Best Homeowners Insurance in New York (2024)

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Updated: December 4, 2024

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The best home insurance company in New York is State Farm, but your individual needs may differ. If cost is a priority, State Farm also stands out as the most affordable option in the state. However, for new homeowners, Nationwide offers targeted coverage.

Unless explicitly noted, our comparisons are based on a $100,000 dwelling coverage limit. The amount of dwelling coverage you need can significantly impact your premiums. MoneyGeek also analyzed the cheapest home insurance in New York if saving money is your main concern, regardless of service quality.

Key Takeaways

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In New York, the best overall homeowners insurance provider is State Farm, boasting a robust MoneyGeek score of 90 out of 100 and an affordable annual premium of $486. The runner-up is Chubb, with a MoneyGeek score of 83 out of 100 and a premium of $784 per year. While State Farm excels in affordability and solid coverage, Chubb shines with superior service quality, ensuring prompt and supportive customer service. Consider these top providers to balance cost efficiency and dependable service tailored to your home protection needs in New York.

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In New York, if affordability is your main concern for homeowners insurance, State Farm emerges as the leading provider, offering an annual premium of $486. As a runner-up, Main Street America Insurance provides competitive options for budget-conscious homeowners, ensuring a balance between cost and service is within reach.

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For exceptional customer service in homeowners insurance in New York, Chubb is the leading provider with a MoneyGeek score of 94 out of 100. The runner-up is State Farm, securing a MoneyGeek score of 74 out of 100.

Why Trust MoneyGeek?
Data was collected from the New York Department of Insurance and Quadrant Information Services to pinpoint top homeowners insurance in {state}.

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Home insurance rates in New York represent the latest quotes as of July 2024.

1,555,200Quotes Analyzed
 
8Companies Compared
 
19ZIP Codes

Overall Best Homeowners Insurance in New York

When it comes to homeowners insurance in New York, State Farm stands out as offering the best protection for your home.

  • State Farm: MoneyGeek score of 90 out of 100 ($486 per year)
  • Chubb: MoneyGeek score of 83 out of 100 ($784 per year)

With the variety of options in New York, companies extend a range of services and pricing that caters to different needs. Find the sweet spot where cost efficiency meets reliable service tailored to protect your home effectively.

Company logo for State Farm
Best OverallState Farm
MoneyGeek Score:
90/ of 100
Overview

State Farm ranks first in New York, leading the way in affordability, satisfaction and coverage. It offers cost-effective solutions with an average annual premium of $486.

State Farm provides very rare discounts like roof replacement cost, highly beneficial for homeowners with newer, more durable roofs that could translate into insurance savings. Additionally, it offers coverages like earthquake insurance, an add-on that protects against damages from earthquakes or mudslides — a vital consideration in areas prone to such natural disasters.

Best Homeowners Insurance in New York for Customer Service

The best home insurance in New York based on service quality is provided by Chubb. These top-rated providers stand out for their exceptional service quality in home insurance:

  • Chubb: MoneyGeek score of 94 out of 100 ($784 per year)
  • State Farm: MoneyGeek score of 74 out of 100 ($486 per year)

Valuing service quality in a home insurance provider means ensuring prompt and caring support when you need it most. Homeowners should seek providers that offer quick claims processing and helpful customer service.

Company logo for Chubb
Best for ServiceChubb
MoneyGeek Score:
94/ of 100
Overview

Chubb with a perfect customer satisfaction score, exemplifies exceptional service for homeowners. With an average annual premium of $784, Chubb offers a reliable blend of quality and affordability in the New York home insurance market.

Offering reasonably common coverages like guaranteed replacement cost, Chubb ensures that your home will be rebuilt to its original condition without exceeding the policy limit. Another key benefit is the building ordinance or law coverage, which covers the extra cost of bringing your home up to current building codes during repairs. These options provide New Yorkers with the peace of mind that their homes are well-protected.

Best Cheap Homeowners Insurance in New York

For New Yorkers on a strict budget, State Farm offers outstanding affordable home insurance.

  • State Farm: MoneyGeek score of 94 out of 100 ($486 per year)
  • Main Street America Insurance: MoneyGeek score of 86 out of 100 ($475 per year)

State Farm is a leader in offering cheap solutions for home insurance. But remember that the lowest rates don't always equate to superior service. Availing of a home insurance policy isn't just about finding a rate below the average cost of home insurance in New York. Homeowners should seek a balance between a wallet-friendly premium and dependable service, such as in scenarios where rapid and efficient claims processing is essential after unexpected damage.

Company logo for State Farm
Best CheapState Farm
MoneyGeek Score:
94/ of 100
Overview

State Farm provides homeowners various options to lower premiums, including common discounts for bundling policies and installing protective devices. Scheduled personal property coverage protects items like cameras and instruments against damage or theft. Building ordinance or law coverage helps with the costs of rebuilding to current building codes after a covered loss.

Best Homeowners Insurance in New York for Expensive Homes

Main Street America Insurance stands out as the premier choice for homeowners in New York with expensive homes. These providers offer the best insurance options for residents needing $1 million in dwelling coverage.

  • Main Street America Insurance: MoneyGeek score of 76 out of 100 ($2,757 per year)
  • State Farm: MoneyGeek score of 74 out of 100 ($4,560 per year)

Main Street America Insurance provides exceptional value for those insuring more expensive homes. Given that higher coverage levels can lead to increased costs, finding a provider that delivers an excellent blend of cost-effectiveness and comprehensive coverage is essential.

Company logo for Main Street America Insurance
Best for Expensive HomesMain Street America Insurance
MoneyGeek Score:
76/ of 100
Overview

Main Street America Insurance stands out as the best provider for expensive homes in New York with a perfect affordability score. Its average annual premium is $2,757. Homeowners can leverage common discounts like the multi-policy offering to reduce premiums, bundling home insurance with other policies for savings.

Main Street America Insurance enhances protection with add-ons such as extended reimbursement and equipment breakdown, catering to costly repairs and replacements beyond the standard policy limits, and covering the breakdown of home systems and appliances.

Best Homeowners Insurance in New York for New Homes

Nationwide is the best provider of home insurance for new homes in New York. The competitors listed below are the finest for homeowners seeking $500K in dwelling coverage, offering the most value in the region.

  • Nationwide: MoneyGeek score of 82 ($1,336 per year)
  • Travelers: MoneyGeek score of 75 ($1,494 per year)

Nationwide stands out for delivering homeowners a superior equilibrium of cost efficiency and customer service. These strengths make it a go-to choice for many seeking reliable coverage for their new homes.

Company logo for Nationwide
Best for New HomesNationwide
MoneyGeek Score:
82/ of 100
Overview

Nationwide is the leading home insurance provider for homeowners with a new home in New York, achieving a perfect affordability score, with an average annual premium of $1,336. Its guaranteed replacement cost coverage ensures that you'll have funds to rebuild your home even if the cost exceeds your policy limit.

Unlock savings with Nationwide by taking advantage of its reasonably rare home renovation discount, rewarding you for updating your home's plumbing, heating, electrical or cooling systems. The gated community discount lowers your premium if your new home is within a secured neighborhood.

Best Homeowners Insurance in New York for Veterans

In New York, veterans and military families have a range of home insurance options, with State Farm leading with the highest MoneyGeek score. Its annual premium is $486.

  • State Farm: MoneyGeek score of 90 out of 100 ($486 per year)
  • Chubb: MoneyGeek score of 83 out of 100 ($784 per year)

Choosing the best homeowners insurance for veterans is crucial because it aligns with their unique lifestyle needs, including frequent moves and deployments, providing the peace of mind that their homes and possessions are secure.

Company logo for State Farm
Best for VeteransState Farm
MoneyGeek Score:
90/ of 100
Overview

State Farm shines as the leading home insurance provider for veterans in New York, with high affordability and customer claims satisfaction scores, alongside an average annual premium of $486. Its scheduled personal property add-on allows for enhanced protection of valuables like cameras and musical instruments, ensuring personal items are extensively covered.

State Farm offers highly advantageous savings with rare roof replacement cost discounts for using tougher roofing materials, and common protective device discounts for installed security systems, catering to veterans who prioritize both security and resilience in their home investments.

How to Find the Best Homeowners Insurance in New York for You

Finding the best homeowners insurance entails selecting a provider that adeptly offers a harmonious balance of comprehensive coverage, exceptional customer service, and cost-effectiveness with reasonable premiums.

Your individual circumstances, assets, and risk profile are pivotal in determining the most suitable homeowners insurance policy for your needs. To assist you in navigating this decision, we have outlined a series of steps designed to guide you toward securing optimal homeowners protection.

  1. 1

    Assess Your Insurance Needs

    Evaluatethe level of protection your property requires; consider factors like its location, value, and contents. Familiarize yourself with the specifics by looking into how much home insurance coverage you need.

  2. 2

    Research Various Providers

    Dedicate time to investigate insurance companies that serve your area. Examine their reputations, financial stability, customer service records and the range of policies they offer. This groundwork is pivotal in identifying insurers who can meet your requirements effectively.

  3. 3

    Compare Coverage and Costs

    With your list of potential insurers, you should scrutinize the differences in what's covered and at what price. Use tools to compare home insurance quotes allowing you to perceive the value and cost-effectiveness of the policies you are considering.

  4. 4

    Understand the Policy Details

    Review the specifics of each policy to understand the coverage limits, deductibles, exclusions and benefits. This understanding will enable you to make an informed choice and ensure that there are no surprises when it comes time to file a claim.

  5. 5

    Consult with an Independent Agent

    Speaking with an independent insurance agent can be invaluable. They can provide personalized advice, clarify complex policy language and help you navigate through the nuances of each policy to find the one that best matches your needs.

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DOES HOME INSURANCE COVER FLOOD DAMAGE IN NEW YORK?

Homeowners in New York are not legally obligated to have flood insurance. Still, it’s advisable to purchase flood insurance in New York to safeguard against costly flood damages.

FAQ: Homeowners Insurance in New York

Selecting the top homeowners insurance provider in New York hinges on your unique coverage needs and financial situation. Our answers to common questions will help you navigate the landscape of insurance options and find answers tailored to New Yorkers seeking the best protection for their homes.

Which insurance company is best for home insurance in New York?

Who has the most affordable homeowners insurance in New York?

About Mark Fitzpatrick

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Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.

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