Best Homeowners Insurance in New York (2024)
- Expertise: Auto insurance, home insurance and renters insurance
- Education: Sonoma State University (BA in English)
Aaron Besson has worked at LendingTree for more than seven years and has been a staff writer for the last five years. He specializes in producing research-backed content about auto, home and renters insurance. Aaron enjoys the deep dig into insurance data to get the right answers to hard questions. His work has been cited by CBS, iHeart Radio, the Sacramento Bee and Yahoo.
Chloe Della Costa is a freelance copy editor and writer with a degree from Bard College. She specializes in copy editing and fact-checking content related to personal finance, insurance, and business.
NYCM Insurance is the overall best home insurance company in New York, with a low cost and a low complaint rating. However, some senior drivers may find The Hartford to be a better choice.
New York’s cheapest home insurance companies
NYCM has the cheapest rates for homeowners insurance in New York, with an average rate of $529 a year. The next most affordable option is The Hartford, at $1,300 annually.
Cheapest home insurance companies in New York
| NYCM | $529 |
| The Hartford | $1,300 |
| Nationwide | $1,332 |
| NGM | $1,623 |
| Allstate | $1,719 |
| State Farm | $1,809 |
| Narragansett Bay | $2,196 |
| Great Northern | $2,320 |
| AIG | $2,393 |
| Pure | $3,753 |
Best homeowners insurance companies in New York
Overall, NYCM is likely your best overall choice for home insurance in New York. Not only does it have the lowest quotes on average, but it also scores well in the complaint ratings.
Meanwhile, older homeowners might find their best coverage option with The Hartford.
State Farm is the most popular home insurer among the companies in New York we looked at and might also be worth a look.
Top New York home insurance companies
| Company | Annual rate | Overall satisfaction | Complaint index rating |
|---|---|---|---|
| Best overall: NYCM | $529 | N/A | 0.63 (Good) |
| Best for seniors: The Hartford | $1,300 | 807 (Below average) | 0.39 (Good) |
| Most popular: State Farm | $1,809 | 829 (Above average) | 1.85 (Poor) |
Ratings include satisfaction scores from J.D. Power’s 2023 U.S. Home Insurance Study and 2022 complaint data from the National Association of Insurance Commissioners (NAIC).
The J.D. Power satisfaction scores are based on factors such as claim settlement, servicing and payout, with the average rating at 819.
The complaint data is adjusted based on the size of the insurer, with 1.0 being average and anything lower than that being better than average.
Best overall homeowners insurance company in New York: NYCM
NYCM’s average rate is 72% cheaper than the New York average of $1,897, making it the most affordable in the state.
NYCM also has one of the lowest complaint index ratings of the home insurers we looked at in New York, with its current rating standing at 0.63. This may be helped by its policyholder service, open around the clock.
Pros
Very low average rate
Good complaint index rating
24/7 policyholder service
Cons
No overall satisfaction rating data available
Best home insurance in New York for seniors: The Hartford
The Hartford has the second-cheapest home insurance rate in New York, at an average of $1,300 a year, but senior homeowners might save even more money.
The Hartford has an excellent home and auto insurance bundle package that it offers to AARP members, with savings of 5% on car insurance and 20% on home insurance.
Pros
Low average home insurance rate
Good bundling perk for seniors
Cons
Below-average customer satisfaction rating
Most popular home insurance company: State Farm
State Farm is the nation’s most popular choice for home insurance companies, with a 9.2% market share, according to the NAIC.
While its average premium isn’t as cheap as NYCM’s, it’s below the state average, at an affordable $1,809.
It also enjoys a strong J.D. Power customer satisfaction rate, although its complaint index rating is weak.
Pros
Low average home insurance rate
Good satisfaction rating
Cons
Poor complaint index rating
How much is home insurance in New York?
The average cost of homeowners insurance in New York is $1,897. However, the final quote you get from an insurer is based on many factors, including:
- Age of your home
- Construction materials used
- Crime rates and extreme weather trends in your area
- Insurance claim history
- Coverage limits
- Discounts
Since home insurance companies weigh these factors differently, the best way to get the most coverage at the cheapest price is to compare home insurance quotes from several insurers.
New York home insurance rates by coverage amounts
How much dwelling coverage you get will greatly impact how much you pay. Dwelling coverage is the amount required to rebuild your home after a total loss.
| Coverage amount | Average annual rate |
|---|---|
| $350,000 | $1,674 |
| $400,000 | $1,897 |
| $450,000 | $2,118 |
You are not required by law to carry home insurance. However, if you financed your house, expect your lender to require you to carry home insurance for the duration of the loan.
New York home insurance rates by city
Of the biggest cities in New York, Cheektowaga enjoys the lowest average home insurance rate, at $1,393.
Brentwood has the highest rate, at $3,759 on average.
| City | Average annual rate |
|---|---|
| Albany | $1,573 |
| Brentwood | $3,759 |
| Buffalo | $1,668 |
| Cheektowaga | $1,393 |
| Hempstead | $2,977 |
| Levittown | $2,963 |
| Mount Vernon | $2,055 |
| New Rochelle | $1,984 |
| New York City | $2,795 |
| Rochester | $1,505 |
| Rock City Falls | $1,556 |
| Schenectady | $1,554 |
| Syracuse | $1,527 |
| Utica | $1,655 |
| White Plains | $1,890 |
Methodology
The rates shown in this article are based on nonbinding quotes collected from Quadrant Information Services. Average rates were compiled from rates in every New York ZIP code.
Unless otherwise noted, quoted policies contain the following:
- Dwelling coverage: $400,000
- Other structures: $40,000
- Personal property: $200,000
- Loss of use: $80,000
- Personal liability: $100,000
- Guest medical payments: $5,000
- Deductible: $1,000
Rates are provided for comparative purposes only.
Overall satisfaction ratings were obtained from J.D. Power’s 2023 U.S. Home Insurance Study. The agency’s scores are based on customer surveys that rate insurance companies on factors including price, policy offerings and claims.
Complaint ratings are based on NAIC complaint index data from 2022. A company with a 2.0 complaint index score has twice as many confirmed complaints as expected for its size. A company with a 0.5 rating has half as many.