Best homeowners insurance in New York for 2023

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.

The top four home insurances companies in New York

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.

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

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