What is the cheapest homeowners insurance in New York?

There is not one insurance company that offers the cheapest homeowners insurance for every homeowner in New York. The cheapest option for each homeowner will vary because rates are based on individual rating factors like where you live, your claims history, the property you are insuring and what coverage options you need. Other factors, like discounts for bundling home and auto insurance, can also affect the cost of your policy. If you’re looking for the cheapest option for your needs, it may be helpful to get quotes from multiple providers and compare the cost, coverage and other factors to find the most affordable and most comprehensive coverage options for you.

How do I get homeowners insurance in New York?

You can get a quote from many companies online, or you may need to complete the process by phone or in person. You’ll need to provide information such as your name and address, details about your home, and the types of coverage you require. Working with a local exclusive or independent agent can be beneficial in the quoting process.

Do I need to add hazard insurance to my policy?

Hazard insurance is included in most standard homeowners insurance policies. However, if you live in an area at high risk of damage from natural disasters, you may consider opting for additional coverage. Certain areas of New York require windstorm coverage for named tropical cyclones, which includes a separate deductible from your standard homeowners coverage.

What natural disasters are addressed by my homeowners insurance policy?

The natural disasters that are addressed by your homeowners policy will depend on the type of policy you have. Most homeowners insurance policies will automatically cover damage caused by wind, lightning and fires, but it can still be helpful to review your specific policy with an agent to discuss what perils are covered. Flood and earthquake coverage are typically not included in a standard policy. However, you may have the option to purchase this type of coverage as a separate endorsement or policy. Flood policies are available through both private insurers and the federally-backed National Flood Insurance Program.

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Best homeowners insurance in New York for 2023

Written by

Cate Deventer

Edited by

Maggie Kempken

Reviewed by

Mark Friedlander

Updated Jan 03, 2023

The Bankrate promise

At Bankrate, we strive to help you make smarter financial decisions. To help readers understand how insurance affects their finances, we have licensed insurance professionals on staff who have spent a combined 47 years in the auto, home and life insurance industries. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation of . Our content is backed by Coverage.com, LLC, a licensed entity (NPN: 19966249). For more information, please see our .

The Bankrate promise

At Bankrate, we strive to help you make smarter financial decisions. To help readers understand how insurance affects their finances, we have licensed insurance professionals on staff who have spent a combined 47 years in the auto, home and life insurance industries. While we adhere to strict , this post may contain references to products from our partners. Here’s an explanation of . Our content is backed by Coverage.com LLC, a licensed entity (NPN: 19966249). For more information, please see our

What To Know First

Owning a home in the state of New York can require a big financial commitment. As of June 2022, the average median home sales price in the state was $428,825, up 13.1 percent from the year prior. Despite the high average prices in this state, about 54.1% of New York residents are homeowners. If you’re one of the many homeowners in New York, or are planning to buy a home in this state in the near future, it may benefit you to purchase a homeowners insurance policy to help protect your investment.

The average cost of New York homeowners insurance policy is $1,289 per year for $250,000 in dwelling coverage, according to Bankrate’s 2022 study, which included an analysis of average premium data from Quadrant Information Services. That means homeowners insurance in New York is only slightly lower than the national average cost of homeowners insurance, which is $1,383 per year for the same amount of coverage. If you’re looking for the best coverage for you, Bankrate’s research into the New York home insurance market could help you find the best options at a price that fits your budget.

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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.

Bankrate utilizes Quadrant Information Services to analyze 2022 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Rates are weighted based on the population density in each geographic region. Quoted rates are based on 40-year-old male and female homeowners with a clean claim history, good credit and the following coverage limits:
- Coverage A, Dwelling: $250,000
- Coverage B, Other Structures: $25,000
- Coverage C, Personal Property: $125,000
- Coverage D, Loss of Use: $50,000
- Coverage E, Liability: $300,000
- Coverage F, Medical Payments: $1,000
The homeowners also have a $1,000 deductible and a separate wind and hail deductible (if required).

These are sample rates and should be used for comparative purposes only. Your quotes will differ.
Bankrate Scores primarily reflect a weighted rank of industry-standard ratings for financial strength and customer experience in addition to analysis of quoted annual premiums from Quadrant Information Services, spanning all 50 states and Washington, D.C. We know it is important for homeowners to be confident their financial protection covers the likeliest risks, is priced competitively and is provided by a financially-sound company with a history of positive customer support.

To determine how well the best home insurance companies satisfy these priorities, third-party agency ratings from J.D. Power, AM Best, S&P, NAIC, and Moody’s had the most impact on the companies’ Bankrate Scores. As price is a common consideration for homeowners, we analyzed quoted premiums based on 40-year-old male and female homeowners with a home policy with $250,000 in dwelling coverage. This profile, assessed across nearly 35,000 ZIP codes in the U.S., provided a basis on which homeowners may compare each provider.

While coverage options, insurer availability, affordability and customer experience are often the top priorities, Bankrate also analyzed each insurer’s online and mobile resources for policy management and claims handling. Insurance is rapidly evolving to keep pace with our digital world, so these aspects also carried weight in determining Bankrate Scores.

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.

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

Advertising Disclosure

Insurance Disclosure

*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

NYCM

2.5 Bankrate Score

NYCM Insurance review

Explore Bankrate's review

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

As the name suggests, 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 discounts, including ones 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.
Pros
Average rates are much lower than the New York average

Interesting discount opportunities that may not be available with other companies
Cons
Only available in New York, so may not be a good option for people who move frequently

No online quotes

New York city	NYCM average annual premium for $250K dwelling
Buffalo	$345
New York City	$623
Rochester	$289
Syracuse	$372
Yonkers	$341

NYCM Insurance review

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Best home insurance company for military-focused coverage

USAA

3.7 Bankrate Score

USAA Insurance review

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

USAA, the nation’s fourth-largest home insurer based on market share, according to the Insurance Information Institute (Triple-I), is competitive when it comes to coverage, claims, customer service, price and discounts. The company even includes identity theft coverage with a home insurance policy in most states. However, USAA is only available to active military members, veterans and qualifying immediate family members. It also does business over the phone and online, so homeowners who prefer to do business in person may want to shop elsewhere.
Pros
Unique military-focused coverage

Consistently high customer satisfaction rating per J.D. Power
Cons
Strict eligibility requirements

Only available online or over the phone for policy and claims management

New York city	USAA average annual premium for $250K dwelling
Buffalo	$681
New York City	$1,485
Rochester	$622
Syracuse	$665
Yonkers	$836

USAA Insurance review

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Best home insurance company for local offices

State Farm

3.2 Bankrate Score

State Farm Insurance review

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

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.
Pros
Plenty of agencies located in New York

Strong digital presence for hands-on policy management
Cons
Fewer discounts compared to other carriers

Endorsement options could be lacking

New York city	State Farm average annual premium for $250K dwelling
Buffalo	$626
New York City	$826
Rochester	$642
Syracuse	$695
Yonkers	$823

State Farm Insurance review

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Best home insurance company for property claims satisfaction

Nationwide

3.2 Bankrate Score

Nationwide Insurance review

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

Nationwide offers a wide range of coverage options to homeowners. Additionally, Nationwide earned the highest official score in the J.D. Power 2022 U.S. Property Claims Satisfaction Study out of all the companies we analyzed. While it isn’t the cheapest provider on our list, the company’s average premium is still well below New York’s state average. Nationwide also offers a long list of competitive discounts, including home renovation credits and gated community deals. 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.
Pros
High property claims satisfaction per J.D. Power

Unique coverage options available, such as Better Roof Replacement and flood insurance
Cons
Digital tools may be lacking

Scored below segment average for overall customer satisfaction per J.D. Power

New York city	Nationwide average annual premium for $250K dwelling
Buffalo	$706
New York City	$1,321
Rochester	$631
Syracuse	$694
Yonkers	$797

Nationwide Insurance review

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Best home insurance company for bundling

Allstate

3.5 Bankrate Score

Allstate Insurance review

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

With a 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.
Pros
Hefty potential savings for carrying both home and auto

Easy to contact via local offices, phone or online
Cons
Number of NAIC complaints are above average

Scored below industry average for property claims satisfaction according to J.D. Power

New York city	Allstate average annual premium for $250K dwelling
Buffalo	$1,088
New York City	$1,958
Rochester	$806
Syracuse	$970
Yonkers	$1,494

Allstate Insurance review

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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

New York city Average annual premium for $250K dwelling coverage

Buffalo $1,121

New York City $1,944

Rochester $766

Syracuse $817

Yonkers $1,151

New York city	Average annual premium for $250K dwelling coverage
Buffalo	$1,121
New York City	$1,944
Rochester	$766
Syracuse	$817
Yonkers	$1,151

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

There is not one insurance company that offers the cheapest homeowners insurance for every homeowner in New York. The cheapest option for each homeowner will vary because rates are based on individual rating factors like where you live, your claims history, the property you are insuring and what coverage options you need. Other factors, like discounts for bundling home and auto insurance, can also affect the cost of your policy. If you’re looking for the cheapest option for your needs, it may be helpful to get quotes from multiple providers and compare the cost, coverage and other factors to find the most affordable and most comprehensive coverage options for you.
You can get a quote from many companies online, or you may need to complete the process by phone or in person. You’ll need to provide information such as your name and address, details about your home, and the types of coverage you require. Working with a local exclusive or independent agent can be beneficial in the quoting process.
Hazard insurance is included in most standard homeowners insurance policies. However, if you live in an area at high risk of damage from natural disasters, you may consider opting for additional coverage. Certain areas of New York require windstorm coverage for named tropical cyclones, which includes a separate deductible from your standard homeowners coverage.
The natural disasters that are addressed by your homeowners policy will depend on the type of policy you have. Most homeowners insurance policies will automatically cover damage caused by wind, lightning and fires, but it can still be helpful to review your specific policy with an agent to discuss what perils are covered. Flood and earthquake coverage are typically not included in a standard policy. However, you may have the option to purchase this type of coverage as a separate endorsement or policy. Flood policies are available through both private insurers and the federally-backed National Flood Insurance Program.

Learn more:

Written by

Cate Deventer

Insurance Writer & Editor

Best homeowners insurance in New York for 2023

The Bankrate promise

What To Know First

On This Page

Compare home insurance rates

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

How Bankrate chose the best homeowners insurance in New York

Methodology

Bankrate Score

Best home insurance companies in New York

NYCM

USAA

State Farm

Nationwide

Allstate

How much is homeowners insurance in New York?

New York homeowners insurance rates by city

New York homeowners insurance rates by city

Common causes of claims in New York

Home insurance coverage options in New York

Frequently asked questions

What is the cheapest homeowners insurance in New York?

How do I get homeowners insurance in New York?

Do I need to add hazard insurance to my policy?

What natural disasters are addressed by my homeowners insurance policy?

Learn more: