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By: Ajay kumar Medagani June, 21, 2019

Gavop’s  recent review of home insurance providers’ market share in New York showed that the top five providers are  Allstate, State Farm, Chubb, Travelers, and Liberty Mutual. In a state like New York, where the average home insurance rate at $1,137 is less than the national average of $1,288, there is stiff competition among the biggest providers, and the difference often comes down to the small details included in the insurance policies. To help consumers make informed choices, Gavop consulted some ratings agencies such as A.M. Best and J.D Power and analyzed customer ratings from consumer reports. In the image below Gavop offers key insights into the three biggest home insurance providers in New York, by market share, and some of their key features.

Allstate: With a market share percentage of 13.8%, Allstate bests all other providers in the state. The company is known for providing standard homeowners’ policy features, fantastic discount options, and efficient customer service. However, customers rated it poorly in terms of the amount paid on claims. One of its standout features is that it offers great customer education, especially through its “Common & Costly Claims” finder, which helps a buyer identify the most important coverage for his or her home based on the zip code. The other aspect in which Allstate leaves its competitors behind is its discount policies. Allstate offers welcome discounts, bundling discounts of up to 30%, senior discounts, competitive discounts for customers with a good claims history, and discounts for customers who have a range of home safety features in their house.

State Farm: Although State Farm has the largest market share nationally, it comes a close second to Allstate in New York, with a share of 12.7%. A.M. Best rates this provider A++ in terms of financial stability, and in J.D. Power’s survey, it scores higher than its competitor providers in terms of customer support and policy management. Additionally, consumer reports have ranked it favorably for its claims handling process. State Farm also has great educational material to help first-time buyers make informed decisions. Another highlight of State Farm’s insurance policies is that they offer a variety of add-on coverages to address the needs of its diverse customer groups.

Chubb: Chubb is the third biggest provider in the state with a market share of 10.7%. Even though Chubb’s premium rates are higher than those of standard providers, its extensive coverage options more than make up for it. This company reimburses its customers in multiple ways. Chubb is one of the few companies that offers a private flood insurance and covers valuables and collector’s items such as jewelry, fine art, and even fur – things that hardly any other insurer covers. Its superior customer complaint ratio places it at a higher position among its competitors.

Hurricane Deductible

A common feature in the policies of these providers is the hurricane deductible. New York – a part of the Mid-Atlantic states – has been ravaged by heavy snowfall, heat waves, and fierce storms. In fact, it is one of just 19 states to include a hurricane deductible, which usually varies between 2-5%. Homeowners who live in high-risk areas are likely have a hurricane deductible in their policy unless they manage to get it waived off by adding safety features such as hurricane shutters to their homes. Gavop has identified the cities that were heavily affected by hurricanes in the last decade.

Major HurricanesPlaces Affected in New York
2018 Hurricane MichaelNew York City, Fire Island
2013 Hurricane SandyBabylon, Brookhaven, Hempstead, Huntington, Islip, North Hempstead, Oyster Bay, Smithtown
2011 Hurricane IreneGoshen, Washingtonville, and other parts of Long Island, Albany County, Orange County, Ulster County and other places


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Ajay Kumar Medagani

Ajay Kumar works as a data analyst with Gavop. A (software) engineer by profession, he utilizes his well-established programming skills in big data, to derive insights from a wide variety of data sets. A engineering graduate from JNTU his passion involves analyzing raw data, infographics and other visual aids for research.