Average Costs and Cheapest Homeowners Insurance Companies in New York

The most affordable homeowners insurance in New York may vary depending on your needs and situation. For example, Nationwide is the cheapest company for expensive homes and people with poor credit, while State Farm is the most affordable option overall as well as for newer homes and pool owners.

For this analysis, MoneyGeek evaluated thousands of quotes in New York to calculate average rates and find the cheapest homeowners insurance provider for you.

MoneyGeek used costs and service measures to break down the best homeowners insurance providers in New York if you want to balance cost and quality.

MoneyGeek gathered thousands of quotes to calculate average rates and determine the cheapest insurer for different dwelling coverages. The top option for residents looking for cheap homeowners insurance in New York for baseline dwelling coverage of $250,000 is State Farm at $934 per year.

The most affordable options vary depending on the dwelling coverage and include:

• Cheapest for $100,000: State Farm
• Cheapest for $250,000: State Farm
• Cheapest for $500,000: Nationwide

Toggle the table below to find out insurance costs for the dwelling coverage suitable for your needs. How much dwelling coverage you need will be based on the replacement cost of your home.

The cost of home insurance in New York can differ greatly depending on the dwelling coverage you buy. The average cost of homeowners insurance in New York for baseline dwelling coverage of $250,000 is $1,402 per year.

The dwelling coverage level that you choose will have a significant impact on your home insurance rates. A higher coverage level means you are protected against more damages but will result in higher rates. For instance, the average annual rate for dwelling coverage of $100,000 is $787. Meanwhile, the average cost for dwelling coverage of $3 million is $15,524 per year. This is a difference of roughly $14,737.

To determine the cost of homeowners insurance in New York, insurance providers will assess several factors, including your house’s age, location, dwelling value, roof quality and personal property, among many others. Homes in risk-prone areas are more likely to have exposure to hazards. Consequently, coverage rates may be higher.

You can adjust the dwelling coverage limits, deductible and other limits to see how the average costs of homeowners insurance in New York can change depending on your needs.

MoneyGeek calculated the average rates based on thousands of quotes to determine the most affordable insurance companies in New York for different dwelling coverages.

Based on MoneyGeek’s analysis, the cheapest options for homeowners looking for a policy with $2 million in dwelling coverage are, on average:

• Nationwide: $7,714 per year
• State Farm: $9,150 per year

Rates can vary greatly for expensive homes depending on the actual dwelling coverage and insurer, so it is important to shop around and compare quotes from multiple insurance providers.

MoneyGeek analyzed thousands of quotes from different insurance providers in New York to find the most affordable option for newer homes with $250,000 in dwelling coverage. Rates are based on a sample home built in 2015.

Based on average rates, the cheapest homeowners insurance providers in New York for newer homes with baseline dwelling coverage of $250,000 are:

• State Farm: $740 per year
• Nationwide: $1,026 per year

Newer homes tend to have cheaper insurance rates. In New York, homes built in 2015 might be $365 cheaper than those built in 2000.

Numbers for these 2000 homes differ from the first section due to a different ZIP code collection process.

The average cost of homeowners insurance in New York for newer homes is $1,344 per year. Meanwhile, the average annual rate for a home constructed in 2000 is $1,710 per year. That is a $365 difference.

Typically, older homes are more expensive to insure. This is because they tend to be more expensive to repair or rebuild. Older materials used may be harder or more expensive to find. There is also wear and tear.

When researching the cheapest insurer in New York for homes with pools, MoneyGeek averaged thousands of quotes.

On average, the best companies for pool owners with baseline dwelling coverage of $250,000 and are looking for cheap homeowners insurance in New York are:

• State Farm: $1,028 per year
• Nationwide: $1,233 per year

Having a pool in your property can lead to higher home insurance rates because insurance companies see it as an attractive nuisance and a liability hazard. As a result, you will need additional liability coverage for pool-related injuries or accidents.

Whether or not you have a pool on your property can have a huge impact on the cost of your home insurance in New York. For instance, the average rate for a home with dwelling coverage of $250,000 in the state is $1,402 per year. On the other hand, having a pool will increase the average rate for the same dwelling coverage to $1,710 per year.

MoneyGeek found the cheapest provider in New York for homeowners with a poor credit record by averaging thousands of quotes.

On average, the two companies with the cheapest average rates for New York homeowners with a poor credit record and $250,000 dwelling coverage are:

• Nationwide: $1,715 per year
• State Farm: $1,718 per year

Having bad credit can significantly increase your home insurance costs. This is because insurance companies use credit-based insurance scores to determine an individual’s risk and determine how likely a person is to file a claim.

Insurance companies consider various factors to calculate home insurance rates. Your credit background is one of these factors. Typically, individuals with poor credit tend to pay more than those with good credit scores.

The average cost of homeowners insurance in New York for a person with good credit is $1,509 per year, while the average annual rate for someone with poor credit is $2,728. That is a $1,219 difference.

Insurance rates may also vary by city. MoneyGeek analyzed the cities of Buffalo and New York and found average annual rates of $909 and $1,586, respectively. Travelers ($635 per year) is the cheapest option in Buffalo, while State Farm ($1,005 per year) is the cheapest in New York City. Select your city to learn more about insurance rates.

There are certain pieces of information you need to provide to get a binding home insurance quote estimate from an insurance company. Among these are your name, phone number, address and Social Security number. You have to also inform the insurer about the value of your home, your belongings and any add-on features you might have installed. The insurance company will prepare your custom quote based on your answers to these questions.

If you are looking for a way to get home insurance estimates anonymously, you can use MoneyGeek’s New York home insurance calculator. The estimated costs are based on thousands of quotes that MoneyGeek compiled.

MoneyGeek analyzed homeowners insurance premiums from 6 of the top insurance companies in New York in partnership with Quadrant. Our analysis includes quotes from ZIP codes across New York. Quotes were gathered with an average home profile of 2,500 square feet, built in 2000, with an average dwelling coverage value of $250,000, liability coverage of $100,000 and personal property coverage of $100,000.