Amica »
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- Monthly Cost:$167.00
Best Homeowners Insurance Company
PROS:
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The Platinum Choice homeowners insurance policy offers enhanced coverage, while the Standard plan offers more standard coverage at a lower price
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Homeowners who choose a dividend insurance policy receive a percentage of their premium back as a dividend payment
CONS:
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Does not use local agents
With Amica, a homeowners policy includes dwelling, personal property, and liability coverage as well as coverage for detached structures and loss of use. If, for example, your home were to be damaged due to a fire, lightning, or wind, you’d be covered for the repair of the damages and a place to stay if your home was uninhabitable.
There’s also a 30% discount for bundling your home and other policies with the company, according to the company website, but availability may be limited depending on where you live. Amica also has several options for your standard policy including dwelling replacement coverage which, it claims, provides 30% more coverage when repairing or rebuilding your home after a covered peril exceeds your normal coverage limits.
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State Farm »
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- Monthly Cost:$88.83
Most Affordable
PROS:
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Several additional insurance options include inflation guard, valuable possessions, and identity restoration coverage
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Local State Farm agents provide personalized customer service and claims assistance
CONS:
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Limited discounts, and no discounts for new homes, automatic payment, or electronic policies
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The value of claims for your home and personal belongings is based on their depreciated value unless you add on optional replacement cost coverage.
State Farm homeowners insurance policy provides coverage for your home, personal property, and liability. Some nature-related perils, like lightning, hail, or a frozen plumbing system, are also included in a standard home policy, as are sudden or accidental plumbing-related water damages.
State Farm is also the cheapest homeowners insurance company in New York state in our rating, based on the available data. State Farm also offers renters, life, car, and pet insurance through its partner Trupanion.
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Allstate »
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- Monthly Cost:$264.00
Offers Green Improvement Coverage
PROS:
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Offers many optional coverages for identity theft restoration and electronic data recovery, as well as expanded coverage for sports equipment and musical instruments
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Optional home-sharing insurance helps to protect you against theft and damage when renting out your home
CONS:
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No online purchase option
A homeowners policy from Allstate includes dwelling and personal property coverage, as well as liability and guest medical protection. Coverage may also include weather peril like windstorms or hail, falling objects, or water damage from things like plumbing or water heater issues, depending on where you live.
Allstate advertises a multi-policy discount that can decrease costs by up to 25% if you bundle your home and auto policies. Allstate also has car, life, renters, and business insurance products available for purchase.
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USAA »
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- Monthly Cost:N/A
Replacement Cost Is Standard
PROS:
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Standard homeowners insurance policies include replacement cost coverage
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Homeowners insurance policies include up to $5,000 of identity theft protection
CONS:
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Homeowners insurance coverage options are very limited
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Only current and former U.S. military members, their spouses, and children can become USAA members and buy homeowners insurance
If you qualify for membership, USAA’s homeowners insurance policies cover dwelling, personal property, and liability. That includes damages and losses from things like theft, fire, vandalism, and identity theft. While its home policies cover “most weather-related events,” there are restrictions, so you’d have to contact the company to make sure you’d be sufficiently covered, depending on your needs.
Because USAA membership is typically limited to members of the military, veterans, and their families, it’s not an option for everyone. And because of the membership requirement, you’d have to join to get a quote.
USAA also sells other insurance products such as renters, auto, life, and pet insurance as well as banking and retirement products.
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Nationwide »
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- Monthly Cost:$144.97
Building Code Coverage Is Standard
PROS:
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Credit and debit card coverage is included with standard homeowners insurance policies
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Many discounts are offered, including gated community, protective device, and home renovation discounts
CONS:
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Phone customer support is only available during limited hours
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Nationwide’s smart home discount program isn’t currently available in New York
Nationwide’s homeowners policies include dwelling, personal property, loss of use, liability, and external structures coverage. There is also personal property replacement cost coverage, but it isn’t included in the basic policy and would come at an additional cost.
Its rates are on the lower end of the spectrum for companies in our rating offering homeowners insurance in New York. And there is a selection of discounts available, like multi-policy, new home purchase, and being claim-free.
Nationwide also has car, pet, renters, life, and personal umbrella insurance policies available for purchase.
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Erie Insurance »
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- Monthly Cost:N/A
Offers Extensive Bundling Options
PROS:
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Standard homeowners insurance policies use replacement cost value
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Base policies provide extensive coverage, including cash and precious metals, animals, birds, and fish, and gift card reimbursement coverage
CONS:
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No ability to get online quotes
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Must purchase a policy through an Erie agent
If you were to go with Erie, your standard policy would include dwelling, personal property, and loss of use coverage. So, for example, if your home were to be robbed, or there were tornado-related damages, you’d be covered. Unlike some other options on this list, these policies also come with guaranteed replacement cost coverage, so you won’t have to worry about depreciation when it comes to repairing your home or replacing your belongings.
Erie’s multi-policy discount can cut costs by an average of 20%, depending on your location, according to its website.
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Lemonade »
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- Monthly Cost:N/A
PROS:
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Many optional coverages are available, including swimming pool, buried utility, and foundation water backup
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Through the Giveback program, unclaimed money is donated to a charity that customers choose each year
CONS:
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No in-person service offered, so you must use the app for policy customization, bill pay, and claim tracking
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Discounts are limited, and there are no auto pay or customer loyalty discounts
With a homeowners insurance policy from Lemonade, you get the standard coverages, like coverage for home and personal property damage as well as liability. This includes damage caused by things like extreme weather and criminal activity. It also covers loss of use, so if your home becomes so damaged that it’s unlivable, you’ll have the money you’ll need to make alternative living arrangements.
External structures, like a shed, fence, or driveway, would also be included in the standard Lemonade homeowners policy. The company also sells life, renters, auto, and pet insurance products.
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Chubb »
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- Monthly Cost:N/A
PROS:
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Option to choose a cash settlement if you don’t want to rebuild after a total loss
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Ability to purchase Chubb’s own flood insurance instead of buying a policy through the National Flood Insurance Program
CONS:
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No option to get a homeowners insurance quote online
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Only independent agents provide quotes and sell homeowners insurance policies
Chubb’s homeowners policies include several coverages that aren’t standard with most policies. For example, extended replacement costs (if you have a covered peril Chubb will pay to repair or rebuild your home even if the cost goes beyond your policy limits), tree removal after a storm, and lock replacement for lost or stolen keys are all included in a home policy. There’s also personal liability coverage that ranges from $1 million to $100 million.
These extras appear to come at a premium, though, as Chubb is the most expensive option in our Best Homeowners Insurance Companies in New York rating, based on the available data. And you’d have to get in touch with one of the company’s agents to get a quote based on your unique circumstances.
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Liberty Mutual »
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- Monthly Cost:N/A
PROS:
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According to Liberty Mutual’s website the online claims process can take five to 10 minutes
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Choose from many available discounts, including insured to value, new or renovated home, and new roof discounts
CONS:
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No coverage offered for mold
A homeowners policy with Liberty Mutual includes coverage for your house, personal property, and external structures like a shed, as well as liability and loss of use. Fire, water, and weather damages are also generally covered in the basic policy. However, damage from water backups isn’t included in the base price, so you might have to purchase additional coverage to get that covered.
Liberty Mutual also has car, flood, life, pet, and umbrella insurance products available for purchase.
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Travelers »
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- Monthly Cost:$134.70
PROS:
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Offers the cheapest average annual homeowners insurance rates in New York
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Travelers has been in business for more than 165 years
CONS:
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Phone quotes are only offered during limited hours
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No autopay, new construction, or customer loyalty discounts offered
Travelers’ standard homeowners insurance policies include coverage for your primary dwelling, additional structures, loss of use, liability, and personal property. Coverage limits are also flexible – for example, personal property limits can be expanded to cover valuable possessions like jewelry or artwork. Flood and earthquake insurance are also available, though flood insurance is typically sold as a separate policy.
In addition to its wide range of coverage options, Travelers also offers homeowners several opportunities to lower their annual premiums. Discounts are available for bundling multiple policies, maintaining a claim-free history for a certain period of time, and installing protective devices (such as smoke alarms and home security systems).
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Find the Best Home Insurance in Your Area
Get great homeowners insurance at an even better price.
In New York, homeowners have encountered rising home insurance rates due to inflation, higher cost of living in the state, and supply chain issues driving up construction and repair costs. For companies in our rating, homeowners insurance in New York typically costs between $1,200 and $1,900 per year. That’s based on quotes from several top providers for $300,000 in dwelling coverage and $100,000 in liability coverage.
The price of home insurance can also vary based on the amount of coverage you need. For example, if you live in a more expensive home and need $500,000 of dwelling coverage, you can expect to pay between $1,900 and $3,000 per year.
In addition to coverage amounts, many other factors can impact the cost of home insurance, including:
- Your home’s location. If you live in an area with a higher risk of damage – such as near a river that may flood or in an area prone to hail storms – you’ll probably pay more for coverage. Some areas of New York, including Long Island and Staten Island, have coastal flooding risks, which can increase the likelihood of damage.
- Your home’s age. Older homes are typically more expensive to insure than newly built homes. As the median home age in New York is 63, among the oldest in the country, you may see some higher premiums for your older house.
- Your claims history. If you’ve filed a claim in the past three to five years, your premiums will probably be higher.
- Your credit. If you have bad credit, you may pay more for coverage.
- Your deductibles. Choosing a policy with higher deductibles will often help you save money on premiums but you’ll be responsible for more of the cost if you have to file a claim.