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Best homeowners insurance in New York for 2023

Allstate, State Farm, Nationwide and NYCM offer some of the best home insurance in the Empire State, according to Bankrate’s analysis.
Updated Sep 01, 2023
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Quick Facts
Moneybag
$382/year
average savings through Bankrate
Two Thirds
2 out of 3 homes
are underinsured
Insurance Home
1 out of every 20
insured homes makes a claim each year
Circle Check
100% of homes
need insurance before getting a mortgage
Mortgage

Leaving so soon? Your custom quotes are just minutes away.

Where you live affects your rates

But so does your insurance company. Shop companies to find the best prices for your coverage needs. 

New York

$1,507/yr*

+ - % vs. national avg
VS
2023
national
avg.

$1,428/yr*

+ - % vs. 2022

*Based on $250k dwelling coverage

Compare the best home insurance companies in New York for 2023

Bankrate analyzed New York's major home insurers to determine our picks for best of the best. In addition to average premium data obtained from Quadrant Information Services, we also looked at coverage options, customer service scores from the J.D. Power 2022 U.S. Home Insurance Study and other metrics to assign each provider a Bankrate Score, with a maximum rating of 5.0. Higher scores indicate the best all-around companies for New York homeowners per our analysis.

Allstate
Rating: 3.5 stars out of 5
3.5
Bankrate Score
Info
AM Best
A+
J.D. Power score
815
/1,000
Average monthly premium
$134
Average annual premium
$1,608
Get a quote
State Farm
Rating: 3.2 stars out of 5
3.2
Bankrate Score
Info
AM Best
A++
J.D. Power score
829
/1,000
Average monthly premium
$84
Average annual premium
$1,012
Read review
Nationwide
Rating: 3.2 stars out of 5
3.2
Bankrate Score
Info
AM Best
A+
J.D. Power score
816
/1,000
Average monthly premium
$96
Average annual premium
$1,149
Get a quote
NYCM
Rating: 2.5 stars out of 5
2.5
Bankrate Score
Info
AM Best
A
J.D. Power score
Not rated
Average monthly premium
$49
Average annual premium
$586
Get a quote
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This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions.

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 top four home insurances companies in New York

Allstate

Best for bundling

Rating: 3.5 stars out of 5
3.5 Bankrate Score
JD Power: 815/1,000 AM Best: A+

Average annual premium

$ 1,608 for $250k dwelling coverage
Allstate Review Get a personalized quote

Why Allstate made our list: With a potential multi-policy discount of up to 25 percent, Allstate could be an excellent choice for New Yorkers looking for both home and auto insurance. In addition to an A+ (Superior) financial strength rating from AM Best, Allstate offers a range of discounts. With local offices, contact centers, a website and a mobile app, there are many ways to get in touch with your agent, regardless of how you prefer to do business. However, Allstate does have an above-average overall complaint index rating with the National Association of Insurance Commissioners (NAIC), showing dissatisfaction from some policyholders. Allstate’s average New York homeowners insurance premiums are also higher than the state average.

Who Allstate may be good for: If you would just as soon have all your insurance business through a single company, you might want to consider Allstate. The company's excellent digital tools and high-value bundling discount might make it a good choice for those who don't want to write multiple premium checks each month.

State Farm

Best for local offices

Rating: 3.2 stars out of 5
3.2 Bankrate Score
JD Power: 829/1,000 AM Best: A++

Average annual premium

$ 1,012 for $250k dwelling coverage
State Farm Review Get a personalized quote

Why State Farm made our list: State Farm, the largest U.S. home insurer, scored above the segment average in the 2022 J.D. Power U.S. Home Insurance Study, thanks to high customer satisfaction. The company’s A++ (Superior) financial strength rating from AM Best could give you peace of mind that this carrier has historically been able to handle the financial burden of claims. It also boasts hundreds of local agents across New York State. Additionally, State Farm offers plentiful online tools, like a highly-rated mobile app and full-service online portal. However, the company doesn’t have nearly as many discounts or optional endorsements as some of its competitors.

Who State Farm may be good for: Although State Farm's digital tools are state of the art, the company hasn't forgotten that the human connection matters to many policyholders. It might be a good option for you if you wish to do business with one of its many local agents rather than using its online services.

Nationwide

Best for high-value homes

Rating: 3.2 stars out of 5
3.2 Bankrate Score
JD Power: 816/1,000 AM Best: A+

Average annual premium

$ 1,149 for $250k dwelling coverage
Nationwide Review Get a personalized quote

Why Nationwide made our list: Nationwide offers a wide range of coverage options to homeowners. While it isn’t the cheapest provider on our list, the company’s average premium is still well below the state’s average. Nationwide also offers a long list of competitive discounts, including home renovation credits and gated community discounts. The company's Valuables Plus policies provide additional coverage to those with expensive belongings. And Nationwide received high marks in the J.D. Power 2023 U.S. Property Claims Satisfaction Study. But if you like to handle your insurance digitally, Nationwide might not be the right fit. The company received a below-average digital service rating in J.D. Power’s 2022 U.S. Insurance Digital Experience Study.

Who Nationwide may be good for: Nationwide offers good general coverage across the board, but it also has perks that may be useful to those with homes that are worth $500K and up, or individuals who have personal property that has a high value.

NYCM

Best for cheap premiums

Rating: 2.5 stars out of 5
2.5 Bankrate Score
JD Power: Not rated AM Best: A

Average annual premium

$ 586 for $250k dwelling coverage
NYCM Review Get a personalized quote

Why NYCM made our list: As the name suggests, New York Central Mutual (NYCM) is a mutual insurance company, which means policyholders own the company versus it being publicly traded. In addition to a wide range of coverage options, this regional carrier offers numerous potential discounts, including savings opportunities for at-home workers and senior citizens. Unfortunately, online home insurance quotes are not available through the company’s website, so you will need to work with a local independent agent to obtain a quote.

Who NYCM may be good for: If you're pinching pennies after the purchase of your new home, NYCM may offer a way to save money going forward. Its average rates are low and discounts could bring them even lower.

How Bankrate chose the best home insurance in New York

To identify the best home insurance companies in New York, we considered average premiums, policy options, claims handling, customer service scores, financial strength ratings and digital options. To make comparisons easy, we compiled this information into a Bankrate Score. The better a company performed in each of these categories, the higher its Bankrate Score, ranging from 0.0 to 5.0, with 5.0 being the highest score available.

Clock Wait
46
years of industry expertise
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122
carriers reviewed
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20.7K
ZIP codes examined
Dollar Coin
1.2M
quotes analyzed

How much is home insurance in New York?

The average annual cost for homeowners insurance in New York in 2023 is $1,506 per year for $250,000 in dwelling coverage. In comparison, this is just slightly higher than the national average home insurance premium of $1,428 for the same amount of coverage. It’s worth noting that a large percentage of New Yorkers rent instead of own in the state’s main population center, New York City.

Average annual premium by coverage level in New York

$150K
$1,045
$250K
$1,608
$350K
$2,265
$450K
$2,976
$750K
$5,111
$150K
$671
$250K
$1,012
$350K
$1,477
$450K
$1,958
$750K
$3,464
$150K
$769
$250K
$1,149
$350K
$1,563
$450K
$1,988
$750K
$3,519
$150K
$434
$250K
$586
$350K
$735
$450K
$876
$750K
$1,487
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Advertising Disclosure
This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions.

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.

Location plays a big role in determining what you will pay for your New York home insurance. Homes that are in a higher-crime area, for example, may see increased premiums. The same is true for regions that are prone to natural disasters, which is why coastal areas often see higher premiums. Conversely, some parts of the country have lower rates because residents don't need to file as many claims. Here are a few of the cheaper cities in New York, all of which have average annual premiums for $250K in dwelling coverage that are 7 to 11 percent below the state average.

  • Staten Island: $1,344  
  • Westbury: $1,380  
  • Hicksville: $1,388  
  • Plainview: $1,394  
  • Jericho: $1,396

On the other end of the spectrum, some regions of New York have averages that are above the state average. Several of these cities are on Long Island, which often takes the brunt of tropical cyclones and nor’easters that impact the state. This may influence the higher rates, which are all 7 to 8 percent above average. All average rates are annual premiums for $250K in dwelling coverage.

  • Deer Park: $1,628  
  • Centerport: $1,623  
  • Centereach: $1,622  
  • Northport: $1,621  
  • Hauppauge: $1,617

How to find the best cheap home insurance in New York

As a homeowner, you likely want to get the coverage you need at a price that fits your budget. While accomplishing this may be challenging, it’s possible. To find the most affordable home insurance that meets your coverage needs, consider the following.

  • Assess your property: How old is your house? What is it made of? How close are you to the local fire station? Knowing the answers to these and other questions when you are ready to gather quotes will help you get the most accurate estimates.
  • Review possible insurers: Look at a handful of insurance companies — you may want to start with the ones we've listed above — and check out their websites. Are you able to find answers to common questions there? Does the website or app make it easy to pay your bill or file a claim? Spending some time on the site can give you a sense of how the company values customer service.
  • Gather quotes: Many companies make this easy by offering quotes on their website; others require you to call or visit an agent. Make sure you're asking for the same level of coverage from each company, so you can compare the results accurately.
  • Review the results: See who gave you the lowest price, but also consider other factors, like how easy it was to get the quote and how financially strong the company is. Make sure the quote includes all possible discounts. You may have other factors that matter to you as well, such as how close you are to the company's local office.
  • Fill out an application: Once you choose the company you wish to purchase insurance from, fill out their application. You may get a response in as little as several hours or as long as several weeks, depending on your circumstances. 

Common home insurance discounts in New York

Discounts offer a tangible way to reduce your home insurance premium. Almost all insurers offer at least a few, and many of them are easy to earn. When you ask for quotes from potential insurers, make sure they include any discounts you are eligible for. Here are a few that you may see from New York homeowners insurance companies.

Home insurance coverage options in New York

New Yorkers may sometimes experience severe winter storms, from Manhattan to the Adirondacks. The state's plentiful urban areas also see a fairly substantial rate of crime. In New York City alone, there were 189,777 arrests in 2022 — a 22 percent increase from the previous year. Because of this and other events that might result in claims, you may feel more comfortable tailoring your policy to your unique needs. 

The cost of homeowners insurance is an important factor, but New York homeowners might also want to consider these optional coverage types:

  • Flood insurance: Flood damage is excluded from standard home insurance policies. New Yorkers might want to consider buying a separate flood insurance policy through the National Flood Insurance Program or a private flood insurer, although some companies may offer flood insurance as an endorsement. Homeowners with a mortgage who live in flood zones will likely be required to purchase a flood insurance policy.
  • Identity theft coverage: Commonly offered as an endorsement, this coverage option could help pay for the costs associated with restoring your identity if it is stolen. As we live in an increasingly digital world, identity theft is a threat to all consumers.
  • Personal property replacement cost: Most standard home insurance policies automatically cover your belongings for their actual cash value (ACV), which means depreciation is factored in. Many companies offer a replacement cost value (RCV) option though, meaning coverage to replace your items with similar new items. It typically does not cost much more to purchase RCV rather than ACV, but check with your insurance agent to see what your cost will be.

Not all companies offer the same endorsements, so figuring out what coverage types you are looking for could help you choose the company that best fits your needs. 

Frequently asked questions

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Written by
Mary Van Keuren
Contributor, Insurance

Mary Van Keuren has written for insurance domains such as Bankrate, Coverage.com, and The Simple Dollar for the past five years, specializing in home and auto insurance. She has also written extensively for consumer websites including Reviews.com and Slumber Yard. Prior to that, she worked as a writer in academia for several decades.

Edited by Editor, Insurance
Reviewed by Director of corporate communications, Insurance Information Institute