Best Homeowners Insurance in New York City 2022

To help you find the best homeowners insurance option for your needs in New York City, we’ve compiled the Best Homeowners Insurance Companies available in the area.

Lemonade: A homeowners policy from Lemonade includes coverage for certain extreme weather damages. Lemonade also makes it easy to switch, offering to cancel your previous insurance policy for you. However, its discount options can be somewhat limited compared to other companies in our rating available in the city.

USAA: USAA only provides coverage for qualified members, which includes veterans, active members of the military, and their families. It offers a wide selection of discount options and identity theft protection is included in a standard homeowners policy, but it does not offer water backup coverage.

Amica: Those who go with Amica may be able to save up to 20% by bundling a home and car insurance policy. As with many of the best NYC insurers, separate structures are included in basic coverage while other things like water backups and identity theft protection can be added on for an extra cost.

Allstate: Allstate is another solid option for those looking to bundle and it can get you up to a 25% discount on coverage. It also offers a wide selection of other discounts for being claim-free, recently purchasing your home, using automatic payments, switching to Allstate from another insurer, and signing up for a policy before your previous one expires.

State Farm: State Farm is the cheapest option in our rating for New York City by a significant margin, according to the available rate data. The company also offers a bundling discount that they say can save homeowners up to $1,127 a year depending on their previous insurer. Unlike most top insurers, you won’t find a new home credit discount with State Farm.

Nationwide: Nationwide’s rates are on the lower end compared to other top insurers in our rating. Generally, these policies offer a comparable option to many of the other insurers on this list. For example, it offers many of the common discount options available with other companies and Nationwide’s policies include coverage for separate structures.

Erie Insurance: With a home policy from Erie, you can get personal property and dwelling replacement cost coverage included at no extra cost. Replacement cost coverage pays you for the amount of money it would take to replace your belongings without taking into account their depreciation in value. While there was no rate data available for this insurer, it does offer a multi-policy discount that averages 20%, which can help homeowners control costs.

Liberty Mutual: Liberty Mutual’s discount offerings are quite extensive with discounts for getting a quote before your previous homeowners insurance policy expires, having an alarm system, being claim-free, and receiving your documents electronically. However, because there was no rate data available for this company it’s difficult to say how its policy costs would stack up to competitors.

Chubb: Chubb policies include water backups, personal property, and dwelling replacement coverage. However, in exchange for those features you may pay more than you would with a policy from other top-ranking companies. Chubb has the highest known rates for NYC residents of the companies in our rating. That said, it does have a solid lineup of discount options.

Progressive: With Progressive’s quote tool you can get quotes from a number of different companies. In addition to the policies it issues, Progress also sells some policies issued by other insurance companies.

However, the company’s discount options can be less comprehensive than other top insurers. Because there isn’t rate data available here, it’s tough to properly compare Progressive’s premiums to its competitors.

Farmers: Those who go with a Farmers home policy can earn $50 off of their deductible each year in addition to a wide array of available discounts. Farmers offers three different tiers of its homeowners insurance policy: Standard, Enhanced, and Premier. The higher tiers have more features and higher coverage limits. However, Farmers is the only company that doesn’t automatically include coverage for separate structures.

The cost of homeowners insurance depends on several factors like your specific ZIP code and the age, value, and condition of your home. If your home is an older build and you haven’t replaced the roof in a long time, you might see higher rates than someone who has a brand new build. Your deductible will also impact your monthly premium. The lower the deductible, the higher the monthly premium tends to be, and vice versa.

To give you an idea of basic premiums, we’ve compiled the available rate data for New York City policies across several amounts of dwelling coverage with either $100,000 or $300,000 of liability coverage.

There’s more than one way to save money on homeowners insurance, but not all methods are equally useful. For example, you can lower the coverage on your policy or go with a higher deductible but this can lead to financial trouble later on if your home needs serious repairs. For most people, one of the best ways to save is to look for discounts. The options available will depend on the company but in general, a lot of companies offer bundling, loyalty, and claim-free discount options to qualified homeowners. The more discounts you can get, the lower your premium will be.

When it comes to home insurance one option may be a great fit for someone else, but you might not get adequate coverage from that same policy. It’s important to look not only at the monthly premium but also at whether or not it’s giving you the coverage you need. For instance, if you have a separate structure on your property like a driveway or shed, you’ll want to make sure that’s included in your policy.

If you own a home in New York City you can generally expect your home insurance policy to come with protection for your dwelling and personal property. So if your home has a covered loss like a broken window or damaged furniture, you can expect to be protected. You’ll likely also get liability (in case of a lawsuit) and medical payments coverage, which can help if someone is injured on your property. Keep in mind that your policy will almost certainly have coverage exceptions so you should always make sure you understand those before signing.

While your home insurance may cover certain types of water damage, flooding damage is excluded. To cover flooding from things like an overflowing river would need flood insurance. Flood policies are made available through the National Flood Insurance Program (NFIP), which works with communities to enforce floodplain management policies. Most New York state cities are NFIP participants and, according to NYC Planning, the city is highly vulnerable to flooding from coastal storms.

For more information about flooding you can go to FloodSmart.gov and visit FEMA’s website to see the flood risk for your home based on your address. For those who are interested, flood insurance can be purchased through traditional insurance companies.

While home policies can cover a wide array of damages, those will exclude damages caused by earthquakes. Deductibles on these kinds of policies usually range from 10% to 25% of the replacement value of the structure. If you’re interested in learning more about earthquake coverage or you want to purchase a policy, you should talk to your insurance agent.

Yes* denotes that the coverage is available for purchase through the insurer, but the insurance may ultimately be from an external program, such as the NFIP (flood), CEA (California Earthquake Authority), or another partner (ie. Palomar for Lemonade Earthquake).

No* denotes that, while a company does not participate in the NFIP, customers can enroll and report claims to agents and/or directly to the NFIP.

The information provided on this website does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this site are for general informational purposes only.

For more information on Homeowners Insurance please visit our other guides:

At U.S. News & World Report, we rank the Best Hospitals, Best Colleges, and Best Cars to guide readers through some of life’s most complicated decisions. Our 360 Reviews team draws on this same unbiased approach to rate the products that you use every day. To build our ratings, we researched more than 24 homeowners insurance companies and agencies and analyzed 15 third-party review sources. Our 360 Reviews team does not take samples, gifts, or loans of products or services we review. All sample products provided for review are donated after review. In addition, we maintain a separate business team that has no influence over our methodology or recommendations.

For this study, U.S. News worked with Quadrant Information Services to analyze a report of publicly available insurance rates using all the available ZIP codes in New York City for the insurance companies in our rating of the Best Homeowners Insurance Companies of 2022 that operate in that city. The insurance rates in our study are based on sample rates for a 47-year-old, married applicant household with a 728 FICO credit score. The rates were obtained for a HO3 policy covering a wood frame house with 10% Other Structures Coverage, 20% Loss of Use Coverage, 50% Personal Property Coverage, and a guest medical limit of $5,000.

Our goal is to empower consumers with the information and tools they need to make informed decisions. More information about our 360 Reviews methodology for evaluating homeowners insurance companies is here.