- Best condo insurance companies in New York
- Average condo insurance rates by company
- Average cost of condo insurance in New York
- Condo insurance in New York by coverage level
- How to find the best home insurance in New York
- Compare condo insurance rates by city in New York
- Methodology
- Compare New York condo insurance rates with other states
Best condo insurance companies in New York
In New York, you have a lot of options when it comes to finding the best condo insurance company. To find the best condo insurance companies in New York, our insurance experts analyzed premiums, coverage offerings, and third-party ratings from J.D. Power and AM Best.
Based on these factors, the best condo insurance companies in New York are American Family, State Farm and Nationwide.
Below are the best condo insurance companies in New York based on Insurance.com’s analysis.
| Company | Annual Premium | AM Best | NAIC | Insurance.com rating |
|---|---|---|---|---|
| State Farm | $289 | A++ | 0.95 | 5.00 |
| Allstate | $610 | A+ | 0.90 | 4.29 |
| Travelers | $526 | A++ | 0.54 | 3.94 |
| Nationwide | $795 | A+ | 0.87 | 3.93 |
| American Family | $438 | A | 0.37 | 3.65 |
| NYCM Insurance | $339 | A | 0.21 | 3.57 |
| Farmers | $911 | A | 0.54 | 3.13 |
| Chubb Ltd | $707 | A++ | 0.18 | 3.07 |
| AIG | $1,093 | A | 0.09 | 2.09 |
Average condo insurance rates by company
Rates for condo insurance by company in New York vary. It’s important to shop around and compare quotes to find the best price.
In the table given below, you’ll see condo insurance rates for major companies in New York. The cheapest company for condo insurance in New York is State Farm. NYCM Insurance, and American Family, are the second and third cheapest options.
| Company | Average annual premium |
|---|---|
| State Farm | $289 |
| NYCM Insurance | $339 |
| American Family | $438 |
| Travelers | $526 |
| Allstate | $610 |
| Chubb Ltd | $707 |
| Heritage Insurance Holdings | $729 |
| Nationwide | $795 |
| Farmers | $911 |
| AIG | $1,093 |
Average cost of condo insurance in New York
The average cost of condo insurance in New York is $656 a year or $55 a month with $1,000 as deductible, $60,000 in personal property coverage, and liability coverage of $300,000. Your average annual premium will vary depending on your location, the coverage limits you select, and the deductible, among other factors.
To find the most affordable policy for your situation, compare quotes from multiple providers based on the coverage you need.
| State name | Average annual premium | Average monthly premium |
|---|---|---|
| New York | $656 | $55 |
Condo insurance calculator
Average condo insurance rates in New YorkMost & least expensive ZIP codes for condo insurance in New York
Most expensive
| ZIP code | City | Highest rate |
|---|---|---|
| 10021 | New York | $874 |
| 10028 | New York | $874 |
| 10022 | New York | $874 |
| 10065 | New York | $874 |
Least expensive
| ZIP code | City | Lowest rate |
|---|---|---|
| 14526 | Penfield | $521 |
| 14468 | Hilton | $522 |
| 14508 | Morton | $522 |
| 14445 | East Rochester | $522 |
Condo insurance in New York by coverage level
According to the rate analysis by Insurance.com for different coverage levels, State Farm offers the cheapest condo insurance rates in New York across all coverages. NYCM Insurance comes in a close second, offering the most affordable condo insurance in New York at $339 per year for $60,000 personal property and $300,000 liability with a $1,000 deductible.
Here are the condo insurance rates for different carriers across various coverage levels.
| Company | $40,000 personal property and $100,000 liability | $40,000 personal property and $30,0000 liability | $60,000 personal property and $100,000 liability | $60,000 personal property and $300,000 liability | $80,000 personal property and $100,000 liability | $80,000 personal property and $300,000 liability | $100,000 personal property and $100,000 liability | $100,000 personal property and $300,000 liability |
|---|---|---|---|---|---|---|---|---|
| State Farm | $259 | $267 | $281 | $289 | $305 | $313 | $333 | $341 |
| NYCM Insurance | $271 | $290 | $320 | $339 | $367 | $386 | $407 | $427 |
| American Family | $329 | $342 | $425 | $438 | $530 | $543 | $644 | $657 |
| Travelers | $439 | $457 | $508 | $526 | $543 | $561 | $612 | $630 |
| Allstate | $504 | $547 | $567 | $610 | $619 | $662 | $657 | $700 |
| Chubb Ltd | $485 | $588 | $604 | $707 | $726 | $829 | $842 | $945 |
| Heritage Insurance Holdings | $576 | $613 | $692 | $729 | $804 | $841 | $916 | $953 |
| Nationwide | $662 | $681 | $775 | $795 | $887 | $910 | $1,001 | $1,026 |
| Farmers | $718 | $736 | $893 | $911 | $1,046 | $1,063 | $1,205 | $1,223 |
| AIG | $1,125 | $1,125 | $1,093 | $1,093 | $1,105 | $1,105 | $1,142 | $1,142 |
How to find the best home insurance in New York
When shopping for home insurance, it is important to get the right policy for your needs — you’re getting coverage to protect your biggest asset, afterall. There are a few key steps you can take to get the best policy:
Figure out how much coverage you need. To ensure you receive accurate quotes, estimate how much coverage you need. You can do so by tallying up the value of your personal belongings and assets, as well as the replacement cost of your home.
Shop around. Different insurers offer different pricing, so make sure to compare quotes from at least three to five insurers. This will give you a better idea of who will offer you the best rate.
Look at each company’s financial strength ratings. An insurer that has strong financial strength ratings from third-party rating agencies such as AM Best is more likely to be around for the long-run and meet its financial obligations. Choosing an insurer in good financial standing ensures that your investment is financially protected.
Check the insurer’s customer satisfaction scores. You can tell how a company treats its policyholders from third-party rating agencies such as J.D. Power’s customer satisfaction score is based on real customer feedback.
Condo insurance rates vary significantly across cities, influenced by various factors, including weather patterns, crime rates, and property values. You must consider these factors and compare quotes from different insurers to get the best deal on condo insurance for your specific city in New York.Compare condo insurance rates by city in New York
City Annual insurance premium
Methodology
Insurance.com compared condo insurance rates provided by Quadrant Data Solutions in 2023 for $60,000 of personal property coverage with a $1,000 deductible and $300,000 of liability coverage for all available ZIP codes and with a good credit score. The content was updated in 2023.
Compare New York condo insurance rates with other states
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