7 Best Homeowners Insurance Companies in New York of 2022

New York is home to some of the world's most expensive properties, and it needs a company or companies that understand how important security is for these assets is.

In addition, New York's diverse terrain and properties, urban and rural, means that one size does not fit all when it comes to choosing homeowners insurance won’t work.

The best homeowners insurance in New York should provide low prices with varied coverage options as well as reliable customer support when needed.

The average annual homeowner's insurance premium in New York state is $1310. The price significantly varies based on the location and value of the house.

It's also important to choose an insurance company based on your personal needs.

We searched through hundreds of quotes from various insurers before selecting the best insurance home insurance companies.

With the best homeowners insurance companies, you can have the peace of mind that if your property is damaged in any way, you’ll always be protected.

Everyone's coverage need is similar but can be very different, so we created categories to find the best match for your needs.

Compare the coverage and cost of the best homeowners insurance providers in New York picked by PropertyNest expert editors:

Lemonade: Best Homeowners Insurance for Seamless Policy Purchase & Transparency

Lemonade is perhaps one of the most unique insurance providers in the country. It's made itself stand out from the rest from the start by positioning itself as a very tech-friendly company.

Onboarding is done easily and quickly through their website, and customer service is also highly rated.

There's another unique approach that Lemonade has when it comes to insurance premiums.

To avoid the conflict of interests traditional insurers have with their customers, Lemonade decided to change the way they make money.

So instead of profiting from unclaimed premiums, they take a flat fee and donate whatever may be left, after paying claims and expenses, to charities (the Lemonade Giveback).

Lemonade basic homeowners coverage starts as low as $25 per month, but it will cost more for most people. Keep in mind that the amount you pay depends on your house's size and location; plus, policy limits decide what's covered.

Read the full review of Lemonade home insurance.

Allstate: Best Homeowners Insurance for First-Time Homebuyers

Allstate is one of the cheapest homeowner insurance companies for first-time buyers across the board in both New York state and New York City.

The company offers outstanding insurance options for first-time homebuyers and provides helpful resources like educational resources and discount opportunities specifically for those purchasing their first home.

Allstate offers generous incentives for bundling your home and auto insurance with discounts of up to 25%.

Their website is clean and easy to use, making the process of finding quotes simple.

Using Allstate’s Common and Costly Claims tool, new homebuyers can decide the type of coverage they will need by potential zip codes.

Read a full Allstate homeowners insurance review.

Liberty Mutual: Best Best Homeowners Insurance for Discounts & On-the-Spot Assistance

Liberty Mutual sets itself apart from other home insurance companies with unique resources like their Emergency Home Repairs service, which is available 24/7.

If something happens to your pipes it’s covered by your current policy, the company will send professionals to help you day or night.

Liberty Mutual also offers exclusive group discounts if you’re part of participating associations or groups.

In New York, the New York Public Employees Federation Membership Benefits Program and SUNY alumni groups offer very competitive premiums.

Read a full Liberty Mutual home insurance review.

Amica Mutual: Best Best Homeowners Insurance for Natural Disasters

Amica is one of the most highly regarded home insurance companies.

The company consistently scores high points for stellar customer service and goes above and beyond for its customers.

When Hurricane Sandy hit in 2012, many people lost their homes and found out their home insurance policies did not cover flooding or natural disasters like hurricanes.

Amica Mutual offers some of the best benefits pertaining to natural disasters and in some areas, like Long Island which is prone to flooding and rising sea levels, it’s possible to add flood coverage to your home.

Additionally, Amica’s Platnium Choice policy offers up to 30% more coverage than a standard policy for your home.

Included extras like sewer backup coverage, replacement coverage for personal belongings without deductions for depreciation, and extended coverage for property in your home that is used for your business.

Chubb: Best Homeowners Insurance for High-Valued Properties

If your property holds a hefty price tag, Chubb is the home insurance company for you.

It is a top-tier insurance company offering a variety of protections needed to protect your home and its assets.

Insurance with Chubb is very expensive and intended for high-net-worth properties, especially those in high-risk areas such as properties by the water.

Additionally, with Chubb’s Masterpiece plan, an appraiser will visit your home, estimate its replacement cost, and help you determine how much coverage you’ll need.

It also covers the high-valued and collector’s items in your home like fine art, furs, and jewelry.

State Farm: Best Homeowners Insurance for Affordability

State Farm is the largest and most popular insurer in the country.

Its success is due to its vast network of agents, excellent online resources and digital tools, and its financial strength within the industry.

With over 18,000 agents, there’s a chance you’ve seen that flashy red logo in your neck of the woods.

State Farm is not one of the insurance companies with several policy tiers and extensive discounts, however, the company prides itself on its reliability, consistency, and affordability.

Read a full State Farm homeowners insurance review.

Progressive: Best Homeowners Insurance for Single Deductible

Progressive is one of the most respectable and oldest insurance companies. It was founded in the 1930s.

Progressive homeowners insurance is known for many things. It offers plenty of discounts, extra coverages, and replacement cost value coverage, to name a few.

But what stands out is the company’s unique single deductible,

which is not offered by many insurers.

Single deductible works like this. Say you have auto insurance from Progressive and decide to purchase its homeowners insurance.

If both your car and home are damaged in the same incident,

one deductible payment covers both claims.

Our Methodology

We took a close look at over the top 17 homeowners' insurance providers in New York, internet search traffic, and other factors; and other notable companies in the industry.

We rated them on criteria including Simplicity/Usability, Reliability, Affordability, digital experience, and more.

List of homeowners' insurance quotes and companies we surveyed: Allstate, Amica Mutual, Chubb, Liberty Mutual, State Farm, USAA, New York Central Mutual, Farm Bureau, Allstate, Travelers, AIG, Hartford, Esurance, Farmers, Progressive, Nationwide, Safeco, Erie.

How We Ranked & Picked the Best Homeowners Insurance Companies in New York

New York is a geographically diverse state, and homeowners' needs are different depending on their location within the state.

Because of this, we gathered information from various trusted sites in insurance and the websites of insurance companies, and narrowed our search down with the needs of New Yorkers prioritizing the following:

Simplicity/Usability

Home insurance can be difficult to navigate so we wanted to choose companies that prioritize simplicity.

Simplicity in their messaging of their products, their website, and mobile application features.

The jargon of insurance can be tricky to understand, so it was important that we chose companies that prioritized the needs of their clients.

Reliability

The reason for home insurance is to ensure your home is covered in case of unforeseen damage like flooding due to hurricanes, fire, or even a tree landing in your living room from high winds.

We chose home insurance companies that were rated high in reliability and customer satisfaction because if a tree does end up in your living room, you’ll have an insurance company that will do everything possible as quickly as possible.

The home insurance companies on our list are all top-rated for customer service satisfaction.

Affordability

We chose home insurance companies for all types of buyers including high-end buyers to first-time home buyers.

Whatever your budget and type of home buyer you are, this list made affordability a priority.

We surveyed insurance coverage prices in Brooklyn, Manhattan, Queens, Bronx, and Staten Island.

All the insurance companies on our list have varying discounts and specials to ensure that their clients are saving and getting the most bang for their buck.

What Do Homeowners Insurance Policies Cover?

Every policy is different as it adheres to homeowners' needs.

Most contain coverage for personal property, dwelling, additional living expenses, and liability coverage.

The option is available to add-on options based on coverage needs.

It's important to remember that as a rule homeowners insurance doesn't normally cover floods whether from an actual flood or caused by another weather event such as a hurricane. You will need to add this on or purchase a separate policy.

Especially, if you live in a flood-prone area or flood zone it may be difficult to purchase an extra flood policy without going to a government-backed program.

Another note is regarding coverage of damage or harm your pet might cause. Certain policies and companies may offer coverage for this but might have restrictions when it comes to dogs or different dog breeds.

You'll need to inquire directly with your home insurance carrier to make sure they can cover your pet as well.

What Are the Types of Homeowners Insurance Policies?

There are different tiers and types of policies you can purchase to protect your home and your possessions. The most common homeowner's insurance policy is a standard policy, but we will review all the kinds typically offered by insurance companies.

HO-1 Basic Homeowners Insurance

HO-1 insurance is a perils policy, it only covers your home in specific situations. Basic means just that.

This policy will only cover the bare minimum meaning only the actual house, any attached structures such as a garage, and anything else that is a part of the house such as appliances and fixtures.

It should be seen only as an option if you absolutely don't have the funds for standard homeowners insurance or don't have any valuable possessions worth saving, as this policy doesn't cover any possessions.

An HO-1 homeowner policy includes basic coverages like:

• Fire and lightning
• Theft
• Smoke
• Damage from aircraft or vehicles
• Explosions
• Hail and windstorms
• Riots
• Volcanic eruption
• Vandalism

What HO-1 Policies Do Not Cover

• Supplementary living expenses cover costs acquired when your home is inhabitable, and you must find other convenient alternatives.
• Personal property insures your personal belongings, like, furniture, jewelry, and clothing, and in the event, they are stolen or lost in an insured disaster.
• Liability and medical are also not covered by an HO-1 policy. In the event, that you are liable for damages or medical expenses you will need to pay out of pocket.
• While HO-1 policies can keep you covered in the event that your home is damaged due to fire, hail, lightning, and some other natural events, often, it does not include damage caused by earthquakes, flooding, or normal wear and tear, among many other incidents.

HO-2 Broad Homeowners Insurance

An HO-2 policy, as one might assume, is the next step up. This policy type covers everything that the HO-1 covers but also adds a few additional perils as well as extra much-needed coverage.

• Accidental discharge or overflow of water or steam within the home
• Tearing apart, burning, cracking from some household systems
• Freezing of pipes and heating and air conditioning systems
• Sudden and accidental damage from certain electrical currents
• A falling object
• Weight from ice, snow or sleet
• Additional structures on your property not attached to your home
• Personal possessions
• Liability and medical
• Additional living expenses in the case your home is uninhabitable

What HO-2 Policies Do Not Cover

While an HO-2 does indeed seem much more comprehensive than an HO-1, it tends to be restrictive in terms of what it will cover in damage to your home, other structures on your property, and your possessions.

For example, an HO-2 policy will not cover the following:

• Damage from pests
• Mold, fungus or wet rot
• Damage from war or civil unrest
• Nuclear hazards
• Mudslides, sinkholes, landslides
• Floods
• Earthquakes
• Damages caused by power failure or neglect
• Damage from drain or sewer backups

HO-3 Standard Homeowners Insurance

The HO-3 policy, sometimes called HO-3 Special Form Policy, is not just the next level up from an HO-2 policy. It is also
in fact considered the standard homeowners coverage.

As with an HO-2 policy, personal possessions, liability, medical, and extra living expenses are covered but more broadly and in more situations.

It includes coverage of damage from:

• The sudden and accidental tearing apart, cracking, burning or bulging of a steam or hot water heating system, an air conditioning unit, or an automatic fire-protective system
• Theft
• Vandalism
• Weight of ice, snow, or sleet
• Falling object
• Explosions
• Wind and hail
• Fire, smoke, and lightning
• Freezing of a plumbing, heating, air conditioning or automatic, fire-protective sprinkler system or of a household appliance

In addition, your personal possessions will be covered in cases of damage from the following circumstance but otherwise restrictions may apply.

• Damage from vehicles
• Electrical currents
• Frozen pipes
• Civil unrest
• Falling objects
• Water from plumbing or HVAC system
• Explosions and volcanic eruptions
• Vandalism and theft
• Sheets/weight of snow or ice
• Hail and wind
• Volcanic eruptions

What HO-3 Policies Do Not Cover

While HO-3 policies are the standard coverage it's important to know what it doesn't cover so you don't get caught off guard. Some of the exclusions are similar to those seen typically in a HO-2 policy.

And as mentioned above, flooding caused by a weather event is not covered.

• Floods
• Earthquake
• Damage to your things by your pet
• Sewer or drain backup
• Sinkholes, mudslides, and landslides
• Government intervention
• War or nuclear hazard
• Intentional loss or damage
• Mold, Fungus, or rot
• Natural wear and tear
• Rust, corrosion
• Damages from pests and rodents
• Damage by pets

HO-5 Comprehensive Homeowners Insurance

As the name suggests an HO-5 policy is going to give you the best coverage for your home and is considered the gold standard of homeowner insurance policies.

Be prepared to pay a higher premium for this type of coverage.

If you have a high-value property and possessions this is the policy you should be looking at.

One of the big differences between an HO-3 and an HO-5 is that while there are restrictions on the situations you can file a claim for damage to your possessions, there's not as many restrictions for this in an HO-5 and generally claims can be made on an open perils basis.

HO-5 policies cover all the above and more. In fact, because your property, possessions, and liability are all coverde on an open perils basis, it's more about what the exclusions are.

What HO-5 Policies Do Not Cover

Because you can more easily file a claim in most circumstances, here are common points of exclusions in HO-5's:

• Earthquakes or shifting
• Government intervention and war
• Sewer back up
• Flooding from an natural event
• Nuclear hazard
• Damage from pets
• Intentional loss or damage
• Mold and rot
• Infestation of pestilence

Vandalism is also not covered if your property is vacant for more than two months. Also, some homeowner policies could cover liability for your dog but it depends on the breed and the insurance company.

HO-6 Condo Homeowners Insurance

This type of coverage specifically applies to condo owners and cooperative shareholders who also live in apartments.

It is different from regular homeowners insurance because its coverage is somewhere in-between a renters policy and a homeowners.

Like a homeowners insurance policy, condo insurance does cover parts of dwelling that the owner may be responsible for such as the interior walls, as well as personal possessions, liability, medical, and additional living expenses.
However, the policy won't encompass the dwelling outside the unit as a condo association will have its own coverage for the building structure, the common areas within the building, mechanicals, and any structures and grounds that is part of the property.

Furthermore, filing a claim shouldn't be an issue since HO-6 policies operate on an open peril basis.

What HO-6 Policies Do Not Cover

As with other homeowners policies there are exclusions. These are generally the same as exclusions discussed for HO-3 and HO-5 policies.

HO-7 Mobile and Manufactured Homeowners Insurance

The HO-7 is specifically coverage for homeowners of manufactured or mobile homes. These include but are not limited trailers, RVs, sectional, and modular homes.

This policy covers everything from the your dwelling, exterior, personal possessions, liability, medical, and additional living expenses, however, normally only the exterior is covered under an open perils policy.

What HO-7 Policies Do Not Cover

Whatever is excluded in policies from HO-2 to HO-6 is going to be excluded in an HO-7 policy.

Most importantly HO-7 policy shoppers should know that most items will only be covered under specified circumstances, especially your personal possessions.

HO-8 Architecturally Historic or Landmark Home Insurance

This type of insurance is specifically designed for older historic homes that may have significant uncommon architectural features or have been landmarked, of which the structure or details are difficult to replace. These may be difficult to replace or repair because your home's features may either use materials or methods of construction that may no longer be commonplace.

One of the hallmarks that may indicate you need to opt for an HO-8 rather than a standard policy is if it would cost more repairs your home than its current value.

The HO-8 provides the usual coverage of personal property, liability, medical liability, and living expenses but with special coverage for the home and structure. It also covers your property under the commonly-named perils.

What HO-8 Policies Don't Include

Because an HO-8 policy only includes the standard areas of homeowners coverage, you can expect that perils such as floods, earthquakes, pet attacks, etc, which are normally excluded, will also be excluded with an HO-8 policy.

What are the Common Causes of Home Insurance Losses in New York?

Though New York is a large state, there are still some common causes of home insurance losses.

Natural disasters

New York is exposed to a range of natural disasters, including hurricanes, blizzards, and even tornadoes. You should opt for additional insurance coverage if your location is inclined to these weather systems.

Fire

Fire claims are filed less frequently, but the damage they cause can be devastating, whether the loss is from flames or smoke alone.

If your yard has lots of vegetation and overgrowth, you may be at high risk for fire damage to your home.

Burglary

In 2018 burglary was the third most frequently committed crime, and New York ranks near the bottom in the nation when it comes to the rate of burglary.

With that said, if you live in an area with above-average burglary rates, you may benefit from wider coverage, especially if you own lots of expensive items.

Vandalism

Vandalism is human-induced damage carried out against property or belongings.

You may want to opt for this coverage if you live in a populated part of New York, where graffiti and vandalism are common occurrences.

What to Look For in a Homeowners Insurance Policy

Not all insurance companies or policies are created equal.

Here are a few tips to ensure that you're getting the best deal and the best coverage when you compare different home insurance quotes and policies.

Don't Just Opt for the Cheapest Policy

At the end of the day, we all want to save money. However, going with the lowest quote might translate into subpar coverage.

Should something happen to your home, you'll be the one who's paying.

A cheap policy could mean blackouts on coverage for damages, low limits, or high deductibles.

So read the fine print and ask questions.

While no one likes paying top dollar, you'll want to strike a balance between coverage and price.

Go Local With Your Policy

The big national insurance carriers might offer you convenience with their websites and call centers.

However, you might actually get a better and more customized policy if you contact a local branch or a local insurance company that is more knowledgeable of the intricacies of your neighborhood.

For instance, if you call one of the large insurance companies, they might quote you a much higher price simply because they are reading your area as a flood zone, even if your home is not in one.

A local insurance broker will know the difference and might be able to offer you a policy that does cover the potential damages that could affect you.

Consider What's More Important: Deductibles or Low Premiums.

Typically, when a lower premium is offered, it means higher deductibles and vice versa.

It's imperative to ask yourself if you have the savings or are even willing to pay high deductibles in the case of damage, loss, or theft.

Are you more likely to have to put in an insurance claim?

Do you live in an area prone to natural disasters, extreme temperatures, or a high crime rate?

Do you have a lot of mature trees near your house?

Look Carefully at the Rebuild Clause

The best coverage you can buy generally is an HO-3 policy, which should include a rebuild should your home be destroyed.

However, read the fine print carefully or ask an agent about what that entails.

Sometimes the policy will send you a check for a dollar amount, but this usually is calculated by the depreciated value of your home and personal possessions and can come up short.

Your best bet is to opt for a policy that includes a cause that covers the entire replacement and construction of your home.

Even then, many policies cap that amount at 120% (sometimes more) of the home's appraised value.

Always be sure to purchase extra coverage just in case the appraised value sounds low to you.

Also, if you'd recently done a remodel or added upgrades the value should go up, so make sure the policy is going to cover the added value.

Make Sure All Your Assets are Covered

Depending on what kind of property you own, standard coverage can be anywhere from $100,000-$150,000 for a typical co-op, more for a condo, or a home at $300,000-$500,000.

If your home is large or very expensive, usually your premiums will be higher, but so should the dollar amount for a replacement.

If you have precious family heirlooms, artwork, pets, custom features or fixtures in your home and on your property or even a home business, you'll want to make sure that they'll be covered.

Experts usually recommend purchasing additional coverage in order to protect yourself, your family members, and household from lawsuits.

Flood/Earthquake Insurance is Separate

Don't expect most insurance carriers to include floods or earthquakes unless you separately purchase flood or earthquake insurance, especially if you live in a flood zone or earthquake zone.

Most insurance providers would never even sell this coverage to policyholders in flood-prone areas had it not been for government subsidization.

As a matter of fact, homeowners can purchase flood insurance directly from FEMA.

Make sure you know where your home is on the map, and what natural disasters normally befall the neighborhood or city.

Grab Discounts

Discounts are one of few ways you can save money on home insurance policy premiums so make sure you jump on them when you come across one.

Be sure to ask you broker or agent about any discounts or promotions the insurance provider may be running or offering.

What is the Average Cost of Homeowners Insurance in New York?

According to the Insurance Information Institute (III), the average cost of homeowner insurance in New York is $1,310, while the national average on standard home insurance can reach highs as high as $2,305.

Learn more about homeowners insurance costs by state.

Because the five boroughs are so different, the insurance rates will vary by zip code.

The amount of your home insurance will depend on the following for homeowners in New York:

• Your home’s age, size, and build.
• Your roof type.
• Your basement type (and whether it’s finished or not).
• Your insurance score.
• If you’re eligible for any discounts.
• If you have storm shutters and/or hurricane-resistant laminated glass doors or windows.
• How much coverage you have, and whether you need additional insurance for floods, hurricanes, or earthquakes.