There is a wide range of choices for the best home insurance in New York, but four insurance providers, in particular, stand out. NYCM, Nationwide, State Farm, and Allstate offer higher customer satisfaction ratings, mostly competitive premium rates, and unique add-ons or discounts for even more savings.
4 Best Homeowners Insurance Companies in New York
- NYCM: Best for Cheap Rates
- Nationwide: Best for Add-on Coverages
- State Farm: Best for Digital Tools
- Allstate: Best for Discounts
Compare the Best New York Homeowners Insurance Companies
| Average Annual Premium* | AM Best Financial Strength AM Best rates insurance providers creditworthiness. Ratings are based on the provider’s ability to follow through with a payout when a consumer files a claim. | 2021 J.D. Power Claim Satisfaction J.D. Power scores are based on surveys for customer satisfaction and product quality. | ||
|---|---|---|---|---|
| Pin NYCM | $394 | A (Excellent) | N/A | |
| Pin Nationwide | $787 | A+ (Superior) | 892/1,000 | |
| Pin State Farm | $779 | A++ (Superior) | 880/1,000 | |
| Pin Allstate | $1,234 | A+ (Superior) | 882/1,000 |
*Based on $250,000 dwelling coverage, data from Bankrate.com
NYCM
NYCM, which is short for New York Central Mutual, has the least expensive rates of the insurance providers on our list. Beyond the rates, the carrier offers excellent financial stability ratings and a variety of discounts for homeowners.
Best for Cheap Rates
Why we chose it
Why we chose it
Pros
- Highly competitive rates
- Numerous discounts available
- Below industry average NAIC complaints
Cons
- App is not as highly-rated versus competitors
- No online purchase option
- Limited add-on coverages
DISCOUNTS AVAILABLE
- Work from home
- Retirement
- Renovation
- Green home
- Gated community
ADD-ON COVERAGES
- Umbrella insurance
- Flood insurance
- Valued possession
- Utility line
Nationwide
Nationwide stands out for the number of optional coverages homeowners in New York can add to their policy. Add-ons are a way to customize a more robust policy and add greater financial protection.
Best for Add-Ons
Why we chose it
Why we chose it
Pros
- Numerous add-on coverages
- High customer satisfaction ratings
Cons
- App is more focused on auto insurance
DISCOUNTS AVAILABLE
- Home renovation credit
- Gated community discount
- Home purchase discount
- Protective device
- Roof rating
ADD-ON COVERAGES
- Identity theft
- Earthquake
- Water backup
- Valuables plus
- Flood insurance
- Replacement cost plus
NATIONWIDE INSURANCE REVIEW
State Farm
State Farm stands out for the number of digital resources it offers to each policyholder. In addition to its robust digital resources, it has local agents nationwide who are readily available to help policyholders with their insurance questions.
Best Digital Tools
Why we chose it
Why we chose it
Pros
- User-friendly mobile app
- Excellent financial strength ratings
- Large network of 19,000+ agents
Cons
- Few discounts offered
DISCOUNTS AVAILABLE
- Multi-policy
- Protective devices
- Impact-resistant roof
ADD-ON COVERAGES
- Pet protection through a third party
- Flood insurance
- Earthquake insurance
STATE FARM INSURANCE REVIEW
Allstate
Allstate offers home insurance programs and discounts to help New York homeowners save further, including the claim-free discount. This allows you to save up to 20% if you do not have any recent claims on file.
Best for Discounts
Why we chose it
Why we chose it
Pros
- Financial strength
- Helpful mobile app and online tools
- Numerous and unique discounts
Cons
- Higher amount of registered customer complaints
DISCOUNTS AVAILABLE
- Multi-policy
- Responsible payment
- Welcome and loyalty discount
- Homebuyer for new construction
- First-time purchase
ADD-ON COVERAGES
- Business property
- Sports equipment
- Green home improvement
- Electronic data recovery
- Musical instruments
ALLSTATE INSURANCE REVIEW
Average Cost of Homeowners Insurance in New York
The average annual cost of home insurance in New York is $987 for $250,000 in dwelling coverage. This is less than the national average of $1,312. The rates were pulled from 2021 data provided by Bankrate.com, but your premiums may be more or less expensive depending on several factors. Premiums are determined by the location of the home within the state, and the age of the home, coverages selected and discounts applied, to name a few.
Average Annual Premiums from Homeowners Insurance Companies in New York
The table below shows the average rates from a variety of insurance providers in New York. The table also illustrates how varied premiums can be from one provider to another, so it’s wise to shop around and compare multiple companies for quotes.
| Company | Average Annual Premium* |
| NYCM | $394 |
| Main Street America Group | $517 |
| Merchants Mut Grp | $604 |
| Ontario Ins Co | $706 |
| Dryden Mut Ins Co | $711 |
| Sterling Ins Co | $716 |
| Preferred Mutual | $741 |
| Tower Grp | $741 |
| USAA | $775 |
| State Farm | $779 |
| Security Mut Ins Co | $779 |
| Nationwide | $787 |
| Travelers | $933 |
| NBIC Holdings Grp | $1,039 |
| Utica National | $1,054 |
| Allstate | $1,234 |
| PURE | $1,363 |
| The Hanover | $1,438 |
| Chubb | $1,651 |
*Based on $250,000 dwelling coverage
Top 3 Most Expensive Companies for New York Homeowners Insurance
- Chubb: 1,651
- The Hanover: $1,438
- PURE: $1,363
Top 3 Cheapest Companies for New York Homeowners Insurance
- NYCM: $394
- Main Street America Group: $517
- Merchants Mut Grp: $604
New York Home Insurance Considerations
New York homeowners will likely face weather-related incidents ranging from snow to severe thunderstorms. Flood insurance is generally not included in a standard homeowners policy, but homeowners should strongly consider it as an add-on. You can view your flood risk through FEMA.
Another add-on worth considering would be personal property replacement cost. This would replace your items at cost value, instead of the depreciated value, if they are damaged due to a covered event.
Helpful Resources for New York Homeowners
New York homeowners are subject to a number of weather-related perils, including threats from hurricanes, severe thunderstorms and snow. Not only should homeowners review their flood insurance needs, but residents can also sign up for hazard notifications at nyalert.gov. Other resources New York homeowners may find helpful include:
- Storm Preparedness Tips – New York Department of Financial Services
- Maintaining Adequate Insurance – New York Department of Financial Services
- Flood insurance – New York Department of Financial Services
Frequently Asked Questions
Methodology
We evaluated the companies based on their third-party agency ratings for customer experience, financial stability, as well as coverage options to determine which might be the best providers.
To compare home insurance companies across the board, we considered the following factors:
- Customer Ratings — Customer ratings are an indication of satisfaction with the process of filing a claim. We measured this using 2021 J.D. Power Home Insurance Study ratings.
- Coverage — As there isn’t one company to fit everyone’s needs, we evaluated companies by the amount of coverage options and add-ons available.
- Confidence — It is extremely important for insurance companies to fulfill customers’ claims. Companies with sound financial strength ratings indicate a positive history of being able to pay out claims. We measured this using AM Best ratings.
- 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.
Rates are based on quoted annual premiums from Bankrate.com. These are sample rates and should be used for comparative purposes only. Your quotes may be different.
The coverage limits for home insurance rates reflect the following coverage and limits:
- Coverage A, Dwelling: $250,000
- Coverage B, Other Structures: $25,000
- Coverage C, Personal Property: $125,000
- Coverage D, Loss of Use: $50,000
- Coverage E, Liability: $300,000
- Coverage F, Medical Payments: $1,000
The homeowners also have a $1,000 deductible and a separate wind and hail deductible (if required).
About the Authors
Sara Coleman is a personal finance freelance writer based in Charlotte, NC. A Journalism Major who studied at the University of Georgia, she enjoys creating approachable content. She’s written for sites such as WorkingMother, BetterYouMag, and SmartMoneyMamas. She loves spending time with her husband and 3 kids, and has a healthy obsession with coffee.
