Best homeowners insurance in New York City

Homeowners insurance is financial protection for your home, personal property, and additional living expenses in the event that your home is damaged or burglarized. Your homeowners policy also covers medical and legal expenses if you or someone in your household causes bodily injury or damage to someone else’s property.

Almost three-quarters of residents in The Big Apple are renters, but whether you own a condo in Manhattan, a townhouse in Queens, a brownstone in Brooklyn, or a split-level in Staten Island, you’ll want to make sure it’s insured by a company with excellent coverage options, strong financial ratings, and reputable customer service and claims handling.

Climate change has had perhaps more of an impact on Metro New York than anywhere else in the country — evidenced by the expanded flood zones in much of Staten Island and Brooklyn, the record temperatures and annual precipitation, and natural disasters like Hurricane Sandy in 2012. New York City is also prone to extreme rainfall in the spring and summer that causes flooding and sewer backups. Since homeowners insurance doesn’t cover flood damage, New York City residents should consider purchasing flood insurance.

Keep reading for our guide to the best companies, average rates in four of the city’s five boroughs, and coverage considerations for New York City residents. For a broader look at homeowners insurance across the state, check out our New York homeowners insurance guide.

In this article:

• Best homeowners insurance companies in New York City
• Average homeowners insurance rates in New York City
• New York City homeowners insurance guide

Best homeowners insurance companies in New York City

In addition to cost, there are many factors you should consider when shopping around for homeowners insurance. You should look for an insurance company that has a good financial standing with credit agencies like A.M. Best. Customer service is also important — you want an insurance company you can trust — so you should check customer service and claims ratings with J.D. Power.

The table below looks at the 10 most popular insurers (companies with the highest market share) in New York state, along with respective A.M. Best ratings, J.D. Power ratings, and Policygenius full-scale company ratings. Here’s more information about the Policygenius home insurance reviews methodology.

➞ Be sure to check out our guide on the best homeowners insurance companies in the country

Average homeowners insurance rates in New York City

The average annual cost of home and condo insurance in New York City is $1,940, according to Policygenius quotes. That makes rates in New York City higher than the New York statewide average of $1,285, but keep in mind that the cost of construction is higher in New York City than the rest of the state.

New York City homeowners insurance guide

New York City residents will want to make sure their property is properly insured to cover and pay out damage due to theft, violent thunderstorms, snowstorms, and other common hazards like freezing pipes and sewer backups.

Homeowners insurance covers theft of personal belongings, but only pays out for certain valuables up to a limited amount (typically $1,000–2,000). If you own expensive electronics, jewelry, art, or bicycles, consider insuring those items with higher coverage limits to ensure you'll be fully reimbursed in the event of a burglary or storm or water damage.

Additionally, snowstorm and thunderstorm damage can also result in property damage for homeowners in Metro New York. You can protect yourself from these common perils with additional policy coverage like replacement cost contents coverage, which ensures you will be fully reimbursed for your losses.

New York City homeowners should also look into adding endorsements for floods or purchasing separate flood insurance policies, either through the National Flood Insurance Program (NFIP) or a private insurer.

Is homeowners insurance required in New York City?

Homeowners insurance is not required by law in New York City, but most mortgage lenders will require that you get homeowners insurance and maintain coverage throughout the duration of the mortgage.

Homeowners insurance resources for New York City residents

• Flood mitigation guide for New York City residents
• Homeowners insurance resources for New York homeowners
• New York Fair Access to Insurance Requirements