Best homeowners insurance in New York May 2024 (2024)

Homeowners insurance in New York costs an average of $1,352 per year.

Factors like the age of your home and where it’s located can influence how much you pay for home insurance.

Getting multiple home insurance quotes can make it easier to find the cheapest home insurance in New York.

The average cost of homeowners insurance in New York is $1,352 per year — nearly $600 cheaper than the national average of $1,935 per year. That said, the cost of home insurance in New York varies greatly across ZIP codes and depends on factors like the age of your house and its build materials. The best homeowners insurance in New York will offer affordable rates, comprehensive coverage options and multiple discounts.

Shopping around to compare home insurance quotes can give you an idea of what you might pay with different insurers. To help you in your search, we’ve evaluated the cheapest home insurance companies in New York.

Cheap homeowners insurance in New York company comparison

Home insurance costs $1,352 per year, or about $112 per month on average in New York. The cheapest home insurance company in New York is Kemper, followed by Merchants and New York Central Mutual.

Homeowners insurance cost in New York

The average cost of homeowners insurance in New York will depend on a number of factors, including:

• The age and condition of your house.
• Your ZIP code.
• How much dwelling coverage you need.
• Your claims history.
• Your deductible.

Home insurance cost by dwelling coverage limit in New York

How to save money on your homeowners insurance in New York

To find cheap home insurance in New York, compare home insurance quotes from at least three different insurers.

You can also consider raising your deductible. Your deductible is the amount subtracted from your property damage claim before your insurer issues a payout. The higher your deductible, the cheaper your home insurance rates will be, but it also means you’ll be paid out less in the event of a claim.

It’s also important to check out what types of discounts you might be able to qualify for.

New York home insurance discounts

Many homeowners insurance companies in New York offer the following discounts:

• Bundling discounts. Save when you bundle your home insurance with an auto insurance policy. You may also be able to bundle other policies, such as coverage for an RV or boat.
• Fortified home. If your house has a fire alarm, burglar alarm, camera system or sprinkler system, those might qualify you for an additional discount.
• New customer. Insurance companies offer discounts to new customers as an incentive to switch insurers.
• Green home. Owning a house that’s designed to be eco-friendly could qualify for a green home discount. Your insurance company may require proof that your home is certified as green by the Leadership Energy and Environmental Design (LEED) organization.
• Claims-free. If you don’t have a previous claim history, or you haven’t filed a claim in three to five years, your insurance company may give you a break on premiums.
• Autopay. You may score a discount with your home insurance company if you enroll in autopayment of your bills.
• New roof. If your roof is newer and in good condition, you may save on home insurance.
• Affinity. Many insurers offer discounts for military members, veterans, first responders and other affinity groups.

What does home insurance cover in New York?

Standard home insurance policies generally pay for repairs to your house if it’s destroyed by anything that isn’t specifically listed as an exclusion in your policy. Problems that are typically excluded are flood damage, earthquakes and normal wear and tear.

Your home insurance policy will also cover your personal belongings for specific problems, such as theft, fire and tornadoes.

It’s a good idea to review what home insurance covers, to determine how much of each coverage type you need.

Here are the main types of coverage included in a standard home insurance policy in New York.

• Dwelling. Dwelling coverage pays to repair or rebuild your house if it’s damaged by a covered event, like a tornado. Dwelling coverage also applies to garages or decking that are attached to your home.
• Other structures. Other structures coverage applies to structures on your property that are not attached to your house, such as fencing, gazebos, detached garages and sheds.
• Personal property. Home insurance can pay to replace your belongings if they’re damaged by a problem, or peril, listed in your policy, like a fire. You’ll typically be paid out for the actual cash value of your belongings, which means depreciation is factored into the payout. If you want to be reimbursed at today’s prices, ask about upgrading to replacement cost coverage.
• Loss of use. If you’re temporarily displaced from your home because of damages caused by a covered event, loss of use coverage can help cover your additional living expenses, like hotel stays, restaurant meals and pet boarding.
• Liability. Liability insurance pays for another person’s damaged property or injury if you’re found to be responsible, like if your dog attacks your neighbor. It can also cover your legal or settlement costs if you’re sued over the matter.
• Medical payments to others. This pays for another person’s minor medical expenses, regardless of who was at fault. You can typically get up to $5,000 in this coverage.

Each coverage will have a set limit, or the maximum amount you’ll be paid out for a claim. You can adjust coverage limits depending on how much home insurance you need.

What doesn’t home insurance cover in New York?

Home insurance can offer comprehensive coverage but it doesn’t protect against everything. Some of the most common exclusions for home insurance in New York include things like:

• Earth movement.
• Flooding.
• Intentional damages.
• Nuclear hazards.
• Pest infestations.
• Power failures
• Sewer and water damage backups.
• Wear and tear.

Common natural disasters in New York

New York’s geography and location make it more prone to certain types of natural disasters than other states. The types of hazards homeowners may encounter across New York state include:

• Floods.
• Ice storms.
• Severe storms that produce lightning, hail and high winds.
• Tornadoes.
• Tropical storms and hurricanes.
• Wildfires.
• Winter storms, including those that produce blizzard conditions.

New York home insurance policies can include coverage for wind damage, but you may need to pay a separate deductible for wind damage claims, depending on the insurer.

Home insurance coverage considerations in New York

Depending on where you live in New York, you may need extra or separate coverage to fully financially protect your property and fill in any coverage gaps from your home insurance policy.

Flood insurance

Home insurance never covers damage caused by any form of flooding — storm surges, hurricanes and river overflow are all excluded from coverage. Flooding is becoming more common in New York — New York City saw over a combined 21 inches of rainfall from Sept. 28 to Sept. 29, 2023.

You can purchase flood insurance through your home insurance company if it partakes in the National Flood Insurance Program (NFIP), a FEMA-backed organization. Another option is to buy private flood insurance.

Extended replacement cost or guaranteed replacement cost coverage

You may want to upgrade your dwelling coverage to extended or guaranteed replacement cost. In the event that a natural disaster in New York results in an increase in demand and price for labor and construction costs, these add-ons can extend coverage so you’re not underinsured.

• Extended replacement cost: This add-on extends your original dwelling coverage limit by 10% to 50% depending on the insurance company.
• Guaranteed replacement cost: This upgrade will make sure your house is rebuilt no matter how much it costs and no matter what your original dwelling limit was set to.

Tips for buying home insurance in New York

When you’re buying home insurance in New York, it’s important to take your time and do your research. There are plenty of companies that offer cheap homeowners insurance in New York, but they can differ greatly when it comes to discounts, coverage options and customer service.

Here are some of the most helpful things to consider as you look for a home insurance policy in New York.

• Estimate your coverage needs. A good home insurance policy should be comprehensive enough to cover the full cost of rebuilding your house after a covered disaster. It should also include enough liability coverage to cover the amount of assets you risk losing if you’re sued in relation to a personal injury or property damage.
• Consider add-ons. You may want to add coverage for things that are excluded from your policy, such as damage caused by water backups or extra coverage for expensive belongings that have maximum payout limits for theft, like jewelry.
• Look into discounts. There are a number of discounts you might qualify for that could score you cheap home insurance in New York. It’s worth asking about any discounts that are available to see what you may be able to claim.
• Compare quotes. It’s helpful to compare homeowners insurance quotes from at least three insurers to see how much you might pay with different companies.

Methodology

Average rates for homeowners insurance in New York were calculated using data from Quadrant Information Services.

Homeowners insurance rates in New York are based on the average cost of home insurance policies with dwelling coverage of $200,000, $350,000, $500,000 and $750,000.

Best home insurance in New York FAQs