Mario Cazombo

Money’s picks for the best homeowners insurance in New York all offer standout coverage. Our list draws from our analysis for the national ranking of the best homeowners insurance providers. Below, we’ve also included other information to help you insure a home in the Empire State, including coverage that is especially important to New York homeowners. Key takeaways about owning and insuring a home in New York While there are more financially challenging states in which to buy a home than New York (notably California), housing in the state is still much less affordable than the national norm. Here are the numbers for home buying and ownership in New York: The average home in New York is worth $509,127, according to real estate experts Zillow. That figure is 4.5% higher than prices a year ago — which is an above-average increase. Values vary enormously by city. Manhattan homes are worth an average of more than $1 million, for example, while those in Elmira are valued at about $124,000. New York has hefty property taxes, driven by above-average rates and high home prices. According to Quicken Loans, the average property tax rate in the state is 1.54% and the average property tax bill is $3,359. Compared with other states, New York is quite favorable when it comes to affording homeowners insurance. The average policyholder in the state devotes 1.0% of their income to insuring their property, according to Freddie Mac. That compares with the 2% or more that homeowners in Texas, Florida, Missouri and other states must devote to paying their homeowners insurance bills. How we chose our top picks Money vetted 15 companies after conducting 1,000+ hours of research based on more than 20 data points. Money’s picks for the best homeowners insurance companies in New York all offer standout coverage and closely mirror the selections in our national ranking of the best homeowners insurance providers. For more on how we select picks, see the methodology below. Our top picks for best homeowners insurance in New York Here, listed alphabetically, are the top five homeowners insurers in New York. All offer standout coverage and are included in our national ranking of the best homeowners insurance. AIG Amica Chubb State Farm USAA HIGHLIGHTS Financial rating: A (Excellent) on AM Best Discounts: Undisclosed Bundling options: Undisclosed AIG is known as a luxury insurer that provides comprehensive coverage, from dwelling to cybersecurity insurance, for high-value properties worth up to $100 million. The company scores well above average for customer satisfaction in the J.D. Power U.S. Home Insurance Study. AIG offers guaranteed replacement cost (without any limits, according to the company) for homes valued from $750,000 all the way up to $100 million on an “all-risk” basis — meaning its policy covers all perils except the few specifically excluded. It also offers the option of ultra-high deductibles (up to $100,000). While these could help significantly lower your premium, you’ll of course have to be ready to pay a lot more out of pocket in case of a catastrophic claim. In addition to standard coverage, AIG offers services such as: kidnap, ransom and extortion coverage, landscaping coverage, multinational property coverage and business property coverage. Read our full review of AIG Homeowners Insurance. HIGHLIGHTS Financial rating: A+ (Superior) on AM Best Discounts: Bundling, loyalty, claim-free, autopay, electronic bill, alarm system, detection devices Bundling options: Auto, renters, life, umbrella Amica is known for top-notch service. The company scores well above average for customer satisfaction in the J.D. Power U.S. Home Insurance Study. Nationally, it has fewer complaints lodged with the NAIC than would be expected for an insurer of its size. Another standout aspect of the company when it comes to homeowners insurance is its Contractor Connection database. The resource lists thousands of vetted, licensed and insured contractors and guarantees their work with a five-year warranty. However, Amica rarely offers the cheapest homeowners insurance in price comparisons. This, then, is an insurer best suited to those who value top-of-the-line customer service over cost savings. Read our full review of Amica Homeowners Insurance. HIGHLIGHTS Financial rating: Superior (A++) on AM Best Discounts: Security and safety systems, new or renovated home, gated community, loyalty, claim-free, autopay, electronic bill, alarm system and more. Bundling options: Auto, renters, life, and umbrella Chubb scored well above average for customer satisfaction in the latest J.D. Power U.S. Home Insurance Study, as it customarily does. Also, the insurer’s Masterpiece policy offers unique benefits beyond the standard homeowners insurance policy, such as risk consulting services, coverage against hijacking, home invasions and more. A standout benefit is that policyholders can opt to get a cash settlement up to the policy’s limit if, after damages, they choose not to rebuild the property or opt to rebuild someplace else. Chubb’s also sells private flood insurance, and its policies offer maximum coverage of $15 million, which is notably high even for a private insurer. (By comparison, the federal NFIP program has a $250,000 maximum.) These rare benefits come at a cost. Chubb is widely regarded as one of the most expensive home insurers on the market. If its rates fit your budget, though, it’s an excellent choice. In addition to its consistently fine showings in J.D. Power surveys, the insurer has one of the lowest NAIC complaint indexes of all the insurers we reviewed. HIGHLIGHTS Financial rating: A++ (Superior) on A.M. Best Discounts: Bundling, home security systems, resistant roofing Bundling options: Auto, renters, life State Farm is the largest home insurance company in the United States and offers a wide variety of policies, from life to auto to condo. This range provides ample opportunities for customers to bundle policies in various ways to to earn discounts and simplify paying their insurance bills. One reality to State Farm, though, is that the company only works through captive agents. Its agent network is extensive in size, with local representatives in more than 300 communities in New York. HIGHLIGHTS Financial rating: A++ (Superior) on AM Best Discounts: Bundling, protection devices, detection

Months after debuting its new car-buying platform, Amazon is widening its reach in online auto sales. The tech company has teamed up with Hertz to offer certified pre-owned vehicles in four U.S. cities: Dallas, Houston, Los Angeles and Seattle. On Wednesday, Hertz said in a press release that it will sell some of its used car inventory on Amazon, expanding the e-commerce giant’s budding auto business with a broad range of brands, such as Ford, Toyota, Chevrolet and Nissan. Customers in the four launch markets can browse cars within a 75-mile radius at Hertz Car Sales locations, complete the purchase online and then pick up their vehicle. Hertz noted in its press release that customers will be able to line up financing directly through the platform, streamlining the process online. (If you’re considering financing a car, here’s what you should know about auto loans.) “We’re excited for Hertz Car Sales to join the hundreds of franchised dealers in our store, bringing thousands of additional vehicles for customers to choose from,”  Fan Jin, global head of Amazon Autos, said in the press release. “This collaboration allows us to offer an expanded selection of well-maintained vehicles from more dealerships across the country, while maintaining the simplicity that customers expect from Amazon.” According to the car rental company, it plans to expand the program to 45 locations nationwide, giving Hertz a way to boost visibility in the auto sales market, a business where its brand isn’t as well known as in rentals. Hertz reported $9 billion in total revenue in 2024, although it does not break down how much comes from car sales versus rentals. Hertz currently operates more than 11,000 rental locations in 160 countries and roughly 75 used car dealerships across the U.S. In a quarterly earnings call in May, Hertz said the first quarter was its strongest ever for retail vehicle sales, according to CNBC. Amazon’s broader automotive strategy For Amazon, the latest partnership expands its growing auto business — dubbed Amazon Autos — which launched in December through a collaboration with Hyundai, allowing customers to browse new cars, place orders and arrange delivery entirely via Amazon. Earlier this month, Amazon broadened its offering to include used and certified pre-owned vehicles from Hyundai dealers, initially available in Los Angeles, with plans to add more dealers and locations in the coming months. Now, the Hertz deal allows Amazon users to shop auto brands beyond Hyundai. The shift toward online car buying is part of a broader industry trend. Automakers have increasingly offered pre-ordering, letting shoppers search and customize vehicles online — though that can mean waiting weeks or months for delivery. Many buyers, however, want the convenience of shopping online without the long wait. Third-party companies like Amazon are experimenting with ways to meet that demand. Amazon has marketed its platform as an “end-to-end” purchase experience, allowing shoppers to browse available cars in their area, value their trade-in, arrange financing and schedule pickup without leaving the Amazon site. That convenience could be a welcome relief for buyers, especially because surveys show many people hate traditional car buying. Competitors like CarMax and Carvana also sell cars online, but Amazon’s advantage may be its familiarity. More than 8 million orders are placed on Amazon daily in the U.S., making the idea of buying a car there feel easier — and perhaps more trustworthy — than starting with a lesser-known site. More from Money: 6 Stats That Show How Unaffordable Car Ownership Has Become New Cars Under $20,000 Are About to ‘Go Extinct’ Want to Avoid Auto Tariffs? Here’s How to Find Out if a Car Is Made in America

As summer comes to a close, families with college-bound students are making last-minute decisions on how to cover fall tuition bills — and for many, that means turning to private student loans. If you’re borrowing for the upcoming school year, it’s important to outline your expenses and compare lenders carefully. To help you make smart borrowing decisions, here’s Money’s guide to everything you need to know about student loan interest rates right now. Latest student loan interest rates Fixed rates Variable rates Private student loans 2.85% – 17.99% 4.13% – 17.99% Federal student loans 6.39% – 8.94% N/A Federal vs. private student loans Before you borrow for college, it’s important to understand how federal and private student loans differ. Federal student loans have fixed rates set annually by the government and everyone who borrows gets the same rate (based on the type of loan they’re taking out). Private student loan rates vary by lender and a borrower’s financial profile. In the sections below, you’ll find a breakdown of how each type of loan works — and a more in-depth snapshot of where rates stand today. Everything you need to know about student loan interest Whether you’re taking out your first loan to pay your tuition bill for the upcoming fall semester or you recently graduated and are getting ready to start repaying, understanding how interest accrues on your loans can help you avoid unpleasant surprises. Table of contents: Federal student loan interest rates Private student loans interest rates How to get a lower student loan interest rate Student loan interest and taxes Interest rates: student loans vs. other types of debt Federal student loan interest rates When students need to borrow money to pay for college, experts recommend starting with federal student loans since they typically have lower rates and better repayment options than private student loans. Your interest rate depends on the type of loan you qualify for and the year you took out the loan. Current interest rates on federal student loans On May 30, the Education Department’s Federal Student Aid office announced the new federal student loan interest rates for the 2025-2026 school year. The following rates apply to all loans disbursed between July 1, 2025 and June 30, 2026. Loan Name Borrower Type Interest Rates for 2025-2026 Interest Rates for 2024-2025 Direct Subsidized Undergraduate students 6.39% 6.54% Direct Unsubsidized Undergraduate students 6.39% 6.54% Direct Unsubsidized Graduate students 7.94% 8.08% PLUS Loan Graduate students and parents of undergraduate students 8.94% 9.08% How do interest rates work on federal student loans With federal student loans, the rates are fixed, meaning they stay the same for the duration of your repayment term. The process for setting rates was established by Congress: the rates are based on the high yield of the 10-year Treasury Notes at auction each May, so the rate can change every year for new borrowers. If you have federal subsidized loans, the government will cover the interest that accrues while you’re in college, during the six months after you graduate or leave school and during any periods of deferment. But with unsubsidized and PLUS loans, you are responsible for all the interest charges, even while you’re in school. Interest on unsubsidized federal loans is capitalized — or added to the loan principal — when your grace period ends, so it’s common to see your balance grow unless you make large enough payments that cover the accrued interest. Interest capitalization is costly because after the capitalized amount is added to your principal, interest then continues to be charged on the new, larger balance. Private student loan interest rates Private student loans can come from banks, credit unions and other financial institutions. Lenders can set their own rates, but they usually base them on a measure like the Secured Overnight Refinancing Rate (SOFR) — a benchmark that influences the rates at which banks lend to one another. Lenders will charge the SOFR rate plus a margin rate, such as 1%. As the SOFR rate changes, the lender will change its rates too. Current rates on private student loans Private student loan rates vary by lender, borrower credit profile and loan terms. These loans can have fixed or variable rates; fixed rates never change, while variable rates can fluctuate over time, depending on market conditions. Currently, fixed rates for private student loans start around 3.24%. Below are the latest private student loan interest rates from top lenders: Lender Fixed Interest Rates* Variable Interest Rates* Abe 2.85% to 15.61% 4.13% – 16.54% Ascent 2.89% – 15.61% 4.34% – 15.25% Citizens Bank 3.24% – 14.98% 4.99% – 15.46% College Ave 2.89% – 17.99% 4.24% – 17.99% Custom Choice 3.24% – 15.71% 4.19% – 16.39% Earnest 2.89% -16.74% 4.99% – 17.10% ELFI 2.99% – 14.22% 5.00% – 13.97% Massachusetts Educational Financing Authority (MEFA) 3.29% – 8.89% N/A Sallie Mae 2.89% – 17.49% 4.37% – 16.99% SoFi 3.18% – 15.99% 4.39% – 15.99% Rhode Island Student Loan Authority (RISLA) 2.99% – 8.39% N/A *Rates current as of Aug. 21, 2025. Lowest rates reflect discount for setting up autopay. How do interest rates work on private student loans? Private loan interest rates can vary significantly between lenders, and your rate is influenced by your credit history, income, desired loan term and the program you are enrolled in for the upcoming semester. With private student loans, payments are usually required while you’re in school, though you may be able to pay a reduced amount. Interest starts accruing immediately after loan disbursement. Private lenders will capitalize the interest at different points, but how capitalization is handled varies by lender. Keep in mind: Private loans can be a riskier form of debt than federal loans since they usually have higher rates and fewer repayment options. Exhaust your other financial aid options before turning to private loans. Current rates for student loan refinance When you refinance a student loan, you replace your existing student loan (whether it’s a federal loan or a private loan) with a new