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Homeowners insurance may be optional, but it's important. It helps to protect your belongings in the event your house is damaged. Homeowners insurance covers your dwelling and property against an array of misfortunes, including theft, fire, vandalism, or wind damage.
Unlike car insurance, homeowners insurance isn't controlled by state legislation. Even so, major gaps exist in home insurance costs on a state-by-state basis. Home insurance prices in US states diverge based on the frequency of — and value of — home insurance claims filed in that particular state, and also on the value of the belongings and home insured on the policy.
The best way to find an affordable homeowners insurance policy in New York is to compare rates and consider policies from multiple insurance companies. Get an idea of average home insurance rates in New York via the below breakdown. Individual rates may vary depending on coverage options and the value of the dwelling being insured.
Prices for home insurance in New York vary depending on which insurance company you select. MetLife offers the most affordable homeowners policies in New York, at only $742 yearly. This compares favorably to New York's average cost of $1,262, offering a $520 price break on rates typical to the state.
Get a head start on looking for a homeowners insurance policy by reviewing the best New York home insurance carriers, listed below.
|Company||Average Annual Rate in New York|
Home insurance rates in New York vary depending on the city. Policy rates rely on on city-specific variables like the number of homeowners claims filed nearby, meaning your specific ZIP code impact how much you pay.
The most affordable home insurance rates in New York are available in Irondequoit. An average home insurance policy in Irondequoit costs $859 every 12 months — $402 less than the average homeowners policy in other New York cities. The below cities have the most affordable homeowners insurance in New York.
|City||Average Annual Home Insurance Rate|
The amount of home coverage you select has an impact on the insurance premiums you pay. Homeowners in New York who carry $100,000 of dwelling coverage pay an average of $506 per year, while those with dwelling coverage of $400,000 pay around $1,588 per year.
|Coverage Level||Average Annual Premium|
Compare Homeowners Insurance Rates
Among the many decisions faced by homeowners when purchasing homeowners insurance is where to set the deductible. A homeowners deductible is how much your insurance requires you to pay out of pocket toward a claim. The deductible level you choose can impact how much you pay in insurance premiums.
A good rule of thumb is: the lower your deductible, the higher your premium. This means that those seeking lower rates will want to consider a higher homeowners deductible. Remember: your homeowners deductible should not be set at an amount that you would have difficulty paying in the event of a loss.
Below you'll find some typical deductible options offered by most home insurance companies along with related average insurance premiums.
|Deductible Tier||Average Annual Home Insurance Rate|
If you want to save on insurance, consider holding your home and auto policies with the same insurance company. Bundling home and auto insurance in New York can save you a substantial sum each month on your auto insurance policy. In fact, bundling policies in New York leads to a yearly discount of $95.
|Avg. Annual Auto Insurance Rate (No Bundle)||Avg. Annual Auto Insurance Rate (Bundle)||Annual Bundle Savings||% Savings with Bundle|
One of the best ways to save on auto insurance is to bundle policies. Compare rates today!
Looking for insights on homeowners insurance in a particular city? Check out our analysis of large New York cities:
Yes - if you live in and own a home in New York, GEICO is an option for homeowners insurance.
There is no state mandate to have homeowners insurance in New York, but your lender will likely require you to have coverage.
Home mortgage insurance is usually arranged by your lender and who the insurance provider typically depends on the lender's requirements.
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. The average cost of homeowners insurance with a 2% hurricane deductible in New York is $1,050 per year.
*Source: Insurance Information Institute (https://www.iii.org/fact-statistic/facts-statistics-hurricanes)
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:
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.