Best Home Insurance NYC

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Contributor, Benzinga
April 1, 2020

New York City is the most populated city in the U.S. It’s home to over 8 million residents and a portion of those are homeowners. 

You want peace of mind knowing your home is protected at any hour. Benzinga can assist with your search for the best homeowners insurance in New York City. 

Best Home Insurance Providers in NYC:

Best Home Insurance Providers in NYC

We’ve conducted hours of research to bring you a list of the top home insurance providers in New York City. Here are our top picks for best home insurance providers in NYC. Get fast, free, no-obligation quotes to compare your options and make an informed decision. 

Liberty Mutual
Best For
  • Tailored coverage

1. Best Overall in NYC: Liberty Mutual

Liberty Mutual has provided exceptional service to residents of New York City since 1917. Its standard homeowners insurance policies feature coverages for physical structures, personal belongings and additional living expenses. Liability coverage is also offered as a standard feature. Supplementary personal property and inflation protection coverages can be purchased for an additional fee. 

Liberty Mutual also offers a host of discounts to homeowners. These include multi-policy, claims-free, new home, protected devices, preferred payment, new roof and paperless discounts. You may also qualify for exclusive cost-saving opportunities if you’re a member of select associations and alumni groups in the state of New York. 

Request a free, no-obligation quote today to learn how Liberty Mutual can assist with your home insurance needs. 

Lemonade Home Insurance
Best For
  • Ratings, price and customization
securely through Lemonade Home Insurance's website

2. Best for Top-Rated Home Insurance

Lemonade provides a top-rated homeowners insurance experience that’s easy and hassle free. Award-winning customer service and digital, super-fast everything from just $25 a month.

Using technology to improve the insurance experience, Lemonade offers home insurance for the modern consumer looking for a fast, digital solution.

Using the Lemonade app you can get insurance in 90 seconds, and you can get paid for a claim in as little as 3 seconds. Lemonade takes a flat fee and donates what’s leftover to nobles causes.

Coverage includes things like theft, fire, water damage, storm damage and extra living expenses.

Best For
  • No Recent Claims

3. Cheapest Home Insurance in NYC: Allstate

Want cheap home insurance that doesn’t cut corners? You’ll be in good hands with a policy from Allstate. It offers affordable house and home policies to homeowners in New York City. Coverage includes your dwelling, personal property, other structures, liability protection, guest medical protection and additional living expenses protection. Optional coverages are available if you wish to upgrade your policy. 

Worried your premiums will increase when you need to file a claim? Allstate offers Claim Rateguard® to protect you from steep rate hikes. Each year that you go without filing a claim, you’ll receive a 5% discount. 

Get a free quote to see how much you can save by switching to Allstate. 

Best For
  • Claims free policyholders

4. Best for Discounts: Travelers

Travelers makes it easy for New York City homeowners to keep even more hard-earned cash. Its premiums are affordable, and you can save up to 15% on home insurance by bundling policies. 

You may also be eligible for discounts if you purchased a home in the last 12 months, install protective devices in your home or have your property certified as a “green home” by the Leadership in Energy and Environmental Design (LEED) organization. 

Inquire to determine whether Travelers offers policies that meet your needs and budget. Request a free quote today. 

Best For
  • Customizable policies

5. Best for Customer Service: Nationwide 

You won’t ever have to question if Nationwide is on your side if you’re in need of assistance with your home insurance policy. Nationwide’s team of dedicated specialists are available to assist 7 days a week. 

Call 877-669-6877 if you need to file a claim any time of the day or night. You can also log in to the online portal or download the mobile app to initiate a claim when it’s convenient for you. 

Prefer to connect with an agent in your area? You can also work directly with an agent located in New York City. 

Amica Mutual
Best For
  • First time policyholders

6. Best for Supplementary Coverages: Amica

Amica offers home insurance policies that can be tailored to fit your needs. All policies come standard with dwelling, other structures, personal property, loss of use and personal liability coverage. 

What if you need additional protection? It also offers the following extended coverages: 

  • Catastrophic coverages 
  • Dwelling replacement coverage 
  • Home business coverage 
  • Identity fraud expense coverage
  • Personal property replacement coverage 
  • Valuable items coverage 

Or you can enroll in Premier Home Coverage to unlock exclusive benefits like credit card coverage, computer coverage and valuable items extended coverage. 

You can get a fast, free online quote to see how much these added protections will cost you. 

Average Annual Home Insurance Premium in NYC

The average annual home insurance premium in New York City is $1,200. Be mindful that your premiums could be lower or higher. It depends on the property type, coverages you select, the deductible, location and intended use of the property. 

You can get accurate figures by requesting a fast, free online quote. The home insurance provider will ask the following:

  • Is the property a single-family or multiple-family home? 
  • Are you seeking standard coverages or will you need supplemental coverages? 
  • What deductible are you comfortable with? 
  • What is the property address? 
  • Do you intend to use the property as a primary residence, secondary residence or investment property?

Home insurance providers allow you to adjust your coverage limits and deductibles until you reach a premium that works for your budget. Providers also extend discounts to policyholders to help lower costs. These include:

  • Alarm discounts available for policyholders with security monitoring or burglar alarms in their home.
  • Automatic payment discounts extend to customers who opt in to recurring electronic payments.
  • Bundle discounts apply to homeowners with more than 1 policy from the same provider.
  • Claims-free discounts are available if you don’t file a claim for an extended period. 
  • Fire alarm discounts apply to qualified fire alarm systems. 
  • Gated community discounts are for if your home is in a gated community.
  • Loyalty discounts are available for policyholders who have been with the same provider for a while. 
  • New or renovated home discounts are for those who pose less risk to the home insurance provider and who may qualify for reduced premiums.
  • Senior citizen discounts apply to homeowners who are at least 55 years old. 

This list is not as comprehensive as some providers who offer additional discounts. Ask about options you may qualify for when you request a quote. 

What Does Homeowners Insurance Cover?

The following coverages are standard with most home insurance policies:

  • Property coverage: This entails certain personal property, dwelling and loss of use coverage. Property coverage kicks in for damage or destruction caused by fire, hail, lightning, smoke, wind or theft. In some instances, water damage claims may be covered. Your policy may also extend to personal belongings and detached structures.
  • Personal liability coverage: This coverage takes care of medical bills for individuals who are injured while on your property. It also covers legal expenses, lost wages and settlements. 

What about flood and earthquake coverages? Some providers allow you to add these on for additional protection for a fee.

What Does Homeowners Insurance not Cover? 

Home insurance policies can exclude coverage for:

  • Damages caused by wear and tear or negligence, including mold, insect infestations and sewer backup.
  • Damages or losses resulting from acts of war, nuclear hazards or events that cause mass destruction, along with deterioration, domestic animals, settling or underground water.
  • Aggressive dog breeds, but check with the provider to determine which breeds are included on its list.
  • Select high-valued items that can exceed your policy limits, such as jewelry, antiques and collectibles.

Get Home Insurance in New York City Today 

There’s no need to leave your property at risk. Get home insurance in New York City today to protect your investment and your wallet. 

Consider our list of recommended providers to jumpstart your search. Request free quotes and compare your options to determine which provider offers the coverage you need at a price you can afford. It’s easy to get started and there’s no obligation to purchase a policy.