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New York homeowners insurance: what you need to know

The average annual cost of home insurance in New York state is $869 or $72 per month. This is lower than the average national cost of home insurance. 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.

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, such as theft, fire, vandalism, or wind damage. 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.

 

Table of contents:
  1. Rates by company
  2. Rates by coverage amount
  3. Rates by deductible amount
  4. Rates by city
  5. Bundling savings
  6. Frequently asked questions
  7. Natural disaster coverage

 

The cheapest home insurance companies in New York

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.

 

AFFORDABLE HOME INSURERS IN NEW YORK
Insurer Average Annual Rate in New York
MetLife $742
State Farm $748
NYCM Insurance $812
Travelers $847
Preferred Insurance $900

 

Check out the results of The Zebra's Customer Satisfaction Survey for more information on the best homeowners insurers.

 

New York home insurance prices by coverage levels

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.

 

POPULAR COVERAGE LIMITS IN NEW YORK
Coverage Level Average Annual Cost
$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.

 

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

 

New York homeowners insurance costs 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.

 

CHEAPEST CITIES FOR HOMEOWNERS INSURANCE IN NEW YORK
City Average 12-Month Home Insurance Rate
East Rochester $715
Henrietta $716
West Henrietta $716
Penfield $717
Fairport $717

 

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

 

Home and auto insurance bundling in New York

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 BUNDLING DISCOUNTS IN NEW YORK

Avg. Annual Rate (No Bundle)

Avg. Annual Rate (w/ Bundle)

Annual Savings ($)

Annual Savings (%)

$1,602 $1,507 $95 6%

 


 

New York homeowners insurance FAQs

 

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.

 


 

Natural disaster coverage in New York

 

Does homeowners insurance cover 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.1

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.

Learn more high-risk homeowners insurance.  

 

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

 

Does homeowners insurance cover flooding in New York?

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.2

 


 

Sources:

1Insurance Information Institute

2Federal Emergency Management Agency (FEMA)

 


 

Find an affordable homeowners policy in New York today!

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Kristine Lee photo
Kristine LeeManager, Content and Data

Kristine is a licensed insurance agent who joined The Zebra in 2019 as an in-house content researcher and writer.

She is an authority on all things insurance and covers the ins and outs of auto, home, life and renters insurance. Her specialty is in providing data-backed insights and information to help insurance shoppers make informed decisions.

Kristine's insurance expertise and research have been cited by publications such as CNBC, Car and Driver, Business Insider, Yahoo!, The Balance, Nationwide and Elephant.

About The Zebra

The Zebra is not an insurance company. We publish data-backed, expert-reviewed resources to help consumers make more informed insurance decisions.

  • The Zebra’s insurance content is written and reviewed for accuracy by licensed insurance agents.

  • The Zebra’s insurance content is not subject to review or alteration by insurance companies or partners.

  • The Zebra’s editorial team operates independently of the company’s partnerships and commercialization interests, publishing unbiased information for consumer benefit.

  • The auto insurance rates published on The Zebra’s pages are based on a comprehensive analysis of car insurance pricing data, evaluating more than 83 million insurance rates from across the United States.