Who Has the Cheapest Homeowners Insurance In New York?

Find the Cheapest Homeowners Insurance Quotes in Your Area

Currently insured?
{"id":4,"defaultZip":"","defaultProduct":"home","quoteWizardEndpoint":"https:\/\/quotes.valuepenguin.com","trackingKey":"_best-cheap-homeowners-insurance-new-york","title":"Find the Cheapest Homeowners Insurance Quotes in Your Area","vendor":"vp"}

We evaluated homeowners insurance quotes for a sample 2,000 square foot home in 48 cities in the state of New York in order to determine which cities had the highest and lowest annual home insurance costs. Based on this sample property, New York homeowners pay on average $1,111 per year for home insurance. Home insurance prices in New York vary by over 200% between the cities in our study. Below we profile a few cities in the state of New York and include a separate study on New York City. Read more about our findings, or use our quote tool above to find homeowners insurance quotes in your area.

Cheapest Home Insurance Companies in New York

We gathered quotes for our sample home across 48 cities from State Farm, Farmers and Nationwide. Quotes from each company were averaged to find which insurance companies had the best home insurance rates in New York. The graph below shows the average annual costs to insure our sample home by company alongside the state average:

Best Home Insurance Companies in New York

Find the Cheapest Homeowners Insurance Quotes in Your Area

Least Expensive Homeowners Insurance in New York: by City

The graph below shows the five best cities for home insurance of all 48 cities which were part of this study. The cities are listed in order of mean price starting with the lowest average home insurance quote and ascending. Geneva is the cheapest city in New York for homeowners insurance. Residents pay $748 annually on average, which is $363 lower than the state average.

Top 5 Best Cities in New York for Homeowners Insurance

Geneva, NY

Geneva is a small city in New York situated along the northwestern shore of Seneca Lake. The lake is one of the five bodies of water that make up New York’s Finger Lakes. In 2016, Geneva was selected as the recipient of $10 million through the New York’s Downtown Revitalization Initiative. Residents of Geneva pay an average home insurance cost of $748.

Nationwide and State Farm quoted our sample home annual home insurance costs of $537 and $551, respectively. Farmers offered a quote that was more than $500 greater than the quotes offered by Nationwide and State Farm. Residents of Geneva pay 33% less on average for their home insurance than the state mean.

Cheapest and Best Homeowners Insurance Companies in Geneva

Rochester, NY

Rochester, the third largest city in the state, is located near the northeastern tip of the country. The city is home to the University of Rochester, a private higher education institution. The University of Rochester enrolls over 5,000 undergraduate students. Our research found that the average home insurance cost in Rochester was $760, which is $351 less than the state average.

State Farm offered a quote of $551, which is $724 cheaper than the rate of $1,275 offered by Farmers. Home insurance rates in Rochester varied by $823. State Farm and Nationwide offered quotes within $99 of each other.

Best Homeowners Insurance Rates in Rochester

Tonawanda, NY

Tonawanda is a city in the state of New York that is located near the U.S.-Canada border. Residents of the city enjoy easy access to several major interstates, including Interstate 290 and Interstate 190. In fact, Interstate 190 connects the U.S. to Canada. We found the mean annual home insurance cost in Tonawanda to be $824. On average, residents of Tonawanda pay 26% less for their home insurance than the state mean.

State Farm offered the lowest quote from the insurance companies sampled, at an annual cost of $508. The next most affordable home insurance quote was offered by Nationwide at $742, which represents a $234 increase from State Farm’s quote. Tonawanda ranks as the third most affordable city for home insurance in New York.

Quotes from Tonawanda's Cheapest and Best Home Insurance Companies

Binghamton, NY

Binghamton is the fourth most affordable city for homeowners insurance in New York. One of the original companies that was combined to form International Business Machines (IBM) was founded in Binghamton. Harlow Bund founded the Bundy Time Recording Company, which was eventually relocated to Endicott before becoming a part of IBM. Residents of Binghamton pay an average of $830 per year for homeowners insurance.

State Farm offered the lowest quote in the city at an annual cost of $501. The second most affordable home insurance quote gathered in Binghamton was offered by Nationwide at $786, which is $285 greater than the quote offered by State Farm. Insurance rates in Binghamton varied by $701.

Cheap Home Insurance Companies in Binghamton

Buffalo, NY

Buffalo is the fifth cheapest city for homeowners insurance in New York. The city is also the second largest within the state. The top employers in the area are from a wide range of industries. Kaleida Health, M&T Bank and Seneca Gaming Corp are among some of the largest employers in the city.

State Farm quoted the cheapest home insurance quote in the area at $466. Farmers offered the most expensive home insurance quote at $1,428, which is $962 greater than State Farm’s quote. On average, residents of Buffalo pay 22% less than the state mean for homeowners insurance.

Best Cheap Home Insurance Companies in Buffalo

Most Expensive Homeowners Insurance in New York: by City

The graph below shows the five most expensive places of all 48 cities which were part of this study. The cities are listed in order of price starting with the highest average rate and descending. The figures listed represent the average home insurance rate in each city. The most expensive city for homeowners insurance was White Plains where our research found an average annual rate of $2,343, which is $1,232 greater than the state average.

Top 5 Most Expensive Cities in New York for Homeowners Insurance

Homeowners Insurance Rates in New York City

We gathered quotes across New York City from Farmers, Lemonade and Progressive. Quotes from each company were averaged to find which insurance company provided the best rates in New York City. The graph below shows the mean annual cost to insurance a home in the city by company alongside the city average:

Best Home Insurance Companies in New York City

New York City, the largest city in the country, encompasses five boroughs: Manhattan, Brooklyn, Queens, The Bronx and Staten Island. Contrary to popular belief, Long Island isn’t a city or a borough of New York City. Based on our study, the cheapest borough for home insurance in New York City is Staten Island. Residents of Staten Island pay on average $1,382 per year for home insurance, which is $939 less than the average cost in New York City. Below, we show the average insurance rates in New York City across all five boroughs and the cost compared to the city average. To gather our data we collected insurance rates for a range of homes within each borough.

NYC BoroughAverage Annual Home Insurance PriceVersus City Average (%)
Staten Island$1,382-40%
Queens$2,008-13%
Brooklyn$2,014-13%
Manhattan$2,94327%
The Bronx$3,25840%
NYC Average$2,321

We also studied the insurance cost that you can expect to pay for every dollar of value your home has. For instance, if your home has a value of $100,000 and you pay an annual home insurance rate of $2,000, you can divide your annual insurance rate by your home’s value to calculate an insurance cost per dollar of value of $0.02. In other words, for every dollar of value that your home has, you’ll pay $0.02 in annual home insurance costs.

The insurance cost per dollar of value helps determine how expensive the boroughs are relative to each other, which is particularly important because home prices in NYC vary greatly. You can use the figures below as a rough approximation for your annual home insurance costs by multiplying by your home’s value. The results show that when you take into account property values across the boroughs, Queens, Staten Island and Brooklyn share similar home insurance costs.

NYC BoroughAverage Cost of Insurance / Home Value
Staten Island$0.002
Queens$0.002
Brooklyn$0.002
Manhattan$0.004
The Bronx$0.006

Best Homeowners Insurance Rates in New York's Largest Cities

We evaluated homeowners insurance rates across the largest cities in New York. Our study implemented control variables to gather quotes that can be compared to one another. On average, homeowners in the ten largest cities pay 22% more than the state mean on homeowners insurance. The cost for home insurance in the ten largest cities was an average of $1,358 per year.

Average Home Insurance Rates In New York

Buffalo, NY

Buffalo is the second largest city in the state of New York. On average, residents pay 22% less for their home insurance than the state average. Based on our study, Farmers was the only insurance company in Buffalo that offered a rate that was greater than the state mean.

Rochester, NY

The third largest city in New York, Rochester, is also the second most affordable for home insurance. On average, residents of Rochester pay $760 per year for home insurance. Nationwide was the most affordable home insurance company in Rochester with an annual quote of $452.

Yonkers, NY

Yonkers is the fourth largest city in New York. Based on our study, residents of Yonkers pay an average of $1.235 per year for their homeowners insurance, which represents a rate that is 11% greater than the state mean.

Syracuse, NY

Syracuse is located along the southern shore of Onondaga Lake and is the fifth largest city in the state of New York. The average home insurance price in Syracuse is 10% less than the state mean. On average, residents of Syracuse pay $1,001 annually for home insurance.

Albany, NY

Albany is the sixth largest city in the state. On average, residents pay $1,070 for home insurance, which represents a 4% discount when compared to the state mean. On an annual basis, residents save $41 on homeowners insurance versus the state average.

New Rochelle, NY

New Rochelle ranks as the seventh largest city in New York. The average home insurance quote gathered for the city of New Rochelle was $1,865, which is 68% more expensive than the state mean. New Rochelle was the third most expensive city for home insurance in the state.

Mount Vernon, NY

Mount Vernon is the eighth largest city in New York and the second most expensive for home insurance. On average, residents of Mount Vernon pay $1,883 per year for home insurance, which is 69% greater than the state average.

Schenectady, NY

The ninth largest city in New York is Schenectady. Based on our study, State Farm was the only insurance company in the area that offered a quote that was under $1,000. On average, residents of Schenectady pay $1,212 for their home insurance.

Utica, NY

Utica is the tenth largest city in New York and ranks as the sixth most expensive for home insurance. On average, residents of Utica pay pay $1,347 for their home insurance, which represents a rate that is 21% greater than the state average.

White Plains, NY

Residents of White Plains, the eleventh largest city in New York, pay an average of $2,343 for their home insurance. Based on our study, White Plains was the least affordable city for home insurance in the state of New York.

Obtaining Homeowners Insurance Rates in New York City, Long Island or Near The Coast

If you're shopping for a homeowners insurance policy somewhere near the coast of New York state, such as New York City or Long Island, it may be harder for you to get a quote using insurance companies' online tools. Many major home insurance companies won't provide an online quote for property near the coast, given the increased risk posed by these locations, and you may need to talk to an insurance agent over the phone or in person to get an estimate. So if you're a Long Island resident looking for a homeowners insurance company, for example, be prepared for higher rates and to set aside some extra time to collect sample home insurance prices.

Best Homeowners Insurance Companies in New York

Whether you're looking in Brooklyn or the Bronx, when searching for the best home insurance company in New York, you should always balance your preferences for coverage features, price, stability and customer service. Here, we've focused on customer service and compared it for the largest homeowners insurance companies in the Empire State using customer complaints. By these scores, the top-rated homeowners insurance companies in New York are Chubb, AIG and USAA. The worst-reviewed large insurance companies in New York were National General, Travelers and Liberty Mutual. However, the biggest insurers in New York appear to generally have satisfied customers, with all 10 companies receiving a customer complaint ratio below the national median of 1.0.

We measured customer satisfaction by a complaint ratio collected from the National Association of Insurance Commissioners. Customer complaints are weighted by market share, so the number of complaints is adjusted relative to the size of a company, with a median score of 1.0. A lower complaint index indicates that customers are more likely to be happy with their service.

RankCompanyMarket shareComplaint index
1Allstate14.3%0.40
2State Farm13.2%0.35
3Chubb11.2%0.04
4Travelers8.7%0.51
5Liberty Mutual8.2%0.51
6National General4.0%0.76
7New York Central Mutual3.4%0.49
8Heritage Insurance3.3%0.42
9AIG3.1%0.09
10USAA2.6%0.22
Only the top 10 insurance groups in the state by market share were included in this analysis. When multiple companies within a parent group were rated, the complaint index was taken from the largest individual underwriter active in New York.

New York Homeowners Insurance Companies Reviews

We reviewed the five largest homeowners insurance companies in New York, based on market share: Allstate, State Farm, Chubb, Travelers and Liberty Mutual. In reviewing the insurers, we focused on policy coverage and features, customer experience and financial stability.

Allstate

Allstate edges out State Farm as the largest home insurer in New York State by market share, and the company combines standard homeowners features fare with good discounts and sterling customer service reputation.

The standout quality of Allstate home insurance is its variety of discount options, so if you're eligible for some of its many discounts and you're looking to save, Allstate could be the best home insurance option for you. For instance, if you're a car owner who bundles your home policy with an auto insurance policy, you are eligible for up to 30% savings on your home insurance premiums, among the most generous discounts we saw. Allstate also offers competitive discounts for shoppers with a good claims history and those who have a variety of home safety features, such as an smart home security system.

Allstate's optional coverage features are fairly standard for a major home insurer, but it does offer a unique add-on called Claim RateGuard. For an extra fee, you can ensure that your premiums won't rise if you file a claim. If you're risk-averse and wary of a potential disaster, you can add this feature to your policy for additional protection.

Finally, Allstate is also one of the most financially secure insurers on this list, with an "A+" rating from A.M. Best, marking it as having superior financial stability.

State Farm

State Farm is the largest home insurance company on the country by market share, but the second biggest in New York state. State Farm's competitive advantage comes in the wealth of optional coverage add-ons available for buyers. If you have a unique type of risk you want your home insurance to cover, State Farm tends to offer more options than any of the major insurers.

For example, if you rent out your home for special events, State Farm provides a Temporary Rental coverage add-on that gives you broader theft and liability coverage. State Farm also has plenty of coverage endorsements related to business pursuits. Say you're a nurse living and working in New York, State Farm can provide you with professional liability coverage for legal obligations arising from nursing activities as part of your homeowners insurance package.

State Farm has a great customer complaint ratio when compared to the national median, so you're likely to get strong customer service from its renowned network of insurance agents. It also is financially stable, as it receives A.M. Best's highest possible rating of "A++" for financial strength.

Chubb

With the best customer complaint ratio among the major insurers in New York state and standard features that are usually optional add-ons with other companies, Chubb homeowners insurance is one of the most competitive carriers in New York for those who can afford it.

In terms of coverage features, Chubb's standard home insurance policy is one of the most complete we've seen, though you'll probably be paying a higher base price compared to other major insurers. Chubb's dwelling coverage includes extended replacement cost, meaning if the cost to rebuild your home to its original condition exceeds your policy's limits, the company will reimburse you anyway. Its policies also offer more than one way to reimburse you: If you don't want to rebuild your home or prefer to rebuild at another location, Chubb provides a cash settlement option up to your policy limit, meaning you'll be paid cash when you make an insurance claim, rather than reimbursed for rebuilding costs.

With an "A++" rating from A.M. Best, Chubb rates with State Farm and Travelers as among the most financially stable of the major insurance companies in New York.

Travelers

Another major insurance provider in New York, Travelers is an established insurance carrier that offers typical home insurance policies, but does nothing to stand out. Travelers has a good customer service reputation, though not quite as strong as some of the other top New York insurance companies.

Travelers home insurance coverage is fairly typical, and its optional coverage features and discount opportunities are unfortunately limited. Travelers optional coverage add-ons are comparable to a provider such as Allstate—much fewer than the breadth of endorsements offered by State Farm—and don't extend beyond typical endorsements such as water backup coverage and replacement cost coverage for your dwelling and personal belongings. Travelers policy discounts don't distinguish themselves either, as the discounts on offer are almost always provided by the other major insurers in New York.

You're likely to have a good customer service experience with Travelers, as its complaint ratio is well below the national median. But among the top five insurance companies in New York by market share, Travelers is tied for worst in this category with Liberty Mutual. Travelers is financially stable, however, so you won't have to worry about your claims being paid. It too receives the highest possible rating of "A++" from A.M. Best.

Liberty Mutual

With a scattering of competitive features, New York insurance shoppers should take a look at home insurance quote from Liberty Mutual, even though its coverage is not as extensive as State Farm or Chubb.

For example, a standard Liberty Mutual homeowners policy includes two unique features: inflation protection and personal property replacement services. The former automatically adjusts your policy limits to keep pace with inflation, ensuring you'll be fully covered if the value of your property is near or at your policy limits. Liberty Mutual replacement services guarantees the company will help you locate a replacement for stolen property and ship it to you in a timely manner.

Liberty Mutual could also be competitive for New York customers eligible for typical home insurance discounts, as its savings opportunities are comparable to Allstate in their breadth. Ranging from auto insurance bundle discounts, to savings for those who are claim-free or part of the military, Liberty provides eligible customers an extensive list of ways to save. Conversely, its optional add-on coverage features are unremarkable, with Liberty offering standard fare such as replacement cost reimbursement and identity theft coverage.

On the basis of customer complaint ratios, New York residents who opt for Liberty Mutual are likely to get good customer service, though, like Travelers, it does not rate as highly as other major insurance companies in the state. Although Liberty Mutual is in excellent financial condition, it only receives an A.M. Best rating of "A,” one notch below other top insurance companies in New York.

Methodology

We studied 48 cities, spread out geographically all throughout the state of New York. The sample home we looked at was built in the year 2000 and had 2,000 square feet. The property cost $200,000 and had an attached garage. Quotes for this home were obtained from State Farm, Farmers and Nationwide insurance companies. The rates were then averaged to arrive at a mean for each city. Below, we’ve displayed all cities from Albany to Yonkers with the average annual cost of insurance for the benchmark property and how much each city costs relative to the statewide average.

We excluded New York City from the state average due to our different methodology for collecting quotes within the city. In New York we collected multiple quotes for each borough, which we then averaged to arrive at a mean annual insurance cost for all five boroughs. To calculate the insurance cost per dollar of value we divided the mean annual insurance price in each borough by the average value of the homes we received quotes for.

RankCityAverage Insurance RateCost Compared to Average
27Albany$1,070-4%
8Amsterdam902-19%
31Auburn1,1352%
4Binghamton830-25%
5Buffalo865-22%
24Corning1,006-9%
20Dunkirk984-11%
15Ellenville953-14%
28Ellicottville1,097-1%
29Elmira1,1271%
11Fulton914-18%
1Geneva748-33%
25Glens Falls1,009-9%
32Gloversville1,1372%
34Herkimer1,1604%
10Hornell906-18%
39Ithaca1,24812%
42Kingston1,32319%
16Lindenhurst959-14%
41Little Falls1,30517%
18Mayville966-13%
45Middletown1,51436%
36Millerton1,1816%
47Mount Vernon1,88369%
21Narrowsburg986-11%
46New Rochelle1,86568%
N.R.New York City2,225N.R
44Newburgh1,35622%
12Niagara Falls931-16%
17Norwich965-13%
7Olean896-19%
30Oneida1,1292%
9Oneonta904-19%
22Oswego994-10%
6Plattsburgh888-20%
13Poughkeepsie947-15%
2Rochester760-32%
40Rome1,25012%
35Saratoga Springs1,1736%
37Schenectady1,2129%
23Syracuse1,001-10%
3Tonawanda824-26%
33Troy1,1503%
43Utica1,34721%
19Watertown980-12%
14Wellsville950-15%
26Westfield1,022-8%
48White Plains2,343111%
38Yonkers1,23511%

Sources:

New York Census Data

Comments and Questions