11 Min to Read

7 Best Homeowners Insurance Companies in New York of 2022

Renee Cherez

Renee Cherez

Shopping for home insurance involves more than just getting the lowest rates. Find out which are the best home insurance companies in New York for first-time buyers, best service, and much more.
Streets Houses New York

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.

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.

Read on: How Much Does Homeowners Insurance Cost in New York?

Best Homeowners Insurance Companies in New York

  • Lemonade: Best for Seamless Policy Purchase
  • Liberty Mutual: Best for Discounts and On-the-Spot Assistance
  • Allstate: Best for First-Time Homebuyers
  • Amica Mutual: Best for Natural Disasters
  • Chubb: Best Home for High-Value Properties
  • State Farm: Best for Affordability, Reliability, and Consistency
  • Progressive: Best Home Insurance for Single Deductible

The following are the best major home insurance companies in New York that PropertyNest ranked out of dozens.

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

Lemonade: Best for Seamless Policy Purchase & Transparency

Lemonade Homeowners insurance New York
Editors star rating review
Editor's Rating (4.5 Stars out of 5)

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 how big your house is and where its located; plus policy limits decide what's covered.

Read the full review of Lemonade home insurance.

Lemonade Homeowners Insurance Discounts

Annual pay discount

An upfront payment of your annual premium will help you save.

Multi-policy discount

Customers who bundle insurance coverage can save up to 10% on their monthly premium.

Protective devices discount

Install smoke detectors, fire alarms, or burglar alarms to save money.

Lemonade Homeowners Insurance Coverage

  • Coverage for family members living in the same household comes standard with no extra charge.
  • Lemonade will cover up to $1,000 or 10% of personal possessions in a separate storage facility.
  • Standard coverage includes dwelling coverage, personal possessions, loss of use, and personal liability, with coverage of medical expenses usually under $5,000.
  • Extra coverage can be purchased at any time and requires no deductible.
How is Lemonade Rated?
J.D. Power (out of 1,000)870
A.M. Best - Financial Strength RatingNot Rated
BBBB+
NAIC Complaint Index0.09 (Very Low)
Lemonade Home Insurance Pros & Cons
ProsCons
Quotes, onboarding, and filing claims can be easily be done online.Not available in all 50 states, although expanding.
Also offers renters, pet, life, and soon auto insurance.Offers few discounts.
The company gives back.
Lemonade covers the whole family automatically with no extra charge.
Generally, low rates with good coverage.

Allstate: Best Home Insurance for First-Time Homebuyers

Allstate Homeowners Insurance NY
Editors star rating review
Editor's Rating (5 Stars out of 5)

Allstate is one of the cheapest homeowner insurance company 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 provide 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.

Allstate Homeowners Insurance Coverage

  • Manufactured mobile home coverage for coverage on mobile homes and manufactured dwellings.
  • Host advantage coverage on your personal belongings when you are sharing your home
  • Protection against large liability claims if/when you reach the liability limit on your policy under personal umbrella policies.

Allstate Homeowners Insurance Discounts

Discounts

  • Customers switching to Allstate with no recent claims receive a claim-free discount of up to 20%
  • Retiree discount for those over 55 years old.
  • New customers can save another 10% for signing up at least seven days before their old policy ends. Welcome and loyalty discounts also grants customers 10% off their premiums for switching to Allstate.
How is Allstate Rated?
J.D. Power (out of 1,000)829
A.M. Best - Financial Strength RatingA+
BBBNot Rated
NAIC Complaint Index1.13 (High)
Allstate Home Insurance Pros & Cons
ProsCons
Great for first-time homeownersCustomer service ratings are average
Helpful resources and educational tools
A variety of discounts
Designable coverage options

Liberty Mutual: Best Home Insurance for Discounts and on-the-Spot Assistance

Liberty Mutual homeowners insurance
Editors star rating review
Editor's Rating (4.5 Stars out of 5)

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.

Liberty Mutual Homeowners Insurance Coverage

  • With inflation protection, Liberty Mutual will automatically modify your coverage limits at renewal time to account for an increase and apply a discount to your premium, though some limitations apply.
  • Identity fraud expense coverage, will pay for lost expenses and provides a counselor if you’re a victim of identity theft.
  • Coverage for valuables, which pays for items such as jewelry, art or collectibles if they’re damaged or destroyed.

Liberty Mutual Homeowners Insurance Discounts

  • Not filing a claim with your previous insurer for five years.
  • A new roof.
  • Early shopper discounts for those receiving a quote from Liberty Mutual before their current policy ends.
  • Not filing a claim with Liberty Mutual for three years.
  • Bundling home and auto coverage.
  • Save money if you are insuring a home that is newly purchased, newly built or recently renovated.
  • A veteran or active military service member.
How's Liberty Mutual Rated?
J.D. Power (out of 1,000)872
A.M. Best - Financial Strength RatingA
BBBA+
NAIC Complaint Index0.15 (Very Low)
Liberty Mutual Home Insurance Pros & Cons
ProsCons
Feature 12 discounts and several credit opportunitiesAn excess number of complaints to state regulators than expected for its size
Emergency Home Repairs service is available 24/7Customer satisfaction ratings are average or below
Affiliated with many organizations and groups across New York making it easy to lock in competitive premiums

Amica Mutual: Best Home Insurance for Natural Disasters

Amica homeowners insurance
Editors star rating review
Editor's Rating (4 Stars out of 5)

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.

Amica Homeowners Insurance Coverage

Unique add-on coverage options include:

  • Expense coverage for identity fraud protection against illegal use of your credit cards for up to your coverage limit.
  • Assessment plan for condo owners who experience loss and responsible for shared sections of a property.
  • Devastating coverages for protection (minus a deductible) that take into account floods or earthquakes.

Amica Homeowners Insurance Discounts

  • Amica offers savings to homeowners who’ve recently remodeled their homes.
  • Customers who haven’t filed a claim in the past three years are eligible for a discount
  • Customers who have an existing insurance policy with Amica can save money on their premiums.
How is Amica Rated?
J.D. Power (out of 1,000)854
A.M. Best - Financial Strength RatingA+
BBBA+
NAIC Complaint Index0.25
Amica Mutual Home Insurance Pros & Cons
ProsCons
Great coverage for natural disasters like hurricanesOffer fewer discounts than other companies
Superb customer service and satisfaction
Affordable rates
The top-rated best overall home insurance company for 16 years

Chubb: Best Home Insurance for High-Valued Properties

Chubb homeowners insurance
Editors star rating review
Editor's Rating (4.5 Stars out of 5)

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.

Chubb Homeowners Insurance Coverage

  • Replacement cost contents coverage.
  • Unlimited loss-of-use coverage in most states.
  • Cash-out loss-settlement reimbursement option.
  • $25,000 in medical payments coverage.
  • Extended replacement cost coverage for your home and other structures on your property.

Chubb Homeowners Insurance Discounts

  • Save up to 20% when you join home and auto policies, and an additional 5% if you purchase additional jewelry coverage or valuable articles coverage.
  • Save up to 15% with a Superior Protection discount if you have any combination: 24/7 security guard, a full-time caretaker, smart home devices, a perimeter gate, or a permanently installed backup generator.
  • You can save 5% if you’ve had a policy with Chubb for three or more years and haven’t filed a claim.
  • Save up to 25% if your home is less than 10 years old, and up to 17% if your home was renovated in the last 6 years.
How is Chubb Rated?
J.D. Power (out of 1,000)896
A.M. Best - Financial Strength RatingA++
BBBD-
NAIC Complaint Index0.02
Chubb Home Insurance Pros & Cons
ProsCons
Standard policies include extended replacement cost coverage for personal belongings, the home, and other high coverage limits.One of the highest premiums in the industry.
Deductibles waived if the loss is greater than $50,000.It only ensures high net worth property.
Cash-out claim reimbursements if you decide not to replace or repair your damaged home or belongings.No quote finder option on their website.
Offers private flood insurance.

State Farm: Best Home Insurance for Affordability, Reliability, and Consistency

State Farm homeowners insurance
Editors star rating review
Editor's Rating (4.5 Stars out of 5)

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.

State Farm Homeowners Insurance Coverage

  • Medical payments coverage.
  • Personal property coverage covers your personal property both inside and outside the home for up to 75% of your policy’s dwelling limit.
  • Legal and medical bills are covered if you’re held liable for accidental injury or personal property damage to others. You have the option of $100,000-$500,000 in coverage.
  • Loss-of-use coverage will pay for hotel expenses, raised costs from eating out, and travel expenses incurred while your home is being repaired or rebuilt after a disaster. Your coverage limit is up to 20% of your dwelling limit.
  • Dwelling Coverage protects the structure of your home, floors, countertops, and built-in appliances within the home up to the limit specified in your policy. Included is a 20% extended dwelling option in your policy that automatically increases your dwelling limit 20% if you go over your coverage limits in a claim.

State Farm Homeowners Insurance Discounts

  • Multiple line discounts
  • Roofing discount
  • Home alert protection discount (burglary alarm).
How's State Farm Rated?
J.D. Power (out of 1,000)835
A.M. Best - Financial Strength RatingA++
BBBA+
NAIC Complaint Index0.18
State Farm Home Insurance Pros & Cons
ProsCons
Holds down high ratings with top rating agencies S&P and Moody's as well as an industry-best A++ rating with A.M. BestLimited discounts
Great for first-time homebuyers
Insurance claims network is available 24 hours a day, online or by phone
A quick application process that can be done online

Progressive: Best Home Insurance for Single Deductible

Editors star rating review
Editor's Rating (4 Stars out of 5)

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.

Progressive Homeowners Insurance Coverage

  • Additional coverage for expensive personal items like art and musical instruments if they’re damaged or destroyed by a covered peril.
  • Added liability coverage for certain types of lawsuits, such as personal injury suits and even libel and slander.
  • Coverage for water backup that can damage your home and the property within it.

Progressive Homeowners Insurance Discounts

  • If you insure both your home and your auto, you save an average of 5%.
  • If you request a quote at least 10 days before your policy kicks in, you’ll get a discount.
  • Security discount if your home has safety devices such as an automatic sprinkler system and fire and burglar alarms.
  • Receiving all policy documents by email will get you a paperless discount.
  • If you pay your annual policy in full, you’ll save.
How's Progressive Rated?
A.M. Best - Financial Strength RatingA+
NAIC Complaint Index0.31
Progressive Home Insurance Pros & Cons
ProsCons
Excellent rates.Homeowners insurance offered by third-party companies.
Easily compare rates from other insurers using online tool.Discount for bunding home and auto is less than competitors offer.
Extended replacement cost coverage to provide 25% to 50% increase in dwelling coverage.Has a mobile app but you can’t currently use it to manage homeowners policies.
Personal injury coverage pays for legal fees in the event of slander and libel; includes uncommon events like wrongful evictions, false arrests, detentions, and imprisonment.No options for increased dwelling coverage.
Certain dog breeds are ineligible for coverage.

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.

Our Methodology

We compared 12 of the top renters’ insurance companies in New York and narrowed them down to those that operate in New York.

We analyzed the best homeowners insurance companies and ranked them based on criteria that included ease-of use, ratings from customers and technology. We took into account financial strength as well customer satisfaction.

The list of top renters' insurance companies we surveyed includes MetLife, Chubb, Liberty Mutual, State Farm, USAA, Allstate, Travelers, Farmers, Progressive, Nationwide, Geico, and Lemonade.

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

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.

New York Home Insurance Coverage Options

The most common homeowner's insurance policy is a standard policy.

A standard homeowner policy includes basic coverages like:

  • 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.
  • The house keeps you covered in the event that your home is damaged due to fire, hail, lightning, hurricanes, or other insured natural disasters. Often, it does not include damage caused by earthquakes, flooding, or normal wear and tear.

Homeowner 3 Policies

The HO-3 policy is also an option for homeowners who need more than a standard policy.

It includes:

  • The sudden and accidental tearing apart, cracking, burning or bulging of a steam or hot water heating system, an air conditioning unit or automatic fire-protective system
  • Theft
  • Vandalism
  • Weight of ice, snow or sleet
  • Falling object
  • Damages caused by aircrafts
  • Damages caused by automobiles
  • Explosion
  • 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
  • Civil turmoil or Riot

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 to home insurance losses.

Natural disasters

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

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 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 $1,309 while the national average on standard home insurance can reach highs as high as $2,305.

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

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.

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.

Frequently Asked Questions

What is the best homeowners insurance in New York?

Allstate is the best homeowners insurance in New York. It is also the cheapest home insurance company for first-time buyers across the board in both New York state and New York City.

What is the most common home insurance policy?

The most common homeowner's insurance policy is a standard policy.

Is homeowner's insurance required in New York?

No, homeowner's insurance is not required in New York, however, most mortgage companies require it as part of the finance agreement.

How much is homeowners insurance in New York?

The average cost of homeowner's insurance in New York is $1,098 a year.

How do I find cheap homeowner's insurance in New York?

Comparison shopping before committing to a policy is the best way to find the cheapest coverage options.

What is not protected with homeowner's insurance?

Things generally not covered by homeowner's insurance include termite and insect damage, bird or rodent damage, rust, rot, and general wear and tear.

How many single-family & reconstruction homes at storm surge risk in New York?

Depending on the storm category, homes that can be affected by hurricanes and storms in New York range from 76,800 to 467,790. (Source CoreLogic)