Best Homeowners Insurance Companies in New York

NYCM has the cheapest home insurance in New York state. State Farm and Chubb lead the way in customer service.

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New York Central Mutual (NYCM) offers the cheapest homeowners insurance in New York, charging rates that average $34 a month statewide.

A low price is important, but your home insurance company also needs to provide coverage that meets your needs and responsive customer service, especially if you ever have to file a claim. Our guide to homeowners insurance in New York state is designed to help you find the right coverage at the lowest price.

In this article

Cheapest homeowners insurance in New York

Our analysis of more than 23,000 home insurance quotes in every ZIP code in New York state shows that NYCM has the cheapest average insurance rate for a typical single-family home.

NYCM’s average rate of $409 a year works out to $34 a month. The next-best rates are available from Nationwide, $74 a month, and Travelers, $75 a month.

Average New York home insurance company rates by company
Company Annual rate Monthly rate
NYCM $409 $34
Nationwide $887 $74
Travelers $906 $75
State Farm $1,080 $90
Farmers $1,181 $98
State average $1,189 $99
Allstate $1,241 $103
Chubb $1,641 $137
Narragansett Bay $1,646 $137
AIG $1,715 $143
Note: Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary.

Since home insurance company rates vary by customer, it’s best to compare quotes from multiple companies when you shop.

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New York’s best homeowners insurance companies

State Farm and Chubb have the highest customer service ratings among New York homeowners insurance companies. NYCM is best for saving money and State Farm is best for bundling.

Best customer service ratings: State Farm and Chubb

State Farm has the highest overall customer satisfaction score from J.D. Power, while Chubb has the best complaint rating from the National Association of Insurance Commissioners (NAIC).

J.D. Power’s overall customer satisfaction index rankings are based on customer surveys rating home insurance companies on interaction, policy offerings, price, billing process, policy information and claims.

State Farm’s score of 829, on a 1,000-point scale, is tops among the New York home insurance companies. The next-best scores belong to Nationwide, 816, and Allstate, 815.

Overall satisfaction ratings for New York home insurers
Company Satisfaction score
State Farm 829
Segment average 819
Nationwide 816
Allstate 815
Chubb 809
Travelers 794
Farmers 792
AIG Not rated
Narragansett Bay Not rated
NYCM Not rated
Source: J.D. Power 2022 U.S. Home Insurance Study

The NAIC Complaint Index compares home insurers by confirmed complaints, which are those that lead to a finding of fault.

A company with a 2.0 Complaint Index rating has twice as many confirmed complaints as expected for a company of its size, while a company with a 0.5 Complaint Index rating has half as many.

Chubb’s Complaint Index rating of 0.03 is lowest, or best, among the companies in our analysis, followed by NYCM, 0.05 and AIG, 0.06.

Complaint Index ratings for New York home insurers
Company Complaint rating
Chubb 0.03
NYCM 0.05
AIG 0.06
Nationwide 0.12
Farmers 0.18
Travelers 0.26
State Farm 0.32
Allstate 0.35
Narragansett Bay 0.5
Source: National Association of Insurance Commissioners (2021 data)

Best for saving money: NYCM

With rates that are less than half of those charged by the state’s next-cheapest provider, NYCM is clearly the best choice for saving money on homeowners insurance in New York.

NYCM’s favorable complaint rating is a good sign that the company meets customer expectations. The company also has an A (Excellent) rating for financial strength by AM Best, which reflects its financial stability.

NYCM’s standard policies provide a solid foundation of protection for your home and belongings from most normal risks. However, you need a Premium Plus policy to get coverage for sewer or drainage backup, which can cause costly damage to a home.

Best for bundling: State Farm

Although State Farm’s rates for standalone home insurance are higher in New York than those available from some of its competitors, State Farm’s discounts for bundling your home and auto insurance may help you save on the combined costs of these policies.

Among New York’s home insurance companies, only Allstate has a larger market share than State Farm. However, State Farm’s high customer service ratings and competitive rates give it the edge over most of the other national brands serving Empire State homeowners.

Average costs of homeowners insurance in New York state

The average cost of homeowners insurance in New York is $1,189 a year, or $99 a month. This rate is 38% lower than the national average, which is $1,903 a year.

The actual price you pay for home insurance depends on several factors about you, your home and the coverage you choose, including:

  • The age and location of your home
  • Your policy’s deductible and coverage limits
  • Your neighborhood’s risk factors, such as exposure to severe weather and crime
  • Your insurance and credit history
  • Any discounts you may qualify to receive

Since insurance companies place different weights on each factor and offer different discounts, you may qualify for a significantly lower rate with one company than you do with others.

New York home insurance rates by deductible

Although rates vary by customer, raising a policy’s deductible from $1,000 to $2,000 reduces the average price of home insurance in New York by 12%.

Insurance rates by deductible amounts
Deductible Annual rate Monthly rate
$500 $1,311 $109
$1,000 $1,189 $99
$1,500 $1,158 $97
$2,000 $1,043 $87
Note: Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary.

Since your deductible is the amount of money that comes out of your pocket to repair or replace property damaged by a covered event, you don’t want your deductible to be too high. However, choosing a deductible that’s at the upper end of your comfort level may save you some serious coin over the long run.

In regions exposed to severe coastal weather, insurance companies often offer a separate deductible for wind and/or hurricane damage. When offered, these deductibles are often expressed as a percentage of your dwelling coverage.

For example, if your policy has a $300,000 dwelling limit, a 5% wind deductible requires you to cover $15,000 in repairs from wind damage before insurance funds kick in. With these policies, your normal deductible, often expressed as a flat dollar amount, applies to damage from other covered perils, such as a fire, fallen tree or burst pipe.

Insurance rates by dwelling limit

Statewide, the average cost of insurance for a policy with a $350,000 dwelling limit in New York is 23% more than it is for one with a $275,000 limit.

Insurance rates by dwelling coverage amounts
Dwelling limit Annual rate Monthly rate
$200,000 $969 $81
$275,000 $1,189 $99
$350,000 $1,460 $122
$425,000 $1,744 $145
$500,000 $2,058 $172
Note: Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary.

You generally have less latitude to adjust your policy’s dwelling limit, which is the maximum amount the insurance company pays for covered repairs to your home, than you do with your deductible.

If you have a loan, your lender is likely to require your policy’s dwelling limit to match your home’s replacement value. If you’re new to home insurance, it’s important to know that your home’s replacement value is the estimated cost of rebuilding it to its current specifications and quality grade, which is different from – and usually lower than – its market value.

If you have a low loan balance or own your home outright, you may be able to choose a dwelling limit that is lower than your home’s replacement value. However, doing so is rarely advised.

Most insurance companies use software to estimate your home’s replacement value, based on the information you provide about the home’s size, construction features and other attributes.

It’s best to let your insurance company know about renovations and upgrades you complete.

If your improvements increase your home’s replacement value, you are likely to see your insurance rates go up. However, some projects, such as replacing your roof or upgrades to your plumbing, electrical or HVAC system, may qualify for discounts.

Home insurance rates by city

Among New York’s largest cities, home insurance rates range from $82 a year in Rochester to $188 a month in Brookhaven. Home insurance rates in New York City average $145 a year.

Average cost of home insurance in New York’s largest cities
City Annual rate Monthly rate
Babylon $2,218 $185
Brookhaven $2,257 $188
Buffalo $1,105 $92
Hempstead $1,741 $145
Islip $2,233 $186
New York City $1,736 $145
North Hempstead $1,717 $143
Oyster Bay $1,476 $123
Rochester $987 $82
Yonkers $1,199 $100
Note: Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary.

Home insurance rates by county

In New York’s largest counties, home insurance rates range from $78 a year in Monroe County to $173 a month in Suffolk County.

Among the five boroughs of New York City, home insurance rates range from $112 a month on Staten Island (Richmond County) to $156 a month in Manhattan (New York County).

Average cost of home insurance in New York’s largest counties
County Annual rate Monthly rate
Bronx County $1,658 $138
Erie County $963 $80
Kings County $1,592 $133
Monroe County $937 $78
Nassau County $1,607 $134
New York County $1,871 $156
Queens County $1,425 $119
Richmond County $1,339 $112
Suffolk County $2,070 $173
Westchester County $1,114 $93
Note: Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary.

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Flood insurance protection for New York homes

Standard home insurance does not cover damage from floods, including storm surges from hurricanes and tropical storms. Instead, you have to purchase flood insurance separately to protect your home from these risks.

Most flood insurance is purchased through the government-backed National Flood Insurance Program (NFIP), but certain private companies also offer it.

The average cost of NFIP flood insurance in New York is $1,052 a year, or $88 a month. Those in higher risk areas and/or with higher value homes generally pay more.

If you apply for a mortgage for a home in a high-risk flood zone, your lender is likely to require flood insurance, in addition to normal home insurance.

You can also purchase flood insurance on an optional basis if you don’t have a mortgage and/or your home is in a low- or moderate-risk area.

If you’re not sure of your home’s flood risk, or the flood risk of a home you’d like to purchase, you can look it up online. Just visit the Flood Map Service Center on FEMA’s website. You can find an NFIP-authorized agent near you on FEMA’s online flood insurance provider directory.

NFIP flood insurance provides up to $250,000 in building coverage for your home and up to $100,000 in contents coverage for your belongings. Private flood insurance often offers higher limits and/or additional coverages.

For example, Chubb’s flood insurance policies offer up to $15 million in combined coverage for your home and belongings.

Narragansett Bay, which offers flood insurance as an add-on to an existing home insurance policy, covers your home and belongings up to the limits stated on your home insurance policy, which may be higher than NFIP caps.

Chubb and Narragansett Bay are also among the companies whose flood insurance policies include loss of use coverage. This latter pays for temporary lodging and other living expenses if flood damage leaves your home uninhabitable during repairs.

New York homeowners insurance: Frequently asked questions

The average price of homeowners insurance for a typical house in New York state is $1,189 a year, or $99 a month. Prices range from $81 a month for a home with a $200,000 replacement value to $172 a month for a $500,000 home.

The average price of flood insurance in New York is $1,052 a year, or $88 a month, for policies issued through the National Flood Insurance Program. The cost of privately issued flood insurance varies by company.

Homeowners insurance is not required by state law in New York, but most lenders require it for a mortgage. If your home is in a high-risk flood zone, your lender is likely to require flood insurance, too.

The best homeowners insurance depends on your needs. NYCM is the best choice for bare-bones coverage at the lowest price. If you have a high-value home, you may be better off with a company like Chubb.


The rates shown in this article are based on an analysis of more than 23,000 quotes for a standard HO-3 insurance policy for a typical single-family home in every New York ZIP code. Unless otherwise noted, prices reflect the estimated cost for policies containing the following coverages, limits and deductibles:

  • Dwelling: $275,000
  • Other structures: $27,500
  • Personal property: $137,500
  • Loss of use: $55,000
  • Personal liability: $100,000
  • Guest medical payments: $5,000
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