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Best cheap home insurance in New York City in 2025
Powered by Coverage.com (NPN: 19966249)
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
The best home insurance companies in New York City
Owning a home in the Big Apple is often a big investment. According to data from Realtor.com, the median sale price for a New York City home is around $708K in 2024. Having a great home insurance policy can provide peace of mind surrounding what is likely one of your most valuable assets.
To identify the best home insurance companies in New York City, Bankrate’s insurance editorial team considered average rate data from Quadrant Information Services, customer satisfaction scores from J.D. Power, third-party financial strength ratings, coverage options, discount opportunities, customer support and other metrics. Based on our findings, Chubb, Nationwide, Allstate, State Farm and NYCM may offer some of the best homeowners insurance in New York City.

Bankrate Score
Avg. annual premium
$300K dwelling coverage
JD Power
Why Chubb made our list: Chubb’s Masterpiece home insurance policy comes with built-in perks. While Chubb’s policies can be on the pricier side, endorsements like ordinance coverage, extended replacement cost coverage, replacement cost insurance for personal belongings and water backup are all included in the policy at no extra cost. Chubb policyholders also have access to complimentary services like HomeScan, which can help spot potential home issues before they turn into claims.
Why Chubb may be best for high-value homes: Chubb is the Bankrate Awards winner for Best Home Insurance Company for High-Value Homes because of its A++ (Superior) financial strength rating from AM Best, specialized coverage options and risk mitigation services. It also ranked first in both the J.D. Power 2024 U.S. Home Insurance Study and 2025 U.S. Property Claims Satisfaction Study. Homeowners looking for end-to-end, no-expense-spared home insurance may want to get a quote from Chubb.
Bankrate Score | 4.6 |
J.D. Power | 688/1,000 |
AM Best Rating | A++ |
Bankrate Score
Avg. annual premium
$300K dwelling coverage
JD Power
Why Nationwide made our list: Nationwide home insurance offers all of the basics and some add-ons like better roof replacement, brand new belongings, insurance for valuables, equipment breakdown coverage and replacement cost coverage, and has plenty of discounts to offset the cost of endorsements. Nationwide scored above average in the J.D. Power 2025 U.S. Property Claims Satisfaction Study and U.S. Home Insurance Study, indicating that customers are overall pleased with how the company prices policies and handles claims.
Why Nationwide may be best for discounts: Nationwide won the 2025 Bankrate Award for Best for Bundling Home and Auto Insurance. Nationwide shares that the average homeowner saves more than $1,000 annually with this discount, and you can also get a free insurance assessment available with On Your Side Review. On its website, the carrier also advertises nine different savings opportunities across multiple categories. Some are home-specific (like roof rating), while others are specific to the policyholder (like bundling).
Bankrate Score | 4.2 |
J.D. Power | 641/1,000 |
AM Best Rating | A |

Bankrate Score
Avg. annual premium
$300K dwelling coverage
JD Power
Why Allstate made our list: The company won the title of Best for First-Time Homeowners in the 2025 Bankrate Awards thanks to welcome and recent homebuyer discounts and helpful coverage endorsements. The company has also been recognized in the past by the Bankrate Awards for its highly-rated digital tools, 24/7 customer support and robust national network of agents. Allstate also offers home-sharing, which could make it a good choice for New York City homeowners looking to rent out all or part of their homes.
Why Allstate may be best for custom policies: Allstate offers homeowners a wide selection of optional coverage types. These include added financial protection for musical instruments, yards and gardens, sports equipment and business property. Allstate policyholders can also add identity theft protection, water backup, scheduled personal property and electronic data recovery.
Bankrate Score | 4.2 |
J.D. Power | 631/1,000 |
AM Best Rating | A+ |
Bankrate Score
Avg. annual premium
$300K dwelling coverage
JD Power
Why State Farm made our list: State Farm is the largest home insurance company in the U.S. by market share and may be a good choice for homeowners looking for a strong balance of competitive rates, multi-product availability and highly-rated customer service. As the company ranks highly in both the 2025 J.D. Power Home Insurance Study and the 2024 Auto Claims Satisfaction Study, it may be a good option for homeowners looking to bundle and manage both policies with a single provider.
Why State Farm may be best for policy management options: State Farm could be the right company for NYC homeowners who do not want to choose between strong digital tools and having a local agent nearby. State Farm’s online tools scored above average in the service category of the J.D. Power 2024 U.S. Insurance Digital Experience Study, and there are multiple agent offices spread out throughout the city.
Bankrate Score | 4.1 |
J.D. Power | 643/1,000 |
AM Best Rating | A++ |
Bankrate Score
Avg. annual premium
$300K dwelling coverage
JD Power
Not rated
Why NYCM made our list: New York Central Mutual (NYCM) is a mutual insurer, which means policyholders technically own the company (versus the company being publicly traded). NYCM offers an impressive list of discounts, like savings for working from home and being a retiree. Plus, its average rates are 68 percent less than the citywide average.
Why NYCM may be the best for working with a local company: NCYM only writes policies in the state of New York, which could make it a viable choice for anyone looking to work with a smaller insurance company that’s well-versed in NYC homeowners insurance coverage needs. Although it was not included in the J.D. Power studies, NYCM does have a below-average NAIC Complaint Index for its home insurance product, which signals that the company received relatively few formal complaints from policyholders.
Bankrate Score | 3.9 |
J.D. Power | |
AM Best Rating | A |
Bankrate's trusted insurance industry expertise
Read our full methodologyThe insurance market can be complicated, but Bankrate's insurance editorial team used our unique perspective to bring readers the information they need to make educated decisions when shopping for a policy.
78
years of industry experience
9
licensed staff
34.5K
ZIP codes examined
120
carriers reviewed
The cheapest home insurance companies in New York City
New York City is widely considered to be the most expensive place to live in the country. For homeowners working with a tighter budget, Bankrate found the cheapest home insurance companies for several different dwelling coverage limits. Data from Quadrant Information Services shows that, on average, NYCM, State Farm and Sterling Insurance offer the cheapest home insurance in New York City for a policy with a $300K dwelling limit.
|
|
|
---|---|---|
$69
|
$825
|
|
$84
|
$1,013
|
|
Sterling Insurance
|
$135
|
$1,622
|
$156
|
$1,874
|
|
|
|
---|---|---|
$77
|
$930
|
|
$100
|
$1,194
|
|
Sterling Insurance
|
$151
|
$1,809
|
$179
|
$2,143
|
|
|
|
---|---|---|
$94
|
$1,127
|
|
$131
|
$1,569
|
|
Sterling Insurance
|
$190
|
$2,276
|
$224
|
$2,693
|
|
|
|
---|---|---|
$147
|
$1,763
|
|
$226
|
$2,717
|
|
Sterling Insurance
|
$288
|
$3,458
|
$361
|
$4,329
|

Compare home insurance rates
Answer a few questions to see personalized rates from top carriers.
Powered by Coverage.com (NPN: 19966249)
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
How much is home insurance in New York City?
Home insurance in New York City costs $2,599 on average, which is 39 percent more than the statewide average of $1,868. NYC homeowners insurance costs skew higher for several reasons, one of which could be building age. The median residential building age in NYC is 90 years old, and homeowners in older buildings could be more likely to file a claim. These properties may have older systems, like plumbing, and be more prone to weather damage. However, home insurance rates will fluctuate based on personal factors like credit history, home age, coverage choices and deductible selections.
New York City rates by credit tier
Having good or excellent credit history will likely earn you a more affordable rate. Homeowners with poor or average credit are seen as more likely to file claims, so insurance companies usually charge them more to offset future losses. The table below illustrates how credit affects home insurance rates from the top five cheapest NYC home insurance companies.
|
|
|
|
|
---|---|---|---|---|
$2,133
|
$943
|
$825
|
$771
|
|
$1,808
|
$1,115
|
$1,013
|
$840
|
|
Sterling Insurance
|
$1,622
|
$1,622
|
$1,622
|
$1,622
|
$3,100
|
$2,009
|
$1,874
|
$1,563
|
|
Dryden Mutual
|
$1,969
|
$1,969
|
$1,969
|
$1,969
|
New York City rates by home age
Older homes are usually more expensive to insure. Not only can they be more likely to have a claim-causing issue, but they could also be built with materials that are more expensive to source nowadays. Together, both of these factors can make it harder for homeowners with older homes to secure the cheapest rate. Below, our team has compiled average rates from some of the cheapest home insurance companies in New York City by home age.
|
|
|
|
|
|
---|---|---|---|---|---|
$1,121
|
$1,108
|
$1,069
|
$972
|
$753
|
|
$1,242
|
$1,238
|
$1,238
|
$1,176
|
$913
|
|
Sterling Insurance
|
$1,983
|
$1,983
|
$1,983
|
$1,712
|
$1,622
|
$2,665
|
$2,581
|
$2,426
|
$2,212
|
$1,676
|
|
Dryden Mutual
|
$2,315
|
$2,315
|
$2,315
|
$2,155
|
$1,889
|
New York City rates by deductible amount
One way to curb the high cost of home insurance in NYC is to consider a higher insurance deductible. But, be careful not to raise your deductible too high. Your deductible should never be so high as to cause financial strain after you file a covered claim. In other words, only set a deductible you can afford to pay in a pinch.
|
|
|
|
---|---|---|---|
$764
|
$708
|
$650
|
|
$1,064
|
$925
|
$849
|
|
Sterling Insurance
|
$1,438
|
$1,438
|
$1,255
|
$1,821
|
$1,738
|
$1,605
|
|
Dryden Mutual
|
$1,969
|
$1,676
|
$1,676
|
Frequently asked questions
Methodology
Rates
Bankrate utilizes Quadrant Information Services to analyze July 2025 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates for our base profile are based on the following characteristics and coverage limits:

Dwelling coverage
$300,000Other structures coverage
$30,000Personal property coverage
$150,000Loss of use coverage
$60,000Liability coverage
$500,000Medical payment coverage
$1,000The homeowners also have a $1,000 deductible, a $500 hail deductible and a 2 percent hurricane deductible (or the next closest deductible amounts that are available) where separate deductibles apply.
These are sample rates and should be used for comparative purposes only. Your quotes will differ.
If otherwise specified, the base profile has been modified with the following homeowner characteristics:
Bankrate Score
Our 2025 Bankrate Score considers variables our insurance editorial team determined impact policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s cost of coverage, product availability, financial strength ratings, online capabilities and customer and claims support accessibility. We grouped these factors into three essential categories — cost and ratings, coverage and savings, and support — which we then weighted in a tiered approach.
Each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. Our scoring model provides a comprehensive view, indicating when companies excel across several key areas and highlighting where they fall short.
- Tier 1 (Cost & ratings): To determine how well home insurance companies satisfy these priorities, our team analyzed average quoted premiums from Quadrant Information Services (if available), as well as any of the latest third-party agency ratings from J.D. Power, AM Best, Demotech and the National Association of Insurance Commissioners (NAIC).
- Tier 2 (Coverage & savings): We assessed companies’ coverage options and availability to help policyholders find a provider that balances cost with coverage. Additionally, we evaluated each company’s discount options listed on its website.
- Tier 3 (Support): To encompass the many ways a home insurance company can support policyholders, we analyzed avenues of customer accessibility along with community support. This analysis incorporated additional financial strength ratings from S&P and Moody’s and factored in a company’s corporate sustainability efforts.
Tier scores are unweighted to show the company's true score in each category out of a possible five points.