NYCM Homeowners Insurance Review: Competitive Rates and Unique Discounts

This homeowners insurance is a good fit for: New York residents seeking affordable policies and comprehensive coverage

NYCM homeowners insurance stands out for its affordable rates on homes of all ages and its long list of homeowners discounts. It also has excellent coverage for homeowners' personal property. Check out our full review below to learn who it's a great fit for.

Top perks

Large selection of homeowners discounts

NYCM offers a plethora of home insurance discounts, including some rare options, like a work from home discount. There's also a retirement discount for adults who have left the workforce and a renovation discount for updated homes. Homeowners who install protective devices, like fire and burglar alarms, can also stack protective device credits to reduce their premiums.

Excellent protection for personal property

In addition to the standard personal property coverage all home insurance policies have, NYCM offers optional valued possession coverage for high-value items. There's also equipment and appliance breakdown coverage, which pays to repair home appliances and systems, like air conditioning, when they fail. Few other home insurers offer this protection, so homeowners who are interested in this may want to give NYCM a closer look.

Strong emphasis on customer support

NYCM has agents standing by 24/7 to answer customer questions and help them choose the right coverage. It's tough to compare its service to that of its competitors because it hasn't appeared in large-scale customer satisfaction surveys. But it has fewer complaints than insurers of a similar size, which suggests that most people are happy with its service.

What could be improved

Only available in New York

NYCM homeowners insurance policies are currently only available to New York residents. Homeowners in other states will have to explore other options.

Online quote tool

NYCM doesn't have an online quote tool, so prospective customers must contact an agent for a quote. But this might not be a bad thing for those who want help choosing the right coverage for them.

When looking for affordable rates outside of New York: American Family serves 19 states throughout the U.S. and offers competitive rates to most homeowners. Like NYCM, it offers a large selection of homeowners discounts. But it doesn't have as many optional protections for personal possessions as NYCM.

When seeking quick coverage in all 50 states: State Farm is one of the few home insurance providers that enables homeowners to purchase a policy online without speaking to an agent. It also underwrites policies in all 50 states. But it doesn't have as many home insurance discounts as NYCM.

NYCM's average home insurance premiums are pretty reasonable, even for older homes and homeowners who have filed claims previously. But exact costs vary depending on the home's location, its size, its construction, and more. Here's a look at what it charges for several common scenarios.

NYCM has more homeowners insurance discounts than many of its competitors, which undoubtedly contributes to its affordable rates. Some of its discounts, like its work from home and retirement discounts, are pretty unique.

• Claim-free
• Gated community
• Green
• Home buyer
• Multi-policy
• Protective device
• Renovation
• Retirement
• Work from home

Dwelling

This standard home insurance coverage protects the home itself against a variety of covered perils, including fires and storms.

Other structures

This coverage pays for other buildings and structures on the property that aren't attached to the home. This includes sheds, detached garages, and fences.

Personal property

Personal property coverage pays for the homeowner's personal possessions. It will pay to repair or replace them if they're damaged or stolen even while away from the home. But certain expensive items generally aren't covered.

Loss of use

Loss of use coverage pays for the homeowner to live elsewhere if they're unable to remain at home following a covered peril.

Personal liability

Personal liability coverage helps the homeowner if they're sued for damaging another person's property.

Medical payments to others

This coverage helps the homeowner pay for another person's medical costs if a court finds them liable for damages.

Valued possession

This optional coverage gives additional protection for valuables, like furs, jewelry, artwork, and more.

Equipment and appliance breakdown

This pays to repair common home systems and appliances when they break down. It's an optional protection.

Utility line expense

This optional coverage pays for any damage to utility lines on the homeowner's property if the homeowner is liable for fixing them.

Homeowners interested in a NYCM policy must reach out to the company by phone for support. They can also visit one of the company's three New York-based locations if they live nearby.

Once connected with an agent, the homeowner can explain what they're looking for and the agent will help them identify the coverage they need. If the homeowner likes their quote, the agent will help them purchase the policy.

It's difficult to compare NYCM home insurance to national insurers because it hasn't been featured in any large-scale customer satisfaction surveys, like those conducted by J.D. Power. But the data that is available is positive.

NYCM has an A+ rating with the Better Business Bureau. It also has a complaint ratio with the National Association of Insurance Commissioners (NAIC) that's well below the national average. This indicates that it receives fewer complaints than other insurers of a similar size.

NYCM homeowners insurance is worth a closer look if:

• Homeowners live in New York State
• They want affordable rates, regardless of their home's age
• They value personalized support

But American Family is another option to consider for homeowners who live outside of New York State. And State Farm is a smart choice for those who want to purchase a policy online themselves.