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How to find affordable homeowners insurance in New York

Home insurance is a critical element of homeownership. Fire, vandalism, theft, and wind damage are only a few of the perils from which homeowners coverage can protect your dwelling and personal property. Events like this occur regularly. When paired with the high cost of repairing or rebuilding a house, investing in an expansive homeowners policy can seem like a great move. The typical homeowners insurance policy in New York, New York costs $166 per month. This is less than what the average American pays for home insurance.

The cost of home insurance coverage is dependent on a number of factors. These include your dwelling's value, the value of your personal belongings, and the cost of the materials used to build your home. The location of your home also contributes to the price of your homeowners insurance policy. In areas prone to perils like hail, frozen pipes, volcanoes, or fire, home insurance rates may be higher to account for the extra risk. Discover more information about what is covered by a homeowners insurance policy.

Finding cheap home insurance in New York starts with shopping around and comparing policies. Check out the below summary of average homeowners insurance premiums in New York to begin your home insurance search with as much information as you can. Remember: your homeowners insurance rates may vary based on your coverage limits and other factors.

 
Table of contents:
  1. Rates by insurer
  2. Rates by coverage amount
  3. Rates by ZIP code
  4. Rates by deductible amount
  5. Policy bundling savings

 

New York home insurance by company

Homeowners insurance rates in New York vary from one insurance company to another. The most inexpensive home insurance in New York comes from State Farm, which offers average annual rates of just $887 per year. This is more favorable than the city’s average homeowners premium of $1,989.

Start your search for a home insurance policy by reviewing the cheapest homeowners insurance companies in New York, New York, listed below. Then, see our guide listing the top home insurers based on customer satisfaction and other factors.

 
AFFORDABLE HOME INSURERS IN NEW YORK
Company Average Annual Rate
State Farm $887
Narragansett Bay $1,361
MetLife $1,402
Travelers $1,430
NYCM Insurance $1,442

 

New York homeowners insurance prices by coverage level

How much you spend on home insurance coverage is greatly influenced by the level of coverage you choose. In New York, carrying $200K dwelling coverage costs an average of $1,459, while carrying additional coverage up to $400K costs $2,676/year.

 
POPULAR COVERAGE LIMITS IN NEW YORK
Coverage Level Average Annual Rate
$100K Dwelling $779
$200K Dwelling $1,459
$250K Dwelling $1,667
$400K Dwelling $2,676

 

New York home insurance rates by ZIP code

Depending on the part of New York you live in, you may see a big difference in your home insurance costs. The amount of claims filed in your local area can be a factor in determining the price of your policy. Put simply, the location of your home could have a huge impact in what you pay for homeowners coverage.

To find the cheapest homeowners insurance premiums in New York, look no further than 10301. In the 10301 area, homeowners coverage usually costs just $1,502 per year — a 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 HOME INSURANCE AREAS IN NEW YORK
ZIP Code Average Annual Home Insurance Rate
10301 $1,502
10302 $1,503
10310 $1,509

On the other hand, some areas of New York face higher homeowners insurance costs, on average. These parts of town could be more prone to perils such as theft, severe weather, or fires that present more risk for insurance companies. One of the costliest ZIP codes for homeowners coverage in New York is 10023, with an annual average rate of $2,191.

 
EXPENSIVE HOME INSURANCE AREAS IN NEW YORK
ZIP Code Average Annual Home Insurance Rate
10023 $2,191
10013 $2,189
10282 $2,186

 

New York homeowners insurance deductibles

Homeowners have numerous choices to make when purchasing a home insurance policy, including the amount of their deductible. A homeowners deductible is how much your insurance requires you to pay out of pocket toward a claim. Where you choose to set your homeowners deductible is linked to how much you will pay for insurance.

In short, a higher deductible translates to cheaper insurance premiums. This means that those seeking lower home insurance costs will want to consider a higher homeowners deductible. It's worth noting that your deductible should only be as high as you can reasonably pay if you actually suffer a loss.

The following chart shows the typical rates associated with standard homeowners deductibles.

 
HOME INSURANCE PREMIUMS BY DEDUCTIBLE LEVEL IN NEW YORK
Deductible Level Average Annual Homeowners Insurance Rate
$500 $1,860
$1,000 $1,667
$1,500 $1,612
$2,000 $1,465
$5,000 $1,269

 

Home and auto insurance bundling in New York

To save a little money, you might think about bundling your homeowners and auto insurance policies through the same company. Bundling your homeowners and auto insurance can save you a substantial sum each month on your auto insurance bill. In fact, bundling policies in New York leads to average annual savings of 7%.

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

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Ross Martin photo
Ross MartinManager, Content Quality

Ross joined The Zebra as a writer and researcher in 2019. As a licensed insurance agent, he specializes in writing insurance content to help shoppers make informed decisions.

Ross holds a master's degree from Royal Holloway, University of London and has a background in copywriting and education. As a former teacher, he applies his educational skills to explain insurance concepts in ways that consumers can understand.

Ross's work has been cited by The New York Times, AxiosInvestopedia, The Simple DollarThe BalanceCar and Driver and Fox Business. He has been quoted by CNET, I Drive Safely and Kin Insurance

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.