5 Best New York City Homeowners Insurance Companies (2025)
State Farm, Ocean Harbor Casualty, and Narragansett Bay Insurance offer some of the best homeowners insurance policies in New York City.
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Written byDanny Smith
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Licensed auto and home insurance agent
4+ years in content creation and marketing
As Insurify’s home and pet insurance editor, Danny also specializes in auto insurance. His goal is to help consumers navigate the complex world of insurance buying.
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Edited byElena Stratoberdha
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Elena Stratoberdha is an Editorial Assistant at Insurify. Before joining the content team at Insurify, Elena earned her bachelor’s degree in English Literature and Writing from Simmons University, where she collaborated as a copy editor and led the layout design for two student-run magazines: Sidelines and MindScope Magazine.
In her free time, Elena enjoys writing creative and short fiction, knitting, running near the beach, and exploring new music genres.
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Table of contents
The average home insurance rate in New York City is $1,968 per year for a policy with $300,000 in dwelling coverage and a $1,000 deductible — cheaper than the national average of $2,532.
New York City has lower-than-average home insurance premiums because it’s not a risky place for a home. But the city does experience flooding, thunderstorms, and even the tail-end of some hurricanes, which insurers consider when setting rates.[1]
Before you buy a policy, compare home insurance quotes from different companies to find affordable coverage that best suits your needs. Here’s what you need to know about home insurance in New York City.
Quick Facts
State Farm, Ocean Harbor Casualty, and Narragansett Bay Insurance are some of the cheapest home insurance companies in New York City.
New York City has experienced a higher likelihood of coastal flooding in recent years due to rising sea levels.
Standard home insurance policies don’t cover flooding, so if you’re in a high-risk area in NYC you may want to consider purchasing add-on flood insurance coverage.
Best home insurance companies in New York City
Homeowners have plenty of great home insurance companies to choose from in New York City. But the best home insurance company won’t be the same for everyone. Each insurance company determines rates uniquely, as they all consider rating factors differently.
The right insurer for you depends on your specific needs and previous claims, among other factors. If you’re unsure where to start, check out five of the best home insurance companies in New York City.
Cheap rates: Ocean Harbor Casualty
Ocean Harbor Casualty offers the cheapest rates in New York City. With an average monthly cost of only $75 per month, it’s the best deal for homeowners looking to save money in a notoriously expensive city.
Pros
Fewer-than-average number of complaints on the National Association of Insurance Commissioners (NAIC) Complaint Index
Some of the cheapest rates in New York City
Cons
Comparatively lower financial strength rating of B (Fair) from AM Best
Not available in all states
Best insurer for discounts: Narragansett Bay Insurance
Narragansett Bay Insurance is the best insurer for discounts in New York City. It offers numerous credits, discounts, and coverage options to its customers, allowing them to save extra on their homeowners policies.
Pros
Fewer-than-average number of complaints on the NAIC Complaint Index
Affordable rates
Cons
Not rated by AM Best
Only offers coverage in nine states
Best insurer for customer service: State Farm
State FarmCompare personalized, real-time quotes
| IQ Score The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores. | 8.2/10 |
|---|---|
| A.M. Best A.M. Best analyzes an insurer’s financials, operating performance, business profile, and other factors to generate an opinion-based rating of a company’s financial and credit strength. Ratings range from A++ (exceptional) to D (poor). | A++ |
| $300,000 Dwelling A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others. | $100/mo |
| $500,000 Dwelling A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others. | $180/mo |
State Farm is the best insurance company for customer service in New York City. It has reliable coverage, but it’s not as affordable as its competitors. It also has fewer complaints than average on the NAIC complaint index. It’s a solid option for New York City homeowners looking for dependable coverage and customer satisfaction after a claim.
Pros
Above-average J.D. Power customer satisfaction rating
Has a large network of local agents in the city
Cons
Not as affordable as other New York City insurers
Has fewer discounts than other insurers
Best insurer overall: Allstate
AllstateCompare personalized, real-time quotes
| IQ Score The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores. | 8.2/10 |
|---|---|
| A.M. Best A.M. Best analyzes an insurer’s financials, operating performance, business profile, and other factors to generate an opinion-based rating of a company’s financial and credit strength. Ratings range from A++ (exceptional) to D (poor). | A- |
| $300,000 Dwelling A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others. | $111/mo |
| $500,000 Dwelling A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others. | $179/mo |
Allstate is the best home insurance company overall in New York City, pairing great coverage with affordable premiums. It’s the second-largest home insurance company in the country, and it offers numerous insurance products and discounts. It also earned an A+ (Superior) financial strength rating from AM Best, making it a reliable option for homeowners concerned about getting claims paid.
Pros
Offers various discounts, coverage types, and add-ons
A+ (Superior) AM Best financial strength rating
Cons
Limited coverage in certain high-risk areas
Below-average J.D. Power customer satisfaction rating
Best insurer for flood coverage: Travelers
TravelersCompare personalized, real-time quotes
| IQ Score The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores. | 7.8/10 |
|---|---|
| A.M. Best A.M. Best analyzes an insurer’s financials, operating performance, business profile, and other factors to generate an opinion-based rating of a company’s financial and credit strength. Ratings range from A++ (exceptional) to D (poor). | A++ |
| $300,000 Dwelling A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others. | $66/mo |
| $500,000 Dwelling A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others. | $114/mo |
Travelers is one of the top home insurance companies in New York City, offering competitive and affordable premiums. Additionally, Travelers also offers robust flood insurance coverage through a partner, Neptune Flood. For homeowners looking to secure their homes from potential flood risk, Neptune Flood sells additional and alternative coverage options that aren’t covered in the National Flood Insurance Program (NFIP).
Pros
Discount available for having a certified green home
Highly customizable with riders such as personal property coverage, and additional replacement cost coverage
Claims filing available through Travelers app or online
Cons
Fewer discounts compared to other home insurers
Conflicting customer service ratings may indicate uneven customer service
Rates tend to be higher than other competitors
Our editorial team analyzed regional and national home insurance companies that sell policies in New York City to assess which offer the best rates, coverage options, customer service, and savings to homeowners. We prioritized competitive rates, 24/7 customer service, homeownership discounts or bundling options, and specialty or supplemental coverages.
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How much is home insurance in NYC?
The average cost of homeowners insurance in New York City is $2,119 per year for a policy with $300,000 in dwelling coverage and a $500 deductible. The average cost with a $1,000 deductible is $1,926. New York City homeowners pay higher rates in comparison to the statewide average of $1,222 per year for the same coverage levels.
Your exact premium will depend on your location within the city, how much home insurance coverage you need, the insurance company you choose, and other factors. The higher coverage limits you choose, the more expensive your rate will be.
Good to Know
Other factors that can affect your rate include the size of your house, its age, local building costs, your deductible, and even your credit history.[2] No matter what your unique characteristics are, it’s essential to compare home insurance quotes from multiple insurers before buying a policy.
Cheapest home insurance companies in New York City
State Farm has the cheapest home insurance in New York City, with an average rate of $107 per month.
Check out some of the other cheapest home insurance companies in New York City in the table below.
The below rates are estimated rates current as of: Tuesday, October 7 at 12:00 PM PDT.
Insurance Company  | Average Annual Premium |
|---|---|
| State Farm | $840 |
| Preferred Mutual | $960 |
| Travelers | $960 |
| Sterling Insurance | $1,008 |
| Allstate | $1,344 |
| Nationwide | $1,440 |
| Unitrin | $1,704 |
| Chubb | $1,752 |
| National General | $1,908 |
| AIG | $2,016 |
| Hanover | $2,412 |
| Farmers | $2,532 |
| Encompass | $2,712 |
The below rates are estimated rates current as of: Tuesday, October 7 at 12:00 PM PDT.
Insurance Company | Average Annual Premium |
|---|---|
| State Farm | $2,280 |
| Sterling Insurance | $2,292 |
| Travelers | $2,592 |
| Preferred Mutual | $2,724 |
| Unitrin | $3,084 |
| Allstate | $3,168 |
| Nationwide | $3,456 |
| AIG | $4,092 |
| Chubb | $4,356 |
| National General | $4,584 |
| Hanover | $5,028 |
| Encompass | $5,256 |
| Farmers | $6,060 |
The below rates are estimated rates current as of: Tuesday, October 7 at 12:00 PM PDT.
Insurance Company | Average Annual Premium |
|---|---|
| Sterling Insurance | $3,276 |
| State Farm | $3,564 |
| Travelers | $3,972 |
| Allstate | $4,296 |
| Preferred Mutual | $4,512 |
| Unitrin | $4,536 |
| Nationwide | $5,412 |
| AIG | $5,712 |
| Chubb | $6,564 |
| National General | $6,840 |
| Hanover | $6,984 |
| Encompass | $7,248 |
| Farmers | $8,580 |
How much homeowners insurance do you need in New York City?
Though New York state doesn’t require its residents to carry homeowners insurance, it’s a very good idea to have it.[3] Home repairs and replacement costs can be devastatingly expensive for homeowners without financial assistance from an insurance company. Most mortgage lenders will require you to carry a home insurance policy anyway, so it’s worth knowing what coverage you need.
The 80/20 rule is a good guideline to follow when it comes to home insurance. You should buy coverage equal to or greater than 80% of your home’s replacement cost. No matter how much dwelling coverage you go with, it’s essential to know what your home insurance policy covers.
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What to know about home insurance in New York City, NY
Depending on the season, New York City homeowners generally deal with extreme heat and high humidity throughout summer, as well as flash flooding and severe windstorms caused by nor’easters during the Winter.
Environmental factors can play a significant part when insurers determine your premium, which is why you should consider add-on policies such as flood insurance.
The following natural disasters pose the biggest risks to homes in New York City:
Flooding
New York City is no stranger to floods — 30.6% of homes in the city are at risk for flooding over the next 30 years, according to Risk Factor. Unfortunately, a standard home insurance policy doesn’t cover flood damage. You’ll have to purchase a separate policy through the National Flood Insurance Program (NFIP) or buy private flood insurance.
Hurricanes
Though New York City doesn’t typically take the brunt of hurricanes, they, along with other coastal storms, can do serious damage to the city and its homes. Home insurance typically covers these damages, though, which often are the result of high winds.
Snowstorms
New York City winters have been less intense in recent years, but the city still experiences heavy snowfall from time to time, which can severely damage homes and roofs.[4] Home insurance covers most of these damages, but you may want to check with your insurer to see exactly what it covers.
Average cost of home insurance in other cities in New York
New York home insurance costs can even vary by ZIP code. Different areas of New York City are susceptible to different risks. For example, certain parts of the city may experience higher rates of theft or vandalism, so rates will be higher there, while New Yorkers who live next to a fire station will pay lower rates.
In the table below, you can see how home insurance rates vary across cities in New York for a home policy with $300,000 in dwelling coverage and a $1,000 deductible.
The below rates are estimated rates current as of: Tuesday, October 7 at 12:00 PM PDT.
City | Average Annual Premium |
|---|---|
| Rochester | $1,044 |
| Syracuse | $1,080 |
| Buffalo | $1,152 |
| New York | $1,968 |
NYC homeowners insurance FAQs
If you’re shopping for a home insurance policy in the Big Apple, this additional information may help as you research your coverage options.
Home insurance in New York City costs $1,968 per year for a policy with $300,000 in dwelling coverage and a $1,000 deductible, according to Insurify data. Your rate will depend on many factors, including your ZIP code, the age and square footage of your home, and the coverage levels you choose.
State Farm has the cheapest homeowners insurance in New York City, with premiums of $107 per month.
No. New York City doesn’t require homeowners insurance, but your lender will require it if you have a mortgage on your home. Without a home insurance policy in place, you’d be on the hook financially if something damaged or destroyed your home and you had to make costly repairs or rebuild.
The best home insurance companies in New York City include State Farm, Travelers, Preferred Insurance, Sterling Insurance, and Allstate. But it’s important to compare multiple home insurers to find the best fit for your budget and homeowner needs.
In New York City, a policy with $500,000 in dwelling coverage and a $1,000 deductible costs an average of $3,144 per year.
Methodology
Insurify data scientists analyzed rates from more than 180 home insurance companies sourced directly from Insurify’s partner companies and Quadrant Information Services. Rates span all 50 states and Washington, D.C., and quote averages represent the mean price for a given coverage level and geographic area. To ensure data reliability, only insurers meeting minimum quote thresholds were included in the analysis.
Unless otherwise specified, quoted rates reflect the average cost for homeowners with no prior claims and good credit with a home construction year of 1980. The default coverage assumptions include:
Default Coverage Assumptions
- Dwelling coverage: $300,000
- Deductible: $1,000
- Personal property limit: $25,000
- Liability limit: $300,000
Additional data points beyond these default values are sourced from Insurify’s proprietary database. Rates are updated monthly.
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Sources
- National Weather Service. "New York Significant Weather Events Archive."
- National Association of Insurance Commissioners. "A Consumer's Guide to Home Insurance."
- New York Department of Financial Services. "Homeowner and Tenant's Insurance."
- National Centers for Environmental Information. "Daily U.S. Snowfall and Snow Depth."
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Danny Smith
Danny is a Brooklyn-based writer with a producer’s license for property and casualty insurance. A former editor at Insurify, he specializes in auto, home, and pet insurance. He works to translate his insurance expertise into digestible, easy-to-understand content for drivers, homeowners, and pet owners alike.
Danny has been a contributor at Insurify since March 2022.
Elena Stratoberdha is an Editorial Assistant at Insurify. Before joining the content team at Insurify, Elena earned her bachelor’s degree in English Literature and Writing from Simmons University, where she collaborated as a copy editor and led the layout design for two student-run magazines: Sidelines and MindScope Magazine.
In her free time, Elena enjoys writing creative and short fiction, knitting, running near the beach, and exploring new music genres.