Who Has the Cheapest Homeowners Insurance Quotes in New York?

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This article has been reviewed and deemed factual by our content auditor with 8 years of banking experience.

Article Approved By Banking Expert

This article has been reviewed and deemed factual by our content auditor with 8 years of banking experience.

Owning a home in New York State is for many people the dream. Close enough to many major centers to not miss out, while in a nice suburban landscape for the rest of the time, raising a family there can be a great experience. Yet New York is not without its share of risks, and we would like you to be prepared for them by getting a homeowners insurance policy, which is easy and cheap in New York. To make it even easier for you, we found the cheapest and best providers in the state.

Here are the five cheapest homeowners insurance providers operating in New York:

The Five Cheapest Quotes:

New York is a large area, and not every home is the same. So we would like you to note that your rate and experience might be different from what you read about below. The trends will remain true, but they are based on averages.

The number listed next to each provider is the average annual rate for a standard policy.

1) State Farm: $593

State Farm is an extremely affordable option that operates all across the country, serving millions of customers of all backgrounds looking for different types of insurance. When it comes to homeowners insurance in New York, they will most likely provide you with the simplest and cheapest plan, and we know that this is exactly what many homeowners are looking for. If you count yourself among them, consider State Farm first.

Yet while your rate will be low, so will your number of options. Compared to other providers listed here, State Farm doesn’t have many customization opportunities or policy add-ons. There are also few discounts available, but at this price point, that’s not a major concern.

You can expect the following working with State Farm:

  • One of the best online toolsets and resource libraries in the business, alongside a quoting tool that will tell you everything you need quickly and easily.
  • The experience and stability that only an organization as large as State Farm can have.
  • A wide network of agents available to help you, no matter where you are in the state.

2) Nationwide: $777 

Nationwide is only slightly more expensive, and for your trouble, you will get plenty of additional customization options if you have a home that has more exact needs or you know exactly what you want from your future policy. You also will have plenty of discount options available and services to always make you feel like your concerns and problems matter.

Yet like State Farm, Nationwide has its downsides. While there are many optional coverages you can add to your policy, they are generally rather expensive and can boost your annual rate to the point of non-affordability. There are also a few small issues that have been reported regarding claims and customer service, so they aren’t perfect in those areas.

You can expect the following working with Nationwide:

  • Optional flood, earthquake, water backup, and identity theft coverages. There are also enhanced coverages available for home replacement and your valuables.
  • A free and optional annual review to help you make sure you’re getting the best possible plan.
  • Excellent replacement coverage levels should parts or all of your home become extremely damaged or destroyed.

3) Farmers: $1,859

There’s no denying that Farmers is a significant price jump from the first two, and given the benefits of Nationwide and State Farm, there are few homeowners who will find the price to be worth it. While there are plenty of discounts to keep costs reasonable, Farmers will be the best choice for a certain subset of readers looking for excellent customer service alongside plenty of customization options.

Yet for the price, Farmers still has some major problems. People often aren’t satisfied with their coverage after the fact, and rate spikes can occur to people who aren’t aware. Be careful and read everything.

You can expect the following working with Farmers:

  • Coverage for trees, shrubs, and other landscaping features.
  • Declining deductibles and claim forgiveness if you make claims rarely.
  • Discounts for recent renovations, new homes, not smoking, bundling, using strong roofing materials, and installing home safety systems.

Other Notable New York Homeowners Insurance Providers

Getting an average annual rate can be difficult to impossible for some companies, but that doesn’t mean that those companies should be out of consideration. We ask you to look at these two companies as well:

4) Allstate

A company similar to State Farm in many ways, Allstate differentiates itself that alongside generally low rates (in many areas, but unfortunately not all) they are able to provide some special coverage options that your home might need. If you’re interested, we ask you to look into the company more, as they might be the best choice considering their massive infrastructure and stability.

What might worry you, however, is that Allstate often drops the ball with customer service, to the degree that it’s the main complaint against them. Don’t choose them if you want a guaranteed decent experience.

You can expect the following working with Allstate:

  • A strong online presence and platform, with tools and resources to help you understand your policy and insurance in general.
  • Many different discounts available, including particularly strong bundling options.
  • A few special endorsements are available for expensive items.

5) Liberty Mutual

A company that’s more middle-of-the-road in most regards with few issues to problems, Liberty Mutual is able to get you effective coverage easily, and they have plenty of discount options to keep your rate reasonable no matter what home you live in. We think every homeowner should at least see if they can get an excellent offer.

Yet for all its benefits, Liberty Mutual has some regular issues when it comes to claims. It’s not as quick for most people as needed, and some claims are rejected when other companies would have likely accepted them.

You can expect the following working with Liberty Mutual:

  • Partnerships with thousands of organizations that can help you get a lower rate or other benefits.
  • The ability to help you easily get emergency repairs made should your home get damaged.
  • Plenty of different customer support channels, allowing you to get help in the manner most comfortable to you.

Conclusion

New York might be one of the best places to live in the country, but you should also be prepared for anything, especially when a homeowners insurance policy is so cheaply available. We ask you to take some notes about the above companies, consider what your home needs, and gets some quotes today. No commitment is required, but getting more information is always useful. No matter your final decision, we hope that you manage to find a suitable policy soon.