Besthome insuranceNew YorkThe Best Homeowners Insurance Companies in New York (2024)
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State Farm is MoneyGeek’s top choice overall for home insurance in New York; it’s also the most affordable and the best choice for insurance for an expensive home. But, Chubb has the best service quality when you don’t consider affordability.
With our scoring system, MoneyGeek determined the best home insurance companies in New York for many categories of homeowners and reviewed the available coverages and discounts each company offers to help you find a great fit.
If you’re more concerned with savings than service quality, MoneyGeek also analyzed the cheapest home insurance companies in New York.
Besthome insuranceNew YorkThe Best Homeowners Insurance in New York
Best overall - State Farm
Best for service quality - Chubb
Best on a budget - State Farm
Best for expensive homes - State Farm
Best for veterans - USAA
Best for bundling - State Farm
The Best Overall Homeowners Insurance Companies in New York
MoneyGeek assessed customer satisfaction, claims ratings, affordability and financial stability to determine the best home insurance companies in New York.
The best overall homeowners insurance providers in New York are:
- State Farm: MoneyGeek score of 88 out of 100
- Nationwide: MoneyGeek score of 84 out of 100
USAA was not included in our evaluation because it is only available to active-duty military or veterans, but it scored 88 out of 100, making it a top choice for those who are eligible in New York.
MoneyGeek explained why State Farm and Nationwide are the best home insurance companies in New York and the unique coverages and discounts they offer.
The Top Home Insurance Companies in New York
1
State Farm
Score:88
State Farm costs around $934 a year for homeowners insurance in New York. It scored excellent at 5 out of 5 for affordability and financial stability. Its customer satisfaction score is above-average. State Farm offers service line add-on coverage, which is unique.
More About State Farm
The service line add-on covers the expense of repairing or replacing external water and sewage pipes, electrical and data lines that fail or are accidentally damaged. Another rare add-coverage State Farm offers is energy efficiency upgrade, which pays up to 150% in a covered loss for a more energy-efficient heating unit, air conditioning or water heater system replacement.
2
Nationwide
Score:84
Nationwide costs around $1,047 annually. Nationwide got above-average scores for affordability and financial stability and an average score for customer satisfaction. You can add better roof replacement to your policy, which is rare.
More About Nationwide
Nationwide’s better roof replacement add-on coverage pays for stronger and safer roof materials in a covered loss. Nationwide provides rare home insurance policy discounts, such as living in a gated community or purchasing a home in the previous 12 months.
HOW WE DETERMINED THE BEST NEW YORK HOME INSURANCE
MoneyGeek gathered home insurance quotes from across the country and balanced them against J.D. Power property claims ratings and customer satisfaction scores to identify the best home insurance nationally and in New York.
Your cost and experience may differ because of your unique situation. Read the MoneyGeek methodology for more details.
The Best Homeowners Companies in New York for Service Quality
For homeowners who want the best service quality from a home insurance company in New York and don’t care about the price, MoneyGeek ranked companies almost exclusively on customer satisfaction and claims ratings.
The best service quality companies in New York for home insurance are:
- Chubb: MoneyGeek score of 82 out of 100
- Nationwide: MoneyGeek score of 81 out of 100
USAA, which we excluded from our analysis because it is only available to military families, received a perfect MoneyGeek score of 100, making it the company with the best home insurance service quality in New York for those who are eligible.
MoneyGeek broke down why Chubb and Nationwide are the best companies in New York for home insurance customer service without considering the cost.
The Top Home Insurance Companies in New York for Quality Service
1
Chubb
Score:82
For claims performance, Chubb is New York's top-rated home insurance provider, with the highest above-average score. When customers file a claim, Chubb offers great service. For customer satisfaction, Chubb received an average score.
More About Chubb
Chubb offers policyholders a rare add-on coverage with risk consulting that sends out a team of highly experienced specialists to examine the property and provide suggestions. A coverage Chubb includes in every policy is extended reimbursement — after a covered loss, it pays to repair/rebuild the home even if the total exceeds the policy limit.
2
Nationwide
Score:81
Nationwide got the second-highest above-average score for claims experience and an average score for customer satisfaction. When homeowners file claims with Nationwide, the process is a great experience.
More About Nationwide
Nationwide only offers one unique coverage to homeowners: better roof replacement. It pays to replace/repair your roof with materials that are stronger and safer after a covered loss. As for common coverages, Nationwide has many. Options include contents replacement cost to replace belongings, sewer or drain back-up and scheduled personal property for high-value item protection.
The Best Homeowners Companies in New York on a Budget
To help homeowners save on their monthly bills while still getting great customer service, MoneyGeek found the best New York home insurance companies on a budget.
The best companies for homeowners on a budget in New York are:
- State Farm: MoneyGeek score of 94 out of 100
- Nationwide: MoneyGeek score of 89 out of 100
State Farm costs around $934 per year for home insurance in New York; Nationwide is roughly $1,047 annually.
To help you understand why State Farm is the most budget-friendly home insurer in New York, MoneyGeek broke down the reasons and the unique coverages and discounts it offers.
The Top Home Insurance Companies in New York on a Budget
pros
Affordable home insurance coverage at $934 per year
Discounts include protective device, home renovation and continuously insured
MoneyGeek satisfaction rating of 4 out of 5
cons
None
COMPANY HIGHLIGHTS
State Farm got a perfect score of 5/5 for affordability; it provides the cheapest home insurance policies in New York. Homeowners can save with discounts through State Farm, such as the new home discount that considers house age, the claims-free discount for few or no prior claims and home renovation for having newer utilities.
State Farm also provides unique discounts, such as having approved impact-resistant roofing products (in some states) and continuously insured that rewards you for the amount of time you have an active policy.
The Best Homeowners Companies in New York for Expensive Homes
MoneyGeek ranked the best companies in New York for expensive homes with a high rebuild cost. To discover the top provider, we assessed the cost of insuring a home with a $2 million replacement cost against customer satisfaction.
The best home insurance companies to insure an expensive home in New York are:
- State Farm: MoneyGeek score of 84 out of 100
- Allstate: MoneyGeek score of 81 out of 100
USAA received a score of 96 out of 100; however, it is only available to military personnel, veterans and their families. That’s why MoneyGeek excluded it, but for eligible military families, it is the top choice in New York.
MoneyGeek broke down why State Farm got the highest rating for insuring an expensive home in New York and the particular coverages it offers to homeowners that need a lot of coverage.
The Top Home Insurance Companies in New York for High-Value Homes
pros
Affordable home insurance for expensive homes at roughly $9,150 per year
Customer satisfaction rating of 4.1 out of 5
cons
No contents replacement cost or extended reimbursement coverage
COMPANY HIGHLIGHTS
State Farm offers the best New York home insurance for high-value homes, scoring above-average for affordability and customer satisfaction.
There are add-on coverages through State Farm that are particularly useful to owners of expensive homes. Cyber event and identity theft provides case management services and expense reimbursement when your identity is used fraudulently or covers the cost of data recovery and system restoration from a cyber attack. Scheduled personal property provides extra protection for silverware and goldware, business property, jewelry and firearms.
The Best Homeowners Companies in New York for Veterans
MoneyGeek found USAA is the best home insurance company in New York for service members on active duty, veterans and their families.
USAA got a MoneyGeek score of 88 out of 100 in New York. A USAA home insurance policy costs around $1,942 per year.
The uniqueness of USAA is that it tailors its service to the military community.
The Top Home Insurance Companies in New York for Veterans
pros
Coverage tailored to active military and veterans
MoneyGeek satisfaction score of 5 out of 5
cons
Not accessible without a military background
MoneyGeek affordability score of 3 out of 5
COMPANY HIGHLIGHTS
USAA has an excellent customer satisfaction score, but its home insurance policies are not the most affordable in New York.
Military families benefit from USAA’s coverages and discounts. USAA, for example, includes contents replacement cost in every policy, while most insurers charge for it. That covers the expense of replacing your belongings without considering depreciation.
As for discounts, combining home and auto insurance with USAA may save veterans and active-duty military a significant amount of money. Homeowners with a protective device like a security alarm may also save with a discount.
The Best Homeowners Companies in New York for Bundling
If you’re a homeowner who also needs car insurance, MoneyGeek found the best home and auto insurance bundles in New York to get you the best home insurance alongside the best car insurance in New York.
The companies providing the best home and auto insurance bundles in New York are:
- State Farm: MoneyGeek score of 91 out of 100
- Allstate: MoneyGeek score of 84 out of 100
If you bundle home and auto insurance policies, you can save money with discounts. It’s also easier to manage insurance needs when you deal with only one company.
The Top Home Insurance Companies in New York for Bundling
pros
18% bundling discount
Home MoneyGeek score of 4.4 out of 5
Auto MoneyGeek score of 4.5 out of 5
cons
None
COMPANY HIGHLIGHTS
State Farm received above-average scores for auto and home insurance. It has the highest bundling discount in New York at 18%.
State Farm offers unique add-on coverages for home and auto policies. A homeowner can add mold coverage to cover the cost of remediation of mold or fungus in their home. There’s also the loss assessment add-on that pays the homeowner’s amount an HOA charges to all members for a covered loss.
The State Farm rideshare insurance add-on protects drivers who work for a ridesharing company by covering things like medical costs and emergency roadside assistance.
How to Find the Best Home Insurance in New York
Balancing cost, service reputation and financial stability is key to getting the best home insurance company in New York. MoneyGeek has evaluated the essential information for you, but you can go through the process yourself.
1
Research Customer Service Reputations in New York
MoneyGeek researched the customer service reputations of New York home insurance companies. You may also examine the J.D. Power satisfaction scores and NAIC complaint ratings of New York insurance companies. You can also find details through the New York Department of Financial Services.
2
Compare Quotes for Yourself
MoneyGeek gathered average New York home insurance quotes for sample homeowner profiles in many areas but not all. If you compare quotes from three insurance providers (at least), you can get a sense of your home insurance rates.
3
Make Sure the Company Has Coverages You Want in New York
Just because an insurance company advertises specific coverages and discounts, they may not be available in every state, including New York. Before choosing a home insurance company, check whether the coverages and discounts you prefer are available in New York.
4
Double-Check Financial Stability Ratings
Always examine the financial stability of a home insurance company in New York. Large insurance companies are often more financially stable than regional insurance companies.
FAQs About the Best Home Insurance in New York
Your specific needs determine the best home insurance company in New York for you. MoneyGeek answered the most commonly asked questions regarding New York homeowners insurance.
State Farm is the best overall home insurance provider in New York. You also get the best insurance for an expensive home through State Farm and if you want to bundle home and auto policies for a significant discount. If you value service quality over cost, Chubb is the best home insurance company in New York.
With an annual premium of around $934, State Farm is the best cheap home insurance company in New York. Always remember, choosing the lowest-priced insurer may result in lower service quality. However, if saving money is key, check out the cheapest home insurance in New York.
Expert Advice on Home Insurance in New York
- How do regulations and laws in your state impact the amount or type of coverage a homeowner should buy?
- Are there any environmental factors homeowners should consider when selecting a home insurance plan in your state?
Dr. Stijn G. Van Nieuwerburgh
Earle W. Kazis and Benjamin Schore Professor of Real Estate at Columbia University
Methodology
MoneyGeek scores for homeowners insurance in New York were calculated by using a scaled and weighted average of J.D. Power Property Claims and Customer Satisfaction Scores, real homeowners insurance quotes and financial stability ratings from A.M. Best. Our scoring system weighted J.D. Power scores 60%, affordability 30% and financial stability 10%, adjusting weightings in the sections focused on affordability and service experience specifically.
MoneyGeek analyzed homeowners insurance quotes from 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.
About Mark Fitzpatrick
