The 5 Best Homeowners Insurance Companies In New York

You will find that there are many insurance companies willing to give you excellent coverage for a lower price. With that being said, here are the top 5 best homeowners insurance companies you definitely need to check out when looking for insurance in New York.

The 5 best homeowners insurance companies in NY

1. Amica Mutual

Amica Mutual is one of the best insurance companies in New York and it has actually earned the highest score from JD Power and Associates for thirteen years in a row. They have been given an A.M. Best rating of A++ is a credit issuer and for their financial strength as well. Therefore, Amica Mutual is by far one of the best choices people of New York can consider when looking for affordable homeowners insurance policies.

What’s great about Amica’s policy is that it can provide coverage for a wide range of damages including potential liability claims filed against you. The coverage is still effective even if you’re away from home and can pay for any necessary repairs that can contribute to preventing further damage.

The company has plenty of extra (flexible) coverage that can be adapted based on your needs and budget. Discount options can apply if you decide to combine claim free policies, alarm systems, and/or higher deductibles. If you need any help in understanding any of these, then don’t worry, since their helpful customer representatives can explain everything to you.

2. Nationwide

Given the fact that Nationwide has also received an A+ rating from AM Best and a five-star rating from JD Power and Associates, you can have the peace of mind that they’ll help you get through any potential claims process fast and hassle-free. New York’s northeast weather is very unpredictable and Nationwide caters specifically to people living in this part of the state.

What this means is that if your belongings have been stolen as a result of a burglary or natural disasters, then the company is going to replace them for you. The claims process is very simple and it allows you to easily recover from many types of disasters.

Thanks to their low rates and discounts of up to twenty percent (when buying multiple policies), as well as their partnership with Plenti, you can easily earn points and then use them in order to pay for your premium.

3. Liberty Mutual

Anyone who wants to buy a homeowners insurance policy for a good discount should certainly consider Liberty Mutual. Discounts are offered to clients who have recently renovated or bought a new home, belong to specific organizations or businesses that are part of the company’s group savings network, did not file a claim for a set amount of time and those who have more than one policy through the company. To learn more about other applicable discounts, be sure to check Liberty Mutual’s official webpage.

On top of that, Liberty Mutual also has a downloadable app that clients can use in emergency situations. The app can be used to track existing claims, report claims, upload receipts, but also take pictures of the damage.

4. Travelers

Travelers is recognized as a very reliable, adequately priced, and well-rated homeowners insurance provider in New York, having a rating of A+ with AM Best. They also have four-point three out of five-star rating for customer satisfaction.

Travelers make it a breeze for potential customers to save with their many discounts offered. The company offers a five percent discount for those who have a certified green home which not only positively affects taxes, but also your monthly insurance premium and the environment.

5. Allstate

Known as the company that serves a large part of the entire homeowners’ insurance market, Allstate provides multiple discounts, personalized coverage options, as well as plenty of educational tools that can help potential clients learn more about the specific type of coverage they may be interested in purchasing.

You can also use their various resources, including the multiple calculators and the Premium Gauge tool that makes it a breeze to understand how various factors can influence your monthly premium. To check whether you qualify for a discount, like those for retirees, new homes or new clients, be sure to browse their website.

Shop for competitive rates on any type of insurance in New York



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Common Homeowners Insurance Discounts

Homeowners insurance discounts
are often based on bundling, meaning purchasing two or more qualifying policies from the same insurer, or based on safety-related criteria. For example, claim-free discounts are common in the industry, another reason to be careful in and around your home.

Not all insurers offer the same discounts and the amount of a given type of discount can vary widely from one insurance to the next. Discounts can be a great way to reduce the overall cost of your premiums but you what you really want to consider is how well your home is protected and are you paying a fair price for the coverage you choose.

Among some of the more common discounts for homeowners insurance are:

  • Multi-policy discount
  • Pay in full discount
  • Alarm discount
  • Safety feature discount
  • New home buyer discount
  • Welcome discounts for new customers
  • New construction discount
  • Claim-free discount

You’ll also commonly find that rates are more attractive if you’ve been continuously insured for 3 to 5 years if you’ve owned a home during that time.

Beware of home insurance discounts that expire, like welcome discounts. Over time, as these discounts phase-out, the great price you got on your home insurance can become higher than you expected.

Understanding home insurance key coverages

Home insurance can seem difficult to understand but once you’ve got a handle on the key coverages included in a standard homeowners insurance policy, you’ll be well-equipped to make more educated insurance buying decisions. The coverages below reflect the primary coverages found on an HO-3 homeowners insurance policy. Condo or renters insurance policies are structured similarly, with the primary difference being in how the dwelling coverage applies.

Coverage A – Dwelling Coverage:

Your dwelling coverage is insurance for your house itself, as well as any attached fixtures, including carpeting, cabinetry, plumbing, wiring, heating or cooling systems, etc. Most home insurance policies provide dwelling coverage for all perils, with a specified list of exclusions, which typically include damage due to wear and tear, insects and vermin, neglect, and intentional acts.

Work closely with your agent to determine an accurate coverage amount for your dwelling coverage. From an insurance perspective, the market value of your home has little significance in establishing a coverage amount for your home. The rebuild cost, which is what you’re insuring for, may be higher or lower than the market value of your home at any given time.

Coverage B – Other Structures:

Coverage B provides coverage for other structures on your property, such as sheds, gazebos, detached garages, and similar structures. Typically, your coverage limit for coverage B defaults to a percentage of the coverage limit you’ve chosen for coverage A. If you need a higher coverage limit for other structures, be sure to discuss this with your agent.

Coverage C – Personal Property:

Your personal property is the insurance term that refers to your personal belongings, including appliances, furniture, clothing, or most of the other physical things we own and that aren’t attached to the house. Any vehicles you may own typically require a separate insurance policy.

Discuss your coverage options for personal property with your agent. Many home insurance policies limit coverage for valuables and it’s common for home insurance providers to depreciate the insured value for other items. There are, however, ways to provide full coverage or more complete coverage for your personal property.

Coverage D – Additional Living Expense:

In the event of a covered claim you may find yourself displaced temporarily while your home is being repaired. Coverage for additional living expenses can help cover the extra cost of hotels or other accommodations while you are unable to use your home.

Coverage E – Personal Liability Coverage:

Your home insurance policy also provides personal liability coverage, which can pay for your legal defense in personal liability lawsuits and cover judgments up to your chosen coverage limit. Note that most policies come with a minimum of $100,000 in personal liability coverage. Much like a basic automobile policy, you may find that the minimum amount of coverage doesn’t provide as much protection as you’d like. Fortunately, raising your liability coverage limit is one of the more affordable changes you can make to your policy.

Coverage F – Medical Expenses:

A fixed amount of coverage for medical expenses is included in a standard homeowners insurance policy, which can pay for medical expenses for persons outside of your household, regardless of legal liability.

Flood Insurance Coverage:

It’s important to note that flood damage typically is not covered by a standard homeowners insurance policy. In recent years, many homeowners sought coverage for flood damage through the National Flood Insurance Program (NFIP). Recent changes in rules by the NFIP now make seeking flood insurance coverage through alternative private market providers easier and more affordable than it has been in past years. Be sure to discuss your flood insurance options with your insurance agent.

Homeowners Insurance (FAQ’s)

Homeowners Insurance FAQs

What are New York home insurance rates like?

Home insurance rates vary based on a number of factors, including the cost of rebuilding the house itself as well as the types of risks that are inherent in the area. For example, you can expect to pay a premium for homes near the water or for homes at higher risk from other acts of nature, like wildfires. Because insurance is regulated at the state level, rates also vary from state to state.

According to the Insurance Information Institute, the countrywide average homeowner’s insurance premium was just under $1,200 in 2015. The average premiums for homeowners in New York came in slightly higher at just under $1,300 per year.

Benefits of Buying Home Insurance Online

Buying home insurance online should be easy. However, there’s an easy way to shop online and a less-easy and possibly frustrating way to buy insurance online. Many home insurance providers offer an online quote tool. The challenge with using an online quote tool is that you need to input your information several times if you want quotes from several home insurance providers. The end result is often that the quote isn’t accurate and that you’ll have conversations with several home insurance providers.

The easier way to buy insurance online is to find an independent agent that you trust and let that agent do the shopping for you. An experienced independent agent will know what questions to ask to ensure an accurate quote and, in many cases, most of the process can be handled by email or with a quick phone call. You’re no longer limited to agents in your town and can easily work with an agent you trust even if they are in another part of New York State.

How to find an insurance agent you can trust

Trust is a subjective thing but there are some key elements you’ll probably want to look for when shopping for an insurance agent. First, it’s important to understand the distinction between a captive agent and an independent agent. A captive agent represents one primary company and typically can’t provide you with multiple quotes. This limits your choice or creates additional work because you’ll have to do your own shopping to compare rates and policy features. An independent agent is able to quote and bind coverage for a number of insurance providers. This provides the opportunity to easily compare policy features and rates without feeling rushed for time.

Industry experience has immeasurable value in nearly every business. Look for an agent who is experienced in home insurance or who specializes. Much like there are different types of doctors, insurance agents often specialize in certain types of insurance. Also, consider working with an independent agent. Insurance coverage for your home and family is too important to leave to a single option provider. An independent agent can help you choose from your best options to find a policy and provider that matches your unique needs.

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