- Best condo insurance companies in New York
- Average condo insurance cost in New York
- Condo insurance rates in New York by company and coverage level
- Condo insurance rates by company in New York
- Compare condo insurance rates by city in New York
- Methodology
- FAQ
- Compare New York condo insurance rates with other states
Best condo insurance companies in New York
There are many companies offering condo insurance coverage in New York. State Farm is the best condo insurance company in New York based on our analysis. Our insurance experts reviewed prices and ratings from trusted sources like the National Association of Insurance Commissioners (NAIC) and AM Best.
Based on our research, here are the best condo insurance companies in New York.
| Company | Annual annual premium | AM Best | NAIC | Insurance.com rating |
|---|---|---|---|---|
| State Farm | $312 | A+ | 1.15 | |
| Travelers | $544 | A++ | 0.91 | |
| Chubb | $794 | A++ | 0.07 | |
| NYCM Insurance | $344 | A- | 0.17 | |
| Allstate | $603 | A+ | 1.26 | |
| American Family | $462 | A | 1.07 | |
| Nationwide | $695 | A | 1.34 | |
| Farmers | $939 | A | 0.89 | |
| AIG | $1,258 | A | 0.14 |
Average condo insurance cost in New York
The average cost of condo insurance in New York is $697 per year, or $58 per month. This is based on a policy with $60,000 in personal property coverage, $300,000 in liability coverage, and a $1,000 deductible. Your actual annual premium will vary depending on:
- Where you live
- Coverage limits and deductible
- Age of the building and construction materials
- Your claims history and credit score
To secure the lowest rate, compare quotes from multiple insurance providers and choose the policy that best meets your needs.
| Average annual premium | $697 |
| Average monthly premium | $58 |
Condo insurance rates in New York by company and coverage level
State Farm offers the lowest condo insurance rates in New York for coverage limits of $60,000 for personal property and $300,000 for liability with a $1,000 deductible.
The second most affordable option is NYCM Insurance at $345 per year. However, prices will vary depending on the coverage level you choose.
The table below shows condo insurance rates from top companies at different coverage levels.
| Company | $40,000 contents/$100,000 liability | $40,000 contents/$300,000 liability | $60,000 contents/$100,000 liability | $60,000 contents/$300,000 liability | $80,000 contents/$100,000 liability | $80,000 contents/$300,000 liability | $100,000 contents/$100,000 liability | $100,000 contents/$300,000 liability |
|---|---|---|---|---|---|---|---|---|
| State Farm | $278 | $285 | $307 | $314 | $335 | $342 | $368 | $375 |
| NYCM Insurance | $275 | $291 | $329 | $345 | $379 | $395 | $432 | $450 |
| American Family | $340 | $347 | $454 | $462 | $584 | $592 | $729 | $736 |
| Travelers | $446 | $466 | $524 | $544 | $566 | $586 | $644 | $664 |
| Allstate | $498 | $541 | $560 | $603 | $609 | $653 | $647 | $690 |
| Nationwide | $588 | $605 | $675 | $695 | $762 | $783 | $850 | $873 |
| Chubb | $530 | $670 | $655 | $794 | $782 | $922 | $903 | $1,043 |
| Heritage Insurance Holdings | $730 | $767 | $880 | $917 | $1,025 | $1,062 | $1,171 | $1,208 |
| Farmers | $788 | $806 | $977 | $995 | $1,141 | $1,160 | $1,312 | $1,330 |
| AIG | $1,431 | $1,431 | $1,392 | $1,392 | $1,408 | $1,408 | $1,456 | $1,456 |
Condo insurance rates by company in New York
The most affordable company is State Farm, with NYCM Insurance and American Family ranking as the second and third cheapest. Since condo insurance rates in New York vary by company, it is important to compare quotes to find the best deal.
The table below lists the condo insurance rates from major companies in New York.
| Company | Average annual premium | Average monthly premium |
|---|---|---|
| State Farm | $314 | $26 |
| NYCM Insurance | $345 | $29 |
| American Family | $462 | $39 |
| Travelers | $544 | $45 |
| Allstate | $603 | $50 |
| Nationwide | $695 | $58 |
| Chubb | $794 | $66 |
| Heritage Insurance Holdings | $917 | $76 |
| Farmers | $995 | $83 |
| AIG | $1,392 | $116 |
Compare condo insurance rates by city in New York
Condo insurance rates in New York vary by city, with factors such as weather and crime rates influencing pricing. To find the most affordable and reliable condo insurance in your city, take these factors into account and compare quotes from multiple insurance companies.
City Annual insurance premium
Methodology
Insurance.com compared condo insurance rates provided by Quadrant Information Services across all 50 states and Washington, D.C.
Average condo insurance rates are based on:
- $60,000 in personal property coverage
- $300,000 in liability coverage
- $1,000 deductible
- Good credit
Rates were also fielded at varying personal property and liability coverage levels for comparison.
FAQ
Is condo insurance required in New York?
No, condo insurance is not require by law in New York, but your mortgage company will require it.
What does condo insurance typically cover in New York?
Condo insurance covers your personal property, the interior of your unit, loss of use and personal liability.
How can I lower my condo insurance premium in New York?
To lower your rates, shop around, ask about discounts and bundle your condo and auto insurance.
