- Best homeowners insurance companies in New York
- Cheapest homeowners insurance companies in New York
- How much is home insurance in New York?
- New York homeowners insurance rates by ZIP code
- New York home insurance trends
- Homeowners insurance rates in New York by city
- Homeowners insurance discounts in New York
- Methodology
- Frequently asked questions: New York home insurance
- Compare New York homeowners insurance rates with other states
Best homeowners insurance companies in New York
State Farm is the best home insurance company in New York for 2024, receiving 4.44 out of 5 stars. Chubb and American Family also rank among the top home insurance companies in New York, receiving scores of 4.18 and 3.93, respectively. Â
The total Insurance.com score is calculated out of five based on price, NAIC complaints, and AM Best financial ratings.
Company | AM Best | NAIC complaint ratio | Insurance.com score | Average annual rate |
---|---|---|---|---|
State Farm | A++ | 0.83 | 4.44 | $1,264 |
Chubb | A++ | 0.18 | 4.18 | $1,987 |
American Family | A | 0.80 | 3.93 | $914 |
Nationwide | A+ | 1.05 | 3.67 | $1,540 |
AIG | N/A | 0.09 | 3.51 | $1,564 |
Allstate | A+ | 1.46 | 3.26 | $1,876 |
Travelers | A++ | 1.10 | 3.18 | $1,606 |
Farmers | A | 0.67 | 2.78 | $3,330 |
State Farm
State Farm is the biggest home insurance company in the nation, and with affordable rates and the best possible score from AM Best, it's our top pick for homeowners insurance in New York. You'll find an excellent auto and home bundling option with State Farm that makes it a one-stop shop for your insurance.
Chubb
Chubb isn't as well known to the average homeowner as State Farm, but is a highly regarded company with a low complaint volume (the lowest of every company we compared) and an A++ from AM Best. Chubb is best known for high-value home insurance, but offers a variety of coverage options at affordable rates.
American Family
Our No. 3 pick for home insurance in New York is American Family. It has solid scores from AM Best and the NAIC, and the lowest home insurance rates of any company we ranked. In fact, it offers rates nearly $1,000 below average.
Cheapest homeowners insurance companies in New York
Below are New York home insurance rates by company for five different levels of dwelling coverage, each with $300,000 in liability and a $1,000 deductible.Â
Based on our analysis, American Family offers the cheapest home insurance in New York for $300,000 in dwelling coverage, $300,000 in liability, and a $1,000 deductible at $914 per year. It also offers the most affordable rates at every other coverage level.Â
Company | $200,000 | $300,000 | $400,000 | $600,000 | $1,000,000 |
---|---|---|---|---|---|
American Family | $794 | $914 | $1,151 | $1,633 | $2,514 |
NYCM Insurance | $849 | $1,108 | $1,348 | $1,977 | $3,433 |
State Farm | $837 | $1,264 | $1,704 | $2,665 | $4,606 |
Nationwide | $1,120 | $1,540 | $1,958 | $2,877 | $4,602 |
AIG | $1,239 | $1,564 | $2,072 | $2,998 | $4,862 |
Travelers | $1,173 | $1,606 | $2,077 | $3,092 | $5,111 |
Heritage Insurance | $1,280 | $1,663 | $2,008 | $2,835 | $5,077 |
Allstate | $1,554 | $1,876 | $2,322 | $3,285 | $5,273 |
Chubb | $1,405 | $1,987 | $2,563 | $3,726 | $6,056 |
Farmers | $2,325 | $3,330 | $4,456 | $6,844 | $10,971 |
How much is home insurance in New York?
The average cost of homeowners insurance in New York is $1,816 annually or $151 monthly. That's based on coverage of:
- $300,000 dwelling
- $300,000 liability
- $1,000 deductible
- 2% hurricane deductibleÂ
Your rates will vary based on where you live, your home and the coverage you need.
New York homeowners insurance rates by ZIP code
Where you live has a big impact on home insurance rates, so rates vary greatly depending on your ZIP code.
Most expensive ZIP codes in New York
New York homeowners insurance rates are the most expensive for ZIP code 11976, with an average annual cost of $3,617.
ZIP code | Annual annual rate |
---|---|
11976 | $3,617 |
11978 | $3,519 |
11968 | $3,506 |
11954 | $3,494 |
11975 | $3,493 |
11932 | $3,492 |
Least expensive ZIP codes in New YorkÂ
New York homeowners insurance rates are the least expensive for ZIP code 14515, with an average annual cost of $1,265.
ZIP code | Average annual rate |
---|---|
14515 | $1,265 |
14514 | $1,268 |
14468 | $1,268 |
14586 | $1,275 |
14445 | $1,275 |
14086 | $1,275 |
New York homeowners insurance calculator
Enter your ZIP code in the search box to see that area's average home insurance rate and the highest and lowest premiums fielded from major insurers. Comparing home insurance rates will give you an idea of how much you can save.
Home insurance calculator
Average home insurance rates in TexasMost & least expensive ZIP codes for homeowners insurance in Texas
Most expensive
ZIP code | City | Highest rate |
---|---|---|
77550 | Galveston | $10,164 |
77586 | El Lago | $9,906 |
77551 | Galveston | $9,536 |
77554 | Galveston | $9,358 |
Least expensive
ZIP code | City | Lowest rate |
---|---|---|
78559 | Iglesia Antigua | $1,956 |
78593 | Santa Rosa | $1,999 |
79915 | El Paso | $2,008 |
79905 | El Paso | $2,009 |
The New York Department of Financial Services says...
Each of New York City's five boroughs constitutes a separate rating territory for homeowners insurance but have one protection classification. Outside of the five NYC boroughs companies assign territories based on their own individual experience and assign protection classification factors based on the level of fire protection in the area.
- The New York Department of Financial ServicesNew York home insurance trends
What’s affecting home insurance in New York? Here’s what you need to know
- A bill in the New York legislature would prevent insurance companies, which have cited climate change as a primary driver of increased rates, from underwriting fossil fuel companies that are driving climate change. According to the Center for International Environmental Law, the “Insuring Our Future Act” would put a stop to what appears to be hypocritical actions on the part of insurers.
- Two home insurance companies have left New York, according to CBS News New York. Adirondack Insurance Exchange and its subsidiary Mountain Valley Indemnity are exiting the market. The exit largely impacts Long Island residents.
- New York could follow states like Florida and Louisiana into an insurance crisis; the warning comes after a report from the New York Civil Justice Institute on high rates in the state.
- According to S&P Global, New York homeowners insurance rates rose by 19% from 2018-2023.
Homeowners insurance rates in New York by city
Below are some sample rates for different cities in New York. You’ll notice that rates often vary by city.
City | Average annual rate |
---|---|
New York | $2,688 |
Mount Vernon | $2,116 |
New Rochelle | $2,043 |
Yonkers | $2,019 |
Utica | $1,674 |
Albany | $1,656 |
Schenectady | $1,575 |
Buffalo | $1,558 |
Syracuse | $1,543 |
Rochester | $1,483 |
Homeowners insurance discounts in New York
If the cost of your coverage is unaffordable, there are many ways to lower your premium. Many insurers will lower your bill if you purchase more than one type of insurance policy from them. This is called bundling, and can cut your costs by up to 17%, on average statewide, based on Insurance.com’s discount data analysis. But, depending on your insurance company and homeowner profile, you could receive a higher or lower discount.Â
You can also cut your costs by making your home more disaster-resistant. Installing hurricane glass or accordion shutters might help you get a discount.
Other possible home insurance discounts include:
- Installing smoke detectors, a burglar alarm or deadbolts: 2%, 5%, and 1%, respectively
- Installing a sprinkler system and a fire and burglar alarm: 6% to 7% percent
- Loyalty discounts: about 7% on average after three to five years and 7% for ten years or more
Methodology
Insurance.com commissioned Quadrant Data Services in 2023 to provide homeowners insurance rates across all New York ZIP codes for dwelling coverage ranging from $200,000 to $1,000,000 with liability limits of $300,000 and a $1,000 deductible (2% for hurricanes). The content is updated for 2024.
Frequently asked questions: New York home insurance
What can you do when denied home insurance in New York?
The New York Property Insurance Underwriting Association offers the FAIR Plan for property owners who can't get home insurance elsewhere.
A FAIR Plan offers coverage similar to any home insurance policy. It protects against fire, lightning, explosion, vandalism, snow damage and other perils. It also offers extended coverage for windstorms and hail coverage.
However, FAIR Plan coverage is typically more restrictive and expensive than standard homeowners insurance.
How do I file a complaint against my home insurance company?
The New York Department of Financial Services is the place to go if you need to file a complaint about a home insurance company.
You can also file an online complaint using a Consumer Complaint Form. When you file a complaint, you'll need your insurance company's name, the policy number and claim number, if appropriate, and related documents, such as letters and photos, and information about the issue.
Does New York home insurance cover floods?
Flood insurance isn't part of a regular home insurance policy. Instead, homeowners need to buy a separate policy either through the National Flood Insurance Program (NFIP) or a home insurer that works with the NFIP.
Learn more about flood insurance in New York here.
How do hurricane and windstorm deductibles work in New York?
New York is one of 19 states that allows hurricane deductibles. Home insurance companies may include a hurricane deductible on your policy.
Hurricane or windstorm deductibles are usually between 1% and 5%. So, if your home has a hurricane or windstorm deductible, you’ll be responsible for that part of the claim.
If your home is a candidate for a hurricane deductible, you discuss it with the insurance company. An insurer may waive the deductible if you lower the home's risk by adding hurricane shutters.