With mountains, rivers, cities, and beaches, geography in the Empire State is as diverse as New Yorkers themselves. This means needs can vary widely when shopping for homeowners insurance in New York. We selected some of the best NY home insurance companies to help you get started.
The 5 Best Homeowners Insurance Companies in New York
We analyzed leading homeowners insurance providers in NY, with an eye toward finding the best value. As with many financial products, the cheapest option may not always be the best choice. Home insurance needs vary from one household to the next. Needs can vary by region as well. From picturesque upstate regions to New York City’s busy byways and the beach havens of Long Island, weather and regional risks in the Empire State span a wide range. Your insurance needs might differ from those of your neighbors down the street, your friends across town, or people in other parts of the state. Some insurers may be a best fit for certain households but may not be the right choice for broad-market homeowners in New York. For example, USAA is an excellent choice for military families, while PURE offers exceptional coverage for high-value homes. While coverage needs may differ, some key elements remain constant. We looked at several important factors when selecting the best homeowners insurance providers in New York. We considered financial ratings and average premiums for each insurance company. But we also looked at policy customization and coverage options. We weighed several other factors that enhance value for NY homeowners as well.
Amica Mutual – Homeowners Insurance
With a record-setting 50 J.D Power customer satisfaction awards earned across its various insurance lines, Amica deserves a closer look. For 2020, Amica tops the list again, earning the top spot in the J.D. Power Property Claims Satisfaction Study for the United States. Financial strength matters. Amica’s A.M. Best financial rating of A+ (Superior), places the century-old insurer in the rating agency’s top category. New York homeowners can take comfort in knowing that Amica will be there if you have a claim. Awards and top ratings aside, Amica offers real-world benefits that set this insurer apart from the pack. Amica provides several common policy types, ranging from full-featured auto insurance to umbrella insurance that expands personal liability coverage. Home insurance options with Amica include extended coverage that expand your home’s insured value by up to 30%. This helps ensure that your home is fully protected if damaged due to natural disasters or another covered risk. You’ll also have the option to protect your personal property with full replacement cost coverage. Many home insurance policies insure your personal property for a depreciated value. Amica’s policy option fills the gap. Amica also offers coverage for home-based businesses, allowing New York entrepreneurs to protect business risks not covered by a standard homeowners insurance policy. Combine your home insurance with a life policy, auto policy, or umbrella insurance policy to earn multi-line discounts. New York homeowners are eligible for Amica’s dividend policies. This policy type can return part of your premiums, usually averaging between 5% to 20%.
Nationwide – Homeowners Insurance
Like other top insurers, Nationwide offers solid protection for your home. But unique homeowners insurance policy features help set this insurance company apart. Nationwide’s Brand New Belongings coverage provides enough coverage to repair or replace damaged belongings. The coverage works in 2 steps. You’ll get a partial settlement for covered claims immediately. When you replace your belongings, Nationwide can reimburse the difference. This provides full protection. Nationwide also offers extra protection for your roof. If your roof must be replaced due to a covered claim, Nationwide can rebuild your roof with stronger and safer materials. Optionally, you can add coverage for earthquakes or flood insurance. Similar to other providers in our lineup, Nationwide also offers excess coverage for your home. This policy add-on boosts your coverage limit by up to 20%, to be sure you have enough money to rebuild after a covered loss. Like Amica and other top-rated New York homeowners insurance providers, Nationwide boasts an A+ financial strength rating from A.M. Best. You’ll also find plenty of ways to save with Nationwide, including multi-policy discounts for bundling home and auto insurance. Other ways to save include a discount for new home buyers and discounts for qualifying home upgrades.
Liberty Mutual – Homeowners Insurance
We all know Liberty Mutual for the company’s light-hearted commercials, but this Boston-based insurer is a serious contender for best homeowners insurance company. New York homeowners benefit from built-in coverage for most risks, with options to expand your coverage where needed. Customize your Liberty policy with replacement cost coverage for your belongings. You can also choose no-deductible coverage for jewelry. Replacement cost coverage helps ensure you have enough to replace items damaged or destroyed in a covered claim. Blanket jewelry coverage offers an easy way to cover lost or stolen jewelry. You can also add wider protection for water damage, including damage caused by water back up or overflow of drains and sewers. Standard home insurance policies exclude these common risks. Some insurers don’t offer coverage as an add-on. To help ensure your home is always protected, consider Liberty Mutual’s Inflation Protection. With this home insurance policy add-on, Liberty can adjust your coverage limits automatically. Labor and material costs often increase each year. Inflation Protection adjusts your coverage limit at renewal. You’ll also earn an extra discount. Other discounts include a discount for new homes or newly renovated homes, including a new roof discount. Liberty Mutual also rewards safe homeowners with a claims-free discount. Of course, you can save by bundling home and auto policies with Liberty Mutual as well. Liberty Mutual earns a respectable A rating from A.M. Best, the third highest rating available.
Travelers – Homeowners Insurance
With a solid network of independent agents and a full line of insurance products, Travelers deserves a spot on your home insurance shopping list. Customization options are key when the goal is to insure your home fully. Where some other policies can leave gaps, Travelers Insurance offers coverage options. Special personal property coverage provides protection against more risks than a standard home insurance policy. Travelers also offers full replacement cost coverage for your personal property. Many policies take a deduction for depreciation, leaving you with less-than-full coverage. Travelers offers extra coverage for your home as well. In some cases, especially a storm or similar widespread evert, labor and supply costs can soar. Travelers’ additional replacement cost protection helps ensure you have enough to repair or rebuild your home. Travelers earns an A++ with A.M. Best, the rating agency’s top rating for financial strength.
State Farm – Homeowners Insurance
With over double the premiums in 2019 of its closest competitor (Allstate), State Farm holds the distinction of being the nation’s largest home insurer. Reasons to consider this Illinois-based provider include strong multi-line discounts and wide options for deductibles. These 2 benefits both offer ways to reduce premiums. Financial strength for State Farm is also impressive. A.M. Best rates State Farm A++, the highest rating available. With a legacy dating back to 1922, State Farm has a proven history of paying claims reliably. As another benefit, State Farm offers a massive agent network. In most areas of New York State, you’ll find a State Farm agent nearby. In today’s market, many insurance providers offer ways to bind coverage using internet services and without visiting an office. The advantage of a larger network may not be as big as in the past, but some consumers still prefer to work with an agent face to face. As a caveat, State Farm uses captive agents. This means agents who sell State Farm policies may not be able to quote policies from other insurers. By contrast, independent insurance agents allow you to compare home insurance quotes and policy features.
What is the Average Annual Cost for Homeowners Insurance in New York?
Rates vary based on a number of factors, but insured home value is a core factor for home New York insurance rates. Your home’s insured value should reflect the cost of rebuilding your home in the event of a total loss.
|Insured Home Value||Average Annual Premium|
NY Home insurance rates as they relate to insured value aren’t always linear. Smaller claims are much more common than a total loss, so you’ll find the cost of insuring a $200,000 home is often less than double the cost of insuring a $100,000 home. Other factors, such as regional risks or individual factors can affect rates as well. This means real-world premiums can vary from the average, sometimes by a lot. However, average rates can be useful for budgeting purposes.
What Does Home Insurance Cover in NY?
Most home insurance policies are all-risk policies in regard to coverage for your home itself. This means the policy covers all perils, except for those excluded by the policy. Expect your home insurance policy to cover insurance claims for property damage due to:
- Wind damage
- Hail damage
- Falling objects
- Many types of water damage
- Personal property / personal belongings
- Personal liability for bodily injury or property damage
- Medical payments to others (simple liability)
It’s important to note that water damage coverage does not include flood insurance. Earthquakes and other land movement claims are also excluded on standard policies. Coverage for these risks can be purchased separately, however. In New York’s coastal areas, home insurance policies may require a separate deductible triggered by damage due to a hurricane. The deductible is the part of the claim paid by the insured. For New York homeowners insurance companies, hurricane deductibles usually range from 1% to 5% of the home’s insured value according to the Insurance Information Institute. However, you may be able to adjust this amount with some insurers.
Can I Save on Home Insurance With a Higher Deductible?
While hurricane deductibles typically use a percentage of the home’s insured value, standard deductibles for other types of claims might use a fixed dollar amount. Some insurers use $500 as a minimum deductible, although you may have options as high as $5,000.
|Deductible Amount||Average Potential Savings|
|$1,000||15% Lower than base|
|$2,500||23% lower than base|
|$5,000||30% lower than base|
New Yorkers often choose a standard deductible of $1,000 or higher. However, it’s important to choose an amount you can afford to pay if you have a claim. It’s also useful to know that premium savings can be less affected as you reach higher deductibles. On average, NY homeowners may see diminishing returns with the highest deductible options.
Choosing the Best Homeowners Insurance in New York
As part of your decision-making process, compare home insurance quotes and policy features. Having the right information helps you to make smarter financial decisions. The licensed agents at Coastal Insurance always put service first and provide no-obligation quotes to help you compare your options.