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Last updated on Sep 18, 2020

The Best Homeowners Insurance Companies in New York

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    New York State has an owner-occupied housing unit rate of 53.9%, according to the Census, and homeowners in the state face the possibility of damage to their properties from severe storms, floods and hurricanes.

    When trying to find the best home insurance in New York, you should look for a policy that will cover you for every possible risk in your area. We evaluated national and local players in the insurance industry and found five insurance providers that met our criteria regarding customer satisfaction, rating, coverage options and pricing. We found the top providers in New York, and some of them even made it to our list of best homeowners insurance companies in the United States.

    The 5 Best Homeowners Insurance Companies in New York  


    Provider
    Average Annual PriceAM Best Financial StrengthJ.D. Power Overall Customer Satisfaction
    State Farm$740A++831/1000
    Nationwide$1,025A+796/1000
    Travelers Insurance$1,320A++796/1000
    Allstate$1,463A+814/1000
    Safeco$1,557A795/1000

    Information as of 09/04/2020

    State Farm

    State Farm offers above-average customer support along with competitive pricing and solid coverage options. For those new to home ownership, its Simple Insights blog can tell you everything you need to know about home ownership in general.

    State Farm

    Best for Web Experience

    Why we chose it

    Providing a high-quality customer experience is only one of State Farm’s strengths. It also offers good policy coverages with add-ons to allow you to customize your policy.
    • 3.75 Reviews Score
    • A++ AM Best Rate AM Best rates car insurance provider’s creditworthiness. Ratings are based on the provider’s ability to follow through with a payout when a consumer files a claim.
    • 831* J.D. Power J.D. Power scores are based on surveys for customer satisfaction and product quality.
    • A BBB Rating The BBB rates companies based on trustworthiness and performance. The company uses a variety of factors, including how the company handles customer complaints.

    Why we chose it

    Providing a high-quality customer experience is only one of State Farm’s strengths. It also offers good policy coverages with add-ons to allow you to customize your policy.

    Pros

    • Financially strong
    • Excellent web presence
    • 19,000+ agents nationally
    • Informative blog

    Cons

    • Limited discounts
    • Higher premiums

    Discounts available

    • Multiple policy discount
    • Fire, smoke, or burglar alarms discount
    • Impact-resistant roof discount

    Unique features

    State Farm’s comprehensive website makes it easy to get a detailed quote in minutes. You can also pay your bill, file and manage a claim, and handle most maintenance tasks either online or via the company’s app.

    *J.D. Power 2019 Home Insurance Customer Satisfaction Survey, based on a 1,000-point scale

    Further Reading on State Farm:

    Nationwide

    Nationwide offers multiple discounts and a wide variety of coverage. Their primary homeowners’ policies include dwelling, personal property, personal liability and even credit card coverage. This provider’s premiums are usually on the higher end, but that can be attributed to the value of the coverage you’re getting.

    Nationwide

    Best for Discounts

    Why we chose it

    Nationwide insurance is popular among homeowners across the country. The provider is worth considering if you are looking for extensive coverage for your home and your belongings. Nationwide is a good option for homeowners who plan to renovate their property and for newly purchased homes.
    • 3.75 Reviews Score
    • A+ AM Best Rate AM Best rates car insurance provider’s creditworthiness. Ratings are based on the provider’s ability to follow through with a payout when a consumer files a claim.
    • 796* J.D. Power J.D. Power scores are based on surveys for customer satisfaction and product quality.
    • A+ BBB Rating The BBB rates companies based on trustworthiness and performance. The company uses a variety of factors, including how the company handles customer complaints.

    Why we chose it

    Nationwide insurance is popular among homeowners across the country. The provider is worth considering if you are looking for extensive coverage for your home and your belongings. Nationwide is a good option for homeowners who plan to renovate their property and for newly purchased homes.

    Pros

    • Brand New Belongings policy
    • Wide range of discounts

    Cons

    • Mobile app not geared toward homeowners insurance

    Discounts available

    • Home renovation credit
    • Gated community discount
    • Home purchase discount

    Unique features

    • You can save money on your premium based on your roof’s age and surface type
    • If your belongings get damaged or stolen, the company will cover the full cost of repairing or replacing them.

    *J.D. Power 2019 Home Insurance Customer Satisfaction Survey, based on a 1,000-point scale

    Further Reading on Nationwide:

    Travelers

    Travelers Insurance is a company with over 165 years in the insurance business offering an outstanding variety of policies across insurance industries such as auto, travel, event and umbrella coverage. Their comprehensive options allow their customers to bundle their multi-policies to save more money on their total premium costs.  

    Travelers

    Best for Multi-Policy

    Why we chose it

    Travelers homeowners insurance stands out for its bundling options and customizable coverage to suit your needs. You can find specific add-ons from green home to jewelry protection. The company also offers a discount for homeowners who haven’t submitted a claim within a specified period.
    • 4.25 Reviews Score
    • A++ AM Best Rate AM Best rates car insurance provider’s creditworthiness. Ratings are based on the provider’s ability to follow through with a payout when a consumer files a claim.
    • 796* J.D. Power J.D. Power scores are based on surveys for customer satisfaction and product quality.
    • A+ BBB Rating The BBB rates companies based on trustworthiness and performance. The company uses a variety of factors, including how the company handles customer complaints.

    Why we chose it

    Travelers homeowners insurance stands out for its bundling options and customizable coverage to suit your needs. You can find specific add-ons from green home to jewelry protection. The company also offers a discount for homeowners who haven’t submitted a claim within a specified period.

    Pros

    • National homeowners insurance coverage
    • Multiple coverage options
    • Discounts available for policy bundles and green homes

    Cons

    • Below average claims and customer satisfaction
    • You might have to complete purchase over the phone

    Discounts available

    • Protective devices and smart home system
    • Newly purchased home (up to 12 months)

    Unique features

    Travelers’ green home coverage will help repair, replace or rebuild with eco-friendly materials after you experience a loss.

    *J.D. Power 2019 Home Insurance Customer Satisfaction Survey, based on a 1,000-point scale

    Further Reading on Travelers:

    Allstate

    Allstate’s strength is in the diversity of its offerings and discounts, which allow you to pick and choose the coverage that works best for your circumstances. It has a great website, with tons of useful information.

    Allstate

    Best for Customization

    Why we chose it

    Allstate’s discounts add up to lower premiums, making the company a good choice for anyone who’s looking to save a few dollars on their premium costs. Allstate is also generous in their coverage, providing up to $10,000 for accidental damage.
    • 4 Reviews Score
    • A+ AM Best Rate AM Best rates car insurance provider’s creditworthiness. Ratings are based on the provider’s ability to follow through with a payout when a consumer files a claim.
    • 814* J.D. Power J.D. Power scores are based on surveys for customer satisfaction and product quality.
    • A+ BBB Rating The BBB rates companies based on trustworthiness and performance. The company uses a variety of factors, including how the company handles customer complaints.

    Why we chose it

    Allstate’s discounts add up to lower premiums, making the company a good choice for anyone who’s looking to save a few dollars on their premium costs. Allstate is also generous in their coverage, providing up to $10,000 for accidental damage.

    Pros

    • Diverse discount opportunities
    • Informative website and digital tools
    • Above-average customer service

    Cons

    • NAIC complaint index high
    • Financial strength ratings good, but not great

    Discounts available

    • Early signing discount
    • Home buyer discount
    • Hail-resistant roof discount

    Unique features

    Allstate’s discount list is longer than most national insurers. You could save up to 10% on your premiums if you sign up for your new policy at least 7 days before the current one expires.

    *J.D. Power 2019 Home Insurance Customer Satisfaction Survey, based on a 1,000-point scale

    Further Reading on Allstate:

    Safeco

    Safeco offers a variety of insurance packages and is best for those that want homeowners insurance with additional coverage, prefer to pay their bill in full and prefer to manage your account online. On the other hand, you can’t buy a policy online and the discounts are limited.

    Safeco

    Best for Coverage Options

    Why we chose it

    Safeco stands out for providing a comprehensive coverage option for home insurance, such as temporary housing costs and equipment breakdown coverage for damage unrelated to regular wear or tear. You can also choose coverage that matches the property replacement price rather than its actual value.
    • ** Reviews Score
    • A AM Best Rate AM Best rates car insurance provider’s creditworthiness. Ratings are based on the provider’s ability to follow through with a payout when a consumer files a claim.
    • 795* J.D. Power J.D. Power scores are based on surveys for customer satisfaction and product quality.
    • A+ BBB Rating The BBB rates companies based on trustworthiness and performance. The company uses a variety of factors, including how the company handles customer complaints.

    Why we chose it

    Safeco stands out for providing a comprehensive coverage option for home insurance, such as temporary housing costs and equipment breakdown coverage for damage unrelated to regular wear or tear. You can also choose coverage that matches the property replacement price rather than its actual value.

    Pros

    • Wide coverage options
    • Located across 50 states
    • Mobile app and Insurance Advisor for Alexa available

    Cons

    • Average package deal discount
    • Customer service is below average
    • Can’t buy a policy online

    Discounts available

    • Pay your bill in  full
    • Multi-policy discounts
    • Newer home discount for houses with less than 10 years

    Unique features

    Safeco homeowners insurance offers convenient coverage add-ons, such as identity theft coverage and equipment breakdown protection. If you have multiple policies with the company, such as home insurance and auto insurance, you’ll pay only one deductible if you suffer multiple losses in the same event. 

    *J.D. Power 2019 Home Insurance Customer Satisfaction Survey, based on a 1,000-point scale

    Further Reading on Safeco:

    Average Cost of Homeowners Insurance in New York

    The Insurance Information Institute’s (III) most recent report estimated that the average annual premium for homeowners insurance in the state of New York is around $1,309. This means that new yorkers pay about $100 more for their policies than the national average of $1,211.

    Since 2017, this state has declared less than two natural disasters per year. FEMA defines disasters with events such as storms, floods, hurricanes, landslides and/or a wildfire. The state of New York had two disaster declarations in 2017 and one in 2018. Keep in mind that the cost of homeowners insurance depends on factors such as location, credit record, age and construction year of the property, so the average annual premiums shown on this article are just estimates and might be different for you.

    Home Insurance Add-Ons That Will Further Protect You

    The best homeowners insurance in New York offers a basic policy with coverage for unexpected situations such as fire, theft or injury to others at home. But for additional coverage for events such as natural disasters, you will need to pay for add-ons. If you want to protect your assets, we recommend looking into them as part of your policy.

    Some examples of additional coverage for homeowners insurance that apply to this state are windstorm and hurricane coverage. This add-on will pay for damages caused by storms with strong winds, tropical storms, and hurricanes. If you hold a mortgage, this insurance is mandatory for some lenders in New York, especially for homes in coastal areas and within the five boroughs of New York City.

    Another insurance that is not included in basic homeowner’s insurance is flood insurance. Mortgage companies may also require this insurance if you live in an area at risk of rising water. Most New York households can obtain this coverage by purchasing a policy through the National Flood Insurance Program, operated by FEMA.

    The Cheapest Homeowners Insurance Companies in New York

    Largest Companies by Market Share in New YorkAverage Annual Premium 
    Metropolitan Insurance$716
    State Farm$740
    Ontario Ins Co$854
    Sterling Ins Co$903
    Nationwide$1,025
    Travelers$1,320
    USAA$1,349
    Allstate$1,463
    Safeco$1,557
    Chubb$2,330
    Encompass$2,961

    Cost of Homeowners Insurance by Age of Home 

    Age of Home (years)Sample Annual Premium 
    5$1,459
    20$1,775
    35$1,811
    50$1,816
    Average Across Ages$1,715

    Top 3 Cheapest New York Home Insurance Companies in New York

    • Metropolitan Insurance – $716 
    • State Farm – $740 
    • Ontario Insurance Company – $854

    Top 3 Most Expensive Homeowners Insurance in New York

    • Encompass – $2,961 
    • Chubb – $2,330 
    • Safeco – $1,557

    Helpful Resources for New York Homeowners

    Homeowners in New York have access to several additional resources to understand the coverages available and what they should consider when looking for home insurance. We found a comprehensive guide for homeowners by The New York State Department of Financial Services. Meanwhile, coastal residents facing challenges when looking for coverage in their area can reach out to the Coastal Market Assistance Program (C-MAP).

    If you are currently in the process of looking for home insurance policies, it is best to look for quotes and compare prices to get the best value for your money. Depending on your preference, you can call a local agent in your area or use our online quote system. To obtain a quote, you will need to provide the property’s address and details about the home, including its size, age of construction, value and recent renovations, if any, allowing the insurance company to give you the accurate figures of a policy that covers your needs. 

    Homeowners Insurance FAQ 

    Is Homeowners Insurance Required in New York?

    Homeowners’ insurance is not mandatory in the state of New York. However, if you have a mortgage, your lender may require a minimum amount of hazard insurance as a form of coverage. Having this homeowner’s policy will avoid you being responsible for expenses if your home is damaged or destroyed.

    What is the Cheapest Homeowners Insurance in New York?

    The cheapest homeowners insurance quote is from Metropolitan Insurance and it started at $716, according to our research. The second most affordable option was State Farm, slightly higher, at $740. To get these estimates, we used a general profile, but remember that there are factors that will impact your policy costs. Our homeowners insurance buyer’s guide can help you understand the criteria better. 

    Methodology

    We evaluated the best home insurance companies in New York based on their customer rating and experience, financial stability, and coverage to determine the best companies. To compare home insurance companies across the board, we then calculated a Reviews.com score based on the following:

    • Customer Ratings– Customer ratings are an indication of satisfaction with the process of filing a claim. We measured this using JD Power Homeowners Satisfaction ratings.
    • Coverage– As there isn’t one company to fit everyone’s needs, we evaluated companies by the amount of coverage options available and add-ons available. 
    • Confidence– It is extremely important for insurance companies to fulfill customers’ claims. Companies with sound financial strength will not have issues paying out claims, regardless of the amount. However, companies with weak financial strength might not be able to pay out claims. We measured this using AM Best.
    • Customer Experience– The amount of complaints a company receives is an indicator of the overall customer experience as it expresses dissatisfaction. We have based this measure on the NAIC National Complaint Index.

    About the Authors

    Nina Rodríguez-Quirós

    Nina Rodríguez-Quirós Feature Writer

    Nina is a feature writer for Reviews.com since October 2019. She writes about finance, banking, and broadband. Nina holds a Master’s Degree in Theory and Research of Communications from the University of Puerto Rico. When she is not playing with words, she takes pictures and spends time with her loved ones.

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