The Best New York Homeowners Insurance Companies
New York’s average annual premiums for homeowners insurance are right in line with the national average — $1,287 per year for an HO-3 policy, compared to $1,173 nationwide. That said, how much you’ll pay can vary a lot depending on your home’s size, your assets, and your address. Use our tool to find your best rates:
It pays to shop around.
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What Does Homeowners Insurance Cost in New York
Average annual premium in New York: $1,287
The Best Homeowners Insurance Companies in New York
Weather in northeastern states has been extreme over the past decade. In addition to the usual cycles of snowfall and heat waves, coastal states have suffered damages from the likes of hurricane Irma and Superstorm Sandy. Unfortunately, these events tend to drive up the price of homeowners insurance — which is part of the reason that premiums in New York are a few hundred dollars above the national average.
Still, we recommend taking this information with a grain of salt. Higher premiums in New York City drive the statewide average up, so if you’re not in the city you’ll likely find a better deal. Home insurance costs also depend on the size and value of your home, as well as personal factors like your credit score.
We recommend comparing quotes from a few of New York’s top providers to see who can offer the best price on your policy.
How We Found the Best Homeowners Insurance in New York
We evaluated the five biggest home insurance providers in New York by market share, using our national review of the Best Homeowners Insurance as a guide. First things first: We checked each company’s financial stability with the independent ratings agency A.M. Best. Then, to get a feel for their quality of service and claims processes, we looked into customer ratings from Consumer Reports and J.D. Power. The last step was to compare coverage options and discounts to see which companies offer the most well-rounded policies overall.
The Best Homeowners Insurance in New York
- State Farm
- Liberty Mutual
New York Homeowners Insurance Reviews
State Farm earned a reputation as one of the best insurers in New York (and in the nation). Thanks to a generous coverage selection and superior claims management, a homeowners insurance policy with State Farm will do exactly what it should — give you peace of mind.
Because homeowners insurance is complex — and the less you know about coverage, the more likely it is you’ll pay more than you should — we really appreciate State Farm’s educational materials. First-time homeowners, or those shopping for home insurance for the first time, will need these online resources to get familiar with coverage options and make informed policy decisions. Besides a quick and sophisticated quote tool, State Farm offers a home inventory calculator and a helpful learning center.
State Farm also pulls consistently high ratings across the board. It scored higher than other companies on this list in J.D. Power’s survey, indicating strong customer support channels, fair pricing, and easy policy management. State Farm also ranked highly with Consumer Reports, coming in just behind Liberty Mutual, which means customers can expect smooth claims handling and fair payouts if they ever need to recoup losses.
Allstate leads the pack when it comes to customer education. Along with helpful, clear policy information, the company offers some truly great tools. We especially love its Common & Costly Claims finder, which helps you determine the most important coverage for your home based on your zip code.
Allstate’s discounts are pretty stellar, too. All five providers we evaluated offer basic discounts for things like remaining claims free or signing up for multiple policies, but Allstate goes above and beyond. It offers a welcome discount and discounts for seniors, and bundling home and auto insurance can save you up to 30% (which is more than State Farm’s discount).
Allstate’s reputation for claims management is fair, though it did score lowest of all our top picks in Consumer Reports’ homeowners insurance survey. In particular, customers aren’t impressed with the amount paid out on claims. Still, Allstate is worth considering for its exceptional discounts and helpful customer resources.
Liberty Mutual is one of the most competitive all-around insurers. Consumer Reports ranks it above all other providers on this list, crediting its strong customer service, smooth claims process, and fair payouts. The company also earns an “A” financial rating from A.M. Best, meaning your insurance investment is in trustworthy hands.
What really sets Liberty Mutual apart, though, are its unique resources. For example, its Emergency Home Repairs service is available 24/7. If you suffer a covered loss, call and the company will immediately send professionals to begin repairs. All of the home insurance providers we evaluated have a 24/7 claims management service, but only Liberty Mutual will begin fixing your home up on the spot.
On top of this, Liberty Mutual’s exclusive group discounts cast a wide net. If you’re part of a participating group or associations, or work for one of the 14,000 employers that participate in the program — including the New York Public Employees Federation Membership Benefit Program, and many SUNY alumni groups — premiums are likely to be very competitive.
Like Allstate, Travelers helps customers cut costs with a wide variety of discounts. For example, bundling your Travelers home insurance with an auto, umbrella, boat, or personal articles policy can save you up to 15 percent. You can save another five percent simply by signing up for auto-pay. Travelers is also the only company with discounts for certified green homes. If you’ve got solar panels or energy-saving appliances, you could save as much as 5 percent.
As for coverage, Travelers is pretty much on par with State Farm and Allstate, with one notable exception: It doesn’t offer ordinance and law coverage for homes with a replacement cost of less than $1 million. This endorsement helps cover the cost of necessary building upgrades, and is especially important for older homes. Both State Farm and Allstate offer it.
Travelers does earn exceptional financial scores — “A++” from A.M. Best — meaning it can be fully trusted to pay out on claims of any size. All in all, this is a solid provider. We just wouldn’t recommend it if you have an old home valued under $1 million.
Looking for white-glove service and extended coverage options? Chubb is the provider for you. Chubb offers many of the same endorsements as New York’s other top providers, along with several unique options we didn’t see anywhere else.
For example, with Chubb’s Masterpiece plan, an appraiser will personally visit your home, estimate your its replacement cost, and help you determine how much coverage you need. It also covers the valuable and collectors items in your home: things like jewelry, fine art, and even furs. None of these things are covered by policies from big-name providers like State Farm, Allstate, or Liberty Mutual.
It’s also worth noting that Chubb is one of the few companies to offer private flood insurance — so you don’t have to buy it separately through FEMA. Not only that, but Chubb can provide up to $15 million in total property coverage. If you own a pricier home in a flood-prone area, these extra levels of protection could save you big money after a disaster.
Guide to Homeowners Insurance in New York
Look for flood insurance from FEMA
Contrary to what you might think, flood insurance isn’t included with most homeowners policies. In fact, the majority of home insurance providers don’t even offer flood coverage, preferring instead to pass that risk onto other organizations. (Chubb is the only top provider in New York that does sell flood coverage in-house).
If you do need flood insurance but can’t get it through your standard provider, we recommend the National Flood Insurance Program from FEMA. This initiative was developed to provide coverage in high-risk, yet underserved, areas.
Bolster your wind and water coverage
Wind- and water-related damages are by far the most costly claims for oceanside property. If you live near the coast, you’ll want to be sure you’re protected against these things. Standard policies from all five providers we evaluated cover wind damage, but you’ll still want to be sure you’re comfortable with your limits. It’s also important to note that “water damage” claims refer to leaks from burst pipes, clogged drains, or other accidents — not flood damage. Remember, you’ll need to pick up a separate policy for flood protection.
New York Homeowners Insurance FAQ
What are New York home insurance rates like?
Living in New York is spendy, and home insurance is no exception to that rule. The average New York homeowner will pay around $1,300 in annual premiums, which tops the national average of $1,173. That said, your own price may look very different — it all depends on your home, location, and assets. We suggest comparing multiple quotes before choosing a provider to make sure you’re getting the best deal on the coverage you need.
What is the best home insurance for Long Island?
Any of New York’s top insurance providers would be a good choice for your Long Island home; we recommend State Farm, Allstate, Liberty Mutual, Travelers, and Chubb. Just make sure you’re striking the right balance between a low premium and excellent coverage. The best way to do this is by requesting personalized quotes from all five companies to see how they stack up.