Hippo: Best For Digital
Pros: Hippo offers fast quotes plus a wide range of extra coverage options.
Cons: Its policies arent available in all states, and its tech focus doesnt appeal to everyone.
Company overview: Founded in 2015, Hippo emphasizes technology and user experience, promising a 60-second quote feature for easy price comparison. Hippos focus is evident in some of the extras that come with its policies, such as a smart home monitoring system and virtual connections to home maintenance advisors.
Several of Hippos discounts focus on protecting your home. Features such as burglar alarms and hail-resistant roofs will save consumers on their premiums.
Home Insurance Companies That Cover New York City Apartments
Home insurance companies that serve New York City include MetLife, State Farm, NYCM Insurance, Travelers and Preferred Insurance.
Do your research, as youre bound to find a manageable policy.
Home insurance prices in New York vary depending on which insurance company you select.
Below is a list of rates we ascertained for basic home insurance rates in New York by company.
The average annual coverage price for New York City is $1,595, which is over 75% higher than the national average.
It seems MetLife is at the top of the list, offering the cheapest policy in the city.
At $742 a year, you can add on riders to protect your valuable possessions and increase your rates for more protection without much of a bump in terms of price.
If you factor in the state average price, which is $1,262, youll be saving $520. Here you can find cheap homeowners insurance by checking out the most affordable New York carriers, listed below.
Best Homeowners Insurance In New York
In this article: Best Homeowners Insurance Providers | Factors That Affect Cost | Common Causes of Claims | | FAQs | Methodology
Homeowners insurance can grant you peace of mind, meet your mortgage lenders requirements and save you thousands of dollars if your home is damaged or youre held liable for someones injury or property damage.
We at the Home Media reviews team have done a deep dive into the best home insurance companies across the nation, comparing coverage options, customer reviews, rates and brand reputation. Based on our research, the providers below stand out as the top homeowners insurance companies in New York. Read on to simplify your shopping process and choose the best company for you and your familys needs.
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New York Homeowners Insurance Rates By City
With New York being such a large and diverse state of rural, suburban, and major metropolitan areas with varying weather patterns and household values, the average cost of homeowners insurance differs by city.
Looking at the largest cities in New York, New York City and surrounding areas have the highest rates, while upstate cities like Rochester, Schenectady, and Albany have the lowest.
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Water Damage And Freezing
Given that New York is so far north, it’s no surprise that one of the most common claims is for water damage from freezing. Something as simple as ice piling up on a roof and then melting can cause damages to the roof and leaks into the interior. In addition, water damage caused by severe storms, rainwater, plumbing issues, burst pipes, and malfunctioning appliances represents a large number of homeowners insurance claims in New York.
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Lemonade Homeowners Insurance Coverage
- Coverage for family members living in the same household comes standard with no extra charge.
- Lemonade will cover up to $1,000 or 10% of personal possessions in a separate storage facility.
- Standard coverage includes dwelling coverage, personal possessions, loss of use, and personal liability, with coverage of medical expenses usually under $5,000.
- Extra coverage can be purchased at any time and requires no deductible.
Home Insurance Companies In New York City For Dog Owners
Owning a pet, especially a dog, is a pleasure many households in NYC enjoy, but if your dog bites someone on your property, you can be sued for damages.
In some locations, certain breeds deemed as dangerous often see higher insurance premiums from insurance companies. But lawmakers in Illinois, New York, and Nevada are pushing for legislation that bans insurance companies from discriminating against certain breeds.
With an average rate of $2,489 per year, Chubb has the most expensive insurance rates in New York City for a home with a dangerous dog breed, while State Farm has the lowest rates.
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How Much Does Homeowners Insurance Cost In New York
The average cost of homeowners insurance in New York is about $1,300 per year for $200,000 in dwelling coverage, $100,000 in liability coverage and $30,000 in personal property coverage. Thats about $200 above the national average, but its still an extremely great price especially when you compare it to the peak prices in a handful of other states.
The average cost of homeowners insurance in New York depends heavily on how much your home is worth, how much coverage you enroll in and many other factors like your claims history. To get the cheapest homeowners insurance in New York, youll want to get a quote from Clovered!
- Average Cost of Homeowners Insurance in New York: $1,300 per year
Best Homeowners Insurance Companies In New York City
Of the companies we evaluated, State Farm has the lowest rate in New York City, with an average cost of $1,284 per year still higher than the New York state average, but significantly lower than the citywide average.
Looking at the largest home insurance companies in New York City by market share, Policygenius analyzed the latest rate data from Quadrant Information Services to find out how much you can expect to pay with each company in 2022. We then looked at 2021 J.D. Power customer satisfaction scores and compared that with the coverage needs of New York City residents to find the best homeowners insurance in New York City.
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Cost Involved With A Warranty For Your Home
Typically, a home warranty costs a couple hundred dollars, which can be paid in a lump sum amount during the purchase of a new home. This lump sum payment would be collected at the time closing costs are due for the newly purchased home. However, the seller, real estate agent or a family member or friend can purchase home warranties on behalf of a home-buyer. If a home appliance insurance claim is filed then the homeowner may be responsible for paying a service fee or deductible that typically ranges from $50 to $100. Please note, home warranty companies have different contract agreements therefore, fee amounts may vary.
Best New York Homeowners Insurance Companies
In determining the best homeowners insurance in New York, we always start with a carriers ability to handle and pay claims. The size and brand recognition of an insurance carrier play almost no role in the quality of the company.
We further refined the list by comparing each companys J.D. Power Overall Customer Satisfaction Score and AM Best Financial Strength Rating.
We then considered the types of coverage offered, pricing, and the availability of discounts. Pricing information was determined by using general profiles to come up with average rates. The rates we mention may be higher or lower than what you pay based on your personal circumstances.
Lastly, we added in our own experience providing homeowners insurance to New York residents for over 15 years to round out the list.
NOTE: These carriers are not in rank order as the nuances of each are too specific to each home.
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Cheapest For Older Homes
What’s not to love about older New York homes? They have character, style, and architectural flourishes most new homes can’t touch. However, an older home is also more likely to be hit with problems like leaky basements, wood rot, or mold. That’s the primary reason old homes are more expensive to insure. That doesn’t mean there are no good deals to be found. The top three companies for insuring old New York homes cheaply are:
- NYCM, with an average annual rate of $570
- State Farm, offering an average annual rate of $789
- Travelers, with an average annual rate of $842
Best Customer Service: American Family
- Lots of useful coverage options
- Above-average rates
New Yorkers looking for a great customer service experience should consider purchasing home insurance from American Family . According to the National Association of Insurance Commissioners , AmFam receives significantly fewer complaints than other insurers of the same size. The company also scored above average on J.D. Power’s annual customer satisfaction survey.
American Family offers homeowners the ability to customize their insurance policy with a number of useful coverage options. For example, AmFam offers a hidden water damage endorsement, which protects against damage within ceilings, cabinets, walls, beneath your floors or under an appliance. However, its base policy costs $1,501 per year, on average, which is $83 more expensive than the statewide average.
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Which Are The Best Home Insurance Companies In New York
New Yorks best home insurance companies combine reasonable prices with quality customer service and financial stability. Everyone wants to save on premiums. However, you also need your insurance company to provide the right coverage for your needs and fulfill its financial commitments if you ever have to file a claim.
Best Homeowners Insurance Providers In New York
After in-depth research, the Home Media reviews team found the following are New Yorks best homeowners insurance providers.
- Lemonade: Our pick for fast claims
- Allstate: Our pick for extended coverage
- State Farm: Our pick for new homeowners
- Geico: Our pick for optional coverage
- Travelers: Our pick for deductible savings
According to the most recent data from the Insurance Information Institute, the average cost of homeowners insurance in New York is $1,321, which is about 6% higher than the national average of $1,249. Homeowners insurance rates vary based on location, square footage and other factors. To get your personalized quote, use our free tool below.
Compare Homeowners Insurance Policies
- AM Best rating: N/A
- J.D. Power score: N/A
Lemonade is an industry newcomer with a growing list of insurance products, featuring auto, life, pet, home and renters insurance.
Lemonade was not featured in the most recent J.D. Power U.S. Home Insurance Study, nor is it highly rated by the Better Business Bureau . However, it has a higher BBB customer review average than all the other companies in this review, and most complaints have been promptly resolved.
Based on our research, Lemonade stands out for having a fast claims process designed to instantly pay out most simple claims, such as a stolen camera. The company is able to process claims quickly thanks to its artificial intelligence mobile app and website, which feature easy home insurance quotes, claim filing and claims payments.
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New York Central Mutual Insurance:
Unlike the conventional insurance company, New York Central Mutual is a mutual insurance company. The benefit of the clients is that they extend the best customer services. It is not that big a name as Farm Bureau but still, the offers are worth considering and they are capable enough to settle your claims.
Consider Bundling Your Auto Life And Home Insurance Policies
One of the most common discounts among insurance companies is the multi-policy discount. In some cases, this could save you over $1,000 a year. Most companies let you bundle both home and auto, and many include life insurance as an option for bundling too.
This not only saves you money, but can streamline your renewal process and allow you to keep tabs on all policies more easily.
However, while many companies offer a lot of different policies, such as boat, pet, even livestock, not all policies will qualify for a bundling discount.
Here are the insurers in our list that offer at least home and auto:
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Make Sure All Your Assets Are Covered
Depending on what kind of property you own, standard coverage can be anywhere from $100,000-$150,000 for a typical co-op, more for a condo, or a home at $300,000-$500,000.
If your home is large or very expensive, usually your premiums will be higher, but so should the dollar amount for a replacement.
If you have precious family heirlooms, artwork, pets, custom features or fixtures in your home and on your property or even a home business, you’ll want to make sure that they’ll be covered.
Experts usually recommend purchasing additional coverage in order to protect yourself, your family members, and household from lawsuits.
How Much Is New York Homeowners Insurance
The average homeowners insurance cost in New York is $1,840 for $300,000 dwelling and $300,000 liability coverage with a $1,000 deductible. Experts recommend you have at least $300,000 liability coverage to protect your home against a lawsuit.
New Yorks average is $465 less than the national average of $2,305. However, you can pay much more or much less for home insurance depending on where you live.
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What Natural Disasters Are Addressed By My Homeowners Insurance Policy
The natural disasters that are addressed by your homeowners policy will depend on the type of policy you have. Most homeowners insurance policies will automatically cover damage caused by wind, lightning and fires, but it can still be helpful to review your specific policy with an agent to discuss what perils are covered. Flood and earthquake coverage are typically not included in a standard policy. However, you may have the option to purchase this type of coverage as a separate endorsement or policy. Flood policies are available through both private insurers and the federally-backed National Flood Insurance Program.
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 doesnt provide as much protection as youd like. Fortunately, raising your liability coverage limit is one of the more affordable changes you can make to your policy.
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How Much Is Homeowners Insurance
While the national average premium is around $100 a month , its important to know that there isnt a single established price for home insurance. Although these vary from company to company and policy to policy, here are some of the most common factors that can determine how much you pay for insurance.
Factors that impact your insurance premium
Coverage amount needed. How much coverage you choose to buy will obviously have the greatest impact on your monthly or yearly premium. This means the overall cap the insurer agrees to cover in the case of an included peril. You dont need to cover the entire cost of your house, but you should aim to cover at least 80% of the value .
Location of your home. The location of your house determines the type of perils it could be exposed to and so this will greatly impact the rate an insurance company offers you. For example, a house in a storm-prone zone will be more expensive to insure than one that isnt.
Style and age of the home. The overall build and condition of the house is taken into account in order to adjust the premium. If a house is fairly deteriorated or built with outdated materials, for example, its structure is at a higher risk, thus raising the price on coverage.
Square footage. No surprise here: the size of your home is used to calculate your premium. Larger homes will inevitably need more resources to fix or rebuild, and are also more prone to neglect in certain areas.
Home insurance discounts
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Top10.com is a comparison platform that offers users our 10 best options across a wide variety of products and services. Weve made it our mission to make decisions easier by helping you choose from the top options available. Our team of editors and writers spend hours reviewing products and services, comparing features, and diving into the nitty-gritty details. This way, we give you top-notch lists and reviews saving you time, money, and headaches.
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Automobile Insurance Company Of Hartford
- Headquarters: Hartford, Connecticut
- Contact: 842-5075
- Available: In all 50 states
- Discounts available: Multi-policy , claims-free, home buyer, protective device, green home
- Other types of insurance offered: Auto, renters, condo, travel, umbrella, landlord
- Insure.com score: 4 out of 5 stars
- Better Business Bureau rating: A+
- A.M. Best rating: A++
- JD Power rating: Below average
Automobile Insurance Company of Hartford is a subsidiary of Travelers, offering similar policies, coverages, discounts and prices as its parent company.
A standard homeowners policy includes coverage for the dwelling, other structures, personal property, liability and loss of use.
We ranked Travelers the Best Home Insurance company for price in our 2021 review of the best Home Insurance Companies. This insurer boasted the lowest rates for coverage among those surveyed. Additionally, they had a low level of complaints filed with state regulators.
Nine in 10 customers polled said they expected to renew with Travelers, while two in three indicated they would recommend homeowners insurance from Travelers to friends.