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The Best Home Insurance Companies in New York for 2021

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    Reviews Report

    • NYCM scores the highest with Reviews.com of the carriers reviewed, earning a 4.5 out of 5.
    • Other carriers, such as USAA, score high with customer satisfaction.
    • Travelers, Nationwide, and Allstate offer a wide variety of discounts for homeowners.

    New Yorkers have an array of choices for policies, but when it comes to the best home insurance in New York, a handful of carriers stand out. Not only are quoted annual premiums competitive among these carriers, but other important factors such as customer service and financial strength ratings may be worth consideration in the search for the best home insurance companies in the state. 

    Reviews.com used annual premiums from Quadrant Information Services to map the average home insurance premium, and a unique in-house methodology to compare discounts, coverage, and third-party evaluations to rank and review the best home insurance in New York. Compare quotes from carriers that provide home insurance in New York to make sure you get the best homeowners insurance rates available.

    The 6 Best Home Insurance Companies in New York

    • NYCM: Cheapest New York Home Insurance Company
    • USAA: Best New York Home Insurance for Military Members
    • Nationwide: Best New York Home Insurance for Add-on Coverage
    • Travelers: Best New York Home Insurance for Green Homes
    • Allstate: Best New York Home Insurance for Discounts
    • State Farm: Best New York Home Insurance for Digital Experience

    Compare the Best Home Insurance Companies in New York

    ProviderAverage Annual Premiums*Reviews.com Score
    AM Best Financial StrengthJ.D. Power Customer Satisfaction**
    NYCM$595.604.5AN/A
    USAA$1,374.993.8A++889
    Nationwide$887.894A+808
    Travelers$978.553.2A++803
    Allstate$1,399.783.8A+829
    State Farm$1820.072.8A++829

    Information accurate as of July 2021

    * Data provided by Coverage.com

    **J.D. Power 2020 Home Insurance Satisfaction Study. Based on a 1,000-point scale.

    NYCM

    Cheapest NY Home Insurance

    Why we chose it

    NYCM offers competitive rates for premiums and a long list of discounts, making it one of the top picks for home insurance companies in New York.
    • 4.5 Reviews Score Score is based on company’s customer experience, financial stability, and coverage options.
    • $595.60 Average Premium Pricing data comes from our partners at Coverage.com.
    • A AM Best Rate 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.
    • N/A** J.D. Power J.D. Power scores are based on surveys for customer satisfaction and product quality.

    Why we chose it

    NYCM offers competitive rates for premiums and a long list of discounts, making it one of the top picks for home insurance companies in New York.

    Pros

    • Cheaper premiums than competitors
    • Standard coverage options available
    • Close to a dozen discounts possible

    Cons

    • Lack of add-on options
    • App rated lower than competitors on Google and Apple app stores
    • Must call agent to finalize quote
    Read More

    Add-on Coverage

    • Umbrella insurance
    • Flood insurance
    • Valued possession
    • Utility line

    Discounts Available

    • Multi-policy
    • Homeowner
    • Work from home
    • Retirement
    • Renovation
    • Claims-free
    • Green home
    • Gated community
    • Protective device
    USAA

    Best for Military Members

    Why we chose it

    This highly-rated company has offered insurance coverage for military members, veterans and their immediate family members since 1922. USAA also offers a variety of discounts and coverage options tailored to military families.
    • 3.8 Reviews Score Score is based on company’s customer experience, financial stability, and coverage options.
    • $1,347.99* Average Premium Pricing data comes from our partners at Coverage.com.
    • A++ AM Best Rate 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.
    • 889** J.D. Power J.D. Power scores are based on surveys for customer satisfaction and product quality.

    Why we chose it

    This highly-rated company has offered insurance coverage for military members, veterans and their immediate family members since 1922. USAA also offers a variety of discounts and coverage options tailored to military families.

    Pros

    • Earthquake insurance available
    • High customer service satisfaction ratings
    • Bundling discount available

    Cons

    • Available only to military
    • Less discounts offered versus other companies
    • Premiums higher than competitors in NY
    Read More

    Add-on Coverage

    • Personal belongings
    • Homesharing
    • Earthquake
    • Loss of use
    • Other structures
    • Personal liability

    Discounts Available

    • Bundling
    • Claims-free
    • Protective device

    More USAA Insurance Reviews

    Nationwide

    Best for Add-on Coverage

    Why we chose it

    Nationwide offers multiple coverage and savings options to customize a policy in a variety of ways, depending on coverage needs.
    • 4 Reviews Score Score is based on company’s customer experience, financial stability, and coverage options.
    • $887* Average Premium Pricing data comes from our partners at Coverage.com.
    • A+ AM Best Rate 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.
    • 808** J.D. Power J.D. Power scores are based on surveys for customer satisfaction and product quality.

    Why we chose it

    Nationwide offers multiple coverage and savings options to customize a policy in a variety of ways, depending on coverage needs.

    Pros

    • Full value replacement of belongings coverage
    • Wide variety of discounts
    • Premiums lower than competitors in NY

    Cons

    • Mobile app geared toward car insurance policies
    • Below-average customer satisfaction rating
    Read More

    Add-on Coverage

    • Identity theft
    • Earthquake
    • Water backup
    • Valuables plus
    • Flood insurance
    • Replacement cost plus

    Discounts Available

    • Home renovation credit
    • Gated community discount
    • Home purchase discount
    • Protective device
    • Claims-free
    • Roof rating
    • Prior insurance
    • Multi-policy

    More Nationwide Insurance Reviews

    Travelers

    Best for Green Homes

    Why we chose it

    Travelers provides unique options for green homes, including covering the costs to repair, replace, or rebuild with green materials if a covered loss occurs.
    • 3.2 Reviews Score Score is based on company’s customer experience, financial stability, and coverage options.
    • $978.55* Average Premium Pricing data comes from our partners at Coverage.com.
    • A++ AM Best Rate 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.
    • 803** J.D. Power J.D. Power scores are based on surveys for customer satisfaction and product quality.

    Why we chose it

    Travelers provides unique options for green homes, including covering the costs to repair, replace, or rebuild with green materials if a covered loss occurs.

    Pros

    • Green home coverage options
    • Bundling discount available
    • High number of add-on coverages

    Cons

    • Below-average customer satisfaction rating
    • App geared towards auto insurance
    • Fewer discounts compared to competitors
    Read More

    Add-on Coverage

    • Speciality personal property coverage
    • Contents replacement cost
    • Additional replacement cost protection
    • Jewelry and valuable items
    • Personal articles floater
    • Water backup and sump pump
    • Identity fraud
    • Green home

    Discounts Available

    • Green home
    • Multi-policy
    • Homebuyer
    • Loss-free
    • Protective device

    More Travelers Insurance Reviews

    Allstate

    Best for Discounts

    Why we chose it

    Allstate is generous with its home insurance programs by offering deductible-reducing rewards for being claims-free and 5% back when homeowners renew their policy every year they don’t file a claim.
    • 3.8 Reviews Score Score is based on company’s customer experience, financial stability, and coverage options.
    • $1,399* Average Premium Pricing data comes from our partners at Coverage.com.
    • A+ AM Best Rate 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.
    • 829** J.D. Power J.D. Power scores are based on surveys for customer satisfaction and product quality.

    Why we chose it

    Allstate is generous with its home insurance programs by offering deductible-reducing rewards for being claims-free and 5% back when homeowners renew their policy every year they don’t file a claim.

    Pros

    • Average customer satisfaction ratings
    • Work online, via the app or an agent
    • Numerous discounts

    Cons

    • Above-average NAIC complaint index rating
    • Limited add-on coverage options
    Read More

    Add-on Coverage

    • Personal umbrella
    • Host advantage
    • Flood insurance

    Discounts Available

    • Multi-policy
    • Responsible payment
    • Claim-free
    • Welcome and loyalty discount
    • Homebuyer
    • Easy Pay Plan
    • Protective device
    • Early signing

    More Allstate Insurance Reviews

    State Farm

    Best Digital Experience

    Why we chose it

    State Farm offers an easy online quote process, and an online portal or mobile app for complete policy management on the go.
    • 2.8 Reviews Score Score is based on company’s customer experience, financial stability, and coverage options.
    • $1820.07* Average Premium Pricing data comes from our partners at Coverage.com.
    • A++ AM Best Rate 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.
    • 829** J.D. Power J.D. Power scores are based on surveys for customer satisfaction and product quality.

    Why we chose it

    State Farm offers an easy online quote process, and an online portal or mobile app for complete policy management on the go.

    Pros

    • Highly-rated mobile app by Google and Apple app stores
    • Online quotes available
    • Bundling discount available

    Cons

    • Below-average Reviews.com score
    • More expensive premiums compared to competitors
    • Limited add-ons and discounts versus other carriers
    Read More

    Add-on Coverage

    • Personal property

    Discounts Available

    • Multi-policy
    • Home security
    • Roofing

    More State Farm Insurance Reviews

    * Data provided by Coverage.com

    **J.D. Power 2020 Home Insurance Satisfaction Study. Based on a 1,000-point scale.

    Average Cost of Homeowners Insurance in New York

    The average cost of homeowners insurance in New York is $1,124 per year, according to data sourced from Coverage.com. While this puts New York in the top 20 most expensive states for homeowners insurance, the neighboring states of Massachusetts and Connecticut are even more expensive. Neighbors in New Jersey and Pennsylvania pay quite a bit less for home insurance versus New Yorkers. Nationally, the average rate for homeowners is $1,249 per year. 

    FEMA has declared several natural disasters in the state of New York over the last five years, including the pandemic. This is one of many factors used when determining rates for home insurance. Other considerations, such as the exact ZIP code, the coverage options selected, credit score, and the age of the dwelling are examples of other factors used for determining NY home insurance rates.

    The Cheapest Homeowner 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

    Average Homeowner Insurance Costs by Age of Home in New York

    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 Homeowner Insurance Companies in New York

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

    Top 3 Most Expensive Homeowner Insurance Companies in New York

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

    Common Home Insurance Perils in New York 

    When choosing the best coverage options for homeowners insurance in New York, it is essential to consider perils a resident might experience. This helps determine what optional coverage or coverage limits someone might want to consider when choosing a policy. One peril New Yorkers often deal with are snowstorms. Snowstorms can bring high winds, dangerous icy conditions, and other possibilities for damage to homes.

    Flooding is a concern in different parts of the state, which means it may be necessary to obtain flood insurance. A licensed agent familiar with the local area is a resource homeowners may consider, as well as the FEMA National Flood Insurance Program. Severe storms and flooding have occurred in New York throughout the years, including as a result of Tropical Storms that have traveled to the Northeast.  

    Because of the risk of hurricanes to the coastal areas, some insurers may require separate hurricane deductibles. Properties located in New York City, Nassau and Suffolk counties, and the coastal areas of Westchester County are more likely to need this deductible. 

    Add-on home insurance coverage in New York 

    Because of the naturally occuring perils the state of New York faces, such as hurricanes, flooding, snowstorms and severe storms, homeowners may want to consider specific add-on coverages. The cost of repairs or replacement cost of damaged property covered by these options could be valuable financial protection for a homeowner. 

    Flood insurance is not included in a typical homeowners policy and is recommended in certain areas throughout the state. Another add-on worth looking into is windstorm and hurricane coverage, since parts of the state are more susceptible to damage from these types of natural disasters. 

    For more information on flood, storm, or weather disaster tips for home insurance, the state of New York has these resources available to homeowners:

    New York Home Insurance FAQ

    What is the average cost of homeowners insurance in New York?

    The average cost of homeowners insurance in New York is $1,124, based on quoted annual premiums from Quadrant Information Services for $250,000 in dwelling coverage. The average cost is determined by using data pulled from Coverage.com.

    Who has the best home insurance in NY?

    Reviews.com has given the highest score of 4 (out of 5) for overall best homeowners insurance in New York to NYCM.

    Do you need home insurance in NYC?

    Homeowners insurance is not a legal requirement in New York, however, without it a homeowner’s out-of-pocket costs could be tremendous if damage to a home occurs.

    Does Geico offer home insurance in New York?

    Yes, Geico offers home insurance in New York. A quote can be obtained online, through a local agent or its customer service number.

    Methodology

    We evaluated New York home insurance companies based on availability, customer satisfaction, financial stability, and coverage to determine Reviews.com score and create our best home insurance reviews. To compare home insurance companies with other providers across the board, we calculate each Reviews.com score based on the following:

    • Coverage: The more options a home insurance company has for insurance add-ons and coverages, the higher it scores in our methodology.
    • Customer Experience: We reviewed the National Association of Insurance Commissioners’ National Complaint Index and compared each homeowners insurance company’s complaint rating.
    • Customer Satisfaction: With J.D. Power’s 2020 Home Insurance Satisfaction Study, we assigned a score to each company based on the rating it received.
    • Financial Stability: Reviews.com utilized AM Best ratings to assign a score based on each home insurance company’s financial stability.
    • Discounts: We reviewed and compared the number of discounts advertised on each home insurance company’s website. The more available discounts, the higher the score in this metric.

    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.

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