooklyn. Older homes may have outdated electrical, plumbing and heating systems, which could increase the risk of damage or loss and, consequently, higher premiums. On the other hand, newer homes often come with modern construction standards and updated systems, typically leading to lower insurance costs. Brooklyn homeowners should consider the age of their home when shopping for insurance, as well as the potential benefits of making updates or renovations to reduce their premiums.
| Company | 1959 | 1982 | 1992 | 2010 | 2020 |
|---|---|---|---|---|---|
|
$1,049
|
$1,032
|
$1,007
|
$915
|
$703
|
|
|
$1,243
|
$1,240
|
$1,240
|
$1,154
|
$881
|
|
|
Sterling Insurance
|
$1,456
|
$1,456
|
$1,456
|
$1,246
|
$1,194
|
|
Dryden Mutual
|
$1,678
|
$1,678
|
$1,678
|
$1,542
|
$1,349
|
|
$2,362
|
$2,312
|
$2,143
|
$1,950
|
$1,518
|
Brooklyn rates by deductible
The deductible amount you choose for your home insurance policy can significantly impact your premium in Brooklyn. A higher deductible usually means lower monthly or annual premiums, as the homeowner agrees to pay more out of pocket in the event of a claim. Conversely, a lower deductible often results in higher premiums since the insurer would cover a larger portion of covered claims. Brooklyn homeowners should carefully consider how much they can afford to pay upfront in the event of a loss when selecting a deductible, balancing immediate savings on premiums with potential future expenses.
| Company | $1,500 Deductible | $2,000 Deductible | $5,000 Deductible |
|---|---|---|---|
|
$744
|
$693
|
$634
|
|
|
$1,063
|
$927
|
$850
|
|
|
Sterling Insurance
|
$1,061
|
$1,061
|
$929
|
|
Dryden Mutual
|
$1,426
|
$1,213
|
$1,213
|
|
$1,679
|
$1,616
|
$1,515
|
Related content:
Frequently asked questions
Methodology
Bankrate utilizes Quadrant Information Services to analyze July 2024 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on married male and female homeowners with a clean claim history, good credit and the following coverage limits:
- Coverage A, Dwelling: $150,000, $300,000, $350,000, $450,000, $750,000
- Coverage B, Other Structures: $15,000, $30,000, $35,000, $45,000, $75,000
- Coverage C, Personal Property: $75,000, $150,000, $175,000, $225,000, $375,000
- Coverage D, Loss of Use: $30,000, $60,000, $70,000, $90,000, $150,000
- Coverage E, Liability: $500,000
- Coverage F, Medical Payments: $1,000
The homeowners also have a $1,000 deductible, a $500 hail deductible and a 2 percent hurricane deductible (or the next closest deductible amounts that are available) where separate deductibles apply.
These are sample rates and should be used for comparative purposes only. Your quotes will differ.
Credit: Rates were calculated based on the following insurance credit tiers assigned to our homeowners: “poor, average, good (base) and excellent.” Insurance credit tiers factor in your official credit scores but are not dependent on that variable alone. The following states do not allow credit to be a factor in determining home insurance rates: California, Maryland, Massachusetts.
Year built: Rates were calculated based on the following years built for homes and assigned to our homeowners: “1959, 1982, 1992, 2010, 2016 (base) and 2020.”
Bankrate Scores
Our 2024 Bankrate Score considers variables our insurance editorial team determined impacts policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories.
Each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. Our scoring model provides a comprehensive view, indicating when companies excel across several key areas and highlight where they fall short.
-
Cost & ratings 50%
-
Coverage & savings 30%
-
Support 20%
- Tier 1 (Cost & ratings): To determine how well auto and home insurance companies satisfy these priorities, 2023 quoted premiums from Quadrant Information Services (if available), as well as any of the latest third-party agency ratings from J.D. Power, AM Best, Demotech and the NAIC, were analyzed.
- Tier 2 (Coverage & savings): We assessed companies’ coverage options and availability to help policyholders find a provider that balances cost with coverage. Additionally, we evaluated each company’s discount options listed on its website.
- Tier 3 (Support): To encompass the many ways a home insurance company can support policyholders, we analyzed avenues of customer accessibility along with community support. This analysis incorporated additional financial strength ratings from S&P and Moody’s and factored a company’s corporate sustainability efforts.
