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 cheap insurance for your home in New York


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.


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


Homeowners insurance rates in New York by insurer

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.


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


New York home insurance by city

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.


AFFORDABLE HOMEOWNERS INSURANCE BY CITY IN NEW YORK
CityAverage Annual Home Insurance Rate
Irondequoit$859
Cheektowaga$897
Tonawanda$911
Binghamton$941
Rochester$987


Average homeowners insurance rates in New York by coverage limit

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.


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


Compare Homeowners Insurance Rates


Homeowners insurance deductibles in New York

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.


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


Save by bundling home and auto insurance in New York

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.


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


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:

  1. Buffalo
  2. New York


New York home 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. 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)


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 masters degree from Royal Holloway, University of London. He has been quoted by Kin Insurance, Safety.com, and autoinsuranceEZ.com.