Based on customer satisfaction ratings, coverage options, and pricing, we found that Allstate offers the best homeowners insurance in New York. Other top providers include Nationwide, Travelers, Allstate, and Safeco. These companies are highly rated, offer lots of coverage choices, and provide good value for your money.
The 5 Best Homeowners Insurance Companies in New York
|Our Review||Our Review||Our Review||Our Review||Our Review|
|A.M. Best Financial Strength Rating||A++||A+||A++||A+||A|
|J.D. Power Overall Customer Satisfaction Score (Relevant region)||831/1000||796/1000||796/1000||814/1000||795/1000|
|Online Quote Tool||✓||✓||✓||✓||✓|
|Compare rates||Compare rates||Compare rates||Compare rates||Compare rates|
Average Cost of Homeowners Insurance in New York
In a report released in 2019, the National Association of Insurance Commissioners found that the average annual home insurance premium across the country was $1,211. That same report detailed the average annual home insurance cost in New York as being $1,309, or about 8% higher.
Carriers evaluate a number of factors to determine the amount you pay for home insurance in New York. These include your location, the age and construction of your home, your credit record, your coverage, your endorsements and deductibles, and available discounts.
Home Insurance Add-Ons That Will Further Protect You
A traditional home insurance policy offers coverage for issues like fire, theft, and injury to others. However, New York has seen its fair share of natural disasters in recent decades. If you want to really protect your assets, you need to look into additional coverage as part of your policy.
Windstorm and hurricane coverage pays for damages caused by storms with strong winds and/or hail, tropical storms, and hurricanes. Depending on your location in New York, this insurance may be mandatory if you hold a mortgage, as many lenders require that homes in coastal areas and within the five boroughs of New York City carry it.
Flood insurance is another protection that’s not included in basic homeowner’s insurance. Your mortgage company may also require this insurance if you live in an area at risk of rising water. Most households in New York can obtain this coverage by purchasing a policy through the National Flood Insurance Program, operated by FEMA.
Helpful Resources for New York Homeowners
If you’re shopping for homeowners insurance in New York, there are several resources that can help you learn about what coverages are available and determine which options are best suited for your situation.
The New York State Department of Financial Services has a comprehensive knowledge base for homeowners. Under the Homeowners Insurance category, you can read about the types of insurance available, get help with choosing a policy, see solutions when you have problems obtaining insurance, and learn how to reduce your chances of a loss.
The New York Property Insurance Underwriting Association offers a wealth of information about homeowners insurance in New York. It also administers the Coastal Market Assistance Program (C-MAP) to provide insurance to coastal residents who may not find coverage elsewhere.
If you’re ready to purchase a policy, you’ll want to compare home insurance quotes to get the best value for your money. You can do this by visiting the local offices of insurance carriers in your area or by using the online quote systems. When obtaining a quote, you’ll need to provide some basic information. Home insurance carriers usually have comprehensive databases that are often tied to property appraiser records. You may only need to provide your address, and the carrier can see all the details about your home, including its size, age, recent renovations, and value.
In determining the best homeowners insurance in New York, we first looked at the largest companies in the state. We further refined the list by comparing each company’s J.D. Power Overall Customer Satisfaction Score and AM Best Financial Strength Rating. We also considered the types of coverage offered, pricing, and the availability of discounts. Pricing information was determined by using general profiles to come up with average rates. The rates we mention may be higher or lower than what you pay based on your personal circumstances.
We worked with Quadrant Information Services to present data on home insurance rates considering the company, state, and age of the home. Quadrant makes this information available using rate data that insurers are required to file with the state Department of Insurance. The rates in the article are based on a sample profile created by Reviews.com for comparative purposes.
Best New York Homeowners Insurance Companies
- Several discount opportunities
- Among the cheapest insurance carriers
- Above-average rating for overall customer satisfaction
- Some discounts not available in all areas of New York
In New York, State Farm is among one of the most affordable home insurance providers, with low average annual premiums. If you qualify for some of its discount opportunities, including bundle and roofing discounts, you can save even more on your premium. However, on the downside, not all discounts are available in all areas of the state.
State Farm ranks high in overall customer satisfaction on the 2019 J.D. Power U.S. Home Insurance Study, scoring a 4 out of 5.
- Brand New Belongings policy
- Wide range of discounts
- Mobile app not geared toward homeowners insurance
Nationwide offers you many ways to save money on your homeowners insurance policy in New York. You can save if you bundle products, recently purchased your home, make upgrades, or live in a gated community. Its Brand New Belongings policy also pays you for the cost of new items rather than just reimbursing you for the cost of your originals.
While Nationwide has a mobile app, it’s not very helpful for homeowners insurance customers, as it’s primarily geared toward auto insurance.
- Manage your account with Alexa
- Multiple discount options
- Low overall customer satisfaction score
Travelers home insurance for New York is not the cheapest option, but it’s far from the most expensive. For convenience when you’re on the go, you can manage your account with Alexa and a smart device. Travelers offers you several opportunities to save money with its many discounts, including green home and protective devices discounts.
However, it’s important that potential customers are aware of its low ranking on the J.D. Power satisfaction survey, It scored just 2 out of 5 for overall customer satisfaction.
- Unique discount opportunities
- Lots of extra coverage options
- HostAdvantage insurance for home-sharing
- Optional coverage not available everywhere
Allstate offers some discounts that you don’t often see with other providers. You can save if you’re a retiree, a nonsmoker, or early at renewing your policy. If you rent out a portion of your home, you can look into HostAdvantage to protect you against theft and damage.
You’ll also find a host of optional coverage to protect you from identity theft and from loss of sports equipment, garden items, and more. However, not all optional coverage is available everywhere in New York.
- One deductible for multiple covered losses
- Convenient insurance add-ons
- Agents in hundreds of cities
- Among the most expensive insurance carriers
Safeco offers homeowners insurance in New York through its website and agents in hundreds of cities throughout the state. In addition to its basic coverage, it also offers several 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.
However, these perks come at a cost, as Safeco is among the most expensive homeowners insurance carriers in New York.
The Cheapest Homeowners Insurance Companies in New York
|Largest Companies by Market Share in New York||Average Annual Premium|
|Ontario Ins Co||$854|
|Sterling Ins Co||$903|
|Age of Home (years)||Sample Annual Premium|
|Average Across Ages||$1,715|
Top 3 Cheapest Homeowners Insurance Companies in New York
- Metropolitan Insurance – $716
- State Farm – $740
- Ontario Insurance Company – $854
Top 3 Most Expensive Homeowners Insurance Companies in New York
- Encompass – $2,961
- Chubb – $2,330
- Safeco – $1,557
Metropolitan Insurance, who you may better recognize as MetLife, offers the cheapest homeowners insurance in New York, on average. Other low-cost leaders include State Farm and Ontario Insurance Company. The most expensive company is Encompass, followed by Chubb and Safeco.
Keep in mind that average policy costs are determined by using general profiles. To get the most accurate estimate for your individual circumstances, it’s best that you request personalized quotes.
Homeowners Insurance FAQ
Is homeowners insurance required in New York?
No, homeowners insurance isn’t mandatory by law in New York. However, if you have a mortgage, most lenders require that you maintain a policy. If you own your home outright, you don’t need to purchase insurance, but you have to remember that if your home is damaged or destroyed, you’ll be responsible for all expenses.
What is the cheapest homeowners insurance in New York?
Metropolitan Insurance, more commonly known as MetLife, typically offers the cheapest homeowners insurance in New York. This was determined using a general profile, but remember that policy costs are based on many factors, so your actual costs may be lower or higher than average.