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Best homeowners insurance in New York for 2024

Updated Nov 01, 2024

Per Bankrate’s proprietary research method, Allstate, State Farm, Nationwide and NYCM offer the best homeowners insurance in New York.

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Compare the best homeowners insurance companies in New York

Bankrate analyzed New York's major home insurers to determine our picks for the best of the best. In addition to average premium data obtained from Quadrant Information Services, we also looked at coverage options, customer satisfaction scores from the J.D. Power 2023 U.S. Home Insurance Study and other metrics to assign each provider a Bankrate Score, with a maximum rating of 5.0. Higher scores indicate the best all-around companies for New York homeowners per our analysis.

641
/1,000
$126
$1,513
631
/1,000
$152
$1,819
643
/1,000
$91
$1,090
Not rated
$55
$656
*Premium's based on $300,000 in coverage

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This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions.

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.

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The home insurance market can be complicated, but Bankrate's insurance editorial team used our unique perspective to bring readers information they need to make educated decisions when shopping for home insurance.

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years of industry expertise

122

carriers reviewed

34.5K

ZIP codes examined

1.2M

quotes analyzed

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This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions.

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.

The top 4 home insurance companies in New York

Best for high-value homes

Nationwide

4.3

Rating: 4.3 stars out of 5

Avg. premium for $300K dwelling

$126/mo

Avg. premium for $300K dwelling

$1,513/yr

Customer satisfaction

641/1,000

Best for bundling

Allstate

4.2

Rating: 4.2 stars out of 5

Avg. premium for $300K dwelling

$152/mo

Avg. premium for $300K dwelling

$1,819/yr

Customer satisfaction

631/1,000

Best for local offices

State Farm

4.2

Rating: 4.2 stars out of 5

Avg. premium for $300K dwelling

$91/mo

Avg. premium for $300K dwelling

$1,090/yr

Customer satisfaction

643/1,000

Best for cheap premiums

NYCM

4.1

Rating: 4.1 stars out of 5

Avg. premium for $300K dwelling

$55/mo

Avg. premium for $300K dwelling

$656/yr

Customer satisfaction

Not rated

Additional New York home insurance companies to consider

Encompass

Homeowners looking for budget-friendly coverage packages

Shopping for homeowners insurance and structuring your perfect policy can feel overwhelming. New York homeowners who prefer to choose a pre-selected coverage package at a lower price may consider a policy from Encompass. Home insurance is available in three tiers — Special, Deluxe and Elite — each with its own discounts and policy options. Bankrate found that, on average, Encompass charges New York homeowners $2,658 per year for $300,000 in dwelling coverage.

The Hanover

Homeowners looking for tiered coverage packages

If you have more wiggle room in your budget but are still set on a pre-packaged insurance policy, consider The Hanover. It has three prebuilt coverage packages — Connections, Prestige and Platinum — which include different policy limits and coverage levels. The Prestige plan is the most comprehensive of the bunch. This policy level comes with water backup, ordinance/law coverage, service line coverage and a deductible waiver for losses over $50,000. Bankrate found that rates from The Hanover tend to be higher in New York, though, at an average of $ per year.

PURE

Homeowners with high-value homes

Privilege Underwriters Reciprocal Exchange, or PURE, writes policies exclusively for homes valued at $1 million or more. In fact, the entire company tailors its insurance coverage to individuals with high net worth. PURE home insurance policies are robust and come with loads of added perks already included, like guaranteed replacement cost, up to $50,000 in jewelry coverage and water backup coverage. Surprisingly, its rates were not astronomically expensive; Bankrate found that $300,000 in dwelling coverage costs an average of $2,260 per year. However, a PURE customer would likely need a much higher dwelling coverage limit, which would drive up the cost of the policy.

How Bankrate chose the best home insurance companies in New York

To identify the best home insurance companies in New York, we considered average premiums, policy options, claims handling, customer service scores, financial strength ratings and digital options. To make comparisons easy, we compiled this information into a Bankrate Score. The better a company performed in each of these categories, the higher its Bankrate Score, ranging from 0.0 to 5.0, with 5.0 being the highest score available.

Cheapest home insurance companies in New York

New York has one of the highest costs of living in the country, which can put a major strain on your wallet. If you’re shopping on a tighter budget, you might consider a home insurance quote from one of the companies below.

$55
$656
- $1,079
Sterling Insurance
$87
$1,044
- $691
$91
$1,090
- $645
Dryden Mutual
$94
$1,122
- $613
Merchants Preferred
$106
$1,270
- $465

How to get cheap New York home insurance

As a homeowner, you likely want to get the coverage you need at a price that fits your budget. While accomplishing this may be challenging, it’s possible. To find the most affordable home insurance that meets your coverage needs, consider the following.

  • Assess your property: How old is your house? What is it made of? How close are you to the local fire station? Knowing the answers to these and other questions when you are ready to gather quotes will help you get the most accurate estimates.
  • Review possible insurers: Look at a handful of insurance companies — you may want to start with the ones we've listed above — and check out their websites. Are you able to find answers to common questions there? Does the website or app make it easy to pay your bill or file a claim? Spending some time on the site can give you a sense of how the company values customer service.
  • Gather quotes: Many companies make requesting quotes easy by offering an online quoting system; others require you to call or visit an agent. Make sure you're asking for the same level of coverage from each company, so you can compare the results accurately.
  • Review the results: See which company gave you the lowest price, but also consider other factors, like how easy it was to get the quote and how financially strong the company is. Make sure the quote includes all applicable discounts. You may have other factors that matter to you as well, such as how close you are to the company's local office.
  • Fill out an application: Once you choose the company you wish to purchase insurance from, fill out their application. You may get a response in as little as several hours or as long as several weeks, depending on your circumstances.

Best home insurance discounts in New York

Discounts offer a tangible way to reduce your home insurance premium. Almost all insurers offer at least a few, and many of them are easy to earn. When you ask for quotes from potential insurers, make sure they include any discounts you are eligible for. Here are a few that you may see from New York homeowners insurance companies.

Some insurance companies may offer you a lower rate if you purchase multiple policies from them — for example, car insurance and home insurance.
Your insurer wants to keep your claims to a minimum, so installing devices such as burglar alarms, smoke detectors or sprinkler systems can often save you money.
Since smoking may increase the risk of fire damage to your home, some insurers may offer you a discounted rate if no one in your household smokes.
If you haven’t filed any claims recently — say, in three years — you may qualify for a discounted home insurance premium.
Older individuals who work less than 25 hours a week might be able to save a percentage off their premiums.

How to save on home insurance policy renewals in New York

If you are unhappy with your home insurance rate, you won’t be stuck with it forever. Most home insurance policies have a one-year term. And while you’re waiting for your policy renewal date, there are several strategies you can employ to help lower your premium that don’t include switching companies altogether:

  • Maintain or improve your credit score: It’s easier said than done, but boosting your credit score could help you secure a lower rate. Why? Because in New York, insurers are allowed to factor your credit-based insurance score into your rate calculation. Homeowners with good or excellent credit scores are generally seen as less likely to file a claim than someone with poor credit and therefore may receive more favorable rates.
  • Raise your deductible: This can be a risky strategy for some homeowners, but it is an effective method for lowering your premium. When you raise your deductible, you agree to take on more financial responsibility following a covered loss, which in turn typically earns you a lower rate. Just be sure that you do not raise your deductible too high or to a level you cannot realistically afford to pay out.
  • Only file claims when necessary: Home insurance comes in handy for major repairs, like if your home succumbs to a fire or if you’re hit with a major burglary. However, for smaller losses, think twice before you file a claim. Insurers generally increase rates following a claim, which could cost you more money in the long run. If the damage amount is close to or less than your deductible, you may actually save money by skipping the claims process altogether and paying for repairs out-of-pocket.

How much is home insurance in New York?

The average annual cost for homeowners insurance in NY in 2023 is $1,735 per year for $300,000 in dwelling coverage. In comparison, this is just slightly lower than the national average home insurance premium of $2,304 for the same amount of coverage. It’s worth noting that a large percentage of New Yorkers rent instead of own in the state’s main population center, New York City.

$1,242
$1,819
$2,028
$2,478
$620
$1,090
$1,288
$1,697
$865
$1,513
$1,730
$2,170
$420
$656
$738
$896

New York homeowners insurance rates by city

New York home insurance rates vary widely. With the map below, you can see how your ZIP code stacks up to the rest of the state.

  • Fairport: $1,012 per year — 42 percent below state average
  • East Rochester: $1,012 per year — 42 percent below state average
  • North Greece: $1,014 per year — 42 percent below state average
  • Penfield: $1,014 per year — 42 percent below state average
  • North Chili: $1,015 per year — 42 percent below state average
  • East Hampton: $2,548 per year — 47 percent above state average
  • Southampton: $2,523 per year — 45 percent above state average
  • Shelter Island: $2,522 per year — 45 percent above state average
  • Water Mill: $2,518 per year — 45 percent above state average
  • Montauk: $2,514 per year — 45 percent above state average

*Rates are for $300,000 in dwelling coverage.

What does home insurance cover in New York?

There are a few different standard home insurance contracts, the most common one being an HO-3. An HO-3 form provides financial protection for your home’s physical structure, other structures on your property (like a fence or garden shed) and your personal property. This policy type also includes liability coverage, medical payments coverage and coverage for additional living expenses incurred after a covered loss makes your home unlivable.

Although HO-3 home insurance forms are standard-issue, that does not mean they are all identical. Depending on where you live, your home insurance provider may exclude certain coverages from your policy. But, before you scramble to purchase every extra coverage your provider offers, it’s helpful first to grasp what your New York homeowners insurance policy already covers. Here are some common losses that are covered by your policy:

  • Theft
  • Windstorm damage
  • Vandalism
  • Smoke
  • Fire and lightning
  • Weight of snow and ice

Additional home insurance coverage types in New York

New Yorkers may sometimes experience severe winter storms, from Manhattan to the Adirondacks. The state's plentiful urban areas also see a fairly substantial rate of crime. The state received an F grade for property crime, meaning that the rate of property crime in New York is significantly higher than the U.S. average. Because of this and other events that might result in claims, you may feel more comfortable tailoring your policy to your unique needs.

The cost of homeowners insurance is an important factor, but New York homeowners might also want to consider these optional coverage types:

  • Flood insurance: Flood damage is excluded from standard home insurance policies. New Yorkers might want to consider buying a separate flood insurance policy through the National Flood Insurance Program or a private flood insurer, although some companies may offer flood insurance as an endorsement. Homeowners with a mortgage who live in flood zones will likely be required to purchase a flood insurance policy.
  • Identity theft coverage: Commonly offered as an endorsement, this coverage option could help pay for the costs associated with restoring your identity if it is stolen. As we live in an increasingly digital world, identity theft is a threat to all consumers.
  • Personal property replacement cost: Most standard home insurance policies automatically cover your belongings for their actual cash value (ACV), which means depreciation is factored in. Many companies offer a replacement cost value (RCV) option though, meaning coverage to replace your items with similar new items. It typically does not cost much more to purchase RCV rather than ACV, but check with your insurance agent to see what your cost will be.

Not all companies offer the same endorsements, so figuring out what coverage types you are looking for could help you choose the company that best fits your needs.

Related content:

Common New York home insurance problems

It is difficult to speak generally about the insurance problems that plague New York homeowners. Weather patterns vary widely across the state, as does population density. As such, a homeowner in the Catskills will likely have wildly different insurance needs than a homeowner in Brooklyn, Long Island, Albany or Rochester. However, here are some common insurance hiccups homeowners across the Empire State may encounter:

  • Trouble finding coverage: New York homeowners unable to secure coverage in the private insurance market may need to purchase a policy through the New York Property Insurance Underwriting Association (NYPIUA). Policies are supported by New York’s private insurers, and coverage options are fairly limited.
  • Coastal home insurance: For homeowners who live within one mile of New York’s coastline and struggle to purchase coverage, there is the Coastal Market Assistance Program (C-MAP), which is administered by the NYPIUA. In order to apply for this coverage, you must first provide evidence of a policy nonrenewal, cancellation or conditional nonrenewal notice.

New

Recent news in New York homeowners insurance market

In September 2023, New York City experienced unprecedented flooding levels. The city saw upwards of 8 inches of rain in one day, making it the second-wettest September in the last 154 years. The damage was widespread and expensive; according to one estimate, the flooding caused around $19 billion in damage to New York City alone.

In response to the flooding, Governor Hochul passed new legislation A.1967/S.5400 that requires sellers to disclose to home buyers if the home in question is located in a flood zone or if it had previously flooded. Previously, sellers could choose not to disclose flood information in exchange for giving the buyer a $500 fee at closing. This new law demands greater transparency between current and potential homeowners surrounding flooding. Knowing if your home is a flood risk before you close may help you secure a flood insurance policy before you move in.

Frequently asked questions

Methodology

Bankrate utilizes Quadrant Information Services to analyze November 2024 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates for our base profile are based on the following characteristics and coverage levels:

User Icon
40 year old
Married male and female homeowners
Logo for Brand name
2016 build year
Primary home
Credit Good Icon
Good credit score
Home Insurance Guide Icon
Clean claim history

Dwelling coverage

$300,000

Other structures coverage

$30,000

Personal property coverage

$150,000

Loss of use coverage

$60,000

Liability coverage

$500,000

Medical payment coverage

$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.

Additional profiles:

  • Coverage A, Dwelling: $150,000, $350,000, $450,000, $750,000
  • Coverage B, Other Structures: $15,000, $35,000, $45,000, &75,000
  • Coverage C, Personal Property: $75,000, $175,000, $225,000, $375,000
  • Coverage D, Loss of Use: $30,000, $70,000, $90,000, $150,000
  • Coverage E, Liability: $500,000
  • Coverage F, Medical Payments: $1,000

Bankrate Scores 

Our 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 highlighting where they fall short.

5
Rating: 5 stars out of 5
Overall Score
  • Cost & ratings 50%
  • Coverage & savings 30%
  • Support 20%
  • Tier 1 (Cost & ratings): To determine how well auto and home insurance companies satisfy these priorities, average 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.

Tier scores are unweighted to show the company's true score in each category out of a possible five points.

Written by
Natalie Todoroff
Writer, Insurance
Natalie Todoroff is an insurance writer and industry analyst for Bankrate. She is based in San Francisco and holds a personal lines insurance license.
Edited by Editor, Insurance
Reviewed by Director of corporate communications, Insurance Information Institute