Best Home Insurance in New York (2022)

NYCM beats the competition with the cheapest home insurance in New York, $33 a month.

See Your Rates

New York Central Mutual (NYCM) offers the cheapest homeowners insurance in New York state, $33 a month, while Nationwide offers the lowest rate among national insurance companies. Here’s what you need to know to find the best and cheapest home insurance in New York.

In this article

How much is homeowners insurance in NY state?

The average cost of home insurance in New York is $1,142 a year, or $95 a month. This is considerably lower than the average national cost of homeowners insurance, which is $1,754 a year, or $146 a month.

Who offers the cheapest home insurance in New York?

NYCM offers the cheapest homeowners insurance in New York, charging an average $399 a year, or $33 a month, for a standard policy. The next-cheapest companies are Nationwide, $74 a month, and Travelers, $75 a month.

Cheapest home insurance companies in New York state
Company Annual Monthly
NYCM $399 $33
Nationwide $887 $74
Travelers $906 $75
Allstate $1,049 $87
State Farm $1,076 $90
Farmers $1,137 $95
State average $1,142 $95
Narragansett Bay $1,568 $131
Chubb $1,621 $135
AIG $1,634 $136
Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary.

Compare home insurance quotes

Which are the best home insurance companies in New York?

New York’s best home insurance companies combine reasonable prices with quality customer service and financial stability. Everyone wants to save on premiums. However, you also need your insurance company to provide the right coverage for your needs and fulfill its financial commitments if you ever have to file a claim.

Best customer service scores

State Farm, AIG and Allstate have the highest customer satisfaction scores from J.D. Power, while Chubb, AIG and Narragansett Bay have the best rating in the National Association of Insurance Commissioners’ Complaint Index.

J.D. Power uses a 1,000-point scale to rank companies on overall satisfaction, based on customer surveys rating companies on interaction, policy offerings, price, billing process, policy information and claims.

State Farm’s score of 835 is highest among the companies in our analysis, followed by AIG, 830, and Allstate, 829. The score for all three companies beats the segment average of 825. J.D. Power does not include NYCM and Narragansett Bay in its home insurance rankings.

Overall customer satisfaction index ranking
Company Score (1,000-point scale)
State Farm 835
AIG 830
Allstate 829
Segment average 825
Farmers 813
Nationwide 812
Chubb 801
Travelers 800
Narragansett Bay Not included
NYCM Not included
Source: J.D. Power 2021 U.S. Home Insurance Study

The NAIC Complaint Index compares insurance companies by confirmed complaints, which are complaints that lead to a finding of fault, in relation to market share. The National Complaint Index is 1.0. A company with a 2.0 Complaint Index has twice as many confirmed complaints as expected for a company of its size. A 0.5 Complaint Index indicates half as many. A lower Complaint Index reflects better performance.

Based on NAIC data from 2021, Chubb has the lowest, or best, Complaint Index, 0.09, followed by AIG, 0.13, and Narragansett Bay, 0.16.

Complaint Index for leading New York home insurance companies
Company NAIC Complaint Index (lower is better)
Chubb 0.09
AIG 0.13
Narragansett Bay 0.16
NYCM 0.17
Nationwide 0.4
Farmers 0.55
Travelers 0.83
National Complaint Index (baseline) 1.0
State Farm 1.01
Allstate 1.11
Source: National Association of Insurance Commissioners, 2021 data

Best New York home insurance company by price: NYCM

With rates that are 65% less than the state average, NYCM offers the best price on home insurance in New York. The company’s low Complaint Index reflects quality customer service, and NYCM’s A+ "Superior" Financial Strength Rating from AM Best indicates strong financial health.

These are among the factors that make NYCM a solid choice for anyone seeking standard homeowners insurance at a good price.

However, NYCM’s standard home policies do not offer as many choices for personal property coverage as its competitors. Specifically, NYCM only covers your personal belongings, including appliances, furniture and electronics, at actual cash value, which is their value after depreciation.

While this is common, many companies give you the option to upgrade to replacement cost coverage on your personal property. With replacement cost coverage, which costs more, the insurance company replaces your belongings with new items after a covered loss.

NYCM policies for mobile homes and specialty homes do offer replacement cost coverage for personal property.

Best national home insurance company in New York: Nationwide

Nationwide ranks below the industry average in customer satisfaction, but its reasonable rates and strong Complaint Index score make it the best choice for home insurance among national insurance companies serving New York.

While Nationwide costs more than NYCM, it also offers a broader range of protections, including two endorsements that could save you hundreds, if not thousands, of dollars after a loss.

  • Nationwide’s Brand New Belongings endorsement upgrades your personal property coverage to replacement cost coverage. If you only have actual cash value coverage for your personal property, the difference between your items’ depreciated value and their current prices comes out of your own pocket.
  • Better Roof Replacement, where available, allows you to rebuild your roof with stronger, safer materials.

Allstate and State Farm both have higher satisfaction scores than Nationwide and, in some parts of the state, lower rates. This makes either or both also worth contacting for quotes when you shop.

Nationwide has an AM Best rating of A+ "Superior" for financial strength, as does Allstate. AM Best rates State Farm A++.

Find cheap New York home insurance

Cheapest home insurance in New York by city and region

Among New York’s major cities and regions, average rates range from $84 a month in Albany and Syracuse to $146 a month on Long Island. The average cost of home insurance in New York City’s five boroughs is $133 a month.

Homeowners insurance in New York by city and region
Location Annual Monthly
Albany $1,004 $84
Syracuse $1,005 $84
Westchester County $1,066 $89
Buffalo $1,068 $89
State average $1,142 $95
New York City $1,595 $133
Long Island $1,753 $146
Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary.

NYCM offers the cheapest home insurance in most parts of New York, but the carriers with the next-best rates vary by city and region.

Cheapest home insurance in NYC

NYCM offers the cheapest homeowners insurance in New York City’s five boroughs, followed by State Farm, $93 a month, and Nationwide, $106 a month. The average cost of home insurance in New York City is $133 a month.

Home insurance rates in New York City (five boroughs)
Company Annual Monthly
NYCM $552 $46
State Farm $1,115 $93
Nationwide $1,275 $106
Allstate $1,506 $125
Citywide average $1,595 $133
Travelers $1,675 $140
Farmers $1,869 $156
Narragansett Bay $2,004 $167
AIG $2,013 $168
Chubb $2,345 $195
Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary.

Cheapest home insurance on Long Island

NYCM also offers the cheapest home insurance rates in Long Island’s Nassau and Suffolk counties, $30 a month, followed by Nationwide, $91 a month, and Travelers, $99 a month. The average cost of homeowners insurance on Long Island is $146 a month.

Home insurance rates on Long Island (Nassau and Suffolk counties)
Company Annual Monthly
NYCM $357 $30
Nationwide $1,094 $91
Travelers $1,193 $99
State Farm $1,686 $141
Long Island average $1,753 $146
Allstate $1,769 $147
Farmers $1,839 $153
Narragansett Bay $2,012 $168
Chubb $2,611 $218
AIG $3,218 $268
Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary.

Our analysis also shows that the average cost of home insurance in Nassau County is $128 a month, compared to $162 a month in Suffolk County.

Cheapest home insurance in Westchester County

NYCM offers the lowest rates in Westchester County, $18 a month, followed by Nationwide, $50 a month, and Travelers, $71 a month. The average cost of home insurance in Westchester County is $89 a month, which is considerably less than in New York City and on Long Island.

Home insurance rates in Westchester County
Company Annual Monthly
NYCM $220 $18
Nationwide $602 $50
Travelers $852 $71
Farmers $882 $73
County average $1,066 $89
State Farm $1,139 $95
AIG $1,329 $111
Allstate $1,340 $112
Narragansett Bay $1,453 $121
Chubb $1,775 $148
Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary.

Cheapest home insurance in Albany

NYCM offers the cheapest home insurance in Albany, $43 a month, followed by Nationwide, $57 a month, and Travelers, $70 a month. The average rate for home insurance in Albany is $84 a month.

Home insurance rates in Albany
Company Annual Monthly
NYCM $516 $43
Nationwide $680 $57
Travelers $840 $70
State Farm $866 $72
Allstate $878 $73
City average $1,004 $84
Farmers $1,235 $103
Chubb $1,269 $106
AIG $1,333 $111
Narragansett Bay $1,419 $118
Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary.

Cheapest home insurance in Syracuse

In Central New York, NYCM offers the lowest rates on home insurance in Syracuse, $37 a month, followed by Allstate, $66 a month. The next-lowest rates are available from Nationwide, $76 a month, State Farm, also $76 a month, and Travelers, $77 a month.

All five companies’ rates are less than the city average of $84 a month.

Home insurance rates in Syracuse
Company Annual Monthly
NYCM $440 $37
Allstate $788 $66
Nationwide $912 $76
State Farm $916 $76
Travelers $919 $77
City average $1,005 $84
Chubb $1,092 $91
Farmers $1,106 $92
AIG $1,305 $109
Narragansett Bay $1,570 $131
Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary.

Cheapest home insurance in Buffalo

NYCM offers the cheapest home insurance in Buffalo, $37 a month, followed by Allstate, $66 a month. The next-cheapest companies offer nearly identical rates: Nationwide, $76 a month; State Farm, $76 a month; and Travelers, $77 a month.

The average home insurance rate in Western New York’s largest city works out to $84 a month.

Home insurance rates in Buffalo
Company Annual Monthly
NYCM $440 $37
Allstate $788 $66
Nationwide $912 $76
State Farm $916 $76
Travelers $919 $77
City average $1,005 $84
Chubb $1,092 $91
Farmers $1,106 $92
AIG $1,305 $109
Narragansett Bay $1,570 $131
Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary.

How home insurance protects against floods, winds and hurricanes in New York

Home insurance generally does not cover flood damage, and policies in New York often apply a separate deductible for damage caused by extreme winds, including those from hurricanes.

Flood insurance in New York

For protection from floods, including storm surges from hurricanes and tropical storms, you can purchase flood insurance from either the federally backed National Flood Insurance Program (NFIP) or from one of the private companies that also offer flood insurance in New York.

The average cost of NFIP flood insurance in New York is $106 a month. Since some private flood insurance companies use a different rating system than the NFIP, you may be able to get a better rate from a private flood insurance provider. Private flood insurance companies sometimes offer more coverage than the NFIP.

Wind and hurricane deductibles

Home insurance typically covers wind damage, but in New York, your out-of-pocket costs to repair damage from extreme winds may be higher than for damage from other causes, based on the windstorm or hurricane deductible you choose.

  • The standard deductible on your home insurance policy is your out-of-pocket share for repairs resulting from eligible causes not related to wind. It’s usually expressed in a dollar amount, such as $500 or $2,000.
  • New York insurance companies often apply a windstorm deductible to qualifying wind damage. Windstorm deductibles usually range from 1% to 5% of your policy’s dwelling limit. If you have a 1% windstorm deductible on a home insured for $300,000, you’re responsible for the first $3,000 in repairs.
  • In coastal areas, insurance companies often separate a hurricane deductible from your policy’s standard deductible. Hurricane deductibles are usually also offered as a percentage of your policy’s dwelling limit and apply to named storms that meet the insurance company’s specifications.

Choosing higher deductibles reduces your premiums but also increases your potential out-of-pocket costs.

Other home insurance considerations in New York

Most home insurance policies provide a generous limit for personal property coverage, but they usually also include sublimits on certain valuables, including jewelry, silverware, furs and firearms. For example, most policies only provide up to $1,500 coverage for theft of jewelry. If you need more coverage for valuables, you can usually add them to a scheduled personal property floater or other endorsement for an extra fee.

Standard homeowners insurance typically excludes damage from water and sewer backups, including sump pump failures. However, most home insurance companies offer a water backup endorsement to protect against these specific risks.

Frequently asked questions about New York home insurance

How much is homeowners insurance in New York?

The average cost of homeowners insurance is $95 a month, but rates vary by location. Prices range from $146 a month in Long Island and $133 a month in New York City to $84 a month in Albany and Syracuse.

Does GEICO offer homeowners insurance in New York?

GEICO agents can offer homeowners insurance issued by its non-affiliated insurance company partners, which include several nationally known brands. A GEICO agent can usually obtain quotes and service the policy for you.

What is the best homeowners insurance in New York?

NYCM offers the best rates on standard homeowners insurance in New York, while Nationwide, Allstate and State Farm offer broad coverage options at competitive rates. All four companies have strong financial strength and customer service ratings.

Methodology

We collected quotes from every ZIP code in New York for a standard HO-3 homeowners insurance policy with the following coverages:

  • Dwelling limit: $275,000
  • Other structures: $27,500
  • Personal property: $137,500
  • Loss of use: $55,000
  • Liability: $100,000
  • Medical payments: $5,000
  • Deductible: $1,000

QuoteWizard.com LLC has made every effort to ensure that the information on this site is correct, but we cannot guarantee that it is free of inaccuracies, errors, or omissions. All content and services provided on or through this site are provided "as is" and "as available" for use. QuoteWizard.com LLC makes no representations or warranties of any kind, express or implied, as to the operation of this site or to the information, content, materials, or products included on this site. You expressly agree that your use of this site is at your sole risk.