Best Home Owners Insurance Companies - The best home insurance company has the perfect combination of low rates, various insurance options and reliable customer service. We collected thousands of home insurance quotes and reviewed the top 10 insurance companies in New York to find the best coverage for every New Yorker and their home.
Editors analyzed thousands of New York home insurance quotes covering every zip code in the state and the state's largest companies. These prices are used along with coverage options, discounts offered and several customer service metrics to select the best and cheapest options for you as a customer.
Best Home Owners Insurance Companies
The prices used are for a 210-square-foot house, which is New York City's median value and age, according to the US Census. Complete methodology.
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NYCM and Travelers offer the best rates for home insurance in New York - 65% and 29% cheaper, respectively, than the state average.
For New York homeowners who prefer the stability and name recognition of working with a state-owned home insurance company, we recommend State Farm. Its policy is $324 cheaper than the New York state average, and the company has solid customer service.
To determine the state's average insurance prices, we collected insurance quotes for every zip code in New York and averaged the results by insurance company.
For most New Yorkers, the best home insurance company is NYCM Insurance. NYCM is not nationally known, but it offers the lowest rates in the state, with an average insurance cost of $503 per year. That's $915 less than the average cost of home insurance in New York. NYCM's customer service reviews are also above average among insurance companies in the state.
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The company also offers a range of discounts, meaning you can save even more. For example, you can earn a 25% discount on your total insurance bill by combining the results of your car and home insurance policies. Adding an umbrella policy increases savings to 35%.
But homeowners who need additional coverage may not find what they're looking for at NYCM. The company offers utility coverage and extended appliance coverage, but it lacks many popular coverage options, such as water backup and replacement cost coverage.
New Yorkers who own an apartment or condo should get a quote from State Farm. State Farm's HO-6 policy, which covers condominiums, apartments and co-ops, costs about $299 a year for $60,000 of property coverage. That's $271 cheaper than the average price we found.
State Farm also has several optional coverage add-ons for co-owners. For example, homeowners who rent out their apartment all or most of the time can benefit from forfeiture and fair rental value, which cover lost rental income if you are unable to rent your apartment after a covered loss.
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Chubb insurance is our recommendation for people with expensive homes. Chubb is known for its financial stability, strong customer service and coverage tailored to high-net-worth customers—like Chubb's cash settlement option: If your home is destroyed and you choose not to rebuild, you can choose a cash settlement.
Homeowners needn't worry about Chubb's financial strength—it received the highest possible rating, A++, from AM Best. This means that the company has an excellent ability to pay out claims even in difficult economic times. Although Chubb's insurance rates were among the most expensive in New York, its specialized coverage makes it a valuable choice for people with valuable homes. However, Chubb has minimum home coverage limits for its policies, so that may not be an option for some homeowners.
New Yorkers looking for an excellent customer service experience should consider purchasing home insurance from American Family (AmFam). According to the National Association of Insurance Commissioners (NAIC), AmFam receives significantly fewer complaints than other insurance companies of the same size. The company also scored above average in JD Power's annual customer satisfaction survey.
American Family offers homeowners the ability to customize their insurance with a number of beneficial coverage options. For example, AmFam offers a hidden water damage bracket that protects against damage in ceilings, cabinets, walls, under the floor or under the appliance. However, its basic policy costs an average of $1,501 per year, which is $83 more than the state average.
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The most expensive city in New York for home insurance is Napeague, while the cheapest is usually found in West Henrietta.
Home insurance rates vary up to $1,997 depending on the city you live in. Coastal homes tend to have higher home insurance rates due to damage from coastal storms.
However, AmFam home insurance rates are higher than the New York average. Homeowners should compare quotes from NYCM Insurance and State Farm, both of which have high customer satisfaction and affordable rates.
To determine an insurer's credibility, we looked at the company's NAIC Complaint Index, which measures how many complaints an insurer has received compared to its market share, J.D. Effective customer satisfaction scores and editor ratings.
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As a coastal state on the East Coast, New York is prone to hurricanes, East Coast storms and other major storms that can damage your home - especially if you live on Long Island, New York or the Lower Hudson Valley.
The two main sources of damage from these large storms are winds and flooding from rain or storms.
Wind damage is almost always covered by home insurance; it is also included in the most basic policy types.
However, flood damage is generally not covered by home insurance. If you live in a coastal zone or an area with a high risk of flooding, you must purchase separate flood insurance.
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Your insurance may or may not cover other sources of damage caused by major storms, such as hail and power outages. Whether your home is protected against a particular incident depends on the policies you choose and your insurance company, as well as the specific circumstances surrounding the storm damage.
NYCM, New York Central Mutual Insurance Company, offers the best home insurance rates in the state. A standard policy costs $503 per year, which is 65% cheaper than the national average.
Home insurance in New York costs an average of $2,146 per year. However, that rate is based on coverage for single-family homes, so New Yorkers who don't need home coverage, including condominium, condo and apartment owners, can find cheaper rates.
We collected homeowner insurance quotes from the top ten insurance companies in New York for every zip code in the state. Our example home was built in 1968 and includes a homestead coverage limit of $145,700, which is the state's median home price. The insurers included in our study were:
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The homeowners insurance analysis used insurance rate data from Quadrant Information Services. These prices were obtained publicly from insurance company records and should be used for comparison purposes only - your own quotes may vary.
We determined customer service ratings by comparing the National Association of Insurance Commissioners (NAIC) Complaint Index Score, J.D. Powers 2021 Home Insurance Customer Satisfaction Survey rankings and ratings from our very own editor.
Home insurance quotes were collected from State Farm, Farmers, Liberty Mutual and Progressive. Our model condo is a primary home in a 14+ unit building with $60,000 in property insurance.
For an insurance quote, call: (855) 596-3655 | Representatives are available 24 hours a day, 7 days a week! When you take out a mortgage to buy a home, your lender requires you to have insurance for the entire loan period. These policies cover damage and destruction to your home or personal property caused by unexpected events such as fire, windstorm or theft, and usually cover repair or replacement costs and loss of use. It may also include personal liability insurance to cover lost wages, medical expenses or legal costs related to the case.
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There are many different policies to choose from, even from the same provider. When choosing a plan, you need to consider your personal risks, your lender's requirements and how much you can afford to pay each month. In addition, where you live also determines the type of protection you need and the type of insurance you choose.
Based in Los Angeles, California, Farmers Insurance has been in the insurance business for nearly 100 years. In addition to providing home insurance to more than 10 million households across the country, the company also offers auto insurance, life and financial services. However, there are 10 states where they do not offer the policy: Alaska, Delaware, D.C., Hawaii, Maine, Rhode Island, New Hampshire, North Carolina, Vermont and West Virginia.
Farmers divides their home insurance into three tiers: standard, advanced and premium, which can simplify the purchasing process for consumers. Standard insurance includes home insurance, loss of use insurance, personal property and liability coverage. The company offers all customers multi-policy discounts, no-claims discounts, claim forgiveness, good payer discounts and a declining deductible that reduces your deductible by $50 each year. Basic insurance does not cover
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