Compare Homeowners Insurance Quotes In New York

On average, your neighbors pay $105 a month.

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Best Home Insurance Rates In New York

New York’s reputation precedes it. The Empire State is home to some of the most visited tourist destinations in the world--Times Square, Central Park, Niagara Falls, and the Statue of Liberty. Six presidents have hailed from New York, and five members of the current Supreme Court were born there. Dozens of companies, countless athletes, musicians, actors, writers, comedians, scientists, and artists are from New York. It’s also the site of the United Nations headquarters. But, New York’s homeowners insurance risks are something to consider when buying insurance in the Empire State.

Average New York Homeowners Insurance Rates

New York has some of the highest average home insurance premiums in the country. According to the most recent available data from the Insurance Information Institute, in 2014, the average cost of homeowners insurance in the state of New York was $1,256, compared to the national average of $1,132. Only 11 states have higher average home insurance rates than New York.

New York Average Annual Homeowners Insurance Rates
  2012 2013 2014
New York Annual Average $1,158 $1,213 $1,256
New York Price Per Month $96 $101 $105
US Annual Average $1,034 $1,096 $1,132
US Cost Per Month $86 $91 $94
National Rank 10 13 12
Source: http://www.iii.org/fact-staistic/homeowners-and-renters-insurance

Compare Home Insurance Quotes in New York

Choosing a homeowners insurance company in New York should be easier. Actually, it’s already easy; you could just go with whichever company your mortgage lender recommends, but you probably won’t get the best rates that way. The key to finding the best rates is to compare home insurance quotes in New York from multiple companies.

Best New York Home Insurance Companies

Last year, these were the 10 most common home insurance companies reported by QuoteWizard users living in the state of New York. Out of the 37,862 New York homeowners that used QuoteWizard to request insurance quotes last year, 1,496 had no home insurance.

  1. Allstate Insurance
  2. Geico
  3. Liberty Mutual
  4. Progressive Casualty
  5. Nationwide
  6. Travelers Insurance
  7. AAA Insurance Co.
  8. MetLife
  9. Farmers
  10. USAA
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Why contact every individual company in New York State that you want a homeowners quote from when you can just answer a few questions about your home and desired coverage, and get competing quotes from agents? Save time and money with QuoteWizard.

Top 10 New York Home Insurance Company Market Share

Source: Insurance Information Institute
Rank Company Direct Premiums Written (in thousands) Market Share
1 Allstate $716,597 14.6
2 Travelers Companies Inc. $512,999 10.4%
3 Chubb Corp. $440,142 8.9%
4 Liberty Mutual $410,433 8.3%
5 Tower Group International Ltd. $188,041 3.8%
6 NYCM Insurance Group $165,270 3.4%
7 Nationwide Mutual Group $152,074 3.1%
8 MetLife Inc. $134,875 2.7%
9 American International Group $121,711 2.5%

Financial Strength Ratings of Top New York Home Insurers

Source: A.M. Best (Ratings as of 8/5/2015)

  • Allstate: A+
  • Travelers Companies Inc.: A+
  • Chubb Corp: A++
  • Liberty Mutual: A
  • Tower Group International Ltd.: NR
  • NYCM Insurance Group: A+
  • Nationwide Mutual Group: A+
  • MetLife Inc.: A
  • American International Group: A
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Rating Guide

New York Property & Casualty* Insurance Company Market Share

Source: National Association of Insurance Commissioners
Rank Company Direct Premiums Written (in thousands) Market Share
1 Geico $3,557,590 8.9%
2 Allstate $2,627,639 6.5%
3 Travelers Companies Inc. $2,387,716 5.9%
4 State Insurance Fund $2,283,287 5.7%
5 Liberty Mutual $2,195,146 5.5%
6 American International Group $2,095,031 5.2%
7 Chubb Corp. $1,629,160 4.1%
8 Nationwide Mutual Group $1,205,897 3.0%
9 Hartford Fire & Casualty Insurance Co. $1,028,754 2.6%
*Represents both home and auto insurance

Home Insurance Rate Factors

Many different factors come into play when insurance companies calculate the cost of homeowners insurance. Some, like the age of your home, are within your control. Others, like crime rates or natural disasters, are beyond your control. Here are some of the factors that affect the cost of homeowners insurance in the state of New York.

Average Home Listing Prices

Home prices can greatly affect the cost of insurance in any given state. A higher average home price generally means higher premiums in that state. For New York, the average listing price is $461,137 as of July 2015, about double the national average of $284,748.

Average Burglary Rates

Burglary is a serious and sometimes violent property crime. States with higher average burglary rates generally have higher average home insurance premiums, because the likelihood that someone will need to file a claim is higher. According to data from the FBI Uniform Crime Report, in 2013, New York’s average burglary rate was 287.2 per 100,000 people, significantly lower than the national average of 610.0 per 100,000.

States with more law enforcement per capita tend to be safer than states with fewer policemen and women. In New York, there are 31.0 law enforcement personnel per 100,000 total citizens, which is marginally lower than the national median of 32 per 100,000.

Home Insurance Hazards

Summers in New York are warm, and not too humid, while winters are very cold and quite snowy. In addition, New York occasionally experiences Nor’easters, which can bring hurricane-like conditions in addition to snow.

Cold, snowy winters: New York City experiences on average about 12 days and about 24 inches of snow annually. In Upstate New York, Syracuse’s winters are much snowier, with about 66 days and about 124 inches of snow, on average. Even further north, at Old Forge, the average is 70 days and about 177 inches of snow per year. January is the coldest month in New York. Throughout the state, average low temperatures are well below freezing. In New York City, low temperatures average about 27 degrees. In the Adirondacks, lows are typically in the single digits--about 6 degrees. Western and central New York are right in the middle, with average lows at about 16 degrees. The cold can be a home insurance hazard because pipes can freeze and break.

Frequent precipitation: On average, the state of New York receives about 42 inches of rain annually. Most places average over 140 days of rain per year, though there is much less in the Boroughs than anywhere else in New York. At Syracuse, they average 174 days of rain, but only about 39 inches per year, meaning that the rain is frequent, but usually light. While this constant rain can be a nuisance, it is also a home insurance hazard. Continual rain creates moisture in the air that can trapped inside homes and buildings, and form mold or mildew. And, some methods of insulation prevent the movement of moisture, which also leads to the development of mold and mildew.

Nor’easters and Storms: Nor’easters are typical of the Northeast region and are similar to hurricanes. These storms bring heavy rains, extreme winds, blizzards in winter, and flooding in spring. New York is particularly vulnerable due to its location between Canada and the Atlantic Ocean, with warm, humid air from the southwest and cold, dry air coming from the north. This convergence of air masses is the perfect recipe for a Nor’easter storm. New York is also susceptible to hurricane-like storms. In October 2012, Superstorm Sandy hit New York, causing flooding, power outages, fires, and destroying homes. People went days without power, gas stations were shut down, many lost their homes, and all in all, Sandy cost tens of billions of dollars. The New York City area experienced severe flooding in Lower Manhattan, closing subway lines for days, which is all but unheard of in NYC. Luckily, hurricanes don’t often hit New York. It’s important to note that the only way to obtain flood insurance is through the National Flood Insurance Program. Learn more about the NFIP here.

New York Office of the Insurance Commissioner

Website:
Homepage
Insurance Commissioner:
Anthony J. Albanese
Insurance Hotline:
(800) 342 – 3736
Office Hours:
Monday - Friday
8:30 am to 4:30 pm
File a Consumer Insurance Complaint
Complaint Page

Sources:

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