COVID-19 Update: If you're thinking about home insurance in the context of coronavirus, see below for information on how it affects New York homeowners.
The best homeowners insurance company has an ideal combination of low price, varied coverage options and reliable customer service. We collected thousands of home insurance quotes and reviewed a dozen of the top insurers in New York to find the right insurance for every New Yorker and their home.
The best price we found for homeowners insurance in New York is $610. However, we don't recommend buying insurance based on price alone — great service and coverage options are just as important. See our recommendations below for the best insurance for every New York homeowner.
Best NY home insurer for most people: NYCM Insurance
- Most affordable coverage in New York
- Many discounts available
- Range of products offered
The best homeowners insurance company for most New York homeowners is NYCM Insurance. While NYCM is not a nationally known insurance company, we were impressed with the company's low insurance rates. At $610 per year, NYCM offered the lowest we found overall, 37% cheaper than the statewide average.
The company also has a wide array of discounts available, meaning you might be able to save even more — for example, combining your auto and home insurance policies results in a 25% total discount.
NYCM's customer service reviews are slightly worse than average among NY insurers, but still better than typical insurer ratings nationwide. The company has an A.M. Best financial stability rating of A+, meaning that it has a "superior" ability to pay out insurance claims, even in negative economic climates or after a widespread disaster.
NYCM offers a wide array of different policy types: in addition to home insurance, NYCM also offers auto, condo, renters, umbrella liability and commercial insurance, among others.
Best major insurer: Travelers
- Generally affordable home insurance rates
- Highly rated financial stability
- Access to many product lines
For New York homeowners who prefer the stability and name recognition of working with a national home insurer, we recommend Travelers. Travelers has unbeatable financial stability, with an A++ rating from A.M. Best — the highest possible rating. Home insurance rates at Travelers were slightly more affordable than average at $893 per year. But other large home insurance companies, like Allstate and State Farm, charged much more.
Travelers has fairly average customer service reviews among NY home insurance companies. It has a complaint index from the National Association of Insurance Commissioners of 0.48, meaning it's the subject of about half as many complaints as a typical insurer of its size nationwide; however, that's worse than average among top NY insurers.
As one of the nation's largest insurance companies, Travelers offers a wide array of insurance coverages, including home, auto, renters, boat and umbrella insurance, among others.
Best for coastal properties: Narragansett Bay Insurance Company
- Very affordable rates, on average
- Protections for storm and water damage
- Private flood insurance plans
If you live along the shore of Long Island or another area susceptible to coastal flooding, we recommend Narragansett Bay Insurance Company (NBIC). NBIC has very affordable rates, with a statewide average of $765 — one of the lowest we found. Plus, the company offers a variety of endorsements and benefits that are helpful if your home is at a high risk of storm and flooding damage.
For example, it offers a Mariner Plus Endorsement package, which includes sewer backup coverage, tree removal and food spoilage. NBIC also provides its own flood endorsement, which goes beyond standard NFIP flood insurance plans backed by the government.
However, NBIC doesn't offer as wide a range of insurance products as competing companies. If you're looking to combine all your insurance policies in order to maximize discounts or have the convenience of a single insurance bill, Narragansett may not be the right option.
Best for high-value homes: Chubb Insurance
- Prestigious customer service
- Coverage catered to high net worth households
- Private flood insurance plans
Chubb insurance is our recommendation for high-value homes. Chubb is known for its high level of financial stability, strong customer service and coverages tailored to high net worth customers. For example, Chubb offers a cash settlement option: If your home is totally destroyed, you can simply opt for a cash payment of the amount Chubb would have paid to repair your home.
Where Chubb's financial strength is concerned, A.M. Best gives Chubb its highest possible rating of A++. Chubb's insurance rates were also among the more affordable we found. However, note that Chubb has minimum coverage limits for its policies. If your coverage needs are on the lower side, Chubb may not be an option at all.
Best for military families: USAA
- Cheap rates for most New York homeowners
- Premium coverages included for free
- Highly rated customer service
If you or a family member is a current or former member of the U.S. military, USAA is worth taking a look. USAA's homeowners insurance rates are very competitive in NY state; the average of $641 was the second-lowest we found statewide. The company also has excellent customer service and financial stability.
USAA offers several military-specific benefits that other insurers can't match. For example, USAA will cover your personal property worldwide — even if you've been deployed to a warzone. And your military uniform and equipment are covered, with no deductible, while you're on active duty.
In addition to home insurance, USAA offers a full suite of financial products. This includes auto and other kinds of insurance, as well as credit cards and savings and checking accounts, among others. However, USAA's services are exclusively available to current and former members of the military, and the families of USAA members.
The best-reviewed homeowners insurance companies in New York
Whenever you're comparing homeowners insurance companies, it's crucial to strike a balance between lowest price, coverage options and dependability. In order to determine an insurance company's trustworthiness, we look at the company's NAIC complaint index, which measures how many complaints an insurer has received relative to its share of the market.
We also consider a company's financial stability, as rated by A.M. Best. A company with a strong A.M. Best rating has good financial practices and is highly likely to be able to pay out your insurance claim regardless of the number of claims it has to pay out (such as after a wide-scale disaster) or economic climate.
|Company name||Average annual cost||NAIC ratio (nationwide)||A.M. Best|
|Narragansett Bay Insurance Company||$765||0.21||--|
|Preferred Mutual Insurance||$679||0.38||A|
The cheapest homeowners insurance companies in New York
We collected insurance rates from 12 of the largest home insurance companies in New York to find out which companies offer the lowest rates. In our rate comparison, NYCM and USAA offered the lowest rates we found — $610 and $641 per year, respectively.
To determine the average insurance rates statewide, we collected an insurance quote for every ZIP code in New York and averaged the results by insurer. Our sample property was built in 1961 and had $314,500 of dwelling coverage. For more context, we suggest you check out how much the average U.S. homeowner pays for insurance.
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 wreak havoc on your home — especially if you live on Long Island, in New York City or in Lower Hudson Valley.
The two main sources of damage that can come from these major storms are winds and flooding from rain or storm surges. The good news is that 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 almost never covered by a typical home insurance policy. If you live in a coastal zone or some other 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 a particular incident will be covered depends on what coverages you included on your insurance policy, as well as the specific circumstances of the storm damage.
How coronavirus affects homeowners insurance in New York
The New York Department of Financial Services has issued guidance "urging" home insurers to work with customers to keep homeowner insurance coverage intact. This includes allowing flexibility when it comes to late or missed payments, and not cancelling policies during this time. However, the guidance was not legally binding, so you should contact your home insurance company if you may have an issue meeting your home insurance premiums.
Cost of homeowners insurance in New York: City-by-city breakdown
In addition to our statewide analysis of homeowners insurance rates, we also compared citywide averages for every city and town in New York state with a population of over 40,000. See below for your city's average annual cost, plus how it stacks up against the statewide average.
The most expensive city for home insurance in New York is Southampton, while the cheapest insurance can typically be found in Webster.
|City||Average annual premium||Difference vs. NY average|
We collected homeowners insurance quotes for a sample home in every ZIP code in New York state from 12 of the largest insurers in NY. Our sample properties were built in 1961 and had a dwelling coverage limit of $314,500. The insurers we included in our study were:
- State Farm
- NYCM Insurance
- Narragansett Bay Insurance Company
- Preferred Mutual Insurance
- The Hanover
ValuePenguin's 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.