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Home to one of the world’s largest cities as well as over 33,000 farms, New York is a diverse state of skyscrapers and silos with varied insurance needs. The average annual premium for homeowners insurance in New York was $1,309 in 2017, the last year with complied data, compared with the national average of $1,211.
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Shopping around will help guarantee that you get the best price and coverage for your needs. Take a look at some of the best homeowners insurance companies in New York to determine which is the best fit for your home and use the quote tool below to get
In this article
Best homeowners insurance in New York
After looking at a variety of different factors, these are the best options for homeowners insurance for residents of New York:
The policy provides coverage for any unforeseen damage to your home as well as liability protection from claims made against you. This coverage stays with you when you’re away from home and covers any temporary repairs necessary to prevent further damage from occurring.
Amica also has flexible coverage add-ons that are tailored to your budget and circumstances. Rate reductions and discount options are available for combining policies, higher deductibles, alarm systems and for being claim-free. The award-winning customer service representatives can walk you through specific discounts you may be eligible for.
Allstate offers customizable coverage options, multiple discounts and helpful online educational tools to answer any questions you may have regarding your insurance policy. These features have helped Allstate earn a superior financial strength rating from AM Best.
Exclusive Allstate resources, such as the Premium Gauge tool, which shows you how your home insurance premium would be affected by different factors, as well as multiple calculator tools, make Allstate an easily navigable and user-friendly provider. Browse through the website and see if you qualify for one of the many discounts, such as those for new customers, new homes or retirees.
The company received an A++ rating from AM Best for financial strength, an AA (very strong) rating from S&P Global Ratings and gets high scores for customer satisfaction based on annual customer complaint data, all of which puts it up there with the best insurance providers. It also boasts good ratings from J.D. Power for customer service.
Travelers offers many ways to save. Policyholders can save up to 15 percent on home insurance if they have more than one policy with the company. Additional discounts are available to those who install protective devices such as smoke detectors and alarms. Plus, Travelers gives a five percent discount for certified green homes. The company is especially geared toward people who want to talk to an in-person agent or who want to buy more than one product from the same provider to cover their property and possessions.
Among these are discounts for having multiple policies through Liberty Mutual, not filing a claim for an extended period of time, belonging to certain businesses and organizations that are part of Liberty Mutual’s group savings network and having a new or recently renovated home.
AM Best rated Liberty Mutual’s financial strength as excellent and J.D. Power studies have shown this insurance provider to be above average in its homeowners coverage.
Liberty Mutual’s website provides resources and tips for saving money and getting the maximum benefit from your home insurance policy. Liberty Mutual also provides a mobile app that comes in handy for regular upkeep and in the event of an emergency. You can use the app to take pictures of damage, upload receipts, report claims and track progress on existing claims without having to jump through hoops.
Nationwide also offers coverage for events experienced too often by city dwellers, such as theft or burglary. The company even has brand-new replacement for belongings that have been compromised or stolen, as well as an easy-to-use claims reporting service that allows you to recover from disaster quickly and efficiently. All of these available options, and more, like the Better Roof Replacement, make Nationwide a one-stop insurer for nearly all of your personal policy needs.
Nationwide has competitive rates and offers discounts of up to 20 percent for insurance bundling. With a solid rating of 886/1,000 from J.D. Power and an A+ from AM Best, you can safely say that Nationwide really is on your side.
How much is homeowners insurance in New York?
When considering a dwelling worth $200,000 with $100,000 liability and a $1,000 deductible, the average annual cost of homeowners insurance in New York is around $1,309. Premium costs will vary depending on your city or area of residence.
The costs for insurance are greater in some metropolitan areas, such as New York City, but there are other factors that can affect the cost, which are described below.
Most expensive cities in New York for home insurance
New York is a large state with hundreds of cities. When it comes to the price of homeowners insurance, each city has a different rate. For instance, a homeowner living on Long Island will pay a different price than someone living in the Catskills. The difference could be little or hundreds of dollars.
Based on data from U.S. News & World Report, the most expensive places for homeowners insurance in New York state and their average premiums are:
New York City: $3,216.63
Mount Vernon: $2,776.32
Yonkers: $2,591. 45
New York rate factors
If you own your home in New York City or other areas with higher-than-average crime rates, this will increase your homeowners insurance premiums. Homes located along the coast, such as on Long Island or along the Great Lakes, will likely see increases based on potential wind- and water-related damages. Many areas of New York see heavy snowfall that could lead to burst pipes, roof damage and other winter-storm damages.
In addition to standard homeowners insurance coverage, New York homeowners can also benefit from flood insurance. This is especially important for homeowners who live along the coastline or near a lake. In the event of a flood, homeowners insurance won’t cover the damages. You need a separate flood insurance policy to cover your home and personal belongings from flood-related losses.
Most private insurance companies sell flood insurance policies. You can also purchase flood insurance through the federally-backed National Flood Insurance Program. Adding flood insurance coverage will increase your insurance premium, but without it, you would have to pay out-of-pocket to repair or rebuild your home after a major flood.
When thinking through the coverage types you’d like to have, it’s useful to evaluate the climate and meteorological trends of your state. With those factors in mind you might want to consider hazard insurance and flood insurance
The SimpleScore is a proprietary scoring metric we use to objectively compare products and services at The Simple Dollar. For every review, our editorial team:
Identifies five measurable aspects to compare across each brand
Determines the rating criteria for each aspect score
Averages the five aspect scores to produce a single SimpleScore
Here’s a breakdown of the five aspect scores and their rating criteria for our reviews on home insurance.
Why do some brands have different SimpleScores on different pages?
To ensure the SimpleScore is as helpful and accurate as possible, we developed unique criteria for every category we compare at The Simple Dollar. Since most brands offer a variety of financial solutions, their products and services will score differently depending on what we’re scoring on a given page.
However, it’s also possible for the same product from the same brand to have multiple SimpleScores. For instance, if we compare State Farm’s home insurance according to our criteria for the best home insurance, it scores a 3.8 out of 5. But when we compare State Farm according to the criteria for the best auto insurance, it scores higher, since the features the company offers can vary by the type of insurance.
We looked at the number of discounts each company offers – more discounts mean a higher score.
We awarded higher scores to the companies that offer more coverage options.
We awarded higher scores to companies with the most channels for customer support.
We leveraged the J.D. Power 2019 Home Insurance Satisfaction Study℠ to see how customers rated their experience with each company. (If a company wasn’t included in J.D. Power’s study, we skipped this aspect and averaged the four remaining aspect scores.)
We looked at the level of accessibility of each company – the more resources they have the higher their score
Elizabeth is a contributor to The Simple Dollar, where she reviews insurance providers and policies. She has more than three years of experience writing for top online insurance and finance publications, including Bankrate, Coverage.com and Reviews.com.
Aylea Wilkins is an editor specializing in insurance for The Simple Dollar. After getting a degree in European studies and editing from Brigham Young University, she worked as a writer and editor for a variety of small websites before transitioning to the insurance field.