Best, Cheapest Homeowners Insurance in New York

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How to Get the Best, Cheapest Homeowners Insurance Companies in New York

If you’re looking for cheap home insurance rates in New York, New York Central Mutual should be at the top of your list. NYCM's average annual premium of $540 was the cheapest in our study of homeowners insurance rates in the Empire State, and 51% less expensive than the state annual average of $1,098.

While getting the cheapest home insurance is likely a priority, you’ll also want to consider other factors. What good is cheap home insurance if it doesn't cover you when you need it? Understanding the risks toward your home in New York can also help you figure out the insurance coverage you need.

Finding your best home insurance in New York at the cheapest price can be a time-consuming task. To help make it easier for you, we’ve put together this overview of the top home insurers in New York so you can make the best choice.

This article will cover:

Average cost of home insurance in New York

The average annual cost of a homeowners insurance policy in New York is $1,098. This is close to $700 less than the national average home insurance cost of $1,735.

How much does home insurance cost in New York?
  New York U.S.
Yearly rate $1,098 $1,735
Monthly rate $92 $144
Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary.

Cheapest home insurance companies in New York

NYCM has the cheapest home insurance in New York, at $45 a month, while Great Northern Insurance tops out with the highest average monthly rate of $134.

Cheapest home insurance in New York
Company Monthly rate
NYCM $45
The Hartford $75
Allstate $86
State Farm $88
New York average $92
Narragansett Bay Insurance $121
Great Northern Insurance $134
Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary.

Cheapest home insurance premiums in New York by city

Home insurance rates vary quite a bit depending on where you live. In New York, Upton, NYC and Brentwood have the most expensive home insurance, with rates ranging between $133 and $144 a month. On the other end, Cheektowaga, Rochester and Schenectady have the cheapest rates, at around $72 to $79 a month. Cities in northern New York tend to have cheaper home insurance rates than other parts of the state, while the coastal cities see much higher rates.

New York home insurance rates by city
City Monthly rate Difference from state average
Albany $81 -12%
Brentwood $144 57%
Buffalo $85 -8%
Cheektowaga $72 -22%
Mount Vernon $101 10%
New Rochelle $97 5%
New York City $133 45%
Rochester $75 -18%
Schenectady $79 -14%
Syracuse $80 -13%
Upton $141 53%
Utica $83 -10%
Yonkers $99 8%
Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary.

Best homeowners insurance companies in New York

To help you find the best homeowners insurance  based on your personal needs, we ranked the top home insurance providers in New York based on best overall value, premium price, customer service and other factors. Based on our research, the top home insurance companies in New York are:

  • The Hartford: best value
  • NYCM: cheapest home insurance rates
  • Narragansett Bay Insurance Company: best flood coverage

The Hartford: best overall value

The Hartford's combination of below-average home insurance premiums and customer satisfaction makes the company the best value for your dollar. The insurer’s average annual home insurance rate of $903 comes in under the state average of $1,098.

Furthermore, J.D. Power gave The Hartford a customer satisfaction ranking of 832 out of 1,000. This places The Hartford’s rating above the national average of 823.

And in the National Association of Insurance Commissioners’ 2020 Complaint Index, The Hartford has a rating of 0.03, well below the national average Complaint Index of 1.00.

The J.D. Power and NAIC ratings are important because your premium price isn’t the sole factor to consider when you’re looking at home insurance quotes. A provider’s customer satisfaction and claims resolution history give a good look at a home insurer beyond the price tag.

NYCM: cheapest home insurance rates

New York Central Mutual (NYCM) has the cheapest home insurance rate at $540, 51% lower than the state average. This puts NYCM as a top choice if your main priority is cheap home insurance. Having been in business for over 100 years, NYCM provides home insurance coverage equal to some of the bigger companies. The graph below shows NYCM’s average homeowners insurance rates in some of New York’s largest cities.

NYCM home insurance rates
City Yearly rate
Yonkers $302
New Rochelle $304
Mount Vernon $311
Rochester $452
Schenectady $486
Upton $487
Cheektowaga $512
Buffalo $528
Syracuse $602
Utica $614
Albany $688
Brentwood $777
New York City $796
Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary.

Narragansett Bay Insurance Company: best flood insurance for coastal properties

New York faces serious danger when flooding occurs. This makes flood insurance a high priority. Flood damage to your home is not covered by home insurance, putting you at risk. Not only does NBIC offer National Flood Insurance Program (NFIP) insurance, but their flood endorsement offers coverage that puts them beyond other providers including:

  • Flood coverage limits matching standard home insurance limits in certain flood zones.
  • Optional replacement cost contents coverage.
  • Replacement cost loss settlement on both primary and secondary homes.

The downside of NBIC for home insurance is that its average annual rate is $1,454, well above the New York state and national averages. However, if you live in an area of New York prone to heavy floods, NBIC’s flood endorsement may make the cost worthwhile.

Most popular home insurance providers in New York

The most popular home insurance companies in New York are split between big national providers and smaller regional companies. The following table shows the market share, customer service rating and NAIC Complaint Index each company holds in New York.

Most popular homeowners insurance companies in NY
Company Market share 2020 NAIC Complaint Index (lower is better) J.D. Power overall customer satisfaction rating (higher is better)
Allstate 14% 1 829
State Farm 13% 0 829
Great Northern Insurance 11% 0.01 NA
Narragansett Bay Insurance 3% 0.01 NA
NYCM 3% 0.03 NA
The Hartford NA 0.03 832
Sources: S&P Global, NAIC and J.D. Power

Despite having the highest NAIC Complaint Index, Allstate also maintains the highest market share in New York. A reason for the high number of complaints may come down to the sheer number of policyholders that Allstate has in comparison to other providers operating in New York. The lower market shares of companies like Narragansett Bay Insurance Company and NYCM are in part a result of their smaller, region-specific service areas.

To give you a better idea of how the bigger home insurance companies in New York rank compared to the national level, check out our best home insurance companies in the country.

Home insurance risk factors in New York

Every state has different hazards for homeowners. In New York, the primary dangers are extreme winter weather, hurricanes and flood damage. These can open your home to higher chances of filing a home insurance claim, depending on where in New York your house is located.

Winter weather

New York sees an average of about 55 inches of snow a year, but cities in the western part of the state, such as Rochester and Buffalo, can get considerably more. Between 2018 and 2019, Rochester had over 97 inches of snow, and Rochester got more than 100 inches. This can lead to heavy snow and ice damage to your roof, as well as pipes freezing and bursting.

Hurricanes

The lower part of New York, like all of the East Coast, is vulnerable to hurricanes. While wind damage is usually covered, standard home insurance in New York excludes most other damage due to hurricanes. In order to get the hurricane insurance coverage you need in New York, you’ll need standard homeowners insurance and flood insurance.

New York policyholders need to pay an additional hurricane deductible in the event that the National Weather Service names a hurricane or issues a tropical storm warning. In New York, the average hurricane deductible is 1% to 5% of your home’s insured value. This means that if your house were insured for $300,000, you would pay $3,000 towards a covered claim before your insurance covered the rest.

Other home insurance rate factors in New York

Home insurance providers look at various factors when calculating your home insurance premium. These include the age of your house, where it’s located and the cost to rebuild it. This last factor may be of particular concern to New York homeowners. New York has some of the highest home construction and labor costs in the country, reaching upwards of $950,000 to rebuild a home. This could cause an increase in your dwelling coverage limit, and therefore in your home insurance premium.

One of the best ways to keep homeowners insurance rates down is to search for the lowest rate you can find. Compare quotes from multiple homeowners insurance companies to find your best coverage at the best price.

Frequently asked questions

Q: How much does home insurance cost in New York?

A: Homeowners insurance costs $1,098 a year in New York, on average. However, rates vary between companies, so we recommend getting multiple quotes.

Q: What's the best home insurance company in New York?

A: There is no single best company, but our study found that The Hartford is the best for many people.

Q: Does home insurance cover flooding?

A: Homeowners insurance does not cover flooding. For coverage, you'll have to purchase flood insurance separately.

Q: Is home insurance required in New York?

A: Home insurance is not required by law in New York, but it is often required as a condition of home loans. So if you have a mortgage, it's likely your lender will require homeowners insurance.

Methodology

We used Quadrant Information Services to generate thousands of home insurance quotes from every ZIP code in New York. Our sample home used to generate quotes was built in 2000 and used the following policy specifications:

  • Dwelling coverage: $275,000
  • Personal property coverage: 50% of dwelling ($137,500)
  • Other structures coverage: 10% of dwelling ($27,500)
  • Loss of use coverage: 20% of dwelling ($55,000)
  • Liability coverage: $100,000

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