Best homeowners insurance in New York in 2022

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.

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    Methodology

    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 (if applicable) 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.

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    Bankrate Score

    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 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.

*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

• New York homeowners insurance rates by city

  New York city	Average annual premium
  Albany	$846
  Buffalo	$878
  Mount Vernon	$1,160
  New Rochelle	$1,139
  New York City	$1,944
  Rochester	$766
  Schenectady	$828
  Syracuse	$817
  Utica	$868
  Yonkers	$1,151

  *Rates are for annual policies with $250,000 in dwelling coverage

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

• • 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.

Learn more:

• Best renters insurance in New York
• Coverage for additional living expenses
• Homeowners insurance for people with bad credit
• Guide to flood insurance: here’s what to know
• High-value home insurance
• Largest home insurance companies

Best homeowners insurance in nearby states

• Best homeowners insurance in New Jersey
• Best homeowners insurance in Pennsylvania
• Best homeowners insurance in Connecticut