Best home insurance company for cheap premiums
NYCM
2.5 Bankrate ScoreExplore Bankrate's review
- J.D. Power:
- Not rated
- AM Best:
- A
- Avg. annual premium for 250k dwelling
- $ 498
Explore Bankrate's review
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.
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 .
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
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.
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.
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
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
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
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
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
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 |
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
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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%.