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Best homeowners insurance in New York for 2023

Updated Jan 03, 2023
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How Bankrate chose the best homeowners insurance in New York

To identify the best home insurance companies in New York, we considered price, policy options, claims handling, customer service scores, financial strength rankings and billing processes. 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.

Best home insurance companies in New York

Based on proprietary rate data, overall customer satisfaction per the J.D. Power 2022 U.S. Home Insurance Study and other important metrics, we found these to be the top five New York home insurance companies.

NYCM
Rating: 2.5 stars out of 5
2.5
Bankrate Score
Info
J.D. Power
Not rated
AM Best
A
Average monthly premium
$42
Average annual premium
$498
Get a quote
USAA
Rating: 3.7 stars out of 5
3.7
Bankrate Score
Info
J.D. Power
884
/1,000
AM Best
A++
Average monthly premium
$78
Average annual premium
$932
Get a quote
State Farm
Rating: 3.2 stars out of 5
3.2
Bankrate Score
Info
J.D. Power
829
/1,000
AM Best
A++
Average monthly premium
$69
Average annual premium
$827
Read review
Nationwide
Rating: 3.2 stars out of 5
3.2
Bankrate Score
Info
J.D. Power
816
/1,000
AM Best
A+
Average monthly premium
$80
Average annual premium
$957
Get a quote
Allstate
Rating: 3.5 stars out of 5
3.5
Bankrate Score
Info
J.D. Power
815
/1,000
AM Best
A+
Average monthly premium
$117
Average annual premium
$1,409
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.

*Premiums are for $250K in dwelling coverage

**Not officially ranked with J.D. Power due to eligibility restrictions

Best home insurance company for cheap premiums

J.D. Power:
Not rated
AM Best:
A
Avg. annual premium for 250k dwelling
$ 498
NYCM Insurance review

Explore Bankrate's review

Best home insurance company for military-focused coverage

J.D. Power:
884 /1,000
AM Best:
A ++
Avg. annual premium for 250k dwelling
$ 932
USAA Insurance review

Explore Bankrate's review

Best home insurance company for local offices

J.D. Power:
829 /1,000
AM Best:
A ++
Avg. annual premium for 250k dwelling
$ 827
State Farm Insurance review

Explore Bankrate's review

Best home insurance company for property claims satisfaction

J.D. Power:
816 /1,000
AM Best:
A +
Avg. annual premium for 250k dwelling
$ 957
Nationwide Insurance review

Explore Bankrate's review

Best home insurance company for bundling

J.D. Power:
815 /1,000
AM Best:
A +
Avg. annual premium for 250k dwelling
$ 1,409
Allstate Insurance review

Explore Bankrate's review

How much is homeowners insurance in New York?

The average annual cost for homeowners insurance in New York in 2022 is $1,289 per year for $250,000 in dwelling coverage. In comparison, the national average home insurance premium is $1,383 for the same amount of coverage. One possible reason for New York’s lower home insurance premiums could be that fewer homeowners are competing for policies in the Empire State, meaning less risk for insurers. Despite being the fourth-largest state based on total population, New York has a relatively low percentage of homeowners, with homeownership rates at about 54%.

New York homeowners insurance rates by city

Common causes of claims in New York

New Yorkers have many factors to consider when buying homeowners insurance. To get an idea of how to personalize your homeowners insurance policy, it can help to consider your home’s location and the common causes of claims in your area, as well as your home’s age, size and condition. New York is geographically large, so the causes of damage in one area could be much different from another location. However, there are a few common causes of property losses that apply to most of the state:
  • Natural disasters: New York is vulnerable to a range of natural disasters, including blizzards and hurricanes. These severe weather events can cause significant damage to your home and personal property.
  • Vandalism: Vandalism is a type of human-induced damage carried out against property or belongings. Vandalism is more common in large metropolitan areas — of which New York has plenty.
  • Burglary: Like vandalism, burglary may be more common in large cities. If you live in a neighborhood with above-average burglary rates, you may benefit from extended coverage, particularly if you own expensive or luxury items, such as artwork and jewelry.

Home insurance coverage options in New York

Knowing the common causes of damage in New York, you might 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 may want to consider buying a separate flood insurance policy, although a few companies offer flood insurance as an endorsement to home insurance policies. Homeowners with a mortgage who are especially vulnerable to floods and 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, which means depreciation is removed from a claim payout. Many companies offer a replacement cost option for your personal property, which means that you’ll get the cost to replace your items with similar new items.
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

Written by
Cate Deventer
Insurance Writer & Editor
Cate Deventer is a writer, editor and insurance professional with over a decade of experience in the insurance industry as a licensed insurance agent.
Edited by Insurance Editor
Reviewed by Director of corporate communications, Insurance Information Institute