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Best cheap home insurance in New York City 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.
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
Why Chubb made our list: Chubb’s Masterpiece home insurance policy comes with built-in perks. While Chubb’s policies can be on the pricier side, endorsements like ordinance coverage, extended replacement cost coverage, replacement cost insurance for personal belongings and water backup are all included in the policy at no extra cost. Chubb policyholders also have access to complimentary services like HomeScan, which can help spot potential home issues before they turn into claims.
Why Chubb may be best for high-value homes: Chubb is the Bankrate Awards winner for Best Home Insurance Company for High-Value Homes because of its A++ (Superior) financial strength rating from AM Best, specialized coverage options and risk mitigation services. It also ranked first in the J.D. Power 2024 U.S. Home Insurance Study and above average in the 2024 U.S. Property Claims Satisfaction Study. Homeowners looking for end-to-end, no-expense-spared home insurance may want to get a quote from Chubb.
| Bankrate Score | 4.3 |
| J.D. Power | 688/1,000 |
| AM Best Rating | A++ |
Bankrate Score
Avg. annual premium
$300K dwelling coverage
JD Power
Why Nationwide made our list: Nationwide home insurance offers all of the basics and some add-ons like better roof replacement, brand new belongings, insurance for valuables, equipment breakdown coverage and replacement cost coverage. Nationwide scored above average in the J.D. Power 2024 U.S. Property Claims Satisfaction Study and U.S. Home Insurance Study, indicating that customers are overall pleased with how the company prices policies and handles claims.
Why Nationwide may be best for discounts: Nationwide won the 2024 Bankrate Award for Best Budget Home Insurance Company partly for its long list of discounts. On its website, the carrier advertises nine different savings opportunities across multiple categories. Some are home-specific (like roof rating), while others are specific to the policyholder (like bundling).
| Bankrate Score | 4.3 |
| J.D. Power | 641/1,000 |
| AM Best Rating | A |
Bankrate Score
Avg. annual premium
$300K dwelling coverage
JD Power
Why Allstate made our list: Allstate is the second-largest home insurance company in the state of New York and boasts an A+ (Superior) rating from AM Best. The company tied for Best Home Insurance Company Overall in the 2024 Bankrate Awards for its highly-rated digital tools, 24/7 customer support and robust national network of agents. Allstate also offers home-sharing, which could make it a good choice for New York City homeowners looking to rent out all or part of their homes.
Why Allstate may be best for custom policies: Allstate offers homeowners a wide selection of optional coverage types. These include added financial protection for musical instruments, yards and gardens, sports equipment and business property. Allstate policyholders can also add identity theft protection, water backup, scheduled personal property and electronic data recovery.
| Bankrate Score | 4.2 |
| J.D. Power | 631/1,000 |
| AM Best Rating | A+ |
Bankrate Score
Avg. annual premium
$300K dwelling coverage
JD Power
Why State Farm made our list: State Farm is the largest home insurance company in the U.S. by market share and may be a good choice for homeowners looking for a strong balance of competitive rates, multi-product availability and highly-rated customer service. State Farm was one of a few insurance companies that scored above average in both J.D. Power’s 2024 U.S. Property Claims Satisfaction Study and U.S. Home Insurance Study, both of which are green flags in terms of how its policyholders view the company.
Why State Farm may be best for policy management options: State Farm could be the right company for NYC homeowners who do not want to choose between strong digital tools and having a local agent nearby. State Farm’s online tools scored above average in the service category of the J.D. Power 2024 U.S. Insurance Digital Experience Study, and there are multiple agent offices spread out throughout the city.
| Bankrate Score | 4.2 |
| J.D. Power | 643/1,000 |
| AM Best Rating | A++ |
Bankrate Score
Avg. annual premium
$300K dwelling coverage
JD Power
Not rated
Why NYCM made our list: New York Central Mutual (NYCM) is a mutual insurer, which means policyholders technically own the company (versus the company being publicly traded). NYCM offers an impressive list of discounts, like savings for working from home and being a retiree. Plus, its average rates are 67 percent less than the citywide average.
Why NYCM may be the best for working with a local company: NCYM only writes policies in the state of New York, which could make it a viable choice for anyone looking to work with a smaller insurance company that’s well-versed in NYC homeowners insurance coverage needs. Although it was not included in the J.D. Power studies, NYCM does have a below-average NAIC Complaint Index for its home insurance product, which signals that the company received relatively few formal complaints from policyholders.
| Bankrate Score | 4.1 |
| J.D. Power | |
| AM Best Rating | A |
Bankrate's trusted insurance industry expertise
Read our full methodologyBankrate knows that price is an important consideration for many homeowners, especially in an expensive city like New York. Our average rate data is updated monthly to provide you with the most up-to-date information and to help you make an informed buying decision.
46
years of industry experience
122
carriers reviewed
34.5K
ZIP codes examined
1.2M
quotes analyzed
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.
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|
|
|
|---|---|---|
|
$68
|
$821
|
|
|
$88
|
$1,053
|
|
|
Sterling Insurance
|
$135
|
$1,622
|
|
$157
|
$1,888
|
|
|
|
|
|---|---|---|
|
$77
|
$821
|
|
|
$104
|
$1,053
|
|
|
Sterling Insurance
|
$151
|
$1,622
|
|
$180
|
$1,888
|
|
|
|
|
|---|---|---|
|
$93
|
$1,121
|
|
|
$136
|
$1,634
|
|
|
Sterling Insurance
|
$190
|
$2,276
|
|
$226
|
$2,714
|
|
|
|
|
|---|---|---|
|
$146
|
$1,754
|
|
|
$236
|
$2,833
|
|
|
Sterling Insurance
|
$288
|
$3,458
|
|
$354
|
$4,245
|
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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.
Compare home insurance rates
Answer a few questions to see personalized rates from top carriers.
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.
How much is home insurance in New York City?
Home insurance in New York City costs $2,464 on average, which is 41 percent more than the statewide average of $1,745. 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 older buildings could be more prone to 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.
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|
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|---|---|---|---|---|
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$2,123
|
$937
|
$821
|
$767
|
|
|
$1,882
|
$1,159
|
$1,053
|
$872
|
|
|
Sterling Insurance
|
$1,622
|
$1,622
|
$1,622
|
$1,622
|
|
$3,126
|
$2,025
|
$1,888
|
$1,574
|
|
|
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.
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|
|
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|
|
|---|---|---|---|---|---|
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$1,118
|
$1,100
|
$1,059
|
$950
|
$726
|
|
|
$1,286
|
$1,282
|
$1,282
|
$1,197
|
$914
|
|
|
Sterling Insurance
|
$1,983
|
$1,983
|
$1,983
|
$1,694
|
$1,622
|
|
$2,688
|
$2,603
|
$2,446
|
$2,187
|
$1,625
|
|
|
Dryden Mutual
|
$2,315
|
$2,315
|
$2,315
|
$2,129
|
$1,863
|
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. As a rule of thumb, your home insurance deductible should always be an amount of money you can comfortably afford to pay at a moment’s notice.
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|
|
|
|
|---|---|---|---|
|
$760
|
$703
|
$646
|
|
|
$1,090
|
$960
|
$879
|
|
|
Sterling Insurance
|
$1,438
|
$1,438
|
$1,255
|
|
$1,835
|
$1,751
|
$1,618
|
|
|
Dryden Mutual
|
$1,969
|
$1,676
|
$1,676
|
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 are based on married male and female homeowners with a clean claim history, good credit and the following coverage limits:
- Coverage A, Dwelling: $300,000, $350,000, $450,000, $750,000
- Coverage B, Other Structures: $30,000, $35,000, $45,000, $75,000
- Coverage C, Personal Property: $150,000, $175,000, $225,000, $375,000
- Coverage D, Loss of Use: $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, $1,500, $2,000 or $5,000 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 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 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.
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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.
