The Best New York Homeowners Insurance Companies
Owning property in New York can be daunting when considering which provider you want to insure your dwelling with. Thankfully we’ve poured over the details, stats, and numbers from top rating agencies and industry experts, like J.D Power and AM Best, to name a few. After our research, we found 6 providers that will confidently protect your home with great coverage and pricing. For military families, USAA is a no-brainer, while State Farm and Liberty Mutual’s claim management made them sit well with us. With our top picks, you can rest assured you’re getting the best that New York homeowners insurance has to offer.
How We Found the Best New York Homeowners Insurance Companies
We evaluated the six biggest home insurance providers in New York by market share, using our review of the best national 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 the companies’ quality of service and claims processes, we looked into customer ratings from Consumer Reports and J.D. Power. Unlike our review of the best homeowners insurance nationwide, we allowed for providers that scored at least two out of five from J.D. Power in overall customer satisfaction. The last step was to compare coverage options and discounts to see which companies offer the most well-rounded policies overall.
The 6 Best Homeowners Insurance Companies in New York
|State Farm||Allstate||Liberty Mutual||Travelers||Chubb||USAA|
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Average Cost of Homeowners Insurance in New York
In New York, the price of homeowner’s insurance has usually fallen above the national average of around $1,000 annually. According to Homeinsurance.com, New York’s cost of homeowner’s insurance averages $1,262 a year. Certain areas closer to New York City or other metropolitan areas can be expected to have higher rates, while more rural parts of New York usually trend lower. Furthermore, New York has been impacted by severe weather events in recent years, meaning the providers are shouldering more risk now, which inevitably leads to a higher premium. Factors that can also cause your rate to fluctuate can be the age of your home, your credit level, and your claims history. Take some time to shop around, it always pays to find the best policy for your situation.
Home Insurance add-ons that will further protect you
While the thought of starting an extra policy just for flood insurance sounds like a headache, in the long run, it can be worth it. Hurricane Irma, for example, left a wake of destruction in its path to both residential and commercial properties. Residential damages alone are estimated to have caused 25 to 38 billion dollars in home flood loss alone. FEMA offers flood insurance through the National Flood Insurance Program, while Chubb and USAA offer flood insurance coverage as an add-on. Wind damage can also be a contributing factor to coastal areas, thankfully all six of our top providers offer wind coverage, so you can rest easy knowing you’re protected from mother nature.
Helpful Resources for New York Homeowners
New York can be a complicated place to settle down in, so for some, it helps to know where their options are when they need help and can’t turn to their provider. Thankfully both the New York government and non-profits offer great resources to help you answer any questions you may have. The New York Mortgage Coalition is a non-profit that aims to “work collaboratively in addressing community reinvestment” and does so through counseling, financial assistance, and educational resources. Also helpful is the New York City government page, which includes numerous resources for homeowners in the Big Apple like the HomeFirst Downpayment Assistance program, which offers up to $40,000 on your first home down payment for qualified prospective home buyers. These are just a few resources you can rely on, but be sure to check your local borough or county website and see what it has to offer for homeowners in your area.
State Farm earns 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 easy quote tool, State Farm offers a guide to making a home inventory, along with a helpful learning center.
State Farm also pulls consistently high ratings across the board. It scored higher than some other companies on this list in J.D. Power’s survey, indicating about average customer support channels, pricing, and policy management. State Farm also ranked highly with Consumer Reports, coming in just behind Liberty Mutual, which means customers can expect good claims handling and fair payouts if they ever need to recoup losses.
Allstate leads the pack when it comes to customer education. Along with clear policy information, the company offers 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. It offers a welcome discount and discounts for seniors, and bundling home and auto insurance can save you up to 30% (more than State Farm’s discount).
Allstate’s reputation for claims management is fair, but 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 except for USAA, crediting its strong customer service, smooth claims process, and fair payouts. The company also earns an A financial rating from A.M. Best.
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 send professionals to begin repairs day or night. 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 association, or work for one of the 14,000 employers who 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%. You can save another 5% simply by signing up for autopay. 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%.
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 earns 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 at under $1 million.
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.
With Chubb’s Masterpiece plan, an appraiser will personally visit your home, estimate 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 some of our other top picks
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.
Along with Chubb, USAA was the only other top provider in New York to offer its own flood insurance policy. However, the company’s advertised discounts are a little lacking, which is a shame, since USAA stands above the rest in financial stability (A++) and customer satisfaction. Aside from that, the one big strike against USAA is that not everyone can get it.
USAA only covers active military service members, veterans, and their families. That, on top of the fact that there were so few advertised discounts, leads us to rank the company just a little lower in our listing.
If you have strong ties to the military, you may find some perks you can’t get anywhere else. After all, there aren’t many homeowners insurance providers that will cover your uniforms should they be lost or damaged. And, if you bank with the USAA Bank, your claims can be answered quickly via direct deposit.
Guide to New York Homeowners Insurance
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 and USAA are the only top providers in New York that 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 six 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
Is homeowners insurance required in New York State?
Unlike with New York car insurance, you are not legally required to have proof of insurance in order to own a home in the Empire State. However, most mortgages will require that you have homeowners insurance if any financial agreements are to be made.
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, Chubb, and USAA. 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 and comparing personalized quotes from all six companies.