Rooklyn is just one of many New York boroughs in which home values have skyrocketed. The current median sales price is $889,000. For $250,000 of dwelling coverage, the average cost for Brooklyn home insurance NY is $1598 per annum. Your insurance bill will likely be higher if you have a home that is similar to the median value of $889,000
Home insurance rates in Brooklyn, New York are not much more expensive than the nationwide average of $1,312 per year, when compared on the basis of equal dwelling coverage. Due to the amount you need to protect your assets, home values can impact the cost of your home insurance. Add the high incidence of property crime in the area due to theft, vandalism and burglaries and Brooklyn home insurance could be even higher. Many homeowners may find it beneficial to research which of the most affordable homeowners insurance companies in the area.
Bankrate has compiled rate data from Brooklyn home insurance companies in order to provide an estimate of what homeowners insurance costs. To narrow the list down to five of the best insurance companies, we also compared companies on the basis of other factors that are significant to homeowners.
Brooklyn’s best home insurance company
These are the cheapest Brooklyn home insurance companies according to Bankrate. The rates of four of the five carriers were lower than the average for the Brooklyn area, and the annual rates of the cheapest home insurer are half the average rate in Brooklyn.
The J.D. The J.D. Power score is an independent industry rating agency. It represents scores out of 1000 points that indicate how insurance companies do regarding claims, communications, and policy offerings. The score is used to assess customer satisfaction. This is an important factor to consider in addition to the premium price.
State Farm
State Farm is a top-rated home insurance provider in the United States and offers Brooklyn homeowners the best rates. It’s well below the average rate for the region. State Farm policyholders might be able to get even lower rates by taking advantage of discounts. There may be a reduction depending on what type of roof you have and whether or not you have a home security system.
State Farm has strong local presence. While most carriers have turned to an online-only business model, you will find there are 23 State Farm agents in Brooklyn who can help homeowners conduct business face-to-face if that is a preference.
All over the country
With an annual rate of $1,043, Nationwide is Brooklyn’s second-cheapest carrier. This is less than $90 per monthly to insure your Brooklyn home or coop, loft, and have a $250,000. Nationwide’s coverages include Brand New Belongings, which is the insurer’s name for replacement cost coverage. You can have your items replaced with a new model if they are damaged or lost. No depreciation will be applied to the payout for their age and condition.
Nationwide can help you save even further on your home insurance by updating the electrical wiring, plumbing and other major systems in your Brooklyn brownstone or Brooklyn home. Nationwide offers a discount for homeowners who make improvements to their homes. This will reduce the chance of being sued.
USAA
The J.D. consistently ranks USAA as the best. The J.D. consistently tops USAA’s home insurance study.
USAA provides affordable standard homeowners coverage for those who qualify. There are additional perks, including replacement value coverage, that are available at no extra charge to all applicants. These homeowners insurance policies also consider the unpredictable military life factors.
Travelers
The rates for Travelers Insurance are comparable to those in the rest of Brooklyn. The carrier offers standard options, which may be more expensive than other home insurance companies. The provider offers coverage for work-related equipment as part of a standard policy. Remote workers and owners of small businesses in Brooklyn may be able to have their computers, printers, and other work-related equipment financially protected at home.
You can also add specialty insurance to your standard home coverage. This will help you protect your home and finances. You can also add jewelry riders to protect higher-value items and water backup, replacement cost, and green rebuilding coverage.
Allstate
Allstate is the most expensive provider of home insurance in Brooklyn, but it’s still cheaper than most other providers. This is based on annual premiums. Allstate might be a good choice for homeowners who value personal service more than finding the best home insurance company.
Local knowledge is invaluable when trying to figure out if you have enough coverage given the market’s changes. Allstate has the biggest representation of insurance agents in Brooklyn, with 63 agents/offices in the borough. If you prefer to get a quote in person, they can answer any questions you may have about your policy, and assist you with tracking it.
Brooklyn home insurance options
Although not all situations will be covered, the following coverages are recommended for Brooklyn homeowners.
- Scheduled personal property: Brooklyn has a higher-than-average incidence of property crime, with 1 in 65 residents the victim of one. Scheduled personal property covers higher-value items like jewelry, electronics, and artwork. They are usually stolen first. Your standard home insurance policy might not cover losses if the items are less valuable.
- Flood insurance: Homeowners might be surprised to learn that flooding damage is not typically covered by a standard home policy. For Brooklyn homeowners, this is important to understand because flooding is becoming more common in the area. Flood insurance can typically be purchased through either a private company, or through a government program.
- Replacement cost: Home policies typically pay cash value. This is the current value for the item that has been lost or damaged because of a covered peril. Depreciation has to be subtracted for age/condition. If you need the payout to be able to replace items or materials with newer versions, replacement cost is usually the better option.
Brooklyn home insurance discounts
The cost of home insurance in New York is not the most affordable compared to the rest of the country — and Brooklyn is no exception. While you may be able save a lot of money by choosing a carrier that has lower rates, the savings don’t end there. Many home insurance companies offer discounts to encourage you pay your bills on-time, protect your home, and take steps to lower the chance of your claim. The following discounts could be available to you:
- Protective devices: These devices include a home security system, carbon monoxide, smoke detectors, deadbolt locks, and water sensors. You could get a discount on your home insurance by fitting one or more of these devices.
- Sign up early: Insurance companies don’t like to see coverage lapses. You could save money by signing up for automatic renewal, getting a quote, and purchasing coverage ahead of time.
- Automated payments: This could save you time and help you get a discount.
- Bundling is when you combine vehicle, home, and other insurance products with one company. Bundling multiple insurance types with one carrier could result in a substantial discount on all your insurance products.
You may be eligible for multiple discounts to get affordable homeowners insurance in Brooklyn. Protecting your home can get you the best discount. Bundling your insurance policies for your home, vehicle and property can help you save significant money.
Questions frequently asked
Which is the best company for home insurance?
Your Brooklyn neighbor may have a different insurance company than you. It all depends on your specific needs and home value. We ranked the top home insurance companies in Brooklyn based on customer satisfaction and pricing.
What is the cost of Brooklyn home insurance?
Brooklyn’s average home insurance rate is $1,598 for $250,000 of dwelling coverage. You can find rates that are lower than the average by comparing quotes and taking advantage of carrier-based discount programs. These savings strategies can still be beneficial if your home is worth more than what we provide in our annual rate comparison.
