Calculating the insured value of a home requires accurate information about your home’s construction but is a less complex calculation because it only considers the cost of rebuilding your home in the same location with the same quality of materials.
Other policy choices you make also affect your home insurance rates but usually to a lesser degree. If you chose a special rider that increases your coverage for equipment used in a home business, for example, your home insurance rates would be slightly higher to reflect the increased coverage.
Best homeowners insurance companies in NY
When considering the criteria for the best homeowners insurance companies in New York, we looked at some objective data, such as financial strength and overall consumer ratings, but we also considered agent experience in working with various insurers. With a consumer perspective in mind, some insurers may represent a better value — even if the costs are not the lowest available in New York State. In the end, you want the comfort of knowing that your home is insured with a secure insurer and that your policy eliminates as many potential gaps as possible.
Metlife
You might wonder why a company known for life insurance is listed as a preferred provider for home insurance. Metlife doesn’t just offer life insurance. Among the $63 billion company’s insurance products it’s home insurance offering, in addition to the life insurance products for which it’s well-known and other products, like auto insurance.
The difference is in the details. Of note, Metlife offers guaranteed replacement coverage for both your personal belongings and your home itself. In an industry where it’s common for insurers to depreciate the value of personal belongings, this standard policy feature makes Metlife a standout and ensures that if you have a claim, you won’t be caught by surprise by a lower coverage amount for your personal property.
Among other policy features that make Metlife an attractive choice is the ability to bundle home and auto insurance with one shared deductible. If your home and auto policies are bundled with Metlife, you’ll only have one deductible if both your home and your vehicle are damaged in the same covered claim.
- A.M. Best Financial Strength Rating: A+
- J.D. Power Overall Satisfaction Score: 3 stars
- Online Quote Tool: No
Travelers
While many companies in the industry focus on a small group of policy offerings, Travelers is a full-service insurer, which means they offer nearly every type of insurance you can imagine. This is a benefit because sometimes we need more than just home insurance. It’s comforting to know that an insurer offers a complete insurance line and has been insuring its customers for well over 100 years.
Travelers’ home insurance policy for single-family homes is a standard HO-3 policy, which provides full replacement cost coverage for your home. Replacement cost coverage for contents is an affordable policy option and ensures that if you have a claim, you won’t be caught by surprise by lower-than-expected coverage for your personal belongings. Many home insurance providers don’t offer the option unless you choose scheduled coverage, a sometimes costlier or unviable solution.
Other standout coverage features include “Additional Replacement Cost Protection Coverage”, which can extend your coverage limits if rebuilding costs exceed your standard coverage due to cost overruns, and “Green Home Coverage”, which can help cover the cost of rebuilding with green materials in the event of a covered claim.
- A.M. Best Financial Strength Rating: A++
- J.D. Power Overall Satisfaction Score: 3 stars
- Online Quote Tool: Yes
Progressive
Progressive’s home insurance products are underwritten by Homesite, an insurer known for affordability, and with a strong financial strength rating through A.M. Best (A-rated). Home insurance premiums can be reduced further by bundling homeowners and auto insurance, paying in full, or receiving policy documents by email. Additional discounts are available for new home purchases, new home construction, alarms or safety devices, and for getting a quote at least 10 days prior to starting your policy.
Inflation Guard, available as a policy add-on, helps to ensure that your coverage amount keeps pace with the rising cost of materials and labor needed in the event of a covered claim.
As an added bonus, you also have the option to add personal injury liability coverage to your policy, an option not usually available through many other insurers without purchasing a separate umbrella liability policy and which covers real-world risks like slander and libel, important considerations in today’s online world.
- A.M. Best Financial Strength Rating: A+
- J.D. Power Overall Satisfaction Score: Not Rated
- Online Quote Tool: Yes
Farmers
With three distinct and customizable home insurance packages, Farmers has you covered when it comes to homeowners insurance, with a home insurance package designed to fit nearly any budget. You’re probably familiar with Farmers’ often-humorous commercials, illustrating ways homes or cars can be damaged due to life’s unexpected mishaps. Having been in the business for 90 years, it’s likely that their tagline is true when they say, “We’ve covered that.”
A number of policy features or optional add-ons make farmers a popular choice among consumers in New York for homeowners insurance. Declining deductibles mean that your deductible is reduced by 50 dollars every year and claim forgiveness prevents premium increases if you’ve been claims-free with farmers for five years.
Like some other insurers in our roundup, Farmers offers the option to provide full replacement cost coverage for your personal belongings, an option that is sometimes difficult to find, even with some nationally-known home insurance providers. Additionally, Farmers customers enjoy a claims-free discount if they’ve been claims-free for at least 3 years — even if you’re coming to farmers from another insurer.
- A.M. Best Financial Strength Rating: A
- J.D. Power Overall Satisfaction Score: 3 stars
- Online Quote Tool: Yes
PURE
Unlike some other home insurance providers that target the broad market, PURE insurance focuses its coverage on high-net-worth families with valuable assets to protect, often including high-end homes. PURE offers guaranteed replacement cost for rebuilding your home — even when rebuilding costs exceed your chosen coverage limits. PURE members also have the option of choosing a cash settlement in the event of a total loss, whereas most competitors do not provide the option and customers are effectively forced to rebuild — even in high-risk areas.
Many homeowners may not be aware, but most home insurance policies do not cover drain or sewer backups unless you purchase a separate rider. PURE includes this essential coverage by default because a well-structured insurance policy should cover most common risks.
PURE Insurance is also known for no-hassle claims, complete with a member advocate who can assist during and after the claim with items such as temporary housing, replacement of lost items, and connecting you with local contractors and vendors.
- A.M. Best Financial Strength Rating: A-
- J.D. Power Overall Satisfaction Score: Not Rated
- Online Quote Tool: No
Pure High Value Home Insurance
Kingstone
This New York-based insurer traces its roots back to 1886 and is centrally located in historic Kingston, New York. Unlike some well-known national insurers, Kingstone focuses on a highly localized market and only writes business in three states. Kingstone’s specialization is high-value homes, coastal homes, and seasonal or secondary homes.
Building coverage of up to $5 million is available, enough to cover all but the most exclusive of homes. Attractive policy coverages or enhancements include coverage for back up to sewer and drains, and service line coverage, the latter of which is a rare find in a home insurance policy.
Policies are available for primary homes, secondary homes, or for income properties, providing you with essential protection if you are a landlord.
- A.M. Best Financial Strength Rating: A-
- J.D. Power Overall Satisfaction Score: Not Rated
- Online Quote Tool: No
The Hartford
The Hartford, based out of Hartford, Connecticut, is another favorite amongst new york homeowners. As the only homeowners insurance provider endorsed by AARP, The Hartford prides itself on easy-to-understand coverage and policy options that help ensure full coverage.
With an A+ rating for financial strength from A.M Best, you can be assured that The Hartford has the financial strength to weather whatever storms come your way but claim service is also a top priority. The Hartford earned 4.7 out of 5 stars in a recent customer survey done by Insure.com.
Policy extras with The Hartford include full replacement cost up to 125% of your coverage limits or even 150% of coverage limits in some areas. For larger losses, The Hartford will waive your deductible for qualified claims of over $27,500 if you choose their ProtectorPLUS Zero Deductible Benefit. Full replacement cost for personal property is available as well.
- A.M. Best Financial Strength Rating: A+
- J.D. Power Overall Satisfaction Score: 3 stars
- Online Quote Tool: Yes
NYCM
As its name suggests, NYCM is another New York-based home insurance provider. The company boasts a 75-year-long A+ rating from A.M. Best and New York Central Mutual Fire Insurance Company has been protecting New Yorkers, including their homes and assets since 1899.
With over 1000 agents servicing the company’s New York customers, you’re virtually assured hands-on service when choosing to insure with NYCM.
Generous discounts of up to 25% are available for bundling home and auto insurance, with an additional 10% discount available if you also purchase an umbrella policy that extends your liability coverage for both home and auto. Discounts are also available for homes in gated communities, alarm and safety features, claim-free status, and there’s even a retirement discount for retired people 55 years or older.
- A.M. Best Financial Strength Rating: A+
- J.D. Power Overall Satisfaction Score: Not rated
- Online Quote Tool: Auto only
