New York Homeowners Insurance Calculator: Estimate Your Policy Cost

In the United States, New York ranks 23rd cheapest for homeowners insurance for a coverage amount of $250,000. Statewide, the average annual premium is $1,854. This is 23% lower than the national average of $2,417.

We created an insurance cost calculator to help you determine how much homeowners insurance might cost in New York based on various factors like the amount of coverage you’re looking to purchase.

Advertising & Editorial DisclosureLast Updated: 12/7/2022
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Home Insurance Calculator

State

New York

Dwelling Coverage

$250,000

Deductible

$500

Liability

$300,000

Personal Property

$50,000

Credit Score

Excellent
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These are annual estimates. Get a personalized quote to determine your costs.

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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.

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    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.

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    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.

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    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.

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    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.

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    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.

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    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.

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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

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  • Dwelling Coverage Amount
    Average Annual Premium
  • $100,000
    $1,114
  • $250,000
    $1,854
  • $500,000
    $3,527
  • $750,000
    $5,244
  • $1,000,000
    $7,006
  • $2,000,000
    $14,855
  • $3,000,000
    $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

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  • City
    Average Annual Premium ($100K Dwelling Coverage)
    Average Annual Premium ($250K Dwelling Coverage)
  • Albany
    $847
    $1,402
  • Buffalo
    $816
    $1,347
  • New York
    $1,318
    $2,000
  • Syracuse
    $878
    $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.

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 the Author


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Mark Fitzpatrick is a senior content manager with MoneyGeek specializing in insurance. Mark has years of experience analyzing the insurance market and creating original research and content. He graduated from Boston College with a Bachelor of Arts and Johns Hopkins University with a Master of Arts.