Best homeowners insurance in New York for 2022

Meredith Napolitano

By 

Meredith Napolitano

Meredith Napolitano

Freelance contributor

As a content writer, Meredith has written most extensively about home renovation, vocational training, the automotive industry, real estate, family law, and data protection.

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New York is a diverse state with beautiful rustic areas and a bustling metropolitan center. From big city condominiums to split-level mansions in the suburbs to farmhouses in small rural communities upstate, there are many different types of homes that need homeowners insurance in New York state. Fortunately, homeowners insurance rates in New York are below the national average, and there are some excellent coverage options for Empire State residents.

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The average cost of homeowners insurance in New York is $1,186 per year or $99 a month, but there are other factors you should consider when choosing an insurer. Not sure what to look for? Policygenius can help you figure out your coverage needs and compare quotes from multiple top companies in New York.  

Best homeowners insurance companies in New York

Of the insurance companies we evaluated, National General has the lowest rates in New York, with an average annual premium of $965 — over $200 less per year than the average New York rate — while State Farm has the highest customer satisfaction ratings.

Policygenius analyzed thousands of quotes from the 5 largest New York insurers to find the average cost of homeowners insurance with each company in 2022. We then looked at 2021 J.D. Power customer satisfaction scores and compared that with the coverage needs of New York residents to find the best homeowners insurance in New York.

Company

Average yearly cost

J.D. Power Rating

Allstate

$1,556

829

State Farm

$1,190

835

Chubb

$1,787

801

Travelers

$1,109

800

National General

$965

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Allstate

Allstate logo

Allstate's mix of exceptional customer satisfaction ratings, personalized coverage options, and numerous discount opportunities make it one of the most popular homeowners insurance companies on the market.

Pros

  • Several coverage add-ons, including ones for roof surfaces, water backup, green improvements, and mold protection

  • 8+ discounts, including autopay, bundling, zero claims, and new homebuyer

  • Get up to 25% off your premiums when you bundle home and auto insurance

  • Excellent customer service and claims satisfaction ratings

  • File and track claims online or through its mobile app

Cons

  • Rates are typically high compared to competitors

Why Allstate tops our best list

While rates may be somewhat higher than the competitors, Allstate still tops the best list because of its high customer service ratings and the ability to personalize your coverage to exactly what you need. Allstate has many opportunities for discounts that can apply to nearly every buyer. Coupling these potential discounts with the excellent J.D. Power rating makes Allstate an excellent home insurance option in New York.

How to get a quote

Online through Policygenius or Allstate

State Farm

State Farm logo

There's a reason State Farm is one of the top-rated insurance companies in the U.S. — its customer satisfaction ratings are through the roof, it offers a slew of coverage add-ons for full protection, and makes filing claims through its mobile app a breeze.

Pros

  • Top-tier coverage add-ons, including equipment breakdown, water backup, and service line coverage

  • Get up to $1 million in personal liability coverage

  • Score discounts for bundling, installing security devices, and choosing a high deductible

  • File and track claims online, over the phone, in person, or through its mobile app

  • High customer satisfaction and financial strength ratings

Cons

  • No discounts for first-time homebuyers or going a year without a claim

Why State Farm tops our best list

State Farm has exceptional ratings for customer service, demonstrated by its high J.D. Power rating. State Farm also offers a surplus of extra coverages for a variety of different homes in New York. 

How to get a quote

Online through State Farm

Chubb

Chubb logo

Chubb is a top-tier insurer ideal for high-value homes that need more robust coverage that goes beyond the run-of-the-mill options offered by traditional insurance companies.

Pros

  • Base policies include extended replacement cost coverage for your home and replacement cost coverage for your personal property — two perks that cost extra with most other companies

  • Helps you find temporary living arrangements if your home can't be lived in after a covered loss

  • No deductible on losses greater than $50,000

  • Cash-out claim settlement option means you can still get paid even if you decide not to repair your home after a covered loss

Cons

  • Rates are among highest in the industry

  • Will only insure high-value homes

Why Chubb tops our best list

Chubb is an excellent option for high-value homeowners with additional cars and property to insure. The caveat, however, is that Chubb only insures expensive homes, but considering the median home value in places like the Hamptons is over two million dollars, this is a popular insurance choice in New York State. 

While Chubb’s rates are higher, the coverage goes above and beyond the typical options offered by most companies. A base policy with Chubb includes enhanced coverage for both your home and your personal property, and you don’t need to pay a deductible on property damage greater than $50,000. That means if your home is leveled in a storm or destroyed by fire, you will not be financially responsible for any of the repair or rebuild costs. 

How to get a quote

Online through Policygenius or by calling Chubb

Travelers

Travelers logo

With over 165 years of experience and impeccable financial ratings, Travelers is one of the most trusted home insurance companies in the business. It offers personalized coverage and a slew of policy add-ons to ensure you have exactly the right protection.

Pros

  • 4 customizable policy packages with several available add-ons, like extended replacement cost and water backup coverage

  • Offers eco-friendly green home coverage and discounts

  • Protect expensive family heirlooms and appliances with equipment breakdown, guaranteed replacement cost, and personal articles coverage

  • File claims online — plus, Travelers has special catastrophe centers for claims after a natural disaster

Cons

  • Below-average customer service and claims satisfaction ratings

Why Travelers tops our best list

Travelers has excellent financial ratings, a trusted reputation, and a range of coverage packages to choose from. If the area is impacted by a natural disaster, Travelers mobile claim center will make the claims process easier for all who are involved. Travelers offers many different add-ons at different price points for New York residents with varying coverage and budget needs.

How to get a quote

Online through Policygenius or Travelers

National General

National General logo

National General offers a comprehensive and refreshingly modern variety of home insurance coverages, including guaranteed replacement cost and green upgrade coverage for Earth-conscious customers.

Pros

  • Guaranteed and extended replacement cost coverage available for your home

  • Option to have your home rebuilt with eco-friendly materials after a covered loss

  • Offers flood insurance through the NFIP

  • 10+ discounts for bundling, living in a gated community, having a college degree, and more

  • File claims online — with 24/7 claims support

Cons

  • Higher rates than most competitors

Why National General tops our best list

National General has a variety of home insurance coverage options that help it stand out amongst the competition, including a coverage add-on that covers eco-friendly home upgrades after a covered loss. 

How to get a quote

Online through National General

Cheapest homeowners insurance companies by city in New York

With New York being such a large and diverse state of rural, suburban, and major metropolitan areas with varying weather patterns and household values, the average cost of homeowners insurance differs by city. 

NYCM is the cheapest homeowners insurance company in the vast majority of cities in New York state. The average NYCM rate is below the state average in most cities.

Looking at the different regions of New York state, New York City and surrounding areas have the highest rates, while upstate cities like Rochester, Schenectady, and Albany have the lowest.

City

Company

Average yearly cost

Accord

National General

$691

Acra

National General

$691

Adams

National General

$691

Adams Basin

National General

$691

Adams Center

National General

$691

Addison

National General

$691

Adirondack

National General

$691

Afton

National General

$691

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Shopping for homeowners insurance in New York

Shopping for homeowners insurance is more multifaceted than most people realize. When comparing policy options, make sure the coverage amounts in your quotes reflect your specific homeownership needs — this will ensure a more accurate comparison. 

In this section, we break down the average annual home insurance rates in New York for different coverage and deductible levels, as well as the cheapest and most expensive home insurance companies in the state for dog owners, pool owners, and individuals with poor credit scores. A Policygenius expert can help you determine how much coverage you need and find the best deal on homeowners insurance in New York.

New York home insurance costs by coverage amounts

Dwelling coverage is the section of your homeowners insurance policy that protects your home from covered losses, such as fire or storm damage. Your dwelling coverage should be equal to the cost to replace your home – not its market value. 

More dwelling coverage generally means higher home insurance rates. In New York, rate increase approximately $300 per year for every additional $100,000 of coverage. 

Dwelling coverage amount

Average yearly cost

$100,000

$553

$200,000

$861

$300,000

$1,186

$400,000

$1,533

$500,000

$1,895

Liability coverage is the section of your policy that covers legal, medical, and repair bills if someone is injured or their property is damaged and you are legally responsible. This covers instances such as dog bites, injuries in a pool or on a trampoline, or if a visitor falls down your stairs. 

You should have enough coverage to cover the value of all of your assets in the event that the victim decides to sue. That means you’ll want to consider the value of your home, automobiles, future earnings, and anything else that holds value. 

As highlighted below, the rate difference between coverage levels is minimal in New York, so it may be worth opting for the maximum amount of coverage.

Liability coverage amount

Average yearly cost

$100,000

$1,083

$200,000

$1,062

$300,000

$1,186

$400,000

$880

$500,000

$1,283

New York home insurance costs by deductible amount

Your deductible is the amount that you will need to pay toward a loss when you file a claim. That means if you file a claim for $5,000 and you have a $1,000 deductible, your insurer would pay out $4,000 for the loss. 

A higher deductible means lower premiums, but there is a risk in taking a high deductible policy, especially if you are in a region of New York that experiences frequent storms or property crime.

Deductible amount

Average yearly cost

$500

$1,299

$1,000

$1,186

$2,000

$1,137

Home insurance discounts in New York

Your insurance company will give a discount when you add safety features, such as smoke alarms, security systems, and deadbolts, since these features reduce your chances of filing a claim. However, discounts for homes with deadbolts or local smoke alarms are relatively low, since these devices can only do so much to prevent a loss. New York residents with burglar alarms enjoy slightly bigger discounts.

Discount

Average yearly cost

Dead bolt

$1,184

Smoke alarm

$1,178

Burglar alarm

$1,134

Home insurance companies in New York for dog owners

Because certain breeds of dogs are responsible for most dog bite claims, insurance companies often charge higher rates if you have what they consider to be an “aggressive breed.”  

While insurers in New York are allowed to discriminate against certain dog breeds, state lawmakers are pushing for legislation that will ban this practice. If this legislation passes, insurers won’t be allowed to charge higher premiums based on a dog’s breed. 

Looking at the 15 largest insurance companies in New York, we analyzed each company’s average annual rate for a home with an aggressive dog breed. With an average cost of $1,787, Chubb has the highest rates, while National General is the cheapest.

Company

Average yearly cost

National General

$965

Travelers

$1,109

State Farm

$1,190

Allstate

$1,556

Chubb

$1,787

Home insurance companies in New York for poor credit

You’ll also need to consider your credit score when you shop for homeowners insurance in New York. In general, the lower your credit score, the higher your insurance premiums will be, and vice versa. 

Insurance companies consider homeowners with poor credit to be more likely to file a claim. Your credit score’s impact on your final premium will vary among insurance companies, and as it improves, some insurers may automatically adjust your rate. 

New York homeowners with low credit pay an average of $965 per year with National General — the lowest rate of any company in our analysis — while Allstate charges the highest premiums for homeowners with poor credit.

Company

Average yearly cost

National General

$965

Travelers

$1,727

State Farm

$1,774

Chubb

$1,787

Allstate

$2,485

Home insurance companies in New York for pool owners

If you own a pool, your insurance company may also consider you to be more risky to insure. A pool will impact both your liability coverage, since the risk of injury is high, and your dwelling coverage, since the structure of your pool will factor into your coverage limits. 

National General offers the lowest rates for pool owners at an average $965 per year, while Chubb has the most expensive rates for pool owners, with an average of $1,787 per year.

Company

Average yearly cost

National General

$965

Travelers

$1,109

State Farm

$1,190

Allstate

$1,556

Chubb

$1,787

How to buy homeowners insurance in New York

With so many options for homeowners insurance in New York, and such a difference in the various regions, shopping for homeowners insurance can be overwhelming. It’s important to compare policies from multiple companies to ensure you are getting the best coverage at the best price for your home. Here are the steps to take to help you find the right company.

  1. Reach out to a licensed Policygenius agent. Our agents can help you determine how much coverage you need and will help you compare quotes from different companies. 

  2. Ask about the specific concerns you have. This might include having a high-value home, waterfront property, or a house in the snow belt. A Policygenius expert can help you determine if you need to add anything to your coverage for your specific needs.

  3. If you are unable to find homeowners insurance on the private market, consider a FAIR plan. You may need a FAIR plan if you are denied coverage by several private companies and live in a high-risk coastal area and can’t get wind coverage. In New York, you will find this through C-MAP.

  4. Calculate how high of a deductible you can afford. Choosing a high deductible will lower your insurance rate, but it also means you’ll have to pay more in the event of a claim. A Policygenius expert can help you determine which deductible works for you.

  5. Compare quotes from a Policygenius agent. Your agent will give you several quotes from different companies and help walk you through the pros and cons of each.

  6. Choose your policy, sign it, and pay your first premium. Policygenius will help you with all the paperwork, including switching over from your current insurance company.

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Frequently asked questions

Why is home insurance in certain areas of New York so expensive?

Home insurance can be more expensive in parts of New York because the property values are higher than in other areas of the country, yet other areas of New York, such as upstate, are less expensive, making the average cost of homeowners insurance in New York close to the national average.

What if I have bad credit?

Bad credit can increase your insurance premiums, as customers with lower credit scores are more likely to file a home insurance claim to fix damage to their home. If your credit score increases, then you may see your insurance rate decrease to reflect your new score.

Do I need homeowners insurance in New York?

Nearly all mortgage lenders require proof of insurance to qualify for a mortgage. This is because they have a financial investment in the property until you pay off your mortgage, so they want to ensure it’s fully protected.

Methodology

Policygenius has analyzed home insurance rates provided by Quadrant Information Services in March 2022 for ZIP codes in all 50 states plus Washington, D.C., for a 40-year-old female homeowner with no claim history, good credit, a $1,000 deductible, and the following coverage limits:

  • Dwelling: $300,000

  • Other structures: $30,000

  • Personal property: $150,000

  • Loss of use: $60,000

  • Liability: $300,000

  • Medical: $1,000

All rates based on the above coverage limits except where otherwise noted.

Some carriers may be represented by affiliates or subsidiaries. Rates provided are a sample of costs. Your actual quotes may differ.