Home insurance in New York costs about $109 monthly or $1,305 annually on average. Residents pay $111 less per month, or $1,330 less annually, than the national average, making it the 11th most affordable state for home insurance.
Average Home Insurance Cost in New York
Updated: June 2, 2025
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Rates updated:
Jun 06, 2025
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Key Takeaways
Home insurance costs in New York range from $716 per year to well over $7,275, depending on your financial history, home details, coverage chosen, and provider.
New York's home insurance premiums are the 11th most affordable in the country, at 50% below the national average.
To find the best home insurance in New York, determine what coverage you need beforehand, research costs and discounts in your area, and shop around.
How Much Is Home Insurance in New York?
| New York Average | $109 | $1,305 | -50% |
| National Average | $220 | $2,635 | 0% |
*These rates represent a home built in 2000 out of frame with $250,000 Dwelling, $125,000 Personal Property and $200,000 Liability coverage with a $1,000 deductible.
Average Home Insurance Cost by City
Depending on your city, various risk factors (including your property’s age, weather-related factors and home valuations) differ considerably, affecting home insurance costs. For example, the average monthly home insurance cost in Albany is around $92; in New York City, it’s much higher at $151.
| Albany | $92 | $1,109 |
| Buffalo | $97 | $1,166 |
| New York | $151 | $1,811 |
| Rochester | $86 | $1,026 |
| Syracuse | $90 | $1,085 |
| Yonkers | $117 | $1,409 |
*These rates represent a home built in 2000 out of frame with $250,000 Dwelling, $125,000 Personal Property and $200,000 Liability coverage with a $1,000 deductible.
Why Is Home Insurance So Expensive in New York?
Home insurance is expensive in New York mainly because of the increasing number of claims, the high risk of severe weather and natural disasters, rising material and labor costs, and state insurance laws. Below, we explain each factor in detail:
Rising Claims
When New York sees more insurance claims, everyone's rates go up. Insurance companies spread these costs across all policyholders, which means even claim-free homeowners end up paying more to offset losses from natural disasters, break-ins and other covered incidents.
High Weather Risks
Areas with frequent severe weather, such as hurricanes or wildfires, pose higher risks for insurers. This results in increased home insurance prices to offset the potential for costly damage claims.
Rising Material and Labor Costs
Rising construction costs directly impact your insurance premiums. When lumber, roofing materials and contractor wages go up, insurers adjust rates accordingly since they need to cover the actual cost of rebuilding your home.
State Insurance Laws
New York insurance regulations impact how insurers calculate rates. Mandated coverages or rate-setting rules may lead to higher insurance costs in some states compared to others.
What Affects New York Home Insurance Costs?
Home insurance rates in New York, like in many other states, are influenced by several key factors:
- Location
- Coverage chosen
- Home build details
- Provider chosen
- Credit
- Claims history
We'll explore how these factors uniquely affect rates in New York.
How Much Does Location Affect Home Insurance Costs?
Location is the biggest factor affecting home insurance rates in New York, with rates varying by up to 48%. Weather risks, home value and population density in your area play a major role in determining costs.
| Lowest | New York State Remnant Tier Aggregate | $76 | $916 |
| Highest | New York Small Tier Aggregate | $159 | $1,909 |
How Much Does Coverage Affect Home Insurance Costs?
Coverage choices are the second most influential factor in New York home insurance rates, with costs ranging from $605 to $5,636 per year. Higher coverage limits and lower deductibles increase premiums, while lower limits and higher deductibles reduce costs.
| Lowest | $100K Dwelling / $50K Personal Property / $100K Liability | 2000 | $50 | $605 |
| Highest | $1MM Dwelling / $500K Personal Property / $1MM Liability | 500 | $470 | $5,636 |
How Much Do Home Details Affect Home Insurance Costs?
Home details like age, construction materials and roof type are the third most influential factor in New York homeowners insurance rates, with prices ranging from $60 to $110 per month. These factors affect replacement costs and the risk of damage or theft, leading to rate differences.
| Lowest | New | Superior | Tile | $60 | $726 |
| Highest | Old | Frame | Shake-Treated | $110 | $1,325 |
How Much Does the Provider You Choose Affect Home Insurance Costs?
Your choice of insurer is the fourth most influential factor in New York home insurance rates, with prices ranging from 40% below to 40% above the state average.
| Lowest | Main Street America Insurance | $65 | $785 |
| Highest | Allstate | $152 | $1,824 |
How Much Does Credit Affect Home Insurance Costs?
A higher credit score makes you appear more reliable, which can lower your home insurance costs. Premiums vary by up to 50%, with annual average rates ranging from $1,126 to $2,555.
| Lowest | Excellent | $94 | $1,126 |
| Highest | Poor | $213 | $2,555 |
How Much Does Claims History Affect Home Insurance Costs?
In New York, claims history has a smaller impact on homeowners insurance premiums than other factors, affecting rates by up to 14% or about $425 annually. Filing more claims increases perceived risk, leading to higher premiums.
| Lowest | Claim free for 5+ years | $109 | $1,305 |
| Highest | 2 claims in past 5 years | $144 | $1,730 |
Tips to Save on New York Home Insurance
In New York, high home insurance costs make finding ways to save essential. Whether you're buying a new home or cutting current expenses, secure the best and cheapest home insurance in New York tailored to your needs. Here are tips to help you achieve this.
- 1
Find How Much Coverage You Need Beforehand
Determining how much home insurance you need before buying allows you to frame how you search for coverage and avoid being oversold by agents. In addition to standard coverage options, consider if you need add-ons to protect any additional items you own.
- 2
Research Costs and Discounts Beforehand
To determine if you’re getting a good deal, understand the average costs for you and your home. Also, ask agents about all available home insurance discounts, as some insurers apply certain reductions only if requested.
- 3
Compare Multiple Providers Through Different Avenues
Compare multiple insurers apples to apples to find the best coverage for your needs. Use various methods, including online comparison sites, brokers, provider websites, and agents, as quotes vary significantly across these channels.
- 4
Consider Bundling Policies
Bundling policies can lead to significant savings. For example, combining home and auto insurance in New York can save you hundreds of dollars annually on both policies.
- 5
Reduce Your Personal Risk Profile
To get cheaper premiums for your home, consider making improvements like adding storm shutters or home security systems. Improving your credit score can also decrease premiums drastically. For example, moving from a fair to a good credit score can save you 28% on average.
- 6
See if You Are Eligible for State Programs
Look into New York programs that help you get affordable coverage if you're denied traditional home insurance coverage. While these programs don’t offer the same coverage amount as traditional policies, they meet mortgage requirements.
New York Home Insurance Calculator: Bottom Line
Home insurance costs vary, mainly by location and coverage level. Find affordable rates by understanding your needs and average costs. Then, get the best deal with our estimate tool.
Homeowners Calculator Insurance New York: FAQ
The cost of homeowners insurance in New York depends on various factors. MoneyGeek answers common questions below to help you estimate your expenses for home insurance.
How much does homeowners insurance cost in New York?
New York's average monthly home insurance cost is $109 for dwelling coverage of $250,000. However, your rate will depend on factors like your credit score, liability and property coverage limits, and deductible.
How do I know how much dwelling coverage to get?
Homeowners can estimate their required dwelling coverage by calculating the cost to replace their home after damage, often with help from an appraiser. While this study uses a baseline coverage of $250,000, you can use the MoneyGeek homeowners insurance calculator to find the best coverage limit for your needs.
What factors affect home insurance costs the most?
The biggest factors affecting home insurance costs are your location, chosen coverage level, and provider. Your credit score and home details also influence your rates.
How We Determined Our New York Home Insurance Estimates
When determining the average cost of home insurance in New York, we used a base profile for a simple estimate consistent with the following:
- $250,000 dwelling coverage
- $125,000 personal property coverage
- $200,000 liability coverage
- Home Built Year: 2000
- Construction type: Frame
- Roof type: Composition
- $1,000 deductible
- No claims in the past 5+ years
- Fire protection level of 3
However, rates will vary widely depending on factors such as coverage level, provider chosen, the age of the home, other features of the home, insured credit and claims history, among other factors. All other combinations presented in this article assume the home was built in 2000.
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!
Passionate about economics and insurance, he aims to promote transparency in financial topics and empower others to make confident money decisions.