Insurance
New York Homeowners Insurance Calculator: Free Cost Estimator (2024)
Updated: May 22, 2024
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MoneyGeek’s home insurance calculator will give you a ballpark estimate of your cost — it’s free, no personal information required, no spam.
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Jul 26, 2024
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If you are looking for the cheapest homeowners insurance provider in New York, State Farm may be your best bet. However, keep in mind that the most affordable company depends on your individual needs.
If you want a balance between affordability, customer satisfaction and claims rating, MoneyGeek put together a list of the best homeowners insurance companies in New York to give you a look at which option offers great coverage at a fair price.
How to Estimate the Cost of Your Homeowners Insurance Policy in New York
The cost of homeowners insurance in New York varies from one person to another. A homeowner's location, credit score and liability coverage affect what they pay. MoneyGeek's calculator can help you estimate the cost of insuring your home, so you can compare insurance quotes from different providers.
New York
The location of your home can affect your home's value, and therefore the cost of your insurance premium. If you live in a high-risk area in New York, such as an area with high theft rates, you may pay higher premiums than others who live in safer areas.
Another example is extreme weather conditions. If you live near the coast, then your home will likely be at greater risk of damage from hurricanes or other severe storms than if it were located inland.
Dwelling Coverage
Standard homeowners insurance includes dwelling coverage, which pays for repair or rebuilding costs in the event that your home is damaged by a covered peril.
It's important to make sure you have enough coverage to help you recover from events like lightning strikes, fires or natural disasters. The average amount of dwelling coverage in New York is 250K.
Deductible
When you purchase homeowners insurance, you must pay a certain amount called a deductible. A deductible is the amount of money that a homeowner must pay out of pocket before their home insurance coverage begins.
To get the most out of your homeowners insurance, you should pay attention to the deductible you choose. A higher deductible usually means lower premiums, but you’ll pay more if you file a claim.
Liability
Liability insurance protects you from the financial consequences of any legal claims made against you. It covers the costs, including legal fees and victim compensation, that come up when you, your family members or your property causes damage or injury to other people.
It only costs a few extra dollars to add thousands of liability coverage to your policy.
Personal Property
Your home's contents are covered by personal property insurance. MoneyGeek's insurance calculator helps you determine the value of your possessions.
If a fire, theft or any other unforeseen incident causes damage to your belongings, this type of coverage can assist in repairing or replacing them.
Credit Score
Credit scores are one of the factors New York homeowners insurance companies use to determine how much you will pay for home insurance. People with low credit scores might be charged higher rates than people with higher scores.
It helps to keep your financial situation in good order before applying for a homeowners insurance policy.
Personal Property Coverage Calculator
When figuring out how much renters insurance you need, experts recommend the standard $100,000 in liability insurance and enough personal property protection to cover your possessions. Use MoneyGeek's calculator to estimate the value of your possessions so you know how much personal property coverage to buy.
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Average Cost of Home Insurance in New York
For a $250,000 dwelling insurance policy, New York ranks 23rd in the U.S. in terms of affordability, which means it’s cheaper than roughly half of the country. The average homeowner in New York can expect to pay around $1,854 for that amount of coverage.
However, if you need more or less coverage, you may refer to the table below, which shows average costs by coverage level in New York.
Average Annual Premium in New York for Homeowners Insurance
| $100,000 | Average Annual Premium$1,114 |
| $250,000 | Average Annual Premium$1,854 |
| $500,000 | Average Annual Premium$3,527 |
| $750,000 | Average Annual Premium$5,244 |
| $1,000,000 | Average Annual Premium$7,006 |
| $2,000,000 | Average Annual Premium$14,855 |
| $3,000,000 | Average Annual Premium$22,765 |
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It's worth evaluating how much it will cost to rebuild your home before deciding on dwelling coverage. To make an accurate estimate, it's important to consider the property's age, size and other features. An appraiser can help you with this.
Extended or guaranteed replacement coverage can also help cover extra costs if rebuilding actually ends up costing more than your original dwelling policy allowed for. Keep in mind that the dwelling coverage should be based on what it would cost to rebuild your home, not the current value of your house.
Average Cost of Home Insurance in New York Cities
Homeowners insurance premiums vary from one state to another and even from city to city. The location of your home plays a big role in its homeowners insurance price. The table below shows how prices differ throughout New York based on the city.
Average Annual Premium in New York Cities for Homeowners Insurance
| Albany | Average Annual Premium ($100K Dwelling Coverage)$847 | Average Annual Premium ($250K Dwelling Coverage)$1,402 |
| Buffalo | Average Annual Premium ($100K Dwelling Coverage)$816 | Average Annual Premium ($250K Dwelling Coverage)$1,347 |
| New York | Average Annual Premium ($100K Dwelling Coverage)$1,318 | Average Annual Premium ($250K Dwelling Coverage)$2,000 |
| Syracuse | Average Annual Premium ($100K Dwelling Coverage)$878 | Average Annual Premium ($250K Dwelling Coverage)$1,414 |
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MoneyGeek found Allstate to be the best homeowners insurance company overall if the price isn’t a determining factor for you. We took into account affordability, customer satisfaction and claims rating in our analysis.
However, the best homeowners insurance policy varies from one person to another depending on their unique situation. MoneyGeek created a list of top homeowners insurance companies that cater to different needs.
Frequently Asked Questions About Home Insurance in New York
Homeowners insurance can be a confusing topic. MoneyGeek has answered some of the most frequently asked questions about homeowners insurance in New York.
How much does homeowners insurance cost in New York?
Homeowners in New York pay an average of $1,854 for $250,000 in dwelling coverage. It’s cheaper than the national average, so most policyholders can feel confident that they won’t get stuck with a huge bill if their property is damaged.
How do I know how much dwelling coverage to get?
When you purchase a home, it's important to understand the dwelling coverage that is included in your homeowners insurance policy. The average amount of dwelling coverage in New York is $250,000. Keep in mind that the right amount should be enough to help you recover from events such as theft, lighting, fire and other things that can damage your home's structure. Dwelling coverage should depend on how much it costs to rebuild your home.
Insurance
Methodology
To determine the average cost of homeowners insurance in New York, MoneyGeek sourced pricing data from Quadrant Information Services.
MoneyGeek chose a standard home profile to provide the most reliable and relevant data for developing a thorough analysis of homeowners insurance. This standard home profile consists of the following attributes:
- Construction year: 2000
- Construction type: Frame
- Composition roof
- Three-mile radius from the fire department
- Assumed value of other structures on the property: 10% of the dwelling coverage
- Personal property coverage: 40% of the dwelling coverage
- Liability limit: $100,000
- Deductible: $1,000
About Mark Fitzpatrick
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.