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Best homeowners insurance in New York for 2024
Per Bankrate’s proprietary research method, Allstate, State Farm, Nationwide and NYCM offer the best homeowners insurance in New York.
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.
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.
Insurance company | J.D. Power | Average monthly premium | Average annual premium | |
---|---|---|---|---|
812
/1,000 |
$126
|
$1,513
|
||
809
/1,000 |
$152
|
$1,819
|
||
829
/1,000 |
$91
|
$1,090
|
||
Not rated |
$51
|
$615
|
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.
Bankrate's trusted insurance industry expertise
Read our full methodologyThe 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.
46
years of industry expertise
122
carriers reviewed
34.5K
ZIP codes examined
1.2M
quotes analyzed
The top 4 home insurance companies in New York
Best for high-value homes
4.3
4.3
Avg. premium for $300K dwelling
$126/mo
Avg. premium for $300K dwelling
$1,513/yr
Customer satisfaction
812/1,000
-
Why Nationwide made our list: Nationwide offers a wide range of coverage options to homeowners. While it isn’t the cheapest provider on our list, the company’s average premium is still well below the state’s average. Nationwide also offers a long list of competitive discounts, including home renovation credits and gated community discounts. The company's Valuables Plus policies provide additional coverage to those with expensive belongings. Moreover, Nationwide received high marks in the J.D. Power 2023 U.S. Property Claims Satisfaction Study. But if you prefer to get insurance quotes online, Nationwide might not be the right fit. The company received a below-average digital shopping rating in the J.D. Power 2023 U.S. Insurance Digital Experience Study.
Who Nationwide may be good for: Nationwide offers good general coverage across the board, but it also has perks that may be useful to those with homes that are worth $500K and up, or individuals who have personal property that has a high value.
Best for bundling
4.2
4.2
Avg. premium for $300K dwelling
$152/mo
Avg. premium for $300K dwelling
$1,819/yr
Customer satisfaction
809/1,000
-
Why Allstate made our list: With a potential multi-policy discount of up to 25 percent, Allstate could be an excellent choice for New Yorkers looking for both home and auto insurance. In addition to an A+ (Superior) financial strength rating from AM Best, Allstate offers a range of discounts. With local offices, contact centers, a website and a mobile app, there are many ways to get in touch with your agent, regardless of how you prefer to do business. However, Allstate scored below average in the 2023 J.D. Power Home Insurance Study, showing dissatisfaction from some policyholders. Allstate’s average New York homeowners insurance premiums are also higher than the state average.
Who Allstate may be good for: If you would just as soon have all your insurance business through a single company, you might want to consider Allstate. The company's excellent digital tools and high-value bundling discount might make it a good choice for those who don't want to write multiple premium checks each month.
Best for local offices
4.2
4.2
Avg. premium for $300K dwelling
$91/mo
Avg. premium for $300K dwelling
$1,090/yr
Customer satisfaction
829/1,000
-
Why State Farm made our list: State Farm, the largest U.S. home insurer, scored above the segment average in the 2023 J.D. Power U.S. Home Insurance Study, thanks to high customer satisfaction. The company’s A++ (Superior) financial strength rating from AM Best could give you peace of mind that this carrier has historically been able to handle the financial burden of claims. It also boasts hundreds of local agents across New York State. Additionally, State Farm offers plentiful online tools, like a highly-rated mobile app and full-service online portal. However, the company doesn’t have nearly as many discounts or optional endorsements as some of its competitors.
Who State Farm may be good for: Although State Farm's digital tools are state of the art, the company hasn't forgotten that the human connection matters to many policyholders. It might be a good option for you if you wish to do business with one of its many local agents rather than using its online services.
Best for cheap premiums
4.1
4.1
Avg. premium for $300K dwelling
$51/mo
Avg. premium for $300K dwelling
$615/yr
Customer satisfaction
Not rated
-
Why NYCM made our list: As the name suggests, New York Central Mutual (NYCM) is a mutual insurance company, which means policyholders own the company versus it being publicly traded. In addition to a wide range of coverage options, this regional carrier offers numerous potential discounts, including savings opportunities for at-home workers and senior citizens. Unfortunately, online home insurance quotes are not available through the company’s website, so you will need to work with a local independent agent to obtain a quote.
Who NYCM may be good for: If you're pinching pennies after the purchase of your new home, NYCM may offer a way to save money going forward. Its average rates are low and discounts could bring them even lower.
Additional New York home insurance companies to consider
Encompass
Who this may be best for
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
Who this may be best for
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
Who this may be best for
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.
Carrier | Monthly premium for $300k coverage | Annual premium for $300k coverage | Savings vs state avg. for $300k coverage |
---|---|---|---|
$51
|
$615
|
- $1,118 |
|
Sterling Insurance
|
$87
|
$1,044
|
- $689 |
$91
|
$1,090
|
- $643 |
|
Dryden Mutual
|
$94
|
$1,122
|
- $611 |
Merchants Preferred
|
$106
|
$1,270
|
- $463 |
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 $1,733 per year for $300,000 in dwelling coverage. In comparison, this is just slightly lower than the national average home insurance premium of $2,270 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.
Insurance company | $150K | $300K | $350K | $450K |
---|---|---|---|---|
$1,242
|
$1,819
|
$2,028
|
$2,478
|
|
$620
|
$1,090
|
$1,288
|
$1,697
|
|
$865
|
$1,513
|
$1,730
|
$2,170
|
|
$402
|
$615
|
$675
|
$805
|
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: $1,011 per year — 42 percent below state average
- East Rochester: $1,011 per year — 42 percent below state average
- North Greece: $1,013 per year — 42 percent below state average
- Penfield: $1,013 per year — 42 percent below state average
- North Chili: $1,014 per year — 41 percent below state average
- East Hampton: $2,546 per year — 47 percent above state average
- Shelter Island: $2,520 per year — 45 percent above state average
- Southampton: $2,520 per year — 45 percent above state average
- Water Mill: $2,515 per year — 45 percent above state average
- Montauk: $2,511 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
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 August 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:
![Logo for Brand name](https://www.bankrate.com/f/102997/360x293/1b37df5bc7/home-methodology-image.png)
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.
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.
-
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.