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Best homeowners insurance in New York in 2022
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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.
Compare home insurance rates
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.
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Compare home insurance rates
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.
Leaving so soon? Your custom quotes are just minutes away.
- The average cost of home insurance in New York is $1,289 per year for $250,000 in dwelling coverage.
- NYCM sells some of the cheapest New York home insurance, with an average annual premium of 61% lower than the state average.
- Personalizing your home insurance coverage to New York’s common causes of damage can help bring you peace of mind should the worst happen to your property.
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 our research, these are the top five New York home insurance companies. These carriers received a high Bankrate Score model, meaning they offer a good mix of affordability and coverage. If you’re shopping for a new policy, comparing home insurance quotes from these companies could be a good starting place.
| Home insurance company | Bankrate Score | Average Annual Premium* | J.D. Power score | AM Beat rating |
|---|---|---|---|---|
| NYCM | 5.0 | $498 | Not rated | A |
| USAA** | 4.8 | $932 | 882/1,000 | A++ |
| State Farm | 4.7 | $827 | 835/1,000 | A++ |
| Nationwide | 4.1 | $957 | 812/1,000 | A+ |
| Allstate | 3.9 | $1,409 | 829/1,000 | A+ |
*Average rates are for annual policies with $250,000 in dwelling coverage
**Not officially ranked with J.D. Power due to eligibility restrictions
New York Central Mutual Insurance (NYCM)
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.
Learn more: New York Central Mutual Insurance review
USAA
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.
Learn more: USAA Insurance review
State Farm
State Farm, the largest U.S. home insurer, scored highly in the 2021 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. State Farm offers plentiful online tools and resources for first-time homebuyers and a statewide network of exclusive agents. However, the company doesn’t have nearly as many discounts or optional endorsements as some of its competitors.
Learn more: State Farm Insurance review
Nationwide
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 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 2021 U.S. Insurance Digital Experience Study.
Learn more: Nationwide Insurance review
Allstate
Allstate ranks above average in the 2021 J.D. Power Home Insurance Study, showing the company’s prioritization of customer service. In addition to an A+ (Superior) financial strength rating from AM Best, Allstate offers a range of discounts. However, Allstate does have an above-average overall complaint index rating with the National Association of Insurance Commissioners (NAIC), showing dissatisfaction from some policyholders.
Learn more: Allstate Insurance 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
- 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
- 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.