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Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

Best homeowners insurance in New York for 2024

Natalie Todoroff is an insurance writer for Bankrate, prior to which she wrote for a popular insurance comparison shopping app. She has a Bachelor of Arts in English and has written over 800 articles about insurance throughout her career.

Mariah Posey is an auto, home and life insurance editor and writer for Bankrate.com. She aims to make the insurance journey as convenient as possible by simplifying industry lingo and implementing thoughtful content design to provide readers clear answers to their questions.

Mark Friedlander is director of corporate communications at III, a nonprofit organization focused on providing consumers with a better understanding of insurance.

Mariah Posey is an auto, home and life insurance editor and writer for Bankrate.com. She aims to make the insurance journey as convenient as possible by simplifying industry lingo and implementing thoughtful content design to provide readers clear answers to their questions.

Mark Friedlander is director of corporate communications at III, a nonprofit organization focused on providing consumers with a better understanding of insurance.

Per Bankrate’s proprietary research method, Allstate, State Farm, Nationwide and NYCM offer the best homeowners insurance in New York.

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Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

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At Bankrate, we strive to help you make smarter financial decisions. To help readers understand how insurance affects their finances, we have licensed insurance professionals on staff who have spent a combined 47 years in the auto, home and life insurance industries. While we adhere to strict  editorial integrity, this post may contain references to products from our partners. Here’s an explanation of  how we make money. Our content is backed by Coverage.com  LLC, a licensed entity (NPN: 19966249). For more information, please see our  Insurance Disclosure.

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New Yorkers pay a median cost of $380,000 for homes in the Empire State. According to rate data from Quadrant Information Services, homeowners insurance in NY averages $1,710 per year for $300,000 of dwelling coverage, or about $143 a month. This is below the national average of $2,151. However, you may be able to find home insurance for less based on the specifics of your property, including your home's age and condition, as well as where in the state it's located.

Bankrate's analysis of the best homeowners insurance in New York goes beyond prices, though. Our insurance editorial team, which includes licensed agents, also looked at third-party ratings for financial strength and customer satisfaction, as well as the ease of use of each company's website and mobile app. We also reviewed each insurer's endorsements (also known as add-ons) and available discounts, which can save policyholders a significant amount on premiums. To find the best coverage for you, Bankrate's research on the New York home insurance market might be a great place to start.

Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

This content is powered by HomeInsurance.com, a licensed insurance producer (NPN: 8781838) and a corporate affiliate of Bankrate.com. HomeInsurance.com LLC services are only available in states where it is licensed and insurance coverage through HomeInsurance.com may not be available in all states. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

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Compare the best homeowners insurance companies in New York

Bankrate analyzed New York's major home insurers to determine our picks for the best of the best. In addition to average premium data obtained from Quadrant Information Services, we also looked at coverage options, customer satisfaction scores from the J.D. Power 2023 U.S. Home Insurance Study and other metrics to assign each provider a Bankrate Score, with a maximum rating of 5.0. Higher scores indicate the best all-around companies for New York homeowners per our analysis.

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Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

Bankrate's trusted insurance industry expertise

The home insurance market can be complicated, but Bankrate's insurance editorial team used our unique perspective to bring readers information they need to make educated decisions when shopping for home insurance.

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Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

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The top 4 home insurance companies in New York

Best for high-value homes

4.3

4.3

Avg. premium for $300K dwelling

$123/mo

Avg. premium for $300K dwelling

$1,480/yr

Customer satisfaction

812/1,000

Why Nationwide made our list: 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 the state’s average. Nationwide also offers a long list of competitive discounts, including home renovation credits and gated community discounts. The company's Valuables Plus policies provide additional coverage to those with expensive belongings. Moreover, Nationwide received high marks in the J.D. Power 2023 U.S. Property Claims Satisfaction Study. But if you prefer to get insurance quotes online, Nationwide might not be the right fit. The company received a below-average digital shopping rating in the J.D. Power 2023 U.S. Insurance Digital Experience Study.

Who Nationwide may be good for: Nationwide offers good general coverage across the board, but it also has perks that may be useful to those with homes that are worth $500K and up, or individuals who have personal property that has a high value.

CheckmarkPros

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Nationwide’s standard home insurance policies come included with a few added perks, like ordinance/law coverage and coverage for your credit card. Here’s what else you can protect with Nationwide:

Best for bundling

4.2

4.2

Avg. premium for $300K dwelling

$152/mo

Avg. premium for $300K dwelling

$1,819/yr

Customer satisfaction

809/1,000

Why Allstate made our list: With a potential multi-policy discount of up to 25 percent, Allstate could be an excellent choice for New Yorkers looking for both home and auto insurance. In addition to an A+ (Superior) financial strength rating from AM Best, Allstate offers a range of discounts. With local offices, contact centers, a website and a mobile app, there are many ways to get in touch with your agent, regardless of how you prefer to do business. However, Allstate scored below average in the 2023 J.D. Power Home Insurance Study, showing dissatisfaction from some policyholders. Allstate’s average New York homeowners insurance premiums are also higher than the state average.

Who Allstate may be good for: If you would just as soon have all your insurance business through a single company, you might want to consider Allstate. The company's excellent digital tools and high-value bundling discount might make it a good choice for those who don't want to write multiple premium checks each month.

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Allstate’s home insurance policies are highly customizable to the policyholder’s needs. New York customers can add the following optional coverages for additional protection:

Best for local offices

4.2

4.2

Avg. premium for $300K dwelling

$91/mo

Avg. premium for $300K dwelling

$1,090/yr

Customer satisfaction

829/1,000

Why State Farm made our list: State Farm, the largest U.S. home insurer, scored above the segment average in the 2023 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. It also boasts hundreds of local agents across New York State. Additionally, State Farm offers plentiful online tools, like a highly-rated mobile app and full-service online portal. However, the company doesn’t have nearly as many discounts or optional endorsements as some of its competitors.

Who State Farm may be good for: Although State Farm's digital tools are state of the art, the company hasn't forgotten that the human connection matters to many policyholders. It might be a good option for you if you wish to do business with one of its many local agents rather than using its online services.

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Compared to other national insurers, State Farm does not list as many home insurance endorsements on its website. Speaking with a local State Farm agent may give you better insight into all available coverage offerings, but here is what the insurer mentions for its New York home insurance policies:

Best for cheap premiums

4.1

4.1

Avg. premium for $300K dwelling

$51/mo

Avg. premium for $300K dwelling

$615/yr

Customer satisfaction

Not rated

Why NYCM made our list: As the name suggests, New York Central Mutual (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 potential discounts, including savings opportunities 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.

Who NYCM may be good for: If you're pinching pennies after the purchase of your new home, NYCM may offer a way to save money going forward. Its average rates are low and discounts could bring them even lower.

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NYCM’s average premiums may be cheap, but adding home insurance endorsements will likely increase your rate. Here’s what NYCM has to offer in terms of extra coverage:

Additional New York home insurance companies to consider

Encompass

Who this may be best for

Homeowners looking for budget-friendly coverage packages

Shopping for homeowners insurance and structuring your perfect policy can feel overwhelming. New York homeowners who prefer to choose a pre-selected coverage package at a lower price may consider a policy from Encompass. Home insurance is available in three tiers — Special, Deluxe and Elite — each with its own discounts and policy options. Bankrate found that, on average, Encompass charges New York homeowners $2,658 per year for $300,000 in dwelling coverage.

The Hanover

Who this may be best for

Homeowners looking for tiered coverage packages

If you have more wiggle room in your budget but are still set on a pre-packaged insurance policy, consider The Hanover. It has three prebuilt coverage packages — Connections, Prestige and Platinum — which include different policy limits and coverage levels. The Prestige plan is the most comprehensive of the bunch. This policy level comes with water backup, ordinance/law coverage, service line coverage and a deductible waiver for losses over $50,000. Bankrate found that rates from The Hanover tend to be higher in New York, though, at an average of $2,992 per year.

PURE

Who this may be best for

Homeowners with high-value homes

Privilege Underwriters Reciprocal Exchange, or PURE, writes policies exclusively for homes valued at $1 million or more. In fact, the entire company tailors its insurance coverage to individuals with high net worth. PURE home insurance policies are robust and come with loads of added perks already included, like guaranteed replacement cost, up to $50,000 in jewelry coverage and water backup coverage. Surprisingly, its rates were not astronomically expensive; Bankrate found that $300,000 in dwelling coverage costs an average of $2,260 per year. However, a PURE customer would likely need a much higher dwelling coverage limit, which would drive up the cost of the policy.

How Bankrate chose the best home insurance companies in New York

To identify the best home insurance companies in New York, we considered average premiums, policy options, claims handling, customer service scores, financial strength ratings and digital options. 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, with 5.0 being the highest score available.

Cheapest home insurance companies in New York

New York has one of the highest costs of living in the country, which can put a major strain on your wallet. If you’re shopping on a tighter budget, you might consider a home insurance quote from one of the companies below.

In order to find the best cheap home insurance in New York, Bankrate evaluated rate data from Quadrant Information Services and chose providers that offered rates below the New York state average. Our selections represent the cheapest of the larger insurers in the state.

In order to find the best cheap home insurance in New York, Bankrate evaluated rate data from Quadrant Information Services and chose providers that offered rates below the New York state average. Our selections represent the cheapest of the larger insurers in the state.

How to get cheap New York home insurance

As a homeowner, you likely want to get the coverage you need at a price that fits your budget. While accomplishing this may be challenging, it’s possible. To find the most affordable home insurance that meets your coverage needs, consider the following.

Best home insurance discounts in New York

Discounts offer a tangible way to reduce your home insurance premium. Almost all insurers offer at least a few, and many of them are easy to earn. When you ask for quotes from potential insurers, make sure they include any discounts you are eligible for. Here are a few that you may see from New York homeowners insurance companies.

How to save on home insurance policy renewals in New York

If you are unhappy with your home insurance rate, you won’t be stuck with it forever. Most home insurance policies have a one-year term. And while you’re waiting for your policy renewal date, there are several strategies you can employ to help lower your premium that don’t include switching companies altogether:

How much is home insurance in New York?

The average annual cost for homeowners insurance in NY in 2023 is $1,710 per year for $300,000 in dwelling coverage. In comparison, this is just slightly lower than the national average home insurance premium of $2,151 for the same amount of coverage. It’s worth noting that a large percentage of New Yorkers rent instead of own in the state’s main population center, New York City.

New York homeowners insurance rates by city

New York home insurance rates vary widely. With the map below, you can see how your ZIP code stacks up to the rest of the state.

*Rates are for $300,000 in dwelling coverage.

What does home insurance cover in New York?

There are a few different standard home insurance contracts, the most common one being an HO-3. An HO-3 form provides financial protection for your home’s physical structure, other structures on your property (like a fence or garden shed) and your personal property. This policy type also includes liability coverage, medical payments coverage and coverage for additional living expenses incurred after a covered loss makes your home unlivable.

Although HO-3 home insurance forms are standard-issue, that does not mean they are all identical. Depending on where you live, your home insurance provider may exclude certain coverages from your policy. But, before you scramble to purchase every extra coverage your provider offers, it’s helpful first to grasp what your New York homeowners insurance policy already covers. Here are some common losses that are covered by your policy:

Additional home insurance coverage types in New York

New Yorkers may sometimes experience severe winter storms, from Manhattan to the Adirondacks. The state's plentiful urban areas also see a fairly substantial rate of crime. The state received an F grade for property crime, meaning that the rate of property crime in New York is significantly higher than the U.S. average. Because of this and other events that might result in claims, you may 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:

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.

Related content:

Windstorm insurance Previously Read

Flood insurance Previously Read

Identity theft insurance Previously Read

Common New York home insurance problems

It is difficult to speak generally about the insurance problems that plague New York homeowners. Weather patterns vary widely across the state, as does population density. As such, a homeowner in the Catskills will likely have wildly different insurance needs than a homeowner in Brooklyn, Long Island, Albany or Rochester. However, here are some common insurance hiccups homeowners across the Empire State may encounter:

New

In September 2023, New York City experienced unprecedented flooding levels. The city saw upwards of 8 inches of rain in one day, making it the second-wettest September in the last 154 years. The damage was widespread and expensive; according to one estimate, the flooding caused around $19 billion in damage to New York City alone.

In response to the flooding, Governor Hochul passed new legislation A.1967/S.5400 that requires sellers to disclose to home buyers if the home in question is located in a flood zone or if it had previously flooded. Previously, sellers could choose not to disclose flood information in exchange for giving the buyer a $500 fee at closing. This new law demands greater transparency between current and potential homeowners surrounding flooding. Knowing if your home is a flood risk before you close may help you secure a flood insurance policy before you move in.

Frequently asked questions

What is the cheapest homeowners insurance company in New York?

There isn't a single insurance company that provides the cheapest home insurance for every homeowner in New York. The least expensive provider will vary since rates depend on factors like your location, claims history, the property you're insuring and the coverage you require. To find the most budget-friendly, comprehensive coverage for your needs, experts recommend getting quotes from multiple providers and asking about discount opportunities for which you might qualify.

There isn't a single insurance company that provides the cheapest home insurance for every homeowner in New York. The least expensive provider will vary since rates depend on factors like your location, claims history, the property you're insuring and the coverage you require. To find the most budget-friendly, comprehensive coverage for your needs, experts recommend getting quotes from multiple providers and asking about discount opportunities for which you might qualify.

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.

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. Coastal areas of New York may require windstorm coverage for named tropical cyclones, which includes a separate deductible from your standard homeowners coverage.

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. Coastal areas of New York may require windstorm coverage for named tropical cyclones, which includes a separate deductible from your standard homeowners coverage.

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.

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.

Methodology

Bankrate utilizes Quadrant Information Services to analyze April 2024 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on married male and female homeowners with a clean claim history, good credit and the following coverage limits:

The homeowners also have a $1,000 deductible, a $500 hail deductible and a 2 percent hurricane deductible (or the next closest deductible amounts that are available) where separate deductibles apply. 

These are sample rates and should be used for comparative purposes only. Your quotes will differ.

Bankrate Scores

Natalie Todoroff is an insurance writer for Bankrate, prior to which she wrote for a popular insurance comparison shopping app. She has a Bachelor of Arts in English and has written over 800 articles about insurance throughout her career.

Mariah Posey is an auto, home and life insurance editor and writer for Bankrate.com. She aims to make the insurance journey as convenient as possible by simplifying industry lingo and implementing thoughtful content design to provide readers clear answers to their questions.

Mark Friedlander is director of corporate communications at III, a nonprofit organization focused on providing consumers with a better understanding of insurance.

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