1. Home
  2. The Best Cheap Homeowners Insurance in New York

The 5 Best Homeowners Insurance Companies in New York

To acquire the best homeowners insurance package in New York, you can assess providers on several criteria such as coverage options, ability to pay claims, quality of customer service and a number of complaints, besides cost. You can then pick an insurance company that fits your needs. You may want to look for a provider with a good record of claim processing and payout for damages.

MoneyGeek ranked the top five carriers based on the average cost of their policies in the state, ability to pay claims based on AM Best’s financial stability rating and J.D. Power customer satisfaction score to help you get comprehensive, cheap home insurance in New York.


1

State FarmScore: 94

5/5

Affordability

4.1/5

User Satisfaction

5/5

Financial Stability


State Farm's home insurance typically covers weather damage due to sleet, snow, ice, freezing, hail wind or storms, other damages (vehicles, aircraft, riots, vandalism or theft) and accidents caused by artificially-produced electrical current or water from plumbing. State Farm offers discounts such as higher deductibles, roofing, home alert and multiple lines.

Read MoneyGeek's State Farm Home Insurance Review

2

NationwideScore: 92

4.8/5

Affordability

4.3/5

User Satisfaction

4.5/5

Financial Stability


Besides standard coverage options, Nationwide offers additional coverage features such as replacement cost plus, identity theft or fraud expense, equipment breakdown, earthquake, flood, valuables plus, brand new belongings, better roof replacement and backup of sewer, drain or sump pump You can save money by getting discounts such as multi-policy, protective device, claims-free, age of insured, affinity, home renovation, roof, home purchase, prior insurance and gated community rebates.

Read MoneyGeek's Nationwide Home Insurance Review

3

MetLifeScore: 89

4.7/5

Affordability

4/5

User Satisfaction

4.5/5

Financial Stability


MetLife offers insurance policies for homeowners, condos, renters, landlords and mobile homes. Its standard plans offer liability coverage, which can protect you financially if someone gets injured in your home. This carrier stands out for its convenient 24/7/365 claims service.

Read MoneyGeek's MetLife Home Insurance Review

4

TravelersScore: 86

4.3/5

Affordability

3.9/5

User Satisfaction

5/5

Financial Stability


Travelers offers standard coverage features and additional options, such as contents replacement cost, valuable items plus, coverage for water backup, identity fraud coverage and green home coverage. Travelers presents rebates for such items as multi-policy, recent home buyers, a specified claim-free period, a safety device and a green home. You can use this provider's services on any device that has Amazon's Alexa virtual assistant.

Read MoneyGeek's Travelers Home Insurance Review

5

USAAScore: 80

3/5

Affordability

5/5

User Satisfaction

5/5

Financial Stability


Apart from the standard features, USAA's homeowners insurance policies include identity theft coverage (up to $5,000 limit), military uniform coverage and replacement cost coverage. USAA also offers policy bundling and claim-free discounts.

What Is the Average Cost of Homeowners Insurance in New York?

$0
$0

home insurance is 0.0% more than the average.

In New York, the average yearly premium for a dwelling coverage baseline amount of $250,000 is $1,402. This average rate for home insurance is $701, or 33.3%, less than the nationwide average of $2,103. Providers estimate homeowners insurance in New York based on several factors, including home value, crime rate and the risk of exposure to unfavorable weather conditions.

Home Insurance Calculator: Estimate the Cost of Homeowners Insurance in New York

To determine the cost of homeowners insurance in New York, insurance providers will assess several factors, including your house’s age, location, dwelling value, roof quality and personal property, among many others. Homes in risk-prone areas are more likely to have exposure to hazards, and thus coverage rates may be higher.

moneygeek-logo

Home Insurance Calculator

State

New York

Dwelling Coverage

$250,000

Deductible

$500

Liability

$300,000

Personal Property

$150,000

Credit Score

Excellent
moneygeek-logo

low end

on average

high end

These are annual estimates. Get a personalized quote to determine your costs.

The Cheapest Homeowners Insurance Quotes in New York

Homeowners insurance in New York also depends on factors like dwelling coverage. This feature covers the expenses of repairing a home if it suffers damage due to circumstances like natural calamities, fire or other disasters. In New York, State Farm offers the most affordable option for an average dwelling coverage amount of $250,000. Its average annual premium is $934, which is about $468, or 33.4%, cheaper than the state average. To save costs, compare homeowners insurance quotes and select the best service for your property.

Cheapest Homeowners Insurance by Dwelling Coverage

Dwelling Coverage:

$250,000
Company
Amountper year
1. State Farm
In 2020, State Farm ranked #1 for the cheapest homeowners insurance with $250,000 in dwelling coverage in New York.
$934
2. Nationwide
In 2020, Nationwide ranked #2 for the cheapest homeowners insurance with $250,000 in dwelling coverage in New York.
$1,047
3. MetLife
In 2020, MetLife ranked #3 for the cheapest homeowners insurance with $250,000 in dwelling coverage in New York.
$1,070
4. Travelers
In 2020, Travelers ranked #4 for the cheapest homeowners insurance with $250,000 in dwelling coverage in New York.
$1,277
5. Allstate
In 2020, Allstate ranked #5 for the cheapest homeowners insurance with $250,000 in dwelling coverage in New York.
$1,622

Best Cheap Homeowners Insurance Companies for Expensive Homes

For a high-cost residence like a $2 million home, Nationwide offers one of the best home insurance options in New York. Its average annual price is $7,714, which is over $5,000 cheaper than Chubb’s — the state’s costliest provider — average yearly rate of $12,992. Nationwide also presents good customer support on convenient channels and helpful technology tools.

Cheapest Homeowners Insurance Companies for High-Value Homes
Company
Amountper year
1. Nationwide
In 2020, Nationwide ranked #1 in New York for the cheapest homeowners insurance for high-value homes.
$7,714
2. State Farm
In 2020, State Farm ranked #2 in New York for the cheapest homeowners insurance for high-value homes.
$9,150
3. Travelers
In 2020, Travelers ranked #3 in New York for the cheapest homeowners insurance for high-value homes.
$9,427
4. Allstate
In 2020, Allstate ranked #4 in New York for the cheapest homeowners insurance for high-value homes.
$9,506
5. MetLife
In 2020, MetLife ranked #5 in New York for the cheapest homeowners insurance for high-value homes.
$10,283

Best Homeowners Insurance Companies if You Have a Pool

A pool in your property can increase your home insurance costs. For pool properties, State Farm is the ideal choice for cheap homeowners insurance in New York. Its average price is $1,028 per year for pool homes with an average dwelling cost of $250,000.

Cheapest Homeowners Insurance for Pool Home
Company
Amountper year
1. State Farm
In 2020, State Farm ranked #1 in New York for the cheapest homeowners insurance for homes with a pool.
$1,028
2. Nationwide
In 2020, Nationwide ranked #2 in New York for the cheapest homeowners insurance for homes with a pool.
$1,233
3. Travelers
In 2020, Travelers ranked #3 in New York for the cheapest homeowners insurance for homes with a pool.
$1,655
4. Allstate
In 2020, Allstate ranked #4 in New York for the cheapest homeowners insurance for homes with a pool.
$1,848
5. USAA
In 2020, USAA ranked #5 in New York for the cheapest homeowners insurance for homes with a pool.
$2,139

Cheapest Home Insurance in New York if You Have Poor Credit

A poor credit score might increase home insurance costs in New York. Insurance carriers could use homeowners’ scores to determine if they could make regular premium payments. To help raise your credit score and potentially reduce your home insurance rates, you can keep your debt low and make timely credit card payments. For homeowners with poor credit, Nationwide is the most affordable option in New York. Its average annual premium is $1,715 for a dwelling coverage baseline amount of $250,000.

Cheapest Homeowners Insurance for Poor Credit
Company
Amountper year
1. Nationwide
In 2020, Nationwide ranked #1 for the cheapest homeowners insurance for owners with poor credit in New York.
$1,715
2. State Farm
In 2020, State Farm ranked #2 for the cheapest homeowners insurance for owners with poor credit in New York.
$1,718
3. Chubb
In 2020, Chubb ranked #3 for the cheapest homeowners insurance for owners with poor credit in New York.
$1,921
4. Travelers
In 2020, Travelers ranked #4 for the cheapest homeowners insurance for owners with poor credit in New York.
$2,345
5. MetLife
In 2020, MetLife ranked #5 for the cheapest homeowners insurance for owners with poor credit in New York.
$2,784

How to Get Homeowners Insurance Quotes in New York

You have to provide necessary information like your name, phone number, address and Social Security number to insurance carriers to obtain home insurance quotes in New York. You have to also inform the insurer about the value of your home, your belongings and any add-on features you might have installed. The insurance company will prepare your custom quote based on your answers to its questions.

Auto Insurance Rates

Compare Home Insurance Rates

Ensure you're getting the best rate for your home insurance. Compare quotes from the top insurance companies.

Other Considerations for Homeowners Insurance in New York

Your homeowners insurance in New York also depends on factors like the average home value, weather risks and crime rate in your region. You can prepare for emergencies and be ready to face hazardous weather conditions by getting proper home insurance coverage.

New York ranks 10th in the U.S. for property value with an average home price of $321,934. This state ranks 46th for the property crime rate per 100,000. The FBI reports 68,495 violent crimes and 281,507 property crimes in the state in 2018.


Do You Need Flood Insurance in New York?This is an icon

New York ranks 11th for the risk of flood damage. In this state, about 615,500 — or roughly 11.5% — of properties may experience floods. If your provider does not offer flood insurance, you can check the possibility of obtaining the government-run National Flood Insurance Program (NFIP) coverage. To increase the coverage amount, you can also consider buying an incremental private policy.

Do You Need Hurricane Insurance in New York?This is an icon

As New York is a coastal state, it faces the risk of hurricane damage. Approximately 351,937 homes may experience damages from a category 3 storm in this state. Repair costs for a category 3 storm can be an average of $146,867.

Do You Need Hail Insurance in New York?This is an icon

For New York homeowners, you may want to get protection for possible hail damage as this state ranks 21st in the U.S. for the number of hail events, with 197 hail events reported in 2011.

Methodology

MoneyGeek analyzed homeowners insurance premiums from 16 of the top insurance companies in New York that were provided in partnership with Quadrant. Our analysis includes quotes from ZIP codes across New York. Quotes were gathered with an average home profile of 2,500 square feet, built in 2000, with an average dwelling coverage value of $250,000, liability coverage of $100,000 and personal property coverage of $100,000.

Sources