The Best Homeowners Insurance in New York [2023]
Find a top-ranked Homeowners Insurance Agency in your area
As the home of Broadway and the sprawling Adirondack mountains, New York has something for everyone. With nearly 8 million households, there is no shortage of New Yorkers in need of homeowners insurance coverage.
In a state that experiences flooding, earthquakes, snowstorms, and hurricanes, it’s important to secure coverage to keep your home and family safe and secure.
We at Expertise.com have analyzed a handful of home insurance companies. We’ll uncover everything to know about homeowners insurance in New York, and help you find the most comprehensive, cheapest coverage to suit your needs.
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Average Cost of Homeowners Insurance in New York
The average cost of homeowners insurance in Michigan is $1,384 a year, or $115 a month according to Insurance.com, which is about 20% cheaper than the national average of $2,305.
However, the cost of homeowners insurance in New York can differ vastly based on a few key factors:
The age of your home: Is your New York home older and more at risk for structural wear and tear?
Property values in your area: Do you live in an area with high property values? Because insurance deals with repairs and replacement, more expensive properties also cost more to insure.
The square footage of your home: How big is your home? In general, larger homes will cost more to insure.
The materials used to build your home: Was your New York home built using materials prone to rotting or structural damage?
Your location: What are crime rates like in your area? How close are you to a fire department? Do you live in or near a flood zone?
Any additional features: Does your house have a swimming pool or hot tub? Do you have pets, and if so, what are their breeds? Surprisingly, insurers could look at these things as potential liabilities when assessing prices.
Your deductible: A higher deductible will lower your premium, but could cost you more if you file a claim. Talk to your insurance provider about lowering deductibles to get the best plan that suits your budget.
New York Homeowners Insurance Rates by City
New York state is home to the largest city in the world and smaller cities, so it’s no surprise that home insurance rates vary widely from city to city.
Below is a breakdown of the average annual rate based on the largest New York cities:
The Best Homeowners Insurance in New York
After extensive research, we at Expertise.com found the following insurance agencies to provide the best, comprehensive coverage in New York:
USAA
Average Annual Rate: ~ $1,800
Notes: Great option for active-duty military members, veterans, and their families
State Farm
Average Annual Rate: ~ $1,300
Notes: Reliable and largest home insurance carrier in the U.S., but fewer discount options
Chubb
Average Annual Rate: ~ $2,000
Notes: Most expensive insurer but includes more coverage options than most standard policies
Nationwide
Average Annual Rate: ~ $1,200
Notes: Affordable rates and a variety of discounts and bundling options
Allstate
Average Annual Rate: ~ $1,700
Notes: Strong customer service, offer flexible coverage levels, and include identity theft protection
Lemonade
Average Annual Rate: ~ $800
Notes: Great value and satisfying online experience, quick claims process, but no local agents
Cheapest Homeowners Insurance in New York
The cheapest homeowners insurance in New York can depend on a variety of factors (many listed above), so it’s important to shop around. Based on our research, the following providers have some of the cheapest coverage options in the state of New York:
Lemonade — average annual rate of ~$800
MetLife — average annual rate of ~$900
NYCM Insurance — average annual rate of ~$1,000
Travelers — average annual rate of $1,200
Find Cheap Homeowners Insurance in Your Area
FAQs
Below, we tackle some common questions to help you make a more informed decision about which homeowners insurance to choose in New York specifically.
How to Reduce Homeowners Insurance Costs in New York
As we’ve pointed out, the price you pay for New York home insurance can vary substantially across insurers.
Here are a few ways to reduce costs:
Increase your deductible. This will help reduce monthly payments to your insurer but could mean paying more out of pocket if you need to make a claim. Similarly, paying your 6-month or 1-year premium in full will drive down monthly costs.
Bundle policies. Bundling your home and auto insurance can help you save 10–20% on your premiums in New York. Talk to your insurance provider about home and car insurance bundling options and how that helps you save.
Take the necessary steps to make your home disaster-resistant. Some examples include:
Install a smoke detector and/or fire alarm.
Get a burglar alarm and/or deadbolt locks.
Install a sprinkler system.
Installing hurricane glass or accordion shutters.
Nix the high-risk accessories. Clearing your home of things that are considered “high risk” could save you on your premiums. For example, when the kids go off to college, it’s time to throw out the trampoline in the backyard.
Seek out other discounts. Some things to look into:
Do you work from home? Insurance providers may feel you’re less prone to theft or may spot a fire or flood sooner.
Are you retired? You may qualify for a discount.
Does your employer offer a group deal?
Some insurers will offer you a discount if you keep a policy with them for multiple years.
Choosing paperless billing can also help you save!
Keep good credit. Insurers will look at policyholders’ credit history and charge less for those with good financial strength and standings.
As always, consult your insurance agent to see which of the above discounts you qualify for.
New York Insurance Options In Your City
At Expertise.com, our goal is to connect New York residents with the best local experts and agencies, so you can find the home insurance policy that safely insures your home and most prized possessions.
View our list of the 15 best homeowners insurance agencies here.
Learn more about the best homeowners insurance options in your respective Empire State cities below:
Our methodology evaluates each provider based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.