Best and Cheapest Home Insurance Companies in New York

Best and Cheapest Home Insurance Companies in New York

NYCM Insurance offers the cheapest home insurance rates in New York — a policy costs $503 per year, on average.

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The average home insurance cost in New York is $1,418 per year, or $118 per month.

The best homeowners insurance company has an ideal combination of low price, various coverage options and reliable customer service. We collected thousands of home insurance quotes and reviewed 10 of the top insurers in New York to find the best insurance for every New Yorker and their home.

Best cheap home insurance in New York

ValuePenguin editors analyzed thousands of New York home insurance quotes spanning every ZIP code in the state and the state's largest companies. Those rates are used along with coverage options, discounts offered and multiple customer service metrics to pick the best and cheapest options for you, the customer.

The rates used are for a 2,100-square-foot home that is the average value and age in New York, based on U.S. Census data. Full methodology.

The cheapest homeowners insurance companies in New York

NYCM and Travelers offer the best home insurance rates in New York — 65% and 29% cheaper than the statewide average, respectively.

Graph comparing home insurance rates in New York by company

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For New York homeowners who prefer the stability and name recognition of working with a national home insurer, we recommend State Farm. Its policy is $324 cheaper than the average for New York state, and the company has solid customer service.

Company
Annual
NYCM logo
NYCM Insurance$503
Travelers logo
Travelers$1,007
Nationwide logo
Nationwide$1,025
State Farm Home Insurance logo
State Farm$1,094
Allstate logo
Allstate$1,371
Show All Rows

To determine the average insurance rates statewide, we collected an insurance quote for every New York ZIP code and averaged the results by insurer.


Best NY home insurer for most people: NYCM Insurance

  • Editor rating

  • Annual rate

    $503 ?

Pros and cons

  • Cheapest coverage in New York
  • Large bundling discount
  • Dependable customer service
  • Limited coverage add-ons

The best home insurance company for most New Yorkers is NYCM Insurance. NYCM is not nationally known, but it offers the lowest rates in the state — a policy costs $503 per year, on average. That's $915 less expensive than the average home insurance cost in New York. NYCM's customer service reviews are also above average among the state’s insurers.

The company also offers an array of discounts, meaning you might be able to save even more. For example, combining your auto and home insurance policies results can earn you a 25% discount from your total insurance bill. Adding an umbrella policy increases the savings to 35%.

However, homeowners that need extra coverage may not find what they're looking for at NYCM. The company offers utility line coverage and extended coverage for appliances, but it's missing many popular coverage options like water backup coverage and replacement cost coverage.


Best insurer for co-ops and condos: State Farm

  • Editor rating

  • Annual rate

    $299 ?

Pros and cons

  • Affordable rates
  • Highly rated customer service
  • Lots of coverage options for condo owners
  • Few coverage options for homeowners

New Yorkers who own a condo or co-op unit should get a quote from State Farm. An HO-6 policy from State Farm, which covers condos, apartments and co-ops, costs around $299 per year for $60,000 of property coverage. That's $271 cheaper than the average cost we found.

State Farm also has several optional coverage add-ons for co-op owners. For example, homeowners who rent out their condo all or most of the time can take advantage of absentee ownership coverage and fair rental value coverage, which covers the loss of rental income if you're not able to rent your condo after a covered loss.


Best for high-value homes: Chubb Insurance

  • Editor rating

  • Annual rate

    $1,828 ?

Pros and cons

  • Coverage tailored to high-net-worth homeowners
  • Private flood insurance available
  • Reliable customer service
  • Expensive quotes
  • High dwelling coverage minimum

Chubb insurance is our recommendation for people who own expensive homes. Chubb is known for its financial stability, strong customer service and coverages tailored to high-net-worth customers — for example, Chubb’s cash settlement option: If your home is destroyed and you choose not to re-build it, you can opt for a cash payment.

Homeowners don't have to worry about Chubb's financial strength — it received the highest possible rating from AM Best, an A++. That means the company has an excellent ability to pay out claims, even in difficult economic times. Although Chubb's insurance rates were some of the most expensive in New York, its specialized coverage makes it a worthwhile option for people with high-value homes. However, Chubb has minimum dwelling coverage limits for its policies, so it may not be an option for some homeowners.


Best customer service: American Family

  • Editor rating

  • Annual rate

    $1,501 ?

Pros and cons

  • Few customer complaints
  • Lots of useful coverage options
  • Above-average rates

New Yorkers looking for a great customer service experience should consider purchasing home insurance from American Family (AmFam). According to the National Association of Insurance Commissioners (NAIC), AmFam receives significantly fewer complaints than other insurers of the same size. The company also scored above average on J.D. Power's annual customer satisfaction survey.

American Family offers homeowners the ability to customize their insurance policy with a number of useful coverage options. For example, AmFam offers a hidden water damage endorsement, which protects against damage within ceilings, cabinets, walls, beneath your floors or under an appliance. However, its base policy costs $1,501 per year, on average, which is $83 more expensive than the statewide average.


Cost of homeowners insurance in New York: City-by-city breakdown

The most expensive city for home insurance in New York is Napeague, while the cheapest can typically be found in West Henrietta.

Home insurance rates vary by up to $1,997, depending on the city in which you live. Homes located along the coast tend to have higher home insurance rates due to damage from coastal storms.

City
Average annual cost
Difference from state average (%)
Accord$1,235-13%
Acra$1,253-12%
Adams$1,270-10%
Adams Basin$1,043-26%
Adams Center$1,269-10%
Show All Rows

The best-reviewed homeowners insurance companies in New York

American Family offers the best customer service for New York homeowners.

However, home insurance rates from AmFam are above-average in New York. Homeowners should compare quotes from NYCM Insurance and State Farm, both of which have high customer satisfaction scores and affordable rates.

Company
Rating
American Family
Heritage
NYCM Insurance
State Farm
Nationwide
AIG
Chubb
Travelers
Allstate

In order to determine an insurance company's trustworthiness, we considered the company's NAIC complaint index, which measures how many complaints an insurer has received relative to its share of the market, J.D. Power customer satisfaction scores and ValuePenguin editor's ratings.


Home insurance perils in New York: winds and storm surge

As a coastal state on the Eastern Seaboard, New York is subject to hurricanes, nor'easters and other large storms that can cause damage to your home — especially if you live on Long Island, in New York City or the Lower Hudson Valley.

The two primary sources of damage from these major storms are winds and flooding from rain or storm surges.

Wind damage is almost always covered by homeowners insurance; it's included in even the most basic policy types.

However, damage due to flooding is not generally covered by your home insurance policy. If you live in a coastal zone or an area with a high risk of flooding, you'll need to buy a separate flood insurance policy.

Other sources of damage from big storms, like hail and power outages, may or may not be covered by your insurance. Whether your home is protected from a particular incident depends on the coverages you choose and your insurance company, as well as the specific circumstances of the storm damage.

Frequently asked questions

How much is homeowners insurance in New York?

The average cost of home insurance in New York is $1,418 per year, or $118 per month.

Who has the cheapest homeowners insurance in New York?

NYCM, New York Central Mutual Insurance Company, offers the best home insurance rates in the state. A typical policy costs $503 per year, which is 65% cheaper than the statewide average.

How much is homeowners insurance in NYC?

Home insurance in New York City costs $2,146 per year, on average. However, this rate is based on coverage for a single-family home, so New Yorkers who don't need dwelling coverage, including co-op, condo and apartment owners, may be able to find cheaper rates.

Methodology

We collected homeowners insurance quotes from 10 of the largest insurers in New York across every ZIP code in the state. Our sample home was built in 1968 and includes a dwelling coverage limit of $145,700, the median home price in the state. The insurers we included in our study were:

  • AIG
  • Allstate
  • American Family
  • Chubb
  • Heritage
  • Nationwide
  • NYCM Insurance
  • State Farm
  • Tokio Marine
  • Travelers

ValuePenguin's homeowners insurance analysis used insurance rate data from Quadrant Information Services. These rates were publicly sourced from insurer filings and should be used for comparative purposes only — your own quotes may be different.

We determined customer service ratings by comparing National Association of Insurance Commissioners (NAIC) complaint index scores, J.D. Power's 2021 home insurance customer satisfaction study rankings and our own ValuePenguin editor's ratings.

Condo insurance quotes were gathered from State Farm, Farmers, Liberty Mutual and Progressive. Our sample condo is a primary home in a 14+ unit building with $60,000 in property coverage.

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.