Pat HowardPat HowardManaging Editor & Licensed Home Insurance ExpertPat Howard is a managing editor and licensed home insurance expert at Policygenius, where he specializes in homeowners insurance. His work and expertise has been featured in MarketWatch, Real Simple, Fox Business, VentureBeat, This Old House, Investopedia, Fatherly, Lifehacker, Better Homes & Garden, Property Casualty 360, and elsewhere.
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As of June 2022, the typical home value in New York was $405,105 — among the highest in the country. [1] Given that both home values and construction costs in the Empire State have surged over the last two years, residents should make sure they're protected with a sufficient amount of homeowners insurance from a trusted company.
The average cost of homeowners insurance in New York is $97 a month or $1,164 per year for a policy with $300,000 in dwelling coverage, according to our analysis of 2022 premiums. That makes New York homeowners insurance among the most affordable in the country, and there are plenty of ways homeowners can save even more on coverage in 2022.
At Policygenius, our educational guides are written and fact-checked by licensed home insurance experts and reviewed by our Financial Review Council to ensure autonomy, expertise, and accuracy.
To find the best home insurance companies in New York, we analyzed over 30,000 quotes from the 15 largest insurance companies in the state to find the average cost of homeowners insurance with each company in 2022.
When analyzing costs for different coverage levels and risk factors, we changed just one variable at a time to ensure the rates we’re comparing are fair and representative of the factor at hand.
We then looked at J.D. Power customer satisfaction scores, AM Best financial health ratings, quality of policy options, discounts, and compared that with the coverage needs of New York residents to find the best homeowners insurance in New York.
To get the average rate for each company in New York, we analyzed rates provided by Quadrant Information Services in March 2022 for 1,899 ZIP codes in New York 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.
Best overall for most New Yorkers: Allstate
Allstate
4
Policygenius rating
How we score: Policygenius’ ratings are determined by our editorial team. Our methodology takes multiple factors into account, including pricing, financial ratings, quality of customer service, and other product-specific features.
$1,522/year
$127/month
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
Excellent financial strength and customer service ratings
Plethora of additional coverage options
Over 8 available discounts
Cons
Rates are higher than the New York average
Why Allstate tops our best list
While rates may be somewhat higher than the competitors, Allstate still tops our 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 we score: Policygenius’ ratings are determined by our editorial team. Our methodology takes multiple factors into account, including pricing, financial ratings, quality of customer service, and other product-specific features.
$1,775/year
$148/month
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
No deductible on losses greater than $50,000
Cash-out claim settlement options after a loss
Cons
Will typically 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.
Best for affordable rates in New York: NYCM Insurance
NYCM Insurance
3.4
Policygenius rating
How we score: Policygenius’ ratings are determined by our editorial team. Our methodology takes multiple factors into account, including pricing, financial ratings, quality of customer service, and other product-specific features.
$676/year
$56/month
While NYCM Insurance only sells homeowners insurance in New York, it's managed to do so for over 100 years due to it's reputation as a reliable and affordable home insurance option.
Pros
Cheapest homeowners insurance in New York
Several available discounts
Four comprehensive policy options
Cons
Complaints to the Better Business Bureau in recent years cite poor claims handling
Why NYCM tops our best list
NYCM's average home insurance premium of $676 makes it the most affordable home insurance option in New York in 2022. With up to nine available discounts — including a special discount if you work from home — New Yorkers can maximize savings even further with NYCM.
How we score: Policygenius’ ratings are determined by our editorial team. Our methodology takes multiple factors into account, including pricing, financial ratings, quality of customer service, and other product-specific features.
$1,190/year
$99/month
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 numerous coverage add-ons for full protection, and makes filing claims through its mobile app a breeze.
Pros
Top-tier coverage add-on options
Up to $1 million in personal liability coverage
High customer satisfaction and financial strength ratings
Cons
No discounts for first-time homebuyers
Why State Farm tops our best list
State Farm scored an 835 out of 1,000 in J.D. Power’s 2021 home insurance study — good for 4th place — making it onto our list of the best homeowners insurance companies in New York. The insurance giant combines great customer service, flexible coverage options, and an excellent website and mobile app experience. If you’re a new or soon-to-be homeowner looking for reliable, affordable coverage from a proven insurance company, you can’t go wrong with State Farm.
How we score: Policygenius’ ratings are determined by our editorial team. Our methodology takes multiple factors into account, including pricing, financial ratings, quality of customer service, and other product-specific features.
$1,109/year
$92/month
With over 165 years of experience and impeccable financial ratings, Travelers is one of the most trusted home insurance companies in the business.
Pros
Rates are lower than the New York average
Four customizable policy packages with several available add-ons
Numerous policy perks, including green home coverage and discounts and customer loyalty programs
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.
The average cost of homeowners insurance in New York is $1,164 per year, or roughly $97 a month, for a policy with $300,000 in dwelling coverage. This is around 39% lower than the nationwide average of $1,899.
However, your own home insurance rates will depend on factors like your home’s age, construction style, and location, as well as personal factors like your credit score and claims history.
UPDATE: Home insurance premiums up 8% in New York
Home insurance premiums in New York increased 8% from May 2021 to May 2022, according to our latest analysis of internal policyholder data. This is due to a mix of rising inflation, labor shortages, and severe natural disasters that have caused insurance companies to increase rates and establish stricter underwriting rules to offset the risks.
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.
Looking at the largest cities in New York, New York City and surrounding areas have the highest rates, while upstate cities like Rochester, Schenectady, and Albany have the lowest.
Your homeowners insurance premiums will depend largely on your home's replacement cost and how much dwelling coverage you need to cover it for a full rebuild. Certain insurance companies in New York, like State Farm, are among the cheapest options for homes that only require a maximum of $300,000 in dwelling coverage, but is one of the pricier options for higher value homes.
Here's the average annual premium from 14 home insurance providers in New York for four distinct levels of dwelling coverage.
The cheapest New York homeowners insurance for high-risk homes
If you're a homeowner in New York with a more complicated risk profile — like a poor credit score or older home — insurance companies may consider you higher risk and charge you significantly more for home insurance or deny you coverage altogether. But some companies have less strict standards than others when it comes to insuring high-risk properties, and may offer lower rates or better coverage as a result.
Click on each section below to find out which New York companies offer the cheapest home insurance for a homeowner with a history of claims, an older home, and a high-deductible policy.
Cheapest New York home insurance if you have 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.
Here's the average home insurance premium in New York from various companies for a homeowner with poor credit, and how it compares to each company's base rate. National General appears to put the least amount of weight on credit scores when determining rates, while Farmers appears to emphasize this factor the most.
Company
Average annual rate
% difference from base rate
National General
$965
0%
Preferred Mutual
$1,222
1%
Pure Insurance
$2,166
19%
Narragansett Bay
$1,584
20%
Kingstone Insurance
$1,203
26%
AIG
$1,866
34%
Nationwide
$1,646
50%
Travelers
$1,725
56%
NYCM Insurance
$1,207
79%
Allstate
$2,789
83%
Chubb
$3,814
115%
UPC Insurance
$3,404
183%
State Farm
$3,371
183%
Farmers
$3,553
234%
Cheapest New York home insurance for older homes
Older and historic homes are usually more expensive to insure than newer homes, as they're generally more prone to loss and constructed with more expensive, obsolete materials.
Here's the average home insurance premium from 14 New York companies for a home that's over 100 years old, and how it compares to each company's base rate.
Company
Average annual rate
% difference from base rate
Kingstone Insurance
$935
-2%
Travelers
$1,109
0%
State Farm
$1,192
0%
Allstate
$1,531
1%
Chubb
$1,787
1%
Narragansett Bay
$1,352
2%
AIG
$1,432
3%
Farmers
$1,097
3%
Pure Insurance
$1,942
6%
NYCM Insurance
$722
7%
Preferred Mutual
$1,309
8%
UPC Insurance
$1,321
10%
National General
$1,132
17%
Nationwide
$1,394
27%
Cheapest New York home insurance for high-deductible policies
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.
Below are the average annual premiums from 9 New York companies for a policy with a $2,500 deductible, and how it compares to each company's base rate.
Company
Average annual rate
% difference from base rate
UPC Insurance
$1,126
-60%
Narragansett Bay
$984
-32%
Preferred Mutual
$1,056
-30%
Chubb
$1,657
-25%
Farmers
$1,593
-24%
NYCM Insurance
$591
-21%
National General
$810
-20%
Travelers
$1,006
-13%
AIG
$1,472
-3%
How to buy homeowners insurance in New York
We get that shopping for homeowners insurance can be overwhelming, which is why we provided New York homeowners with the insights and expert advice they need for a more convenient and informed comparison.
6 simple steps to buying home insurance in California
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.
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.
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.
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.
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.
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.
Homeowners insurance in New York: 3 things to know
In addition to comparing quotes from different companies and determining your home insurance coverage needs, there are three additional considerations for homeowners in coastal areas of New York.
Hurricane deductibles
If you live in a coastal community in the New York Metropolitan Area, there’s a good chance you'll need to add a hurricane deductible to your policy in order to be covered for hurricane wind damage. Hurricane deductibles in New York are normally 1% to 5% of your home's dwelling coverage amount, meaning if your house is insured for $300,000 and you have a 2% hurricane deductible, you'll be responsible for $6,000 in out-of-pocket expenses for hurricane wind damage before your insurance company will cover your claim.
Most companies trigger these deductibles once a Category 1 or 2 hurricane has been officially designated by the National Weather Service or National Hurricane Center, and they stay in effect anywhere from 24 to 48 hours after the hurricane makes landfall. If your home is in a high-risk coastal area, be sure to check your policy to see how you're covered for hurricane damage and whether or not any special deductibles apply.
Windstorm insurance
In addition to being on the lookout for special hurricane deductibles, coastal area homeowners should also check to see if wind damage is covered under their policy. Some policies in New York exclude windstorm damage from coverage if the insurance company considers the home to be too high risk.
If you're struggling to find windstorm coverage through a standard insurance provider, you can obtain windstorm insurance through the Coastal Market Assistance Program, or C-MAP, which is a last-resort wind insurance option for high-risk homeowners in the New York metro area.
Wind mitigation discounts & incentives in New York
Many home insurance companies in New York offer wind mitigation discounts for installing hurricane storm shutters or hurricane-resistant laminated glass windows and doors to help your home withstand high winds and flooding caused by a hurricane or strong windstorm.
Homeowners insurance doesn’t cover flooding, so if you live by the coast or in a FEMA-designated high-risk flood zone, you may need to purchase a separate flood insurance policy. Most insurers offer flood insurance through the National Flood Insurance Program. As of 2022, the average cost of flood insurance in New York is $725 per year.
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.
Does homeowners insurance cover flooding in New York?
Homeowners insurance does not cover flood damage in New York or any of the other 49 states. New York residents can supplement that gap in coverage by purchasing a flood insurance policy. Flood insurance can typically be purchased through the same insurance company that insures your home.
Most flood policies are sold by private companies but administered by the federal government’s National Flood Insurance Program (NFIP). An NFIP flood policy can cover up to $250,000 for the structure of your home and up to $100,000 for personal belongings.
What if I can’t get homeowners insurance in New York?
Homeowners insurance companies can cancel your insurance for a number of reasons — maybe you filed too many claims in a short period of time, maybe the insurance company no longer offers coverage where you live, or maybe they determined your home was too risky to insure after a recent inspection.
If you’re struggling to find coverage, you can get last-resort coverage via a New York Fair Access to Insurance Requirements (FAIR) Plan. The New York FAIR Plan is a not-for-profit insurance association that provides basic coverage for New York residents who are unable to get home insurance on the open market. To qualify for a FAIR Plan, you need to demonstrate that you’ve had at least three unsuccessful attempts to buy insurance from other companies.
References
Policygenius uses external sources, including government data, industry studies, and reputable news organizations to supplement proprietary marketplace data and internal expertise. Learn more about how we use and vet external sources as part of our
Pat Howard is a managing editor and licensed home insurance expert at Policygenius, where he specializes in homeowners insurance. His work and expertise has been featured in MarketWatch, Real Simple, Fox Business, VentureBeat, This Old House, Investopedia, Fatherly, Lifehacker, Better Homes & Garden, Property Casualty 360, and elsewhere.
