The Cheapest and Best Homeowners Insurance in New York
The Cheapest Home Insurance Companies in New York
Most home insurance companies in New York offer similar core coverages. For this reason, cost becomes an important consideration when comparing home insurance providers in New York.
For a home insurance policy with $250,000 in dwelling coverage, the cheapest home insurance companies in New York are:
- State Farm: $1,005 per year
- MetLife: $1,155 per year
However, the cheapest providers can change depending on how much coverage you purchase. For instance, for policies for expensive homes having dwelling coverage limits of $2,000,000, the two cheapest companies in New York are:
- Nationwide: $8,880 per year
- State Farm: $9,815 per year
Your dwelling coverage limits significantly affect the premiums of your home insurance policy. Certain providers may provide more affordable rates for your needs than others. You can use the table below to see how prices vary with changing dwelling coverage amounts.
The Cheapest Home Insurance in New York, Ranked
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Our sample homeowners insurance policies include an initial baseline dwelling coverage amount of $250,000 with personal property limits of $100,000. For policies with a dwelling coverage of $2,000,000, personal property limits increase to $800,000. Liability coverage remains at $100,000 across the board, regardless of dwelling coverage limits.
For customers residing elsewhere in the state, you can compare home insurance rates in New York as a whole.
The Average Cost of Homeowners Insurance in New York for 2022
The average cost of homeowners insurance in New York is about $1,586 per year or $132 per month. This is a little higher than the statewide average cost of homeowners insurance in New York state, which is $1,402 per year. Across the country, the national average cost of home insurance is $2,103 per year.
Calculate the Cost of Home Insurance in New York
A number of factors play a role in determining home insurance costs in New York, with location being just of them. Other factors include how much dwelling and personal property coverage you purchase, your credit score and others. MoneyGeek provides a handy home insurance calculator tool if you want to compare home insurance quotes in New York.
Home Insurance Calculator
These are annual estimates. Get a personalized quote to determine your costs.
The Best Home Insurance Companies in New York
While cost is certainly an important factor to keep in mind, you also need to consider the quality of service when looking for the right home insurance provider in New York. During a time of crisis, your claim needs quick and objective processing. Also, a financially stable company is much more likely to reliably pay a legitimate claim without hitches.
Based on MoneyGeek’s study, the providers with the best homeowners insurance in New York are:
- Best Overall: State Farm
- Runner-up: Nationwide
MoneyGeek uses a unique scoring system to rank homeowners insurance companies based on three important criteria: affordability, financial stability and user satisfaction.
Several unique coverage options make State Farm an attractive option for New York customers. Unlike many other providers, State Farm offers service lines coverage that can cover the cost of damages concerning underground piping, service lines and electrical lines. You can also include home system protection in your policy covering electric generators and home heating and cooling systems.
Our top pick for home insurance in New York is State Farm, with perfect scores in financial stability and affordability. With State Farm, you can opt for increased limits on high-value personal items like jewelry and business property.Read MoneyGeek's State Farm home Insurance Review
Nationwide offers several add-ons that can suit your situation, including identity theft coverage that can cover the costs of keeping personal data secure. You can also opt for Better Roof Replacement, where a damaged roof will get replaced with improved protection under your policy.
A strong second in New York is Nationwide, with excellent scores across all three categories. Nationwide offers replacement cost coverage for your belongings so that you can get new items of similar quality when you file a claim.Read MoneyGeek's Nationwide home Insurance Review
Cheapest Home Insurance Companies in New York for Newly Constructed Homes
In New York City and most other places, newly built homes can be cheaper to insure. New homes built with modern materials are more resistant to damage, and homeowners are less likely to file claims. Newer materials can also be easier for insurance providers to replace. While it costs an average of $1,586 per year to insure a home built in 2000, insuring a new home will only cost $1,248 on average.
For newly built homes with $250,000 dwelling coverage, the two cheapest home insurance providers in New York are:
- State Farm: $723 per year
- MetLife: $908 per year
The Cheapest Home Insurance in New York for New Homes, Ranked
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Cheapest Home Insurance Companies in New York if You Have a Lot of Personal Property
Typically, your home insurance covers not just possible damage to the home but also the personal property you keep at home. The more personal property coverage you opt for, the higher your premium will be. A standard home insurance policy in New York with a personal property coverage of $100,000 costs an average of $1,586 per year, while a policy with a personal property coverage limit of $250,000 would cost about $1,747 on average.
For New York homes with $250,000 dwelling coverage with an increased personal property coverage limit of $250,000, the two cheapest home insurance companies are:
- State Farm: $1,042 per year
- MetLife: $1,272 per year
Cheap Companies in New York for Extra Personal Property Coverage
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Cheapest Home Insurance Companies in New York for High Deductibles
You have to pay an amount out of pocket when your claim gets paid by the insurance provider. This is called the deductible. Deductibles can influence home insurance rates in New York significantly.
For instance, a policy with a $1,000 deductible costs $1,586 per year on average, while a policy with a $2,000 deductible costs only $1,410 on average. For lower premiums, you can choose a policy with a higher deductible.
On average, the two insurance providers with the cheapest home insurance in New York for customers with a $2,000 deductible are:
- State Farm: $894 per year
- MetLife: $1,027 per year
The Cheapest Companies in New York for High Deductibles, Ranked
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Cheapest Home Insurance Companies in New York if You Have Poor Credit
While calculating insurance premium costs, insurance providers in New York can consider your credit score. Insurers generally consider that customers with higher credit scores are less likely to file a claim. So, if you have a poor credit score, your premiums will tend to be higher.
For instance, if you have a good credit rating in New York, your policy would cost $1,586 per year on average. However, the average premium becomes $2,994 if you have bad credit.
If your credit rating is low, here are the two cheapest home insurance providers in New York, based on average premiums:
- State Farm: $1,848 per year
- Nationwide: $1,941 per year
The Cheapest Companies in New York for Poor Credit, Ranked
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Getting Online Homeowners Insurance Quotes in New York
While getting an online homeowners insurance quote in New York City, these are some of the important pieces of information you will need to provide:
- Home replacement cost – This is the cost of rebuilding your home using similar materials if it gets damaged. The replacement cost for your home determines your dwelling coverage limits. To get an accurate estimate of this cost, you can hire a building contractor or an independent appraiser.
- Personal property value – The value of your personal property in the home will determine the personal property coverage limits.
- Personal information – Insurance providers typically ask for information like your address, insurance history and the number of people in your home, among other details.
- Details about your house – It is important to provide information about your house, including when it was built, the total size and floor area and whether you have any security devices installed.
Homeowners Insurance in New York Analysis: Methodology
MoneyGeek used as the base profile an average homeowner with a 2,500-square-foot home built in 2000, with a dwelling coverage of $250,000, personal property coverage of $100,000 and liability coverage of $100,000. All policies have a deductible of $1,000.
MoneyGeek analyzed homeowners insurance premiums from seven companies in New York using data provided in partnership with Quadrant. Affordability was calculated using quotes for a home with various coverage levels, and customer satisfaction ratings were derived from J.D. Power. To provide accurate information for different situations, we collected quotes from homeowners with newly built homes, higher deductibles, poor credit scores and increased dwelling or personal property coverage.
About Mark Fitzpatrick