7 Best Homeowners Insurance Companies in New York of 2023
New York may be home to some of the world's most expensive properties, but it is also home to diverse properties and homeowners, which range from luxurious penthouses to mobile homes.
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 $1,310. The price significantly varies based on the location and value of the house.
It's also essential 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:
Best Homeowners Insurance Companies in New York
- Lemonade: Best for Seamless Policy Purchase
- Allstate: Best for First-Time Homebuyers
- Liberty Mutual: Best for Discounts and On-the-Spot Assistance
- 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
Compare Home Insurance Rates in NY
Lemonade: Best Homeowners Insurance for Seamless Policy Purchase & Transparency
- Available in 23 states & Washington, D.C.
- Accepted by all major lenders
- No paperwork or phone calls are required
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-focused 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.
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.
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 Home Insurance Pros & Cons
- Quotes, onboarding, and filing claims can be easily be done online.
- Also offers renters, pet, life, and auto insurance.
- The company gives back.
- Lemonade covers the whole family automatically with no extra charge.
- Generally, low rates with good coverage.
- Not available in all 50 states, although expanding.
- Offers few discounts.
|J.D. Power (out of 1,000)||870|
|NAIC Complaint Index||1.94|
Allstate: Best Homeowners Insurance for First-Time Homebuyers
- Available in 50 states & Washington, D.C.
- Quote access: Online & by phone
Allstate offers some of the most competitive rates for 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.
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
- 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.
Allstate Home Insurance Pros & Cons
- Great for first-time homeowners.
- Helpful resources and educational tools.
- Offers a variety of discounts.
- Customizable coverage options.
- Customer service ratings are average.
|J.D. Power (out of 1,000)||815|
|A.M. Best - Financial Strength Rating||A+|
|NAIC Complaint Index||2.05|
Liberty Mutual: Best Best Homeowners Insurance for Discounts & On-the-Spot Assistance
- Available in 50 states & Washington, D.C.
- Quote access: Online or by phone
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 and your current policy covers it, 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, participating in the New York Public Employees Federation Membership Benefits Program and SUNY alumni groups can offer members more competitive premiums through Liberty Mutual.
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.
Liberty Mutual Home Insurance Pros & Cons
- Feature 12 discounts and several credit opportunities.
- Emergency Home Repairs service is available 24/7.
- Affiliated with many organizations and groups across New York making it easy to lock in competitive premiums.
- An excess number of complaints to state regulators than expected for its size.
- Customer satisfaction ratings are average or below.
|J.D. Power (out of 1,000)||805|
|A.M. Best - Financial Strength Rating||A|
|NAIC Complaint Index||2.37|
Amica Mutual: Best Best Homeowners Insurance for Natural Disasters
- Available in 48 states & Washington, D.C.
- Quote access: Online & by phone
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.
Amica Mutual offers some of the best benefits when it comes to covering damage from natural disasters. In some parts, like Long Island, and areas of New York City, which are prone to flooding and rising sea levels, it's critical for homeowners to add flood damage to their protection.
Amica lets policyholders add-on flood protection to their policies in New York State as an option.
Additionally, Amica’s Platinum 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.
It's important to note, though, that availability of stated coverage options can vary by location and individual circumstances.
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.
Amica Mutual Homeowners Insurance Pros & Cons
- Great coverage for natural disasters like hurricanes.
- Superb customer service and satisfaction.
- Affordable rates.
- The top-rated best overall home insurance company for 16 years.
- Offer fewer discounts than other companies.
|J.D. Power (out of 1,000)||849|
|A.M. Best - Financial Strength Rating||A+|
|NAIC Complaint Index||0.32|
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 can be costly, especially when it's coverage for high-net-worth properties, particularly 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
Chubb offers great discounts for homeowners, whether they are covered by Chubb's standard home insurance or by Masterpiece.
- Multi-policy discounts: Customers who bundle policies such as home and auto can save. In addition, customers who add on $25,000 worth of coverage for valuable also qualify for a discount.
- New/Renovated Home: Discount applies to customers who have purchased a home built within the past seven years or renovated their home within the last six years.
- Fire & Safety discounts: Individual discounts for every fire or security feature your home is equipped with, such as alarms, sprinkler systems, masonry constructions, and storm shutters, to name a few. Discounts for each individual device.
- Superior protection discounts: Having a combination of different protective devices, systems, and detectors to safeguard your property's security, plumbing, safety, and power supply. Every feature or system qualifies for individual discounts.
- Loyal customer discount: You may be eligible for discounts if you've insured a previous home with Chubb. Get additional savings if you haven't made a claim in the last three years while with Chubb.
Chubb Home Insurance Pros & Cons
- Standard policies include extended replacement cost coverage for personal belongings, the home, and other high coverage limits.
- Deductibles waived if the loss is greater than $50,000.
- Cash-out claim reimbursements if you decide not to replace or repair your damaged home or belongings.
- Offers private flood insurance.
- One of the highest premiums in the industry.
- It only ensures high net worth property.
- No quote finder option on their website.
|J.D. Power (out of 1,000)||809|
|A.M. Best - Financial Strength Rating||A++|
|NAIC Complaint Index||0.21|
State Farm: Best Homeowners Insurance for Affordability
- Available in 48 states & Washington, D.C.
- Quote access: Online & by phone
State Farm is one of the largest and most popular insurers in the country.
Its success is partly due to its vast network of agents, excellent online resources and digital tools, and its financial strength within the industry.
With an estimated 18,000 agents, it isn't hard to find a local agent that you can get information and service from over the phone or in person.
State Farm is not one of the insurance companies with several policy tiers and extensive discounts. However, what State Farm offers are some of the lowest starting rates, which can include coverage that is customized to your needs.
State Farm also has plenty of options for endorsements you can add on for extra coverage beyond the standard policy.
Lastly, the few discounts that State Farm does offer can save customers hundreds of dollars per year.
Read a full State Farm homeowners insurance review.
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
- Roof discount: If you upgrade your roof using weather-resistant and impact-resistant roofing materials.
- Multi-Policy discount: Bundle policies and save.
- Home Alert Protection: If you install a fire alarm, a burglar alarm, or a fire protection device, you’ll also save.
- Claims-free discount: Qualify for a discount if you and members of your household have not filed a claim in the past few years.
State Farm Home Insurance Pros & Cons
- Great for first-time homebuyers.
- Insurance claims network is available 24 hours a day, online or by phone.
- Application process can be completed online.
- Extensive network of local agents to work with.
- Limited discounts.
- Website is not the most user-friendly design.
|J.D. Power (out of 1,000)||829|
|A.M. Best - Financial Strength Rating||A++|
|NAIC Complaint Index||1.77|
Progressive: Best for Paying a Single Deductible
- Available in 50 states & Washington, D.C.
- Quote access: Online, by phone, and through independent agents
Progressive is one of the most respectable and oldest insurance companies. It was founded in 1937.
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 many insurers do not offer.
The single deductible benefit works for customers who bundled their home and auto policies with Progressive.
If both your car and home are damaged in the same incident, one deductible payment covers both claims. Normally, a policyholder would need to fulfill both deductibles to get their claims processed.
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
- Bundling discount: If you insure both your home and your auto, you save an average of 5%.
- Quote in advance: If you request a quote at least 10 days before your policy kicks in, you’ll get a discount.
- Safety device discount: Security discount if your home has safety devices such as an automatic sprinkler system and fire and burglar alarms.
- Paperless discount: Receiving all policy documents by email will get you a paperless discount.
- Pay-in-full discount: If you pay your annual policy in full, you’ll save.
- New home discount: If you just purchased a new home or just switched from renters insurance to home insurance.
|A.M. Best - Financial Strength Rating||A+|
|NAIC Complaint Index||1.66|
Progressive Home Insurance Pros & Cons
- Excellent rates.
- Easily compare rates from other insurers using online tool.
- Extended replacement cost coverage to provide 25% to 50% increase in dwelling coverage.
- 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.
- Homeowners insurance is offered by third-party companies.
- Discount for bunding home and auto is less than competitors offer.
- No options for increased dwelling coverage.
- Certain dog breeds are ineligible for coverage.
|Company||PropertyNest Rating||J.D. Power (out of 1,000)||A.M Best Rating||BBB Rating|
What is the Average Cost of Homeowners Insurance in New York?
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.
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?
You can purchase different tiers and types of policies to protect your home and 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 basic perils policy, it usually only covers your home in specific situations.
While what's covered can vary from insurer to insurer, it's important to note that many insurance companies do not offer an HO-1 policy and is prohibited in many states.
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. Some HO-1 policies do include personal property and/or liability, so it's important to check with each individual carrier.
HO-1 policies may be an option for some homeowners who are looking for a lower cost insurance option or who have difficulty obtaining coverage due to their location or other factors. However, it is important to carefully consider the coverage provided by the policy and whether it meets your specific needs and risks.
An HO-1 homeowner policy includes basic coverages like:
- Fire and lightning
- Damage from aircraft or vehicles
- Hail and windstorms
- Volcanic eruption
What HO-1 Policies Usually 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.
- 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.
Again, it is important to check with your insurance company because an HO-1 policy can sometimes cover some of the listed items above.
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
Once again, these can all vary from provider to provider.
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
- 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 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
- Weight of ice, snow, or sleet
- Falling object
- 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 damage 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 Typically 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.
- 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
It is possible to add some protections that are not covered such as earthquakes or sewer backups by adding on endorsements. Inquiring with each company is important since riders or add-ons vary from company to company.
HO-5 Comprehensive Homeowners Insurance
An HO-5 policy is going to give you the best coverage for your home and is considered the gold standard of homeowners 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, although it is possible to supplement standard insurance with riders and scheduled items for higher-value properties.
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 covered on an open perils basis, it's more about what the exclusions are.
What HO-5 Policies Typically 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, but as always you should check with each individual provider as this can vary.
What HO-6 Policies Typically 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 Typically 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 to repair 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.
New York is exposed to various extreme weather events, including hurricanes, blizzards, and even tornadoes. You should opt for additional insurance coverage if your property is susceptible to these weather systems.
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 is the third most frequently committed crime, and New York ranks near the bottom of 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 broader coverage, especially if you own lots of expensive items.
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 coverage when comparing 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.
Going Local With Your Policy
The big national insurance carriers might offer you convenience with their websites and call centers.
However, you might get a better and more customized policy if you contact a local branch or local insurance company that is more knowledgeable of the local statistics and rates of occurrences.
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 agent may 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: Low 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 is an HO-3 policy, which should include rebuilding 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, some policies cap that amounts 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've recently done a remodel or added upgrades, the value should go up, so make sure the policy will 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 to $150,000 for a typical co-op; more for a condo or a home at $300,000 to $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 your household from lawsuits.
Flood/Earthquake Insurance is Separate
Don't expect most insurance carriers to include floods or earthquakes as endorsements unless you separately purchase flood or earthquake insurance, especially if you live in a flood zone or earthquake zone.
Although some insurance companies independently offer good coverage with their flood policies, often insurance providers would find it difficult to offer this coverage to policyholders in flood-prone areas had it not been for government assistance and subsidization, usually through the National Flood Insurance Program (NFIP).
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.
Discounts are one of the few ways to save money on home insurance policy premiums, so make sure you jump on them when you come across one. Be sure to ask your broker or agent about any discounts or promotions the insurance provider may be running or offering.
We looked closely at the top 17 homeowners' insurance providers in New York, internet search traffic, 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 differ depending on their location.
Because of this, we gathered information from various trusted sites in insurance and the websites of insurance companies, and narrowed our search down to the needs of New Yorkers, prioritizing the following:
Home insurance can be challenging to navigate, so we chose companies that prioritize simplicity.
Simplicity in their products' messaging, website, and mobile application features.
The jargon of insurance can be tricky to understand, so it was vital that we chose companies that prioritized the needs of their clients.
Home insurance ensures your home is covered in 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.
We chose home insurance companies for all types of buyers, including high-end and first-time home buyers.
Whatever your budget and the 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 their clients save and get the most bang for their buck.