Best homeowners insurance in New York for 2024

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.

The top 4 home insurance companies in New York

Additional New York home insurance companies to consider

Encompass

The Hanover

PURE

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.

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.

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 $1,745 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.

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.

*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.

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.

Frequently asked questions

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.