Cheapest Homeowners Insurance in New York (2024 Rates)


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Updated: May 22, 2024

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Main Street America Insurance offers the most budget-friendly rates overall in New York, making it an excellent choice for homeowners looking to save on their insurance premiums. It is also the cheapest option for high-value homes and policies with high deductibles, while State Farm is the top pick for coverage on new homes and policyholders with recent claim histories. Homeowners with low credit scores can benefit from Chubb's affordable policies. Meanwhile, Kemper offers cheaper home and auto insurance bundles.

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2024

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Why Trust MoneyGeek? MoneyGeek used information from the New York State Department of Financial Services and Quadrant Information Services to obtain data on insurance rates, discounts and more.

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These rates reflect the cheapest home insurance quotes in New York as of 2024.

Overall Cheapest Homeowners Insurance in New York

Main Street America Insurance ranks first for the cheapest home insurance premiums in New York, with rates for $100K in dwelling coverage at an average of $431 per year. Note that your rates can still vary based on coverage and other factors.

Main Street America Insurance offers the most affordable home insurance across different coverage levels in New York. Check out how its policy rates differ:

  • Cheapest for $100,000: Main Street America Insurance at $431 per year
  • Cheapest for $250,000: Main Street America Insurance at $712 per year
  • Cheapest for $500,000: Main Street America Insurance at $1,317 per year

Review cheap home insurance with MoneyGeek to see how costs differ by dwelling coverage.

Data filtered by:Results filtered by:
Coverages:
Coverages:$100K Dwelling / $50K Personal Property / $100K Liability
Construction Year:
Construction Year:2000
Main Street America InsuranceAnnual Premium$431
State FarmAnnual Premium$456
TravelersAnnual Premium$501
FarmersAnnual Premium$531
Narragansett Bay Insurance CompanyAnnual Premium$568
NationwideAnnual Premium$623
ChubbAnnual Premium$735
AllstateAnnual Premium$1,279

Compare New York Home Insurance Quotes Online

In New York, finding budget-friendly home insurance means getting quotes from a variety of insurers. MoneyGeek’s home insurance calculator makes this easier, offering New York quotes without requiring personal information upfront.

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Rates updated:

Jul 13, 2024

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Cheapest Home Insurance in New York for High-Value Homes

In New York, the most affordable home insurance for high-value homes is Main Street America Insurance, charging an average of $1,797 per year for $750K in dwelling coverage. Keep in mind that dwelling coverage is the primary factor affecting home insurance costs, and high-value homes usually have higher premiums.

Check out the best rates for high-value homes requiring higher coverage limits:

  • Cheapest for $750,000: Main Street America Insurance at $1,797 per year
  • Cheapest for $1,000,000: Main Street America Insurance at $2,488 per year

We recommend purchasing dwelling coverage equal to the rebuilding cost of your home, as opposed to your property's value alone. Take a look at MoneyGeek's table to see how dwelling coverage impacts costs.

Data filtered by:Results filtered by:
Coverages:
Coverages:$750K Dwelling / $375K Personal Property / $500K Liability
Construction Year:
Construction Year:2000
Main Street America InsuranceAnnual Premium$1,797
TravelersAnnual Premium$2,683
State FarmAnnual Premium$3,129
Narragansett Bay Insurance CompanyAnnual Premium$3,333
NationwideAnnual Premium$3,513
AllstateAnnual Premium$4,210
FarmersAnnual Premium$4,430
ChubbAnnual Premium$4,820

Cheapest Home Insurance in New York for New Homes

The most budget-friendly home insurance company in New York for new homeowners needing $100K in dwelling coverage is State Farm, which has an average annual premium of $272. It may not be intuitive, but newer homes in New York tend to have lower insurance costs because of updated building codes and less wear and tear.

To further break down the costs, here are the most economical insurance providers for new homes by dwelling coverage amounts in New York:

  • Cheapest for $100,000: State Farm at $272 per year
  • Cheapest for $250,000: Main Street America Insurance at $523 per year
  • Cheapest for $500,000: Main Street America Insurance at $952 per year

Explore the table below to see how insurance costs change for a newly constructed home by dwelling coverage.

Data filtered by:Results filtered by:
Coverages:
Coverages:$100K Dwelling / $50K Personal Property / $100K Liability
State FarmAnnual Premium$272
FarmersAnnual Premium$316
Main Street America InsuranceAnnual Premium$318
TravelersAnnual Premium$363
NationwideAnnual Premium$390
Narragansett Bay Insurance CompanyAnnual Premium$439
ChubbAnnual Premium$592
AllstateAnnual Premium$773

Cheapest Home Insurance in New York for Low Credit Scores

In New York, Chubb offers the cheapest home insurance for homeowners with poor credit, with $100K in dwelling coverage costing an average of $735 per year. Insurers factor in credit scores as it demonstrates the risk of potential payment default by policyholders.

Here's a cost comparison by coverage level for homeowners with less-than-ideal credit histories:

  • Cheapest for $100,000: Chubb at $735 per year
  • Cheapest for $250,000: Travelers at $1,617 per year
  • Cheapest for $500,000: Travelers at $3,020 per year

The significance of a low credit score is evident when comparing the average annual home insurance rate for $100K in dwelling coverage: $2,297 for homeowners with poor credit versus $640 for those with good credit.

Refer to MoneyGeek's table below for cost variation by credit score and coverage.

Data filtered by:Results filtered by:
Credit Score:
Credit Score:Poor
Coverages:
Coverages:$100K Dwelling / $50K Personal Property / $100K Liability
Construction Year:
Construction Year:2000
ChubbAnnual Premium$735
State FarmAnnual Premium$840
TravelersAnnual Premium$840
Narragansett Bay Insurance CompanyAnnual Premium$864
NationwideAnnual Premium$1,000
FarmersAnnual Premium$1,371
Main Street America InsuranceAnnual Premium$1,735
AllstateAnnual Premium$3,088

Cheapest Home Insurance in New York With a Claims History

State Farm offers the lowest average annual premium at $476 for New York homeowners with a record of one claim in the past five years and $100K in dwelling coverage. Note that premiums generally increase for homeowners who have made claims in the past as insurers believe they're more likely to file future claims.

The cheapest policies for homeowners with recent claim histories include the following companies:

  • Cheapest for $100,000: State Farm at $476 per year
  • Cheapest for $250,000: State Farm at $956 per year
  • Cheapest for $500,000: Main Street America Insurance at $1,970 per year

Notably, having two claims in the last five years compared with none can raise your average home insurance cost by $272 for $100K in dwelling coverage. This difference illustrates the financial benefit of maintaining a claim-free insurance record.

Data filtered by:Results filtered by:
Claims History:
Claims History:1 claim in past 5 years
Construction Year:
Construction Year:2000
Coverages:
Coverages:$100K Dwelling / $50K Personal Property / $100K Liability
State FarmAnnual Premium$476
Narragansett Bay Insurance CompanyAnnual Premium$568
TravelersAnnual Premium$594
Main Street America InsuranceAnnual Premium$645
NationwideAnnual Premium$677
FarmersAnnual Premium$711
ChubbAnnual Premium$859
AllstateAnnual Premium$1,471

Cheapest Home Insurance in New York by Home and Roof Materials

Your home's construction and roof materials can significantly impact insurance costs. For example, in New York, the least expensive home insurance premium for a home with frame-type construction and a shake-treated roof is provided by Main Street America Insurance, with an average annual premium of $431. Frame construction and shake-treated roofs are more susceptible to damage, increasing the insurance risk and, thus, the cost.

Here's a breakdown of the most affordable policies in New York for varying levels of coverage for these types of homes:

  • Cheapest for $100,000: Main Street America Insurance at $431 per year
  • Cheapest for $250,000: Main Street America Insurance at $712 per year
  • Cheapest for $500,000: Main Street America Insurance at $1,317 per year

Our table below shows that homes with higher quality superior construction and tile roofs are about $107 less expensive annually to insure than houses with frame construction and shake-treated roofs. Remember that investing in higher-quality homes can yield significant savings in insurance costs.

Data filtered by:Results filtered by:
Home Construction Type:
Home Construction Type:Frame
Roof Material:
Roof Material:Shake-Treated
Coverages:
Coverages:$100K Dwelling / $50K Personal Property / $100K Liability
Main Street America InsuranceAnnual Premium$431
State FarmAnnual Premium$456
TravelersAnnual Premium$501
FarmersAnnual Premium$531
Narragansett Bay Insurance CompanyAnnual Premium$568
NationwideAnnual Premium$694
ChubbAnnual Premium$735
AllstateAnnual Premium$1,290

Cheapest Home Insurance in New York by Deductible

By adjusting your deductible, you can save hundreds of dollars annually. For example, New York's most affordable home insurance for a $2,000 deductible is from Main Street America Insurance, charging $395 yearly. Comparatively, the least costly for a $500 deductible is State Farm at $488.

  • $2,000 deductible: Main Street America Insurance at $395 per year
  • $1,500 deductible: State Farm at $430 per year
  • $1,000 deductible: Main Street America Insurance at $431 per year
  • $500 deductible: State Farm at $488 per year

Deductibles — the amount you pay out-of-pocket before insurance contributes — significantly affect premiums. A $500 deductible policy versus a $2,000 deductible policy can differ by an average of $273 annually.

Data filtered by:Results filtered by:
Deductible:
Deductible:2000
Coverages:
Coverages:$100K Dwelling / $50K Personal Property / $100K Liability
Construction Year:
Construction Year:2000
Main Street America InsuranceAnnual Premium$395
State FarmAnnual Premium$430
FarmersAnnual Premium$444
TravelersAnnual Premium$454
Narragansett Bay Insurance CompanyAnnual Premium$488
NationwideAnnual Premium$576
ChubbAnnual Premium$615
AllstateAnnual Premium$1,193

Cheapest Home and Auto Insurance Bundle in New York

The most affordable home and auto bundle policy in New York is provided by Kemper, costing an average of $1,965 annually. By bundling home and auto insurance, you can gain substantial discounts, making it a budget-friendly choice.

  • Kemper at $1,965 per year
  • State Farm at $3,094 per year

Besides cost savings, one of the key benefits of bundling is the convenience of managing both policies with the same insurer. This simplifies insurance dealings, allowing policyholders to maintain their coverage through a single point of contact. Find out more about the best New York insurance bundle and unlock these benefits.

KemperAnnual Premium$1,965
State FarmAnnual Premium$3,094
AllstateAnnual Premium$3,701
TravelersAnnual Premium$4,688

Cheapest Home Insurance in New York by City

Main Street America Insurance is the most affordable home insurance provider in numerous New York cities. Cost differences across cities arise due to distinct local housing codes, crime rates and weather risks.

  • For example, Rochester enjoys the cheapest annual premium at $280 with Main Street America Insurance.
  • On the other hand, the most affordable insurance in New York City is with State Farm, costing an average of $450 per year.

It’s helpful to compare quotes because insurers calculate rates variably for different locations, hence the possibility of finding substantial savings. Explore our table below, which demonstrates the cheapest home insurance rates in other New York cities.

AlbanyCheapest CompanyMain Street America InsuranceAnnual Premium$370
BuffaloCheapest CompanyMain Street America InsuranceAnnual Premium$338
New YorkCheapest CompanyState FarmAnnual Premium$450
RochesterCheapest CompanyMain Street America InsuranceAnnual Premium$280
SyracuseCheapest CompanyMain Street America InsuranceAnnual Premium$289
YonkersCheapest CompanyFarmersAnnual Premium$391

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.