Best cheap homeowners insurance in Brooklyn

Brooklyn is one of several New York boroughs where home values have skyrocketed, with a current median sales price of $888,000. Home insurance rates in Brooklyn average $1,656 per year for $250,000 in-home coverage, which is well above the current national average of $1,383 per year. However, if your home is worth close to the median value of $888,000, your insurance bill is likely to be much higher.

Homeowners could benefit from finding the best affordable home insurance companies in Brooklyn, not only to find more affordable rates but also to increase financial protection in the event of home theft or damage. Bankrate compiled data on Brooklyn home insurance companies to compare rates and other important factors and found that NYCM, State Farm, and Nationwide are standout choices.

The best cheap home insurance companies in Brooklyn

NYCM, State Farm, and Nationwide offer the cheapest rates in Brooklyn, according to data provided by Quadrant Information Services. Bankrate also reviewed other information about homeowners insurance providers that could be important to a homeowner, such as J.D Power third-party ratings and unique policy coverage options. All of this information was analyzed and each trader was assigned a Bankrate Score, based on a five-point scale, to help you assess whether a trader might be a good fit.

HOME INSURANCE COMPANY BANKRATE SCORE AVERAGE ANNUAL PREMIUM FOR $250K DWELLING COVERAGE J.D. POWER SCORE
NYCM 5 $631 Not Rated
State Farm 4.7 $803 876/1,000
Nationwide 4.1 $1,054 878/1,000
American Family 4.1 $1,083 868/1,000
USAA 5 $1,138 893/1,000


NYCM

New York Central Mutual, or NYCM, not only offers the cheapest homeowners insurance rates based on data but also offers some unique policy add-ons. If homeowners want to further customize their coverage, they can add extras like appliance and equipment breakdown coverage, valuable possession coverage, and utility line expense coverage. In addition to cheap rates, NYCM offers several ways to save, such as a green discount or a discount for those who work from home. NYCM offers a mobile app for added convenience, but the app is designed primarily for auto insurance policyholders.

State Farm

State Farm is one of the top homeowner's insurance providers in the country, offering Brooklyn homeowners some of the lowest rates among the companies we reviewed, well below the area average. State farm policyholders can get even cheaper rates by taking advantage of discounts, though the number of discounts offered is limited compared to other Brooklyn homeowners insurance providers. You may see reductions based on the type of roof you have, whether you have a home security system installed or if you bundle other coverages like Auto With State Farm.

State Farm also has a strong local presence. While most carriers have turned to an online-only business model, you'll find that there are 25 state farm agents in Brooklyn that can help homeowners conduct business face-to-face.

Nationwide

Nationwide is one of the cheapest carriers on our list, with average annual rates of $1,054. Customers can upgrade their plan with optional add-ons like earthquakes, identity theft, and water backup. Nationwide coverages also include Brand New Belongings, which is the insurer's name for replacement cost coverage. If your items are lost or damaged, they can be replaced with a new version without depreciation, as the age and condition of the item will be taken into account at payment.

Nationwide will help you save even more money on home insurance if you upgrade the electrical wiring, plumbing, HVAC, or other major systems in your old Brooklyn home or brownstone. Modernizing your home reduces the risk of claims, and Nationwide offers an incentive for this decision. Although you can't complete a quote online, once you select coverage, you can manage your policy online.

American Family

American Family, or AMFAM, offers the standard homeowner's policy options you'd expect, as well as a variety of policy customization options. Coverages like home daycare, senior life, and equipment breakdown are some examples of ways to customize a policy. Discounts are also plentiful, making it easier to find cheap homeowners insurance in Brooklyn. You can get a quote and manage a policy online or work with a local agent. Customers should note that the app is limited in what it offers for owners.

USA

USAA consistently tops the J.D. Power each year for its high level of customer service but is not technically eligible for the rank due to limited member availability. USAA membership is free, but only active or former military personnel and their immediate family members can qualify for eligibility.

For those who qualify, USAA offers affordable, standard homeowners coverage, with additional benefits including replacement value coverage available at no additional charge. These homeowners insurance policies are also written with the unpredictability of military life in mind.

Home Insurance Coverage Options in Brooklyn

The following suggested coverages for Brooklyn homeowners are not necessary for all circumstances, but they do provide a level of financial protection that could be valuable.

  • Scheduled personal property: Brooklyn has a slightly lower incidence of property crime than New York State as a whole, with 1 in 72 residents the victim of one. Scheduled personal property insures higher-value items, such as jewelry, electronics, and art, items that are typically stolen first, for their full value. Otherwise, your standard home insurance policy may limit losses to less than the items are worth.
  • Flood insurance: Homeowners may be surprised to discover that water damage from flooding is typically not covered by a standard home insurance policy. For Brooklyn homeowners, this is important to understand because flooding is becoming more common in the area. Flood insurance can usually be purchased from a private company or through the National Flood Insurance Program (NFIP), a government program.
  • Replacement cost: Most homeowner's policies pay cash value, which is the current value of the lost or damaged item due to a covered peril, with depreciation subtracted for age and condition. Replacement cost is generally considered a better option if you want your payment to reflect the cost of replacing items or materials with a new version.

Brooklyn Home Insurance Discounts

The average cost of home insurance in New York City is higher than the national average, and Brooklyn is no exception. You may be able to save considerably by comparing and choosing a provider with lower rates, but the savings don't necessarily end there. Most home insurance companies provide discounts to encourage you to pay your bills on time, insure your home, or take steps to reduce the risk of claims. Look for the following discounts that could apply to you:

  • Protective devices: A home security system, smoke and carbon monoxide detectors, deadbolt locks, and water sensors are considered protective devices. Outfitting your home with one or more could earn you a home insurance discount.
  • Early signup: Insurance companies don't like to see gaps in coverage. Signing up for auto-renewal or getting a quote and buying coverage in advance could get you a price reduction.
  • Autopay: Setting up automatic payments could help you save time managing your policy and get a small discount.
  • Bundling: Purchasing auto, home, and other types of insurance from a single company is considered a package or multi-line coverage. You could get a significant discount on all insurance products by bundling more than one type of insurance with one company.

To obtain economic housing insurance in Brooklyn, you may be able to qualify for more than one discount at the same time. For some owners, the biggest discount can be achieved by ensuring their home receives a discount on protection devices. The combination of insurance coverage for your vehicle, home, and property is another way to obtain significant savings.

Frequently asked questions

What is the best home insurance company?

The best insurance company for you may be different for your neighbor in Brooklyn; it all depends on your needs, the value of the home, and other factors unique to your situation. Based on pricing and customer satisfaction, we found the best affordable homeowners insurance companies in Brooklyn to be NYCM, State Farm, and Nationwide.


How much does home insurance in Brooklyn cost?

Average home insurance rates in Brooklyn, New York are $1,656 per year for $250,000 in-home coverage. However, you may find better than average rates by comparing quotes and taking advantage of carrier-based discounts. If your home is worth more than the amount provided in our annual rate comparison, these savings strategies could still benefit you.


Is homeowners insurance required in New York?

Unlike car insurance, housing owner insurance is not a legal requirement imposed by any state. However, if you have a mortgage on your home, most lenders require the owner to buy a housing insurance policy. The appropriate owner insurance policy is a valuable tool that offers financial protection in case your home is damaged or destroyed due to a covered risk. Coverage could prevent him from paying thousands of dollars from his pocket when an unfortunate event occurs.

Methodology

Bankrate uses Quadrant Information Services to analyze current 2022 rates for all zip codes and carriers in all 50 states and Washington, D.C. Rates are weighted based on population density in each geographic region. Rates quoted are based on male and female homeowners age 40+ with a clean claims history, good credit, and the following coverage limits:

  • Coverage A, Dwelling: $250,000
  • Coverage B, Other Structures: $25,000
  • Coverage C, Personal Property: $125,000
  • Coverage D, Loss of Use: $50,000
  • Coverage E, Liability: $300,000
  • Coverage F, Medical Payments: $1,000

Homeowners also have a $1,000 deductible and separate wind and hail deductible (if applicable).

These are sample rates and should be used for comparison purposes only. Your quotes will be different.

Bankrate Score

Bankrate Scores are calculated on a five-point scale and mainly reflect a weighted range of industry-standard grades for financial solidity and customer experience, in addition to the analysis of the annual premiums quoted by Quadrant Information Services, which covers the 50 states and Washington, D.C. It is important that housing owners trust that their financial protection covers the most likely risks, has a competitive price, and is provided by a financially solid company with a positive customer service history.

To determine how well the best home insurance companies satisfy these priorities, the qualifications of external agencies of J.D. Power, Am Best, S&P, NAIC, and Moody's had the greatest impact on the company's Bankrate scores. As the price is a common consideration for housing owners, we analyze the premiums listed according to the owners of 40 -year male and female housing with a housing policy with $ 250,000 in housing coverage. This profile, evaluated in almost 35,000 postal codes in the US, provided a base on which owners can compare each supplier.

Although the coverage options, the availability of the insurer, the affordability, and the customer experience are usually the main priorities, Bankrate also analyzed the online and mobile resources of each insurer for policy management and the management of claims. Insurance is rapidly evolving to follow the pace of our digital world, so these aspects also influenced the determination of Bankrate scores.


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