Homeowners Insurance in New York

Finding homeowners insurance shouldn't be complicated. Compare New York state rates by city and carrier below.

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How to find inexpensive homeowners insurance in New York


Homeowners insurance is an optional — but important — product that works to keep your belongings safe in the event your house or property suffers damage from common incidents. A home insurance policy protects your dwelling and property against a number of misfortunes, such as theft, fire, vandalism, or wind damage.

Unlike car insurance policies, home insurance is not priced based on state-level legislation. Even so, major discrepancies exist in homeowners insurance costs from state to state. Home insurance policy prices in a given state vary based on the value of — and total number of — home insurance claims lodged in that particular state, and depend on the value of the dwelling and belongings being insured.

The best way to acquire cheap home insurance in New York is to shop around and compare rates from multiple insurance companies. Learn more about homeowners insurance costs in New York by referencing the below tables. Your rates may vary, depending on your coverage details.


New York home insurance:
  1. By insurance company
  2. By city
  3. Rates by coverage amount
  4. Rates by deductible level
  5. Bundling discounts
  6. FAQs

Homeowners insurance rates in New York by insurance company

Homeowners insurance rates in New York will vary depending on the insurance company you choose. MetLife provides the cheapest home insurance in New York — only $742 per year. This is less than the state mean cost of $869, providing a $127 discount on average statewide homeowners insurance costs.

Start searching for affordable coverage by checking out the cheapest New York home insurance carriers, listed below.


HOMEOWNERS INSURANCE RATES IN NEW YORK: BY CARRIER
InsurerAverage Annual Rate in New York
MetLife$742
State Farm$748
NYCM Insurance$812
Travelers$847
Preferred Insurance$900

New York home insurance prices by city

Not all New York cities have equal homeowners insurance rates. Policies are often priced on city-specific variables like the number of claims filed nearby, meaning your specific ZIP code impact how much you pay.

The cheapest homeowners insurance in New York is found in East Rochester. A typical homeowners insurance term in East Rochester totals just $715 per year — $154 less than the average New York rate. The below table shows the best places to live in New York if you’re looking for cheap homeowners insurance.


AFFORDABLE HOME INSURANCE CITIES IN NEW YORK
CityAverage Yearly Home Insurance Rate
East Rochester$715
Henrietta$716
West Henrietta$716
Penfield$717
Fairport$717

Average homeowners insurance prices in New York by coverage limit

How much you spend on home insurance coverage is greatly affected by the level of coverage you choose. In New York, maintaining $100K dwelling coverage costs an average of $506 per year, while carrying dwelling coverage up to $400K costs $1,588/year.


HOMEOWNERS INSURANCE RATES IN NEW YORK — COMMON COVERAGE AMOUNTS
Coverage LevelAverage Annual Rate
$100,000 Dwelling$506
$200,000 Dwelling$869
$250,000 Dwelling$1,016
$400,000 Dwelling$1,588

Homeowners insurance deductibles in New York

Homeowners have a lot of decisions to make when purchasing a homeowners policy, including how high or low to set their deductible. The deductible is the total amount that the insured contributes toward a covered loss. Where you choose to set your homeowners deductible is directly related to the overall cost of your coverage.

A good rule of thumb is: the lower your deductible, the higher your premium. Therefore, it might make sense to set a higher deductible if your are hoping to pay lower rates. Be mindful of the fact that your deductible should only be set as high as you can reasonably afford in the event of a covered loss.

The following table outlines the average rates associated with most deductibles.


HOMEOWNERS INSURANCE PREMIUMS BY DEDUCTIBLE LEVEL IN NEW YORK
Deductible LevelAverage Annual Homeowners Insurance Rate
$500$1,135
$1,000$1,016
$1,500$982
$2,000$894
$5,000$774

New York insurance bundling discounts: home + auto

If you're looking for savings, consider carrying your home and auto policies with the same insurance company. Bundling home and auto insurance in New York can lead to substantial savings on your auto insurance policy. Bundling policies in New York leads to a yearly discount of $95.


HOME AND AUTO INSURANCE BUNDLING SAVINGS IN NEW YORK
Avg. Annual Auto Insurance Rate (No Bundle)Avg. 12-Month Auto Insurance Rate (Bundle)Annual Bundle SavingsBundle Savings %
$1,602$1,507$956%

You can save money on insurance by bundling your home and auto policies. Compare rates today!


Seeking insights on home insurance in a particular city? Check out our analysis of significant New York cities:

  1. Buffalo
  2. New York

New York homeowners insurance FAQs


Does GEICO have homeowners insurance in New York?

Yes - if you live in and own a home in New York, GEICO is an option for homeowners insurance.

Do you have to have homeowners insurance in New York state?

There is no state mandate to have homeowners insurance in New York, but your lender will likely require you to have coverage.

What companies in New York state offer home mortgage insurance?

Home mortgage insurance is usually arranged by your lender and who the insurance provider typically depends on the lender's requirements.


Homeowners insurance and hurricanes in New York

Because hurricanes can cause calamitous destruction and demolish buildings entirely, insurance companies are unwilling to assume the risks posed by hurricanes. If you own a home in New York, there could be increased risk of experiencing damage from hurricanes. In fact, 75, 238 single-family residences are at extreme risk of hurricane damage in New York.*

If you live near the coast, it's of utmost importance to confirm the details of your homeowners policy since a basic policy won't be enough to cover damage caused by hurricanes — you would need separate flood and windstorm insurance policies, which would work together to cover the damages. Depending on your state, your insurance company may require a separate hurricane deductible if you live in a region that's especially vulnerable.

*Source: Insurance Information Institute (https://www.iii.org/fact-statistic/facts-statistics-hurricanes)

HURRICANE DEDUCTIBLE RATES IN NEW YORK
CompanyAverage Annual Rate w/ Hurricane Deductible
State Farm$423
NYCM Insurance$610
MetLife$711
Travelers$809
PURE Insurance$1,033

Flood insurance in New York state

Damage via flooding — whether the byproduct of a rainstorm or a hurricane — is not covered by homeowners insurance policies.

To insure your home against flood damage, you should buy flood coverage from a private flood insurance company or through FEMA's National Flood Insurance Program (NFIP). Flood insurance coverage from private companies may vary, but NFIP flood insurance covers:

  • $250,000 structural coverage
  • $100,000 personal property coverage

If the value of your home and personal property exceed these limits, consider finding a policy from a private company.

Flood insurance is especially important in New York, which paid out $992, 108 in flood insurance claims in 2016, according to data from FEMA.


Ross Martin LinkedIn

As a licensed insurance agent, Ross is responsible for researching and writing about all matters related to auto and home insurance. He has a background in writing and education, as well as a master's degree from Royal Holloway, University of London. He has been quoted by CNET, iDriveSafely.com, and Kin Insurance.