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New York Homeowners Insurance Quotes (2023)
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Written by
Tanveen Vohra
Editorial Manager
Tanveen Vohra is an editorial manager at Insurify specializing in writing about property and casualty insurance. Through her work, Tanveen helps consumers better understand the components of their insurance policies so they can make smarter purchase decisions.Tanveen's work has been cited by CNBC , Fox Business, Business Insider, Fortune, and Market Watch, among others.
Edited by
John Leach
Insurance Content Editor at Insurify
John Leach is an insurance content editor who has worked in print and online. He has years of experience in car and home insurance and strives to make these topics easy to understand for everyone. He has a linguistics degree from UC Santa Barbara.
Updated February 25, 2022
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Average Cost of Home Insurance in New York
According to 2021 rates, the average cost of homeowners insurance in New York is $911 per year and $76 per month. New York homeowners insurance rates are $487 per year less then the national average and about 35% less annually. When compared to the other US states that makes the cost of homeowners insurance in New York the 39th most expensive in the country, based on 2021 data.
For shoppers, the best way to find a homeowners insurance policy in New York is to evaluate all of the quotes from individual insurance providers and then decide on the policy that fits your requirements and budget level. Fortunately finding the right homeowners insurance coverage is easy with a tool like Insurify.
Insurify provides easy and fast home insurance quote comparisons for all kinds of homeowners nationwide. Insurify has helped thousands of customers receive accurate homeowners quotes for your property in New York in minutes.
| New York Average Homeowners Insurance Rates The car insurance quotes, statistics, and data visualizations on this page are derived from Insurify’s proprietary database of over 4 million car insurance applications from ZIP codes across the United States. Insurify’s data science team performs a comprehensive analysis of the various factors car insurance providers take into account while setting rates to provide readers insight into how car insurance quotes are priced. | |
|---|---|
| Average Cost Per Month | $76 |
| Average Annual Premium | $911 |
| State Rank (Most Expensive) | 39th |
Cheapest Home Insurance Companies in New York
For homeowners in New York, it's important that you evaluate all of your potential insurance options to ensure you are finding the best rate. Comparing the right insurance companies will allow you to get the best possible insurance rate for your home.
To simplify comparing companies, Insurify has analyzed rates from top insurance providers in New York. The following are the best insurance rates from carriers that offer homeowners insurance in New York.
| Cheapest Companies | Quotes The car insurance quotes, statistics, and data visualizations on this page are derived from Insurify’s proprietary database of over 4 million car insurance applications from ZIP codes across the United States. Insurify’s data science team performs a comprehensive analysis of the various factors car insurance providers take into account while setting rates to provide readers insight into how car insurance quotes are priced. |
|---|---|
| UPC | $522 |
| State Farm | $596 |
| Travelers | $776 |
| Nationwide | $832 |
| Allstate | $979 |
How to Get Affordable Home Insurance in New York
Purchasing a home will be one of the largest financial investments of your lifetime. With that investment, inevitably, comes risk. However, there are steps homeowners can take to minimize risk and protect their investment, including finding the right home insurance policy.
The first step to protecting your property is homeowners insurance. Though not required by law, (though it may be required by a lender as part of the mortgage agreement) home insurance provides financial liability for your property and belongings from natural disasters or theft. Different coverage levels are available for different property types, locations, and other factors.
Homeowners insurance quotes aren’t designed with savings in mind. That’s where Insurify comes in.
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New York Homeowners Insurance Rates by Company
The price of homeowners insurance varies greatly from city to city. Finding the best New York home insurance will depend on many things, especially if you’re located upstate in Buffalo, beachside in Long Island, or in the capital of Albany.
The following quotes are general estimates of annual home insurance premiums throughout New York, insurance companies offer different coverage levels and some even offer bundling options for your home and auto insurance. Coverage options will vary from company to company, plus, bundling with other products like car insurance will also help lower your rates.
Average Annual Home Insurance Premium in New York by Company
Average prices for standard homeowners insurance for a 7-15 year old home, $200,000 in coverage
UPC$522
State Farm$596
Travelers$776
Nationwide$832
Allstate$979
Sterling$1,113
Farmers$1,249
USAA$1,271
Preferred Mutual$1,559
Home Insurance Rates in New York Cities
As of 2021, the average home insurance premium in New York costs $1,138 annually—far less than the national average. The median New York home is valued at $328,677.
Rates throughout New York can be relatively high or low compared to the state average—it all depends on which town you live in. Other nuances, like crime rates, will affect costs. Here are the most and least expensive ZIP codes in New York to buy and insure a home. Average rates within these ZIP codes tend to increase relative to property cost. In blizzard or hurricane-prone areas, rates are often higher.
| City | Median Home Price The car insurance quotes, statistics, and data visualizations on this page are derived from Insurify’s proprietary database of over 4 million car insurance applications from ZIP codes across the United States. Insurify’s data science team performs a comprehensive analysis of the various factors car insurance providers take into account while setting rates to provide readers insight into how car insurance quotes are priced. |
|---|---|
| Sag Harbor | $1,593,285 |
| Scarsdale | $1,118,010 |
| Manhattan | $998,557 |
| Syracuse | $82,300 |
| Schenectady | $126,900 |
| Albany | $169,500 |
What does home insurance cover in New York?
There are several types of home insurance. Specific terms of insurance policies may vary by state, but in general, the standard policy types are as follows:
The simplest and least comprehensive type of homeowners insurance.
Provides coverage for a handful of potential problems including:
- Natural disasters (storms, fires, wind lightning, volcanic eruption)
- Explosions
- Theft
- Damage from vehicles
- Civil commotion
Broad form homeowners insurance policies include all basic form coverage, plus:
- Protection from falling objects
- Damage from the weight of ice, snow, or sleet
- Freezing of household systems including HVAC and pipes
- Sudden and accidental damage to pipes and other household systems from artificially generated electrical current
- Accidental discharge or overflow of water or steam
- HO-2 policies typically cover both dwelling protection and personal property.
- In some cases, broad form coverage may also include liability coverage. However, it still only covers the specific damages listed in the policy.
- The most common form of homeowners insurance is known as a “special form” policy.
- While HO-1 and HO-2 policies are “named peril” policies (meaning they only cover dangers that are specifically listed in the policy), HO-3 policies are “open peril” policies meaning they’ll cover all dangers except those specifically excluded in the policy documents.
- HO-4 policies, also known as renters insurance, are for people who lease rather than own their homes.
- Tenant’s form policies typically cover all the same dangers as HO-2 policies.
- Tenant’s form policies typically cover all the same dangers as HO-2 policies.
- These policies include personal property coverage and liability coverage but don’t cover the physical structure of the house.
- Some HO-4 policies may also include loss of use coverage for the tenants.
- Comprehensive form policies are usually the broadest and provide the highest level of coverage; not surprisingly, they also tend to be the most expensive type of homeowners insurance policies.
- The biggest difference between HO-3 and HO-5 policies is that most HO-3 policies are “actual cash value” policies, whereas typically HO-5 policies are “replacement cost value” policies.
- An actual cash value policy will only reimburse you for the actual value of a damaged or destroyed item, while a replacement cost value policy will reimburse you for however much it would cost to completely replace or repair the damaged or destroyed item (up to the coverage limits on the policy).
- HO-5 policies also provide personal property coverage against a wider range of dangers than the typical HO-3 policy. Many HO-5 policies also have extra coverage for high-value personal property such as jewelry and artwork.
- Not surprisingly, condo form insurance is for condominium owners. HO-6 policies generally protect against the same types of dangers as HO-3 policies.
- They provide dwelling protection coverage with a twist: HO-6 policies cover the walls, floors, and ceiling of the condo unit but not the rest of the building.
- These policies also include personal property and liability coverage and may include loss of use coverage.
- If you own a mobile home or manufactured home, you likely have an HO-7 policy.
- Mobile home form policies are typically identical to HO-3 policies, except they’re designed specifically for mobile and manufactured homes.
- Like HO-3 policies, they provide dwelling protection coverage, other structures coverage, personal property coverage, liability coverage, and possibly loss of use coverage as well.
- HO-7 policies generally only protect the home when it’s stationary; if you plan to move your mobile or manufactured home, you’ll need to get a special policy to cover it while it’s in transit.
- Older homes have generally been built to less stringent code standards than recently built homes, and so insurers have designed a specialized type of homeowners insurance policy for them.
- HO-8 policies often only cover the basic perils listed in HO-1 policies and generally apply to homes that are registered landmarks or otherwise deemed historic homes.
- Owners of registered landmarks are typically forbidden from making the updates to HVAC, electrical, and other parts of the home to enable them to qualify for a standard HO-3 policy, so an HO-8 policy is often the only option for them.
For more detailed New York city level guides, check out these below.
Natural Disasters and Home Insurance Coverage
As New York residents know all too well, natural disasters can be catastrophic to property and livelihoods. In New York, especially, homeowners and renters alike face increased extreme weather like blizzards, windstorms, and flooding each season.
What’s covered and what’s not when it comes to homeowners policies and natural disasters in New York? Damage due to “acts of God” may still be covered, depending on your coverage levels.
With such risk, home insurance providers often charge higher premiums to cover potential disasters like wildfires. That being said, with the right tools, you may still be able to find competitive home insurance rates in your area. To choose from the best homeowners insurance companies, use Insurify to compare home insurance quotes all in one place.
Renters Insurance in New York City
In New York City, sixty-seven percent of homes are rented, not owned.,. Though renters insurance is not required in New York City, landlords can still ask tenants to purchase and maintain a renters insurance policy. It’s recommended to carry renters insurance even if it’s not required. Policies are inexpensive and can save you tens of thousands of dollars when things go wrong. Insurance providers offer New Yorkers many options, even for those who do not own the property they reside in. Talk to your insurance agent to see if they offer a renter’s insurance product.
Many renters assume that their landlord will pay for damages, but this is faulty logic. Landlords must be found responsible for the damage done to personal property in order to have to pay. So a fire started by your downstairs neighbor will not be covered by landlord insurance. It’s worth your while to purchase renters' insurance if you rent your home in the New York City area.
Special Home Insurance Situations in New York
Unique elements of your home may affect homeowners insurance prices. Check out these quotes for some special situations that may impact your home insurance in New York.
Cheapest Home Insurance for Houses With Swimming Pools in New York
Swimming pools fall under a category called attractive nuisances. Sure, they offer a fun way to cool off during warm summer months, but they also pose a major injury risk. For that reason, having a swimming pool in your yard could increase rates.
| Insurance Company | Average Annual Premium The car insurance quotes, statistics, and data visualizations on this page are derived from Insurify’s proprietary database of over 4 million car insurance applications from ZIP codes across the United States. Insurify’s data science team performs a comprehensive analysis of the various factors car insurance providers take into account while setting rates to provide readers insight into how car insurance quotes are priced. |
|---|---|
| Allstate | $979 |
| Farmers | $1,249 |
| Hanover | $2,089 |
| Metropolitan | $1,324 |
Cheapest Home Insurance for Houses Near the Coastline in New York
Beachside living is wonderful. But the risk a nearby coastline may present to your home could end up increasing your home insurnace rates. The closer you are to the shore, the more at risk your property is to flooding. This will be reflected in your homeowners insurance rate.
| Insurance Company | Average Annual Premium The car insurance quotes, statistics, and data visualizations on this page are derived from Insurify’s proprietary database of over 4 million car insurance applications from ZIP codes across the United States. Insurify’s data science team performs a comprehensive analysis of the various factors car insurance providers take into account while setting rates to provide readers insight into how car insurance quotes are priced. |
|---|---|
| Narragansett Bay | $927 |
| Nationwide | $832 |
| State Farm | $596 |
| Travelers | $776 |
I LOVE NY HOME INSURANCE
How to Find the Cheapest Home Insurance in New York
Just like groceries or clothes shopping, you can find a good bargain on home insurance, without sacrificing sufficient coverage to protect your investment. Protect your home from water damage to burglars and everything in between. With a little research and the right tools, you’ll be on your way to big savings.
Use Insurify to find the best home insurance providers for your property in New York.
Frequently Asked Questions
New York homeowners may find themselves paying higher home insurance premiums due to the increased commonality of natural disasters involving intense weather with high winds and flood risk. New York homeowners, especially those flood-prone areas and along the coastline, may have higher-than-average home insurance premiums.
When insurance companies take on increased risk, as they do in disaster-prone areas of New York, they increase their chances of having to pay out customers when disaster strikes. There are ways, though, that you can cut home insurance costs, even if you live on the water. Use Insurify to compare premiums in your area.
Yes, USAA insures home in New York. However, policyholders must be active military members, veterans, or the family members of those in the armed forces.
Short answer: it depends. Of course, in times of crisis, like wildfires or earthquakes, many of your neighbors will also be filing claims with their insurance companies, crowding the systems, and slowing down the claims process. The amount of time it takes to file a claim in New York will vary from case to case. To find the best home insurance companies in your area, use Insurify to compare reviews and quotes.
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