Average Cost of Homeowners Insurance in New York (2024)

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

• New York State Department of Financial Services: Official state resource for insurance regulations.
• Affordable Home Insurance in New York: Find cost-effective options for your home.
• New York Homeowners Insurance Calculator: Estimate your potential insurance costs.
• High-Risk Home Insurance Coverage: Understand insurance for homes in high-risk areas.
• Top Home Insurance Options in New York: Compare the best insurance providers.
• Personal Property Coverage Essentials: Guide to personal property insurance needs.
• Report Insurance Fraud: Online system for reporting insurance fraud.