Home Insurance in New York

New York homeowners insurance: what you need to know

The average annual cost of home insurance in New York state is $869 or $72 per month. This is lower than the average national cost of home insurance. Major discrepancies exist in homeowners insurance costs from state to state. Home insurance policy prices in a given state vary based on the value of — and total number of — home insurance claims lodged in that particular state, and depend on the value of the dwelling and belongings being insured.

Homeowners insurance is an optional — but important — product that works to keep your belongings safe in the event your house or property suffers damage from common incidents, such as theft, fire, vandalism, or wind damage. The best way to acquire cheap home insurance in New York is to shop around and compare rates from multiple insurance companies. 

Learn more about homeowners insurance costs in New York by referencing the below tables. Your rates may vary, depending on your coverage details.

 

Table of contents:

1. Rates by company
2. Rates by coverage amount
3. Rates by deductible amount
4. Rates by city
5. Bundling savings
6. Frequently asked questions
7. Natural disaster coverage

 

The cheapest home insurance companies in New York

Homeowners insurance rates in New York will vary depending on the insurance company you choose. MetLife provides the cheapest home insurance in New York — only $742 per year. This is less than the state mean cost of $869, providing a $127 discount on average statewide homeowners insurance costs.

Start searching for affordable coverage by checking out the cheapest New York home insurance carriers, listed below.

 

AFFORDABLE HOME INSURERS IN NEW YORK

Insurer	Average Annual Rate in New York
MetLife	$742
State Farm	$748
NYCM Insurance	$812
Travelers	$847
Preferred Insurance	$900

 

Check out the results of The Zebra's Customer Satisfaction Survey for more information on the best homeowners insurers.

 

New York home insurance prices by coverage levels

How much you spend on home insurance coverage is greatly affected by the level of coverage you choose. In New York, maintaining $100K dwelling coverage costs an average of $506 per year, while carrying dwelling coverage up to $400K costs $1,588/year.

 

POPULAR COVERAGE LIMITS IN NEW YORK

Coverage Level	Average Annual Cost
$100,000 Dwelling	$506
$200,000 Dwelling	$869
$250,000 Dwelling	$1,016
$400,000 Dwelling	$1,588

 

Homeowners insurance deductibles in New York

Homeowners have a lot of decisions to make when purchasing a homeowners policy, including how high or low to set their deductible. The deductible is the total amount that the insured contributes toward a covered loss. Where you choose to set your homeowners deductible is directly related to the overall cost of your coverage.

A good rule of thumb is that the lower your deductible, the higher your premium. Therefore, it might make sense to set a higher deductible if you are hoping to pay lower rates. Be mindful of the fact that your deductible should only be set as high as you can reasonably afford in the event of a covered loss.

The following table outlines the average rates associated with most deductibles.

 

HOME INSURANCE PREMIUMS BY DEDUCTIBLE LEVEL IN NEW YORK

Deductible Tier	Average Annual Homeowners Insurance Rate
$500	$1,135
$1,000	$1,016
$1,500	$982
$2,000	$894
$5,000	$774

 

New York homeowners insurance costs by city

Not all New York cities have equal homeowners insurance rates. Policies are often priced on city-specific variables like the number of claims filed nearby, meaning your specific ZIP code impacts how much you pay.

The cheapest homeowners insurance in New York is found in East Rochester. A typical homeowners insurance term in East Rochester totals just $715 per year — $154 less than the average New York rate. The table below shows the best places to live in New York if you’re looking for cheap homeowners insurance.

 

CHEAPEST CITIES FOR HOMEOWNERS INSURANCE IN NEW YORK

City	Average 12-Month Home Insurance Rate
East Rochester	$715
Henrietta	$716
West Henrietta	$716
Penfield	$717
Fairport	$717

 

Seeking insights on home insurance in a particular city? Check out our analysis of significant New York cities:

• Buffalo
• New York

 

Home and auto insurance bundling in New York

If you're looking for savings, consider carrying your home and auto policies with the same insurance company. Bundling home and auto insurance in New York can lead to substantial savings on your auto insurance policy. Bundling policies in New York leads to a yearly discount of $95.

 

HOME AND AUTO BUNDLING DISCOUNTS IN NEW YORK

Avg. Annual Rate (No Bundle)	Avg. Annual Rate (w/ Bundle)	Annual Savings ($)	Annual Savings (%)
$1,602	$1,507	$95	6%

 

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New York homeowners insurance FAQs

 

Do you have to have homeowners insurance in New York state?

There is no state mandate to have homeowners insurance in New York, but your lender will likely require you to have coverage.

What companies in New York state offer home mortgage insurance?

Home mortgage insurance is usually arranged by your lender and the insurance provider typically depends on the lender's requirements.

 

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Natural disaster coverage in New York

 

Does homeowners insurance cover hurricanes in New York?

Because hurricanes can cause calamitous destruction and demolish buildings entirely, insurance companies are unwilling to assume the risks posed by hurricanes. If you own a home in New York, there could be an increased risk of experiencing damage from hurricanes. In fact, 75, 238 single-family residences are at extreme risk of hurricane damage in New York.¹

If you live near the coast, it's of utmost importance to confirm the details of your homeowners policy since a basic policy won't be enough to cover damage caused by hurricanes — you would need separate flood and windstorm insurance policies, which would work together to cover the damages. Depending on your state, your insurance company may require a separate hurricane deductible if you live in a region that's especially vulnerable.

Learn more about high-risk homeowners insurance.  

 

HURRICANE DEDUCTIBLE RATES IN NEW YORK

Company	Average Annual Rate w/ Hurricane Deductible
State Farm	$423
NYCM Insurance	$610
MetLife	$711
Travelers	$809
PURE Insurance	$1,033

 

Does homeowners insurance cover flooding in New York?

Damage via flooding — whether the byproduct of a rainstorm or a hurricane — is not covered by homeowners insurance policies.

To insure your home against flood damage, you should buy flood coverage from a private flood insurance company or through FEMA's National Flood Insurance Program (NFIP). Flood insurance coverage from private companies may vary, but NFIP flood insurance covers:

• $250,000 structural coverage
• $100,000 personal property coverage

If the value of your home and personal property exceeds these limits, consider finding a policy from a private company.

Flood insurance is especially important in New York, which paid out $992, 108 in flood insurance claims in 2016, according to data from FEMA.²

 

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Sources:

¹Insurance Information Institute

²Federal Emergency Management Agency (FEMA)

 

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