NYCM home insurance review: Cheap rates for New Yorkers

Earning a perfect 5-star rating, NYCM home insurance is an excellent choice for New Yorkers looking for exemplary service at an affordable price.

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Jessica OlivoFreelance contributorJessica Olivo is a writer living in Connecticut. She specializes in web and blog content in a variety of topics such as parenting, business, and culture, as well as serialized and short fiction.After working in publishing and book publicity for many years, she transitioned to freelance writing full time.

Edited by

Jennifer GimbelJennifer GimbelSenior Managing Editor & Home Insurance ExpertJennifer Gimbel is a senior managing editor and home insurance expert at Policygenius, where she oversees our homeowners insurance coverage. Previously, she was the managing editor at Finder.com and a content strategist at Babble.com.

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2024 Policygenius award winner

NYCM Insurance

NYCM Insurance logo

Policygenius rating

Our proprietary ratings methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the “Ratings methodology” section for more details.
Full orange starFull orange starFull orange starFull orange starFull orange star

5.0

AM Best rating

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A+

Cost

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

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The bottom line

New York Central Mutual (NYCM) Insurance is a wise choice for New York homeowners looking for affordable home insurance that doesn’t skimp on coverage or quality. On top of cheap rates that are over 50% below the state average, NYCM also offers a variety of discounts, including savings for retirees and people who work from home.

And with excellent ratings for customer service and an impressive list of coverage options — including flood insurance through the National Flood Insurance Program (NFIP) and excess coverage with higher limits — there are few reasons not to choose NYCM for your home insurance needs.

Pros

  • Average annual rates are $500 cheaper than the state average

  • Earns 5-star ratings for customer service, financial stability, and coverage options

  • Valuable policy add-ons, including NFIP and excess flood insurance, water backup protection, equipment breakdown coverage, and more

Cons

  • Only available in New York

  • No online quotes — must contact a local NYCM agent

Basic coverages offered

NYCM Insurance home insurance policies include these six standard coverages to protect your home, belongings, and personal liability:

  • Dwelling coverage: Pays to repair or rebuild the structure of your home after a covered loss.

  • Other structures coverage: Pays to repair or rebuild other structures on your property not connected to your home, including detached garages, storage sheds, and fencing.

  • Personal property coverage: Pays to repair or replace your personal belongings after a covered loss, including furniture, clothing, tech gadgets, and other stuff you own.

  • Loss of use coverage: Pays for hotel stays, restaurant bills, pet boarding fees, and other temporary living expenses after a covered loss if you need to live elsewhere while your home is being rebuilt.

  • Personal liability coverage: Pays for legal and medical expenses if someone is injured or their belongings are damaged while at your home and you’re found legally responsible.

  • Medical payments coverage: Pays for small-dollar medical bills if someone is injured while at your home — regardless of who is at fault.

Additional coverages offered

You can add these additional coverages to your NYCM homeowners insurance policy for even more protection:

  • Guaranteed replacement cost for your home: Pays the full cost to replace or rebuild your home after a covered loss — regardless of your policy limits.

  • Extended replacement cost for your home: Extends your dwelling coverage limit 25% or 50% in case rebuild costs exceed your policy limit after a covered loss.

  • Replacement cost for personal property: Pays to replace your personal belongings with new items, regardless of depreciation or wear and tear.

  • Blanket personal property: Increases coverage limits for everything in a category of items, like jewelry, firearms, or computers.

  • Personal property covered for all risks: Increases coverage of your personal belongings against a wider range of potential perils that typically aren’t included in a standard home insurance policy.

  • Water backup: Coverage if water backs up through your sewer or drains, or if your sump pump stops working.

  • Equipment breakdown: Pays to repair or replace AC units, water heaters, and other home systems that are damaged due to mechanical breakdown

  • Service line: Pays to repair or replace underground pipes or wires on your property that are damaged due to a leak, break, tear, rupture, or collapse. 

  • Ordinance or law: Pays the extra cost of getting your home up to code after a covered loss.

  • Flood insurance: Offers flood insurance through the National Flood Insurance Program (NFIP) as well as excess flood insurance with increased limits through its partnership with Wright Flood.

  • Personal injury liability: Expands liability coverage to include personal injury to others, such as slander, libel, wrongful eviction, or false arrest.

  • Identity theft: Offers everything from assistance with your credit reports to attorney fees resulting from identity fraud to help replacing personal identification documents destroyed in a natural disaster.

  • Loss assessment: If you live in a condo or gated community with an HOA, this covers you for the portion of damage to common areas you’re responsible for.

  • Increased landscaping: Increases coverage limits to replace plants, shrubs, and trees after a covered loss.

  • Increased debris removal: Increases coverage limits to remove debris after a disaster.

  • Credit card: Coverage for fraudulent credit card use.

  • Freezer contents: Covers spoiled food if your refrigerator or freezer stops working due to a power outage or breakdown.

  • Lock and key replacement: Pays to replace your locks and keys.

  • Arson reward: Offers a $500 reward to find the perpetrator if you’re the victim of an arson.

  • Fire extinguisher: Pays for the repair or replacement of your fire extinguisher.

  • Reimbursement for fire department charges: Reimburses you for out-of-pocket fees if the fire department is called to your home.

  • Condo insurance: Purchased as a supplement to your condo association’s master policy, condo insurance covers your personal belongings, the interior structure of your condo unit, and personal liability.

  • Renters insurance: Purchased by tenants, renters insurance covers the personal belongings in your rental home or apartment against fire, vandalism, theft, windstorms, and water damage, as well as personal liability and loss of use coverage.

  • Mobile home insurance: Insures manufactured or mobile homes that are less than 10 years old with the standard coverages listed in the above section.

  • Personal umbrella insurance: Offers additional personal liability protection for expensive medical or legal bills you’re found legally responsible for.

Ratings methodology

Price

4.6/5

Our price rating scale looks at home insurance rates for a policy with $300,000 in dwelling coverage, as well as the total number of discounts offered. NYCM Insurance's average annual rate of $676 is 53% cheaper than the New York state average.

Customer experience

5.0/5

Our customer experience scale uses data from the National Association of Insurance Commissioners (NAIC) complaint index. NYCM Insurance has a score of 0.05, which means it receives 99% fewer complaints than expected for a company of its size. (The expected number would be 1.0.)

Coverage options

5.0/5

Our coverage options rating is based on both the number and quality of additional coverage and policy options offered by the company. NYCM Insurance earns a perfect score thanks to its slew of policy add-ons, including guaranteed replacement cost coverage for your home, replacement cost coverage for your personal belongings, NFIP and excess flood insurance, water backup protection, and more.

Financial strength

5.0/5

Our financial strength rating is a weighted combination of three industry-leading metrics to measure a company’s financial health: AM Best, Standard & Poor’s, and Moody’s. NYCM Insurance earns an A+ rating from AM Best, but it’s not rated by S&P or Moody’s.

How much does NYCM home insurance cost?

The average cost of home insurance with NYCM Insurance is $676 per year for a policy with $300,000 in dwelling coverage. This is nearly $500 cheaper than the New York state average. 

Here’s the average yearly cost of NYCM Insurance home insurance for five different levels of dwelling coverage:

Dwelling coverage limit

Average annual cost

$100,000

$404

$200,000

$514

$300,000

$676

$400,000

$798

$500,000

$957

Rates are based on our analysis of 2022 sample home insurance quotes from across the country provided by Quadrant Information Services. Actual rates will vary based on location, policy limits, coverages, claims history, and other factors.

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What discounts does NYCM Insurance offer?

You can save on the cost of NYCM Insurance home insurance if you qualify for any of these discounts:

  • Multi-policy: Save up to 25% if you bundle your home and auto insurance with NYCM Insurance, or up to 35% if you bundle your home, auto, and umbrella policies together.

  • Newly acquired home: If you purchased your home within the last 12 months.

  • Work from home: Save 5% if you work from home at least 20 hours a week.

  • Retirement: Available for homeowners 55 or older who work fewer than 20 hours a week. 

  • Renovation: If you’ve made renovations to your roof or heating system. 

  • Claim-free: Save 10% if you go five years without filing a claim.

  • Green home: Save 5% if your home is certified as Green by the US Green Building Council LEED or meets the requirements of the National Association of Home Builders Green Building Guidelines.

  • Gated community: If your home is in a gated community.

  • Fire alarm: If you have professionally monitored or smart home fire alarms. 

  • Burglar alarm: If you have professionally monitored or smart home burglar alarms and deadbolts.

  • Power restoration: If you have an automatic or portable generator.

  • Water alert system: If you have a professionally monitored or smart home water detection system that automatically shuts off the water supply when a leak is detected.

  • Temperature alert system: If you have a professionally monitored or smart home temperature alert system that warns you when your home reaches a certain temperature to prevent pipes from freezing or bursting.

  • Fire mitigation devices: If you have automatic sprinklers installed throughout your home and property, as well as fire extinguishers on hand.

NYCM Insurance state availability

NYCM Insurance offers home insurance policies in New York.

What to expect with NYCM home insurance

  • How to get a quote: You can get a NYCM home insurance quote by contacting a local agent using the agent locator tool on its website.

  • Customer service options: You can get in touch with an NYCM customer service rep by calling 800-234-6926, using the chat feature on its website, or logging in to your online account.

  • How to file a claim: You can file an NYCM home insurance claim by logging in to your online account or calling 800-234-6926.

  • How to cancel your policy: You can cancel your NYCM home insurance policy by calling your local agent (their contact info should be on your policy declarations page), by mail, or by visiting your local agent in person.

NYCM Insurance in the news

  • In October 2022, NYCM won awards from J.D. Power in customer satisfaction and price for its auto insurance offerings. (PR Newswire)

  • In June 2022, NYCM was named one of New York’s best companies to work for. (Yahoo Finance)

NYCM Insurance vs. other home insurance companies

Compare NYCM Insurance to other home insurance companies in the industry:

Company

Policygenius rating

AM Best rating

Cost

NYCM Insurance

5.0/5

A+

$

Auto-Owners Insurance

5.0/5

A++

$$$$$

Auto-Owners Insurance

5.0/5

A++

$$$

NJM Insurance

5.0/5

A+

$

NYCM Insurance

5.0/5

A+

$

National General

5.0/5

A+

$$

The Andover Companies

4.9/5

A

$$

MAPFRE Insurance

4.8/5

A

$$

Narragansett Bay

4.7/5

NA

$$

Safety Insurance

4.7/5

A

$$

Arbella Insurance

4.6/5

A

$$

SageSure

4.4/5

A-

NA

Plymouth Rock

4.3/5

A-

$

The Hanover

4.3/5

A

$$$$

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Frequently asked questions

What does NYCM Insurance stand for?

NYCM Insurance stands for New York Central Mutual Insurance.

How much does NYCM home insurance cost?

The average cost of home insurance with NYCM Insurance is $676 per year for a policy with $300,000 in dwelling coverage. This is nearly $500 cheaper than the New York state average.

What is the NYCM Insurance customer service phone number?

The NYCM Insurance customer service phone number is 800-234-6926.

Author

Jessica Olivo is a writer living in Connecticut. She specializes in web and blog content in a variety of topics such as parenting, business, and culture, as well as serialized and short fiction.

After working in publishing and book publicity for many years, she transitioned to freelance writing full time.

Editor

Jennifer Gimbel is a senior managing editor and home insurance expert at Policygenius, where she oversees our homeowners insurance coverage. Previously, she was the managing editor at Finder.com and a content strategist at Babble.com.

Questions about this page? Email us at .

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