Updated: October 24, 2025
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Homeowners insurance in New York costs $1,229 annually on average, $1,194 below the national average of $2,423. Beyond your coverage amount, your insurer choice creates the biggest premium impact. Premium gaps between the cheapest and most expensive providers reach $1,429.
If your rates increased recently, we've analyzed the cheapest policies in New York. Your insurance provider choice affects your premiums substantially, so comparing options pays off.
MoneyGeek’s home insurance calculator will give you a ballpark estimate of your cost — It's free to use, requires no personal information and we won't send you any spam.
Rates updated:
Oct 27, 2025
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Table of Contents
To establish the average cost of homeowners insurance in New York, MoneyGeek used quotes from various providers for a profile that reflects the average homeowner.
These rates reflect the average cost of car insurance in New York as of 2024.
In New York, the average annual premium for homeowners insurance with $250,000 in dwelling coverage, $125,000 in personal property coverage, and $200,000 in liability coverage is $1,229. This amount is lower than the national average of $2,423.
When choosing the home insurance coverage you need, make sure it’s enough to cover the full cost of rebuilding your home and replacing your belongings after a loss.
Premiums vary depending on the coverage level. A policy with $100,000 in dwelling coverage costs about $640 per year. If your home requires $500,000 in coverage, the average premium is $2,354. For $750,000 in dwelling coverage, it rises to $3,489 per year.
These rates reflect both the home’s value and the level of protection you choose.
| $100K Dwelling / $50K Personal Property / $100K Liability | $640 |
| $250K Dwelling / $125K Personal Property / $200K Liability | $1,229 |
| $500K Dwelling / $250K Personal Property / $300K Liability | $2,354 |
| $750K Dwelling / $375K Personal Property / $500K Liability | $3,489 |
Homeowners insurance premiums in New York vary widely by provider, even for identical coverage. Allstate's rates run more than twice as high as Main Street America Insurance's quotes for comparable policies.
New York has plenty of great providers. Underwriting differences create price ranges that reflect each company's risk assessment and claims history.
| Main Street America Insurance | $712 |
| State Farm | $916 |
| Travelers | $964 |
| Nationwide | $1,222 |
| Farmers | $1,225 |
| Narragansett Bay Insurance Company | $1,236 |
| Chubb | $1,701 |
| Allstate | $1,860 |
New York homeowners with poor credit pay $2,421 annually for insurance, nearly double the state average of $1,229. Those with excellent credit pay just $1,060 yearly, saving $1,361 compared to poor-credit borrowers.
Improving your credit cuts insurance costs over time, while comparing insurers delivers immediate savings. You'll see which companies offer the best rates for your profile in under 15 minutes.
| Poor | $2,421 |
| Below Fair | $1,848 |
| Fair | $1,494 |
| Good | $1,229 |
| Excellent | $1,060 |
Your roof type influences homeowners insurance premiums in New York. Durable materials like tile lower insurance costs, while shake-treated roofs increase premiums due to weather damage susceptibility.
Construction materials that resist fire and other perils reduce insurance rates. Superior materials generate lower premiums than standard wood frame construction.
Use the drop-downs below to see how premiums change based on your home's materials.
| $100K Dwelling / $50K Personal Property / $100K Liability | $640 |
| $250K Dwelling / $125K Personal Property / $200K Liability | $1,229 |
| $500K Dwelling / $250K Personal Property / $300K Liability | $2,354 |
| $750K Dwelling / $375K Personal Property / $500K Liability | $3,489 |
| $1M Dwelling / $500K Personal Property / $1M Liability | $4,832 |
New construction homes in New York cost less to insure than older homes, thanks to modern materials and current building code compliance. New home premiums average $812 annually. The table below shows cost differences across coverage levels for new versus existing construction.
| Existing Construction (2000) | $1,229 |
| New Construction (2023) | $812 |
Claim-free New York homeowners pay $1,229 annually on average. One claim in the past five years raises premiums to $1,437, a $208 increase. Two claims push average premiums to $1,634, costing $405 more than claim-free rates. Maintaining a clean claims record delivers clear financial benefits.
| Claim free for 5+ years | $1,229 |
| 1 claim in past 5 years | $1,437 |
| 2 claims in past 5 years | $1,634 |
In New York, hurricanes, tornadoes, floods, and nor’easters can cause major damage to homes. Homeowners insurance covers tornado damage since it’s considered part of windstorm coverage. However, riverine flooding is not usually covered by standard policies. To stay protected from floods, homeowners need to buy a separate flood insurance policy.
Annual premiums across analyzed New York cities range from $973 to $1,782. Albany homeowners pay around $1,056, while New York City residents pay $1,782 yearly. Location affects premiums through varying crime and weather risks. City differences often outweigh factors like roof type.
| Albany | $1,056 |
| Buffalo | $1,108 |
| New York | $1,782 |
| Rochester | $973 |
| Syracuse | $1,028 |
| Yonkers | $1,334 |
Shopping around for home insurance in New York doesn't have to be tough. By being informed and ready to explore your options, securing a policy that fits your budget can be straightforward. Here's how to find the best deal for you.
Ask about deals like bundling your home insurance with another policy, like auto, to save money.
Pick insurers with good service and fair prices.
Pick the plan that fits your budget and needs.
Buy your policy to protect your home and secure financial peace of mind.
Bundling home and auto insurance in New York saves around 15% on premiums. You'll save $196 to $595 yearly on combined insurance costs through multi-policy discounts.
New York homeowners can access several insurance discounts to reduce premiums:
Ask about all available discounts when requesting quotes to maximize savings.
Main Street America Insurance offers the lowest average premium at $712 yearly. You'll find more options among cheap national providers.
Standard homeowners policies in New York don't cover riverine flooding or any flood type. You'll need separate flood insurance. All areas in New York are exposed to flooding throughout the year, with coastal homes at the highest risk.
Some lenders require flood coverage. Purchase flood insurance through the National Flood Insurance Program, private insurers or as an endorsement from some home insurance companies.
Some New York insurers require hurricane deductibles for properties in New York City, Nassau and Suffolk counties, and coastal Westchester County areas. These deductibles apply when a storm is declared a hurricane and often range from 1% to 5% of your coverage amount.
Credit rating is a major factor, with excellent credit bringing premiums down to $1,060 and poor credit increasing them to $2,421.
You'll save up to $595 yearly on average by bundling home and auto insurance.
If you’re exploring homeowners insurance in New York, there are many useful resources available. These tools can help you understand state regulations, compare costs, and review coverage options.
Whether you’re a first-time homeowner or have owned property for years, they can help you make confident and informed insurance decisions:
About Mark Fitzpatrick
Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. With over five years of experience analyzing the insurance market, he conducts original research and creates tailored content for all types of buyers. His insights have been featured in publications like CNBC, NBC News and Mashable.
Fitzpatrick holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He's also a five-time Jeopardy champion!
He writes about economics and insurance, breaking down complex topics so people know what they're buying.
