The Best Cheap New York Homeowners Insurance for 2023

If the idea of finding the best homeowners insurance intimidates you, there's no need to be nervous. We took a deep dive into the best homeowners insurance in New York to provide you with reputable insurers with low rates. We'll show you where to buy the cheapest policies in the state, and outline key factors to look for in choosing a New York home insurance policy.

• Cheapest overall: NYCM
• Cheapest for new home construction: NYCM
• Cheapest for older homes: NYCM
• Cheapest for those who have filed a claim: NYCM

Cheapest overall

These three companies offer the cheapest homeowners insurance in the state:

• NYCM, with an average annual rate of $581
• Nationwide, coming in with an average rate of $822
• State Farm, staying competitive with a rate of $862

Cheapest for new home construction

In addition to the excitement of moving into a new home, homeowners are sure to enjoy how much they'll save on insurance -- since all the major components of the house are new, insurers don't have to worry about claims right away. And because they're not worried about paying out big claims, they offer low rates. Here are the three cheapest New York home insurance providers for newly-built homes:

• NYCM, offering an average annual rate of $318
• State Farm, with an average annual rate of $456
• Nationwide, with an average annual rate of $496

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

Cheapest when you've made a claim

New York home insurance can be a financial lifesaver. However, after a homeowner makes a claim it's likely the annual premium will increase for a time. For any New York homeowner who has previously made a claim, these three insurers offer the lowest rates in the state:

• NYCM, offering a forgiving rate of $594
• State Farm, coming in with an average annual rate of $815
• Nationwide, offering an average annual rate of $824

Average cost in New York compared to the national average

The average cost of homeowners insurance in New York is $1,013, nearly 42% lower than the national average of $1,725.

New York homeowners insurance overview

There's more to finding the best homeowners insurance in New York than snagging a low premium. Here are some other factors to consider when shopping for the best homeowners insurance.

Different types of homeowners coverage

There are six types of policies designed to cover traditional (non-mobile) homes, from basic policies to coverage with all the bells and whistles. The best homeowners insurance companies offer them all. Before shopping for a policy, it benefits a homeowner to list the things about their home they're looking to protect. For example, a homeowner may have turned the basement into a wine cellar, and needs to protect that investment. In that case, they would look for a policy that replaces personal belongings at their current value.

Level of coverage

The thing about a bare bones insurance policy is that it may be cheap, but it is unlikely to provide a full range of coverage. If a homeowner sleeps better at night knowing they have enough coverage to make the house good as new -- no matter how much it costs to rebuild -- it may be worth paying a slightly higher premium.

Amount of deductible

A deductible is an amount the homeowner must pay toward a claim. Let's say a roof leaks, and the total cost of the repair is $10,000 with a $1,000 deductible on the policy. The homeowner pays the contractors $1,000, and the insurance company covers the remaining $9,000.

Potential discounts

One way to land cheap homeowners insurance in New York is to take advantage of all possible policy discounts. It's possible to mistakenly believe one policy is more expensive than another unless discounts are factored in. Nearly every company offers home insurance discounts, and they cover everything from discounts for a home with an alarm system to discounts for non-smoking homeowners. In other words, it's not difficult to qualify for one or more.

What are the most common homeowners insurance claims in New York?

Every region is known for a different set of natural disasters. For example, Oklahoma has tornadoes, and California has mudslides and earthquakes. But natural disasters are not the only reason a New York homeowner might file a claim. Here are some of the top New York home insurance claims:

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.

Fire and lightning

Whether lightning causes a fire or a fire begins some other way, the fact that fire and lightning are among the top insurance claims underscores the importance of having a policy that fully covers the homeowner's financial investment.

Wind damage

Whether the damage is due to an everyday thunderstorm or a hurricane, wind damage is one of the most common claims in New York. Between blowing objects, falling trees, and heavy winds, roofs and other exterior features can take a beating.

Theft and vandalism

Burglary is a problem in every state, and New York is no exception. It's one of the most common reasons homeowners make claims.

Homeowners insurance coverage options and discounts in New York

The best homeowners insurance in New York provides a high level of coverage at a low price. It comes down to examining potential types of coverage and comparing them against costs, including any available discounts. Here we list both coverage and discount options.

Coverage options

Homeowners with a non-mobile home have their choices of six categories of coverage. In the insurance industry, these categories are referred to as HO-1 through HO-8. Of the eight, one type covers renters, and another covers mobile homes only. The six remaining policy types range from basic coverage to protection with all the bells and whistles. A homeowner can pick up coverage, for instance, for precious coins and artwork. They can protect their property against ice dams on the roof, electrical surges, and even volcanic eruptions. It's all about being clear about the level of coverage they desire, and requesting a quote for a policy providing that coverage.

Discount options

Landing cheap homeowners insurance in New York depends, in part, on snagging as many discounts as possible. Each insurer offers a different set of discount options. Here are some of the most common:

• Home and auto insurance bundle
• Home upgrades
• Home security system
• Company loyalty
• New home construction
• Age of home
• Construction type
• Roof upgrade
• Advance purchase

5 cheapest cities in New York for homeowners insurance

A home may be more or less expensive to insure for many reasons, including the crime rate in a city, how near (or far) a house is from a fire station, or the value of homes in a particular area. Here are the five cheapest cities in New York for homeowners insurance:

5 most expensive cities in New York for homeowners insurance

And here are the five most expensive cities in the state for homeowners insurance:

A homeowner can be sure they've found the best homeowners insurance in New York when they land a low-cost policy with a comprehensive level of coverage. As perfect as that policy may be, though, homeowners should make it a practice to review coverage and premiums once a year to make sure there's not a better policy available.