Powered by Coverage.com (NPN: 19966249)
Best cheap home insurance in New York City in 2025
Edited by
Powered by Coverage.com (NPN: 19966249)
The best home insurance companies in New York City
Owning a home in the Big Apple is often a big investment. According to data from Realtor.com, the median sale price for a New York City home is around $708K in 2024. Having a great home insurance policy can provide peace of mind surrounding what is likely one of your most valuable assets.
To identify the best home insurance companies in New York City, Bankrate’s insurance editorial team considered average rate data from Quadrant Information Services, customer satisfaction scores from J.D. Power, third-party financial strength ratings, coverage options, discount opportunities, customer support and other metrics. Based on our findings, Chubb, Nationwide, Allstate, State Farm and NYCM may offer some of the best homeowners insurance in New York City.
Bankrate Score
Avg. annual premium
$300K dwelling coverage
JD Power
Bankrate Score
Avg. annual premium
$300K dwelling coverage
JD Power
Bankrate Score
Avg. annual premium
$300K dwelling coverage
JD Power
Bankrate Score
Avg. annual premium
$300K dwelling coverage
JD Power
Bankrate Score
Avg. annual premium
$300K dwelling coverage
JD Power
Not rated
Bankrate's trusted insurance industry expertise
Read our full methodologyThe insurance market can be complicated, but Bankrate's insurance editorial team used our unique perspective to bring readers the information they need to make educated decisions when shopping for a policy.
78
years of industry experience
9
licensed staff
34.5K
ZIP codes examined
120
carriers reviewed
The cheapest home insurance companies in New York City
New York City is widely considered to be the most expensive place to live in the country. For homeowners working with a tighter budget, Bankrate found the cheapest home insurance companies for several different dwelling coverage limits. Data from Quadrant Information Services shows that, on average, NYCM, State Farm and Sterling Insurance offer the cheapest home insurance in New York City for a policy with a $300K dwelling limit.
|
|
|
|
|---|---|---|
|
$69
|
$825
|
|
|
$84
|
$1,013
|
|
|
Sterling Insurance
|
$135
|
$1,622
|
|
$156
|
$1,874
|
Compare home insurance rates
Answer a few questions to see personalized rates from top carriers.
Powered by Coverage.com (NPN: 19966249)
How much is home insurance in New York City?
Home insurance in New York City costs $2,599 on average, which is 39 percent more than the statewide average of $1,868. NYC homeowners insurance costs skew higher for several reasons, one of which could be building age. The median residential building age in NYC is 90 years old, and homeowners in older buildings could be more likely to file a claim. These properties may have older systems, like plumbing, and be more prone to weather damage. However, home insurance rates will fluctuate based on personal factors like credit history, home age, coverage choices and deductible selections.
New York City rates by credit tier
Having good or excellent credit history will likely earn you a more affordable rate. Homeowners with poor or average credit are seen as more likely to file claims, so insurance companies usually charge them more to offset future losses. The table below illustrates how credit affects home insurance rates from the top five cheapest NYC home insurance companies.
|
|
|
|
|
|
|---|---|---|---|---|
|
$2,133
|
$943
|
$825
|
$771
|
|
|
$1,808
|
$1,115
|
$1,013
|
$840
|
|
|
Sterling Insurance
|
$1,622
|
$1,622
|
$1,622
|
$1,622
|
|
$3,100
|
$2,009
|
$1,874
|
$1,563
|
|
|
Dryden Mutual
|
$1,969
|
$1,969
|
$1,969
|
$1,969
|
New York City rates by home age
Older homes are usually more expensive to insure. Not only can they be more likely to have a claim-causing issue, but they could also be built with materials that are more expensive to source nowadays. Together, both of these factors can make it harder for homeowners with older homes to secure the cheapest rate. Below, our team has compiled average rates from some of the cheapest home insurance companies in New York City by home age.
|
|
|
|
|
|
|
|---|---|---|---|---|---|
|
$1,121
|
$1,108
|
$1,069
|
$972
|
$753
|
|
|
$1,242
|
$1,238
|
$1,238
|
$1,176
|
$913
|
|
|
Sterling Insurance
|
$1,983
|
$1,983
|
$1,983
|
$1,712
|
$1,622
|
|
$2,665
|
$2,581
|
$2,426
|
$2,212
|
$1,676
|
|
|
Dryden Mutual
|
$2,315
|
$2,315
|
$2,315
|
$2,155
|
$1,889
|
New York City rates by deductible amount
One way to curb the high cost of home insurance in NYC is to consider a higher insurance deductible. But, be careful not to raise your deductible too high. Your deductible should never be so high as to cause financial strain after you file a covered claim. In other words, only set a deductible you can afford to pay in a pinch.
|
|
|
|
|
|---|---|---|---|
|
$764
|
$708
|
$650
|
|
|
$1,064
|
$925
|
$849
|
|
|
Sterling Insurance
|
$1,438
|
$1,438
|
$1,255
|
|
$1,821
|
$1,738
|
$1,605
|
|
|
Dryden Mutual
|
$1,969
|
$1,676
|
$1,676
|
Frequently asked questions
Methodology
Rates
Bankrate utilizes Quadrant Information Services to analyze July 2025 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 limits:
Dwelling coverage
$300,000Other structures coverage
$30,000Personal property coverage
$150,000Loss of use coverage
$60,000Liability coverage
$500,000Medical payment coverage
$1,000The 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.
If otherwise specified, the base profile has been modified with the following homeowner characteristics:
Bankrate Score
Our 2025 Bankrate Score considers variables our insurance editorial team determined impact policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s cost of coverage, product availability, financial strength ratings, online capabilities and customer and claims support accessibility. We grouped these factors into three essential categories — cost and ratings, coverage and savings, and support — which we then weighted in a tiered approach.
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.
- Tier 1 (Cost & ratings): To determine how well home insurance companies satisfy these priorities, our team analyzed 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 National Association of Insurance Commissioners (NAIC).
- 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 in 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.
