Average Cost of Homeowners Insurance in New York (2024)


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Updated: May 22, 2024

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The average cost of homeowners insurance in New York in 2023 is $1,229. This figure is $1,194 less than the national average, which is $2,423. Aside from the amount of coverage you get, the provider has the largest impact on premiums in New York. The gap between the lowest and highest premium options can be as much as $1,429.

If your rates have recently increased, we've also analyzed the cheapest policies in New York. The insurance provider you choose can significantly affect your premiums, so it pays to compare options.

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Rates updated:

Jul 15, 2024

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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.

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These rates reflect the average cost of car insurance in New York as of 2024.

1.6 MQuotes Analyzed
 
8Companies Compared
 
19ZIP Codes

Average Cost of Home Insurance in New York by Coverage Amount

In New York, the average annual premium for homeowners insurance for a policy with $250K in dwelling coverage, $125K in personal property coverage and $200K in liability coverage is $1,229. This figure is lower than the national average of $2,423. When considering the home insurance coverage you need, cover the full cost of rebuilding your home and replacing personal property after a loss.

Premiums adjust with the level of coverage. A policy with $100K in dwelling coverage costs an annual premium of $640. If your property requires $500K in dwelling coverage, the premium rises to $2,354. For extensive coverage of $750K for the dwelling, the annual premium is $3,489. These rates directly relate to the value of the property insured and the level of protection you choose.

Average Annual Home Insurance Premium New York by Coverage Amount
$100K Dwelling / $50K Personal Property / $100K LiabilityAverage Annual Premium$640
$250K Dwelling / $125K Personal Property / $200K LiabilityAverage Annual Premium$1,229
$500K Dwelling / $250K Personal Property / $300K LiabilityAverage Annual Premium$2,354
$750K Dwelling / $375K Personal Property / $500K LiabilityAverage Annual Premium$3,489

Average Cost of Home Insurance in New York by Insurer

Premiums for homeowners insurance in New York can vary significantly depending on the provider, even for similar levels of coverage. For instance, a well-known insurer like Allstate could quote a premium over twice more expensive for comparable coverage from Main Street America Insurance.

For those shopping around, there are plenty of great providers in New York. Differences in underwriting can lead to a range of prices that reflect each company's assessment of risk and claims experience.

Average Annual Home Insurance Premium New York by Provider
Data filtered by:Results filtered by:
Coverage:
Coverage:$250K Dwelling / $125K Personal Property / $200K Liability
Main Street America InsuranceAnnual Premium$712
State FarmAnnual Premium$916
TravelersAnnual Premium$964
NationwideAnnual Premium$1,222
FarmersAnnual Premium$1,225
Narragansett Bay Insurance CompanyAnnual Premium$1,236
ChubbAnnual Premium$1,701
AllstateAnnual Premium$1,860

Average Cost of Home Insurance in New York by Credit Score

Homeowners in New York with poor credit scores pay an average annual premium of $2,421 for homeowners insurance, significantly higher than the state average of $1,229. This stark contrast highlights the financial impact that creditworthiness can have on insurance rates. Those with excellent credit enjoy a lower average premium of $1,060, saving them $1,361 annually compared with people with poor credit.

Improving your credit score is a strategic way to reduce insurance costs over time. Meanwhile, comparing insurers can yield more immediate savings. In less than 15 minutes, you can see which insurers offer the most competitive rates for your profile.

Average Annual Home Insurance Premium in NJ by Credit Rating
Data filtered by:Results filtered by:
Coverage:
Coverage:$250K Dwelling / $125K Personal Property / $200K Liability
PoorAnnual Premium$2,421
Below FairAnnual Premium$1,848
FairAnnual Premium$1,494
GoodAnnual Premium$1,229
ExcellentAnnual Premium$1,060

Average Cost of Home Insurance in New York by Construction and Roof Type

The type of roof on your home influences your homeowners insurance premium in New York. Materials like tile, known for durability, can lead to lower insurance costs. Conversely, shake-treated roofs might result in higher premiums due to their susceptibility to damage from severe weather events.

When it comes to construction materials, those offering greater resistance to perils, such as fire, can affect insurance rates positively. Superior construction materials often yield lower insurance premiums than standard options like wood frame construction.

Use the drop-downs in the table below to see how premiums change based on your home's materials.

Average Annual Home Insurance in New York by Construction and Roofing Type
Data filtered by:Results filtered by:
Construction:
Construction:Frame
Roof Type:
Roof Type:Composition
$100K Dwelling / $50K Personal Property / $100K LiabilityAnnual Premium$640
$250K Dwelling / $125K Personal Property / $200K LiabilityAnnual Premium$1,229
$500K Dwelling / $250K Personal Property / $300K LiabilityAnnual Premium$2,354
$750K Dwelling / $375K Personal Property / $500K LiabilityAnnual Premium$3,489
$1M Dwelling / $500K Personal Property / $1M LiabilityAnnual Premium$4,832

Average Cost of Home Insurance in New York for Newly Constructed Homes

Insuring a new construction home in New York typically costs less than an older home, reflecting the advantages of modern materials and compliance with current building codes. The average annual premium for new construction homes in the state is $812. The table below illustrates the cost differences for varying coverage levels between new and existing homes.

Average Annual Home Insurance Premiums: New vs. Existing Construction
Data filtered by:Results filtered by:
Coverage:
Coverage:$250K Dwelling / $125K Personal Property / $200K Liability
Existing Construction (2000)Annual Premium$1,229
New Construction (2023)Annual Premium$812

Average Cost of Home Insurance in New York by Claims History

In New York, homeowners who have been claim-free for more than five years can expect to pay an average annual premium of $1,229. However, if you've filed one claim in the past five years, the average premium jumps to $1,437, an increase of $208. Two claims within the same period can raise the average premium to $1,634, which is $405 more than the baseline for claim-free homeowners. These figures illustrate the financial benefit of maintaining a claim-free record and highlight the potential cost impact of filing claims.

Average Annual Home Insurance in New York by Claims Experience
Data filtered by:Results filtered by:
Coverage:
Coverage:$250K Dwelling / $125K Personal Property / $200K Liability
Claim free for 5+ yearsAnnual Premium$1,229
1 claim in past 5 yearsAnnual Premium$1,437
2 claims in past 5 yearsAnnual Premium$1,634
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NEW YORK NATURAL DISASTERS AND HOME INSURANCE

In New York, hurricanes, tornadoes, floods and nor'easters pose significant risks to properties. Homeowners insurance typically covers tornado damage, because it falls under windstorms. However, riverine flooding is not usually covered by standard policies. To protect against floods, homeowners need to purchase separate flood insurance.

Average Cost of Home Insurance by City in New York

For the cities we analyzed, we found annual premiums range from $973 to $1,782. In Albany, homeowners pay about $1,056, while in New York City, the premium jumps to $1,782 per year. Location influences premiums due to varying risks like crime and weather. City-based rates can differ more than factors like roof type.

Average Annual Home Insurance Premium by City
Data filtered by:Results filtered by:
Coverages:
Coverages:$250K Dwelling / $125K Personal Property / $200K Liability
AlbanyAnnual Premium$1,056
BuffaloAnnual Premium$1,108
New YorkAnnual Premium$1,782
RochesterAnnual Premium$973
SyracuseAnnual Premium$1,028
YonkersAnnual Premium$1,334

How to Shop for Home Insurance in New York

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.

1
Understand Coverage Needs

Decide how much protection your home needs.

2
Compare Quotes
3
Check for Discounts

Ask about deals like bundling your home insurance with another policy, like auto, to save money.

4
Review Company Ratings

Pick insurers with good service and fair prices.

5
Choose Your Policy

Pick the plan that fits your budget and needs.

6
Purchase Insurance

Buy your policy to protect your home and secure financial peace of mind.

Bundling Home Insurance With Auto Insurance in New York

Homeowners can unlock savings by bundling their home and auto insurance policies in New York. Choosing a multi-policy bundle will save about 15%. This translates to a range of savings from approximately $196 to $595 per year on the combined cost of auto and home insurance premiums.

Home Insurance Discounts in New York

New Yorkers can capitalize on several homeowners insurance discounts to trim their premiums.

  • Loyalty discount for long-term policyholders
  • Protective devices discount for homes with security systems
  • Claim-free discount for homeowners without recent claims

To unlock maximum savings, inquire about all available discounts when requesting a quote.

FAQ: Homeowners Insurance in New York

On average, what is the cheapest insurer in New York?
Is riverine flooding in New York covered by homeowners insurance?
What is the New York State hurricane deductible?
What is the biggest factor that impacts the price of homeowners insurance in New York?
In New York, how much, on average, can I save bundling my homeowners insurance with auto?

Additional Resources for Homeowners Insurance in New York

For those navigating the homeowners insurance landscape in New York, a wealth of resources is available to guide you through regulations, costs and coverage options. Whether you're a new homeowner or a seasoned property owner, these tools can help you make informed decisions about your insurance needs.

About Mark Fitzpatrick


Mark Fitzpatrick headshot

Mark Fitzpatrick has analyzed the property and casualty insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. Currently, he leads P&C insurance content production at MoneyGeek. Fitzpatrick has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.