A homeowners insurance policy can protect your home and personal belongings from covered perils, such as a natural disaster, fire, and theft. Not to mention, it can prevent you from having to pay for expensive repair or replacement costs out of pocket when an unexpected event damages your home or belongings.
To help you find the best homeowners insurance company in New York, the This Old House Reviews team reviewed dozens of providers and rated them on coverage options, pricing, and unique benefits.
Before buying a home insurance policy, we recommend requesting quotes from a few insurance providers, since pricing and coverage options can vary based on your personal information and property details.
New York’s Top 3 Home Insurance Companies
1. Allstate: Best Overall
Allstate has the best homeowners insurance in the industry because of its impressive coverage, customer service, years of experience, endorsement options, and customizability. For example, Allstate offers 24/7 customer service, while most insurance providers have limited hours for policy and billing questions. Additionally, you can choose your liability, medical payments to others, and deductible amounts.
Other Allstate benefits include:
- Bundling discounts with auto insurance policies
- A helpful quote tool
- Online resources that help new homeowners determine how much coverage they need
Get a personalized quote from Allstate by visiting the company’s website.
2. Lemonade: Quickest Sign-Up
Lemonade has the easiest and fastest sign-up tool in the home insurance industry. It also takes pride in a mission-driven business model that donates each customer’s unused premiums to certified charities at the end of the year. Use the company’s online quote tool to receive a pricing estimate on your policy.
Lemonade also features these unique benefits:
- A cutting-edge mobile app for policy management, customer service, and claims
- Inexpensive and customizable plans
- Easy claims filing process
3. Liberty Mutual: Best Discounts
Not only does Liberty Mutual provide a 5% discount to anyone who purchases a policy online through its quote tool, but it also offers an extensive list of discounts, such as employment status, education level, early signing, safety features, and multi-policy bundling. Although our sample quotes for Liberty Mutual were slightly higher than the quotes we received for Lemonade, you may be able to qualify for lower premiums based on your eligible discount opportunities.
Here are some other benefits offered by Liberty Mutual:
- A useful mobile app
- 24/7 claims support
- Extensive additional coverage options
Visit Liberty Mutual’s website for a free, personalized quote.
New York Homeowners Insurance Coverage
Most homeowners insurance policies in New York include the following coverage types with customizable limits:
- Dwelling—This covers the rebuilding of your house after a destructive peril, such as wind damage or fire. The coverage limit for this category is typically equal to the total value of your house. Speak with an appraisal professional for advice on how much your home is worth before signing up for a policy to ensure you purchase the right amount of coverage.
- Personal property—This coverage protects your personal belongings and usually amounts to around 70% of the dwelling coverage limit, but companies like Lemonade allow you to customize this limit to your coverage needs. Take inventory of your belongings to determine how much they’re worth, then set your coverage limit as close to that amount as possible to ensure complete protection.
- Loss of use—If you’re forced to relocate due to damages caused by a covered event, you could qualify for a loss of use claim that helps pay for additional living expenses. Coverage limits for this type of protection will depend on your home insurance company and the details of the claim.
- Other structures—This coverage typically includes a limit of 10% of your dwelling coverage. It covers damages to structures that aren’t considered part of your home, such as a backyard shed or fence.
- Personal liability—Liability protection is a different form of coverage that protects your financial well-being if you’re responsible for someone else being harmed on your property. It can pay up to the agreed amount for medical payments and legal fees associated with the accident.
- Medical payments to others—If someone got injured in your home, their medical payments could be covered under this category, since the injury would be considered a no-fault injury on your property.
How Much Does Home Insurance Cost in New York?
Home insurance rates in New York will depend on a variety of factors, such as your location, property details, credit history, and personal information. Based on sample quotes our team received on a 1,800-square-foot single-family house in New York City with a value of around $650,000, the average monthly cost from these providers is $202.33. For a home of the same size valued at $375,000 in East Amherst, New York, the average monthly premium is $77.66.
Factors To Consider Before Buying Homeowners Insurance
Here are a few factors to consider before purchasing a home insurance policy:
- Crime rate—Some areas in New York, especially in or around the city, have higher crime rates. These neighborhoods have statistics that home insurance providers use to assess risk. In general, most policies cover theft of your personal belongings and vandalism.
- Personal belongings—Take inventory of your personal property before purchasing home insurance. You don’t want to be under-covered during a claim because you selected a lower personal property coverage limit when you signed up for a policy. Allstate has a digital tool for keeping track of your home’s inventory and can help assess the amount of coverage you need.
- Home value—Some providers may not cover higher-value homes, while companies like Lemonade have better premium rates for high dwelling coverage limits. This is important to consider in New York City, since houses there are typically valued at much higher amounts than the rest of the state.
- Endorsements—Purchasing additional coverage is a great way to get the most out of your policy. For example, you can add identity theft protection to keep yourself protected from fraudulent activity. You could also add water backup coverage to your policy for extra protection from damages caused by clogged drainage or sewage lines.
Compare Homeowners Insurance Coverage Options
|Get a free quote||Allstate.com||Lemonade.com||Libertymutual.com|
|Personal property coverage limits||60% or 75% of dwelling||40%–83% of dwelling||70% of dwelling|
|Liability coverage limits||$100,000, $200,000, $300,000, $500,000||$100,000, $200,000, $300,000, $400,000, $500,000, $1 million||$100,000, $200,000, $300,000, or $500,000|
|Unique add-ons||Roof surfaces extended coverage, water backup protection, green improvements||Coverage for musical instruments, significant other coverage, swimming pool liability coverage||Water backup and sump pump overflow protection, extra hurricane coverage|
|Customer service||24/7||Online chat on website and mobile app||24/7 claims support|
*Based on sample quotes we received on a 1,800-square-foot single-family house in East Amherst, New York
**Figures pulled from the companies’ Better Business Bureau (BBB) profiles as of April 17, 2021
All three home insurance providers listed in this review offer comprehensive and affordable home insurance policies. If you’re looking for a budget-friendly policy, we recommend Lemonade. Allstate is a great choice for the best overall policies, offering comprehensive coverage and excellent customer service. Consider Liberty Mutual for a variety of discount opportunities that can help lower your premium.
Regardless of which company you’re leaning towards, we recommend getting quotes from all three providers to compare coverage and pricing based on where you live.
FAQs About Homeowners Insurance in New York
Do I need home insurance in New York?
No matter where you live in the state, purchasing homeowners insurance in New York is a smart decision to protect your house from unexpected incidents, such as theft or natural disasters. While you’re not legally required to purchase a policy, your lender may require one with a certain amount of coverage if you have a mortgage.
Is home insurance expensive in New York City?
Since houses typically have higher values in New York City, home insurance policies are often more expensive there than in other areas. Additionally, if you live in a high-crime neighborhood, you may see a spike in premiums. However, New York isn’t necessarily a high-risk area for insurers, so prices are generally reasonable. To find the cheapest homeowners insurance, consider requesting a few quotes from different providers and comparing prices.
How much personal property coverage do I need?
Taking inventory of your belongings is the best way to determine how much personal property coverage you need. Some companies like Lemonade allow you to customize your coverage limit considerably. However, you shouldn’t purchase a policy with an amount lower than what your total inventory is valued at, since this could result in being under-covered during a claim.
Does homeowners insurance cover damage from snowstorms?
Yes, home insurance typically covers damage from snowstorms. For example, if your roof collapses from the weight of snow or ice, you can file a claim to repair it or replace any damaged personal property. However, if the snow or ice causes your roof to collapse because of improper maintenance, you may not be covered.
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