New York Homeowners Insurance

The Zebra
Aug. 26, 2019

How to find cheap homeowners insurance in New York


Home insurance should be a critical consideration for every homeowner. Fire, vandalism, theft, and wind damage are just a handful of the perils for which home insurance can protect your dwelling and other personal belongings. Events like this occur frequently. When paired with the high cost of repairing or rebuilding a house, purchasing an expansive homeowners policy can seem like a great idea.

The cost of homeowners insurance coverage depends on myriad factors, including the value of the dwelling, the value of your personal items, and the materials used to construct the home. Location also plays a role in determining the price of your homeowners insurance policy. In areas prone to perils like hail, frozen pipes, volcanoes, or fire, home insurance policies may be more expensive to account for the extra risk. Learn more information about what is covered by a homeowners insurance policy.

If you want to find cheap homeowners insurance in New York, start with looking around and comparing different policies. Take a look at the summary below showing average New York homeowners insurance premiums to ensure you start your search with as much background info as possible. Remember: your homeowners insurance rates may vary based on your coverage limits and other factors.


New York, New York, homeowners insurance:
  1. Rates by company
  2. Rates by coverage level
  3. Rates by ZIP code
  4. Insurance bundle discounts

Homeowners insurance in New York by insurance company

New York homeowners insurance rates will vary depending on which insurance company you choose. State Farm offers the most affordable home insurance in New York, at just $887 per year. This compares favorably to the city’s average homeowners premium of $1,989.

Begin your search for a home insurance policy by reviewing the cheapest companies in New York, New York, listed below.


CHEAP HOME INSURANCE COMPANIES IN NEW YORK
CompanyAverage Annual Rate
State Farm$887
Narragansett Bay$1,361
MetLife$1,402
Travelers$1,430
NYCM Insurance$1,442

Average homeowners insurance costs in New York by coverage level

The level of home coverage you select has an impact on the insurance premiums you pay. In New York, carrying $200K dwelling coverage costs an average of $1,459, while carrying additional coverage up to $400K costs $2,870 per year.


HOMEOWNERS INSURANCE RATES IN NEW YORK — POPULAR COVERAGE LIMITS
Coverage LevelAverage Annual Rate
$200K Dwelling$1,459
$400K Dwelling$2,870

Speak with a homeowners insurance expert

New York home insurance rates by ZIP code

Not every area of New York has equal home insurance costs. Policies are often priced on local variables such as the number of claims filed in the immediate area, meaning the neighborhood in which you live could have a major impact on how much you pay to insure your home.

If you're looking for the most affordable home insurance rates in New York, take at look at the 10301 ZIP code. In the 10301 area, homeowners policies typically cost just $1,502 per year, which isa full $487 less than the New York average. The below table shows the best places to live in New York if you’re looking for affordable homeowners insurance.


AFFORDABLE AREAS FOR HOMEOWNERS INSURANCE IN NEW YORK
ZIP CodeAverage Annual Home Insurance Rate
10301$1,502
10302$1,503
10310$1,509

Other parts of New York, however, have home insurance rates that are higher on average. Crime rates, fire risk, and even your how close you are to emergency services could lead insurance companies to see certain neighborhoods as higher risk, which could drive up area rates. One of the costliest ZIP codes for homeowners coverage in New York is 10023, with an annual average rate of $2,191.


EXPENSIVE AREAS FOR HOMEOWNERS INSURANCE IN NEW YORK
ZIP CodeAverage Annual Home Insurance Rate
10023$2,191
10013$2,189
10282$2,186

Looking for a money-saving tip for insurance in New York? Try bundling

If you’re searching for savings on your overall insurance costs, consider purchasing your home and auto policies from the same insurance company. Bundling your homeowners and auto insurance can save you a substantial sum each month on your auto insurance bill. By bundling your policies, New York homeowners could see annual savings of 7% on average.


CHEAPEST AUTO INSURANCE RATES WITH HOME BUNDLE IN NEW YORK
CompanyAvg. Annual Auto Insurance Rate (Bundle)
Progressive$2,021
GEICO$2,115
State Farm$2,697
Allstate$2,809
Liberty$3,608

It's definitely worth considering bundling both your auto and home policies as a potential way of saving money. To speak with an insurance professional, reach out to us at 855-493-9728 today.


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