Average Home Insurance Cost in New York

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.

*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.

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.

*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.

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:

Home insurance rates in New York are influenced by the following:

• Location
• Coverage chosen
• Home build details
• Provider chosen
• Credit
• Claims history

Location is the biggest factor affecting home insurance, with rates varying by up to 48%. Weather risks, home value and population density impact costs.

Coverage choices affect 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 decrease costs.

Home age, construction materials and roof type affect New York homeowners insurance rates, with prices ranging from $60 to $110 per month.

Your choice of insurer affects rates, with prices ranging from 40% below to 40% above the state average.

A higher credit score lowers your home insurance costs. Premiums vary by up to 50%, with annual average rates ranging from $1,126 to $2,555.

In New York, claims history affects rates by up to 14% or about $425 annually. Filing more claims increases perceived risk, leading to higher premiums.

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.

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.

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.

New York homeowners face insurance challenges from coastal storm exposure downstate, lake-effect snow upstate, and high property values across the state that create dramatic rate differences between Manhattan, Buffalo, and rural counties. We built this analysis to show you what factors affect your premiums most and help you find coverage that protects your home without overpaying in New York's diverse insurance market.

We collected rate data from major insurers operating in New York and analyzed premiums across the variables that create the biggest price differences: coverage levels, provider choice, home construction details, credit scores, claims history, and location. We started with a home built in 2000 using frame construction with composition roofing, requiring $250,000 in dwelling coverage, $125,000 in personal property coverage, and $200,000 in liability coverage. We used a $1,000 deductible, a claims-free history spanning five years, and a fire protection level of 3. This represents typical coverage for New York's median home value and construction standards.

From there, we adjusted variables one at a time to isolate their impact on premiums. We tested coverage levels ranging from lower to higher dwelling protection amounts, compared rates across different home ages and construction materials, analyzed premium differences across credit score ranges, examined how filing claims affects future rates, and evaluated pricing variations between insurance providers.

New York's geographic diversity creates drastically different risk profiles. Downstate homeowners face hurricane and coastal flooding exposure, while upstate residents deal with heavy snowfall, ice dams, and freeze damage. These regional differences make location and construction quality particularly important factors in your premiums. We used 2000 as our baseline construction year to reflect the typical age of homes in New York's insurance market, allowing for accurate comparisons across other variables. All rate comparisons in our analysis assume this same home age unless otherwise specified, ensuring you can see exactly how each individual factor affects your costs.