Owning a home in Upstate New York can require a significant financial commitment. In June 2022, the state’s median home sale price was $428,825, an increase of 13.1% from the previous year. Despite the state’s high average home prices, about 54.1 percent of New York residents are homeowners. If you are one of many homeowners in New York or are planning to buy a home in the state in the near future, you may benefit from purchasing homeowners insurance to protect your investment.
According to study, which includes an analysis of Quadrant Information Services average premium data, the average cost of homeowners insurance in New York is $1,289 a year and home insurance is $250,000. This means that homeowners insurance in New York is only slightly less than the national average cost of homeowners insurance, which is $1,383 per year for the same amount of coverage. If you’re looking for the best coverage for you, Eragoncred research on the New York home insurance market can help you find the best option at a price that fits your budget.
According to the study, which includes an analysis of average premium data from Quadrant Information Services, the average cost of home insurance in New York is $1,289 per year and homeowners insurance is $250,000. This means that home insurance in New York is only slightly lower than the national average cost of home insurance, which is $1,383 per year for the same amount of coverage. If you are looking for the best coverage for you, Eragoncred research on the New York home insurance market can help you find the best option at a price that fits your budget.
How we choose the best homeowners insurance in NYC
To determine the best home insurance companies in New York, we considered pricing, policy options, claims processing, customer service ratings, financial strength rankings, and billing processes. To make comparisons easier, we compiled this information into a bank rate score. The better a company performs in these categories, the higher its Bank Rate Score, which ranges from 0.0 to 5.0.
Best Home Insurance in New York
According to our research, these are the top five home insurance companies in New York. These airlines get a high bank rate scoring model, which means they offer a good mix of affordability and coverage. If you’re looking for a new policy, comparing home insurance quotes from these companies might be a good place to start.
| COMPANY | SCORE | AVERAGE ANNUAL PREMIUM* | J.D. POWER SCORE | AM BEST RATING |
|---|---|---|---|---|
| NYCM | 5.0 | $498 | Not rated | A |
| USAA** | 4.8 | $932 | 882/1,000 | A++ |
| State Farm | 4.7 | $827 | 835/1,000 | A++ |
| Nationwide | 4.1 | $957 | 812/1,000 | A+ |
| Allstate | 3.9 | $1,409 | 829/1,000 | A+ |
New York Central Mutual (NYCM)
As the name suggests, NYCM is a mutual insurance company, which means that policyholders own the company and are not publicly traded. In addition to a wide range of coverage options, regional operators offer many discounts, including for home workers and seniors. Unfortunately, the company’s website doesn’t provide online home insurance quotes, so you’ll need to work with a local independent broker to get a quote.
USAA
According to the Insurance Information Institute (Triple-I), USAA is the fourth-largest home insurer by market share in the United States and is competitive in coverage, claims, customer service, prices and discounts. The company even offers home insurance against identity theft in most states. However, USAA only applies to active duty military members, veterans and eligible immediate family members.
Nationwide
Nationwide offers homeowners a wide range of insurance options. While it’s not the cheapest provider on our list, the company’s average premiums are still well below the New York State average. Nationwide also offers a long list of competitive discounts, including home improvement loans and gated community deals. However, if you’re willing to insure digitally, Nationwide may not be right for you. Company awarded J.D. 2021 U.S. Insurance Digital Experience Study. Power’s ratings for digital services are below average.
Allstate
Allstate cuts J.D.’s above-average performance in the 2021 Electric Home Insurance Study, a testament to the company’s prioritization of customer service. In addition to AM Best’s A+ (Advanced) financial strength rating, Allstate offers many discounts. However, the National Association of Insurance Commissioners (NAIC) rated Allstate above average on its Total Complaint Index, a sign that some policyholders are unhappy.
How much is home insurance in New York?
The average annual cost of homeowners insurance in New York in 2022 is $1,289 and homeowners insurance is $250,000. By comparison, the national median home insurance premium for the same amount of coverage is $1,383. One possible reason for the lower home insurance premiums in New York could be that fewer homeowners are competing for policies in the Empire State, meaning insurance companies have less risk. Although New York is the fourth-largest state in terms of total population, it has a relatively low percentage of homeowners, with a homeownership rate of about 54%.
Common Damage Causes in New York
New Yorkers need to consider many factors when purchasing home insurance. To learn how to personalize your homeowners insurance, consider the location of your home and the most common causes of damage in your area, as well as the age, size, and condition of your home. New York is a large geographic area, so the cause of damage in one area can be very different from another. However, there are some common causes of wealth loss that apply to most of the state:
Natural Disasters: New York is prone to many natural disasters, including snowstorms and hurricanes. These severe weather events can cause significant damage to your home and personal property.
Vandalism: Vandalism is man-made damage to property or property. Vandalism is more common in major metropolitan areas — New York has many of them.
Burglary: Like vandalism, burglary is more common in larger cities. If you live in a neighborhood with an above-average burglary rate, you may benefit from expanded coverage, especially if you own expensive or luxurious items like art and jewelry.
Home Insurance Coverage Options in New York
Once you understand the most common causes of damage in New York, you may be more willing to tailor your policy to your individual needs. The cost of homeowners insurance is an important factor, but New York homeowners should also consider these optional types of coverage:
Flood Insurance: Standard home insurance does not cover flood damage. New Yorkers should consider purchasing separate flood insurance, although some companies offer flood insurance as a supplement to home insurance. Homeowners with mortgages who are particularly vulnerable to flooding and live in flood-prone areas may need flood insurance.
Identity Theft Insurance: Often offered as an add-on, this insurance option can help cover costs associated with restoring your identity in the event of a theft. As we live in an increasingly digital world, identity theft is a threat to all consumers.
Personal property replacement cost: Most standard home insurance policies will automatically cover your property up to its actual cash value, which means depreciation will be deducted from the claim payment. Many companies offer replacement cost options for your personal items, which means you will receive a fee to replace the item with a similar new item.
Not all companies offer the same endorsements. Therefore, by determining the type of insurance you are looking for, you can choose the company that best suits your needs.
