Average homeowners insurance cost in New York

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Whether you’re a new homeowner or looking to buy insurance for your current home, securing the right homeowners’ insurance is crucial. Rates may vary depending on your insurance company and the coverage limits you choose.

According to Insure.com’s data analysis, the average cost of homeowners insurance in New York is $1,777 a year.

Continue reading to learn more about homeowners insurance rates in New York by ZIP code and insurer.

Key Takeaways

Homeowners insurance costs an average of $1,777 a year, based on Insure.com analysis.
Of all the ZIP codes in New York, 14515 has the most affordable home insurance rates at around $1,210 annually.
In New York, American Family provides the most affordable home insurance at an average annual premium of $901.

Average home insurance cost in New York by coverage level

The average cost of homeowners insurance in New York is $1,777 per year for the coverage limits of $300,000 dwelling coverage and $100,000 liability with a $1,000 deductible.

However, if you increase the dwelling coverage limit from $300,000 to $400,000, you will pay $2,307 per year for homeowners insurance in New York for $100,000 in liability protection and $1,000 deductible. Below, you can find the average cost of homeowners insurance in New York for dwelling coverage of $300,000, $400,000 and $500,000.

Coverage	Average annual rate	Average monthly rate
$200,000 with $1,000 Deductible and $100,000 Liability and 2% Deductible	$1,305	$109
$200,000 with $1,000 Deductible and $300,000 Liability and 2% Deductible	$1,340	$112
$300,000 with $1,000 Deductible and $100,000 Liability and 2% Deductible	$1,777	$148
$300,000 with $1,000 Deductible and $300,000 Liability and 2% Deductible	$1,816	$151
$400,000 with $1,000 Deductible and $100,000 Liability and 2% Deductible	$2,307	$192
$400,000 with $1,000 Deductible and $300,000 Liability and 2% Deductible	$2,349	$196
$600,000 with $1,000 Deductible and $100,000 Liability and 2% Deductible	$3,439	$287
$600,000 with $1,000 Deductible and $300,000 Liability and 2% Deductible	$3,489	$291
$1,000,000 with $1,000 Deductible and $100,000 Liability and 2% Deductible	$5,655	$471
$1,000,000 with $1,000 Deductible and $300,000 Liability and 2% Deductible	$5,716	$476

Homeowners insurance companies in New York decide rates based on risk. They consider your location, claims history, credit history and coverage limit when calculating premiums.

If your neighborhood has seen many claims over the past few years, you can expect to pay higher home insurance rates than an area with few to no claims. Your credit score can also play a role in determining your home insurance costs.

According to S&P Global Market Intelligence’s RateWatch application, the average homeowners insurance premium for owner-occupied homes nationwide increased by over 11% in 2023.

Best homeowners insurance companies in New York

Before purchasing homeowners insurance, it’s important to compare rates and explore your options. Several factors play a role in choosing the best homeowners insurance company for your specific needs.

We evaluated insurance companies in New York based on their NAIC scores and AM Best ratings to create a list of the top homeowners insurance providers in the state. Our findings show that Chubb received the lowest NAIC score and A++ rating from AM Best. A lower NAIC score indicates fewer complaints relative to the company’s size, suggesting higher customer satisfaction.

Company	Average annual premium	AM Best rating	NAIC Complaint Index	Overall score
Chubb	$1,884	A++	0.18	5
NYCM Insurance	$1,080	A	0.21	4.71
AIG	$1,564	A	0.09	4.63
American Family	$901	A	0.37	4.58
Travelers	$1,606	A++	0.54	4.1
State Farm	$1,236	A++	0.95	3.7
Nationwide	$1,483	A+	0.87	3.6
Allstate	$1,856	A+	0.9	3.36
Farmers	$3,239	A	0.54	3.06

Average homeowners insurance cost by company in New York

American Family provides the most affordable homeowners insurance in New York, with an average annual premium of $901. NYCM Insurance and State Farm also offer cheap home insurance rates.

Shopping around for homeowners insurance can help you save hundreds of dollars annually.

Here are the average annual and monthly insurance rates for homeowners in New York with a policy that provides $300,000 in dwelling coverage, $100,000 in liability protection, and a $1,000 deductible.

Company	Average annual rate	Average monthly rate
American Family	$901	$75
NYCM Insurance	$1,080	$90
State Farm	$1,236	$103
Nationwide	$1,483	$124
AIG	$1,564	$130
Travelers	$1,606	$134
Heritage Insurance Holdings	$1,626	$135
Allstate	$1,856	$155
Chubb	$1,884	$157
Farmers	$3,239	$270

New York homeowners insurance rates by ZIP code

Insurance companies in New York assess the risk associated with a specific location. ZIP codes prone to higher crime rates or frequent natural disasters are often classified as high-risk areas, which can lead to increased insurance premiums. The cost of rebuilding or repairing homes in a specific ZIP code can also impact how much you pay for a homeowners insurance policy.

Make sure you shop around and compare quotes from various insurance companies to get the best deal on homeowners insurance rates in New York. Don’t forget to ask about any available discounts, such as bundling policies or a smart home discount.

Most affordable ZIP codes for home insurance rates in New York

Not every area in New York has the same home insurance cost. How much you pay for homeowners insurance in New York depends on many factors, including your ZIP code. Our data shows that 14515 ZIP has low-cost home insurance rates in New York, at about $1,210 a year or $101 monthly.

Below you can find homeowners insurance rates for some of the most affordable ZIP codes in New York.

ZIP code	Average annual rate	Average monthly rate
14515	$1,210	$101
14514	$1,213	$101
14468	$1,214	$101
14026	$1,215	$101
14586	$1,219	$102
14445	$1,221	$102
14526	$1,222	$102
14450	$1,223	$102
14043	$1,225	$102
14038	$1,226	$102

Most expensive ZIP codes for home insurance rates in New York

Your ZIP code plays a significant role in determining the cost of your homeowners insurance. In New York, some areas face higher premiums due to factors like high crime rates, greater risk of natural disasters and higher living expenses.

In New York, 11976 has the highest homeowners insurance rates, at $3,450 per year.

Here, we’ve highlighted some of the most expensive ZIP codes in New York for homeowners insurance:

ZIP code	Average annual rate	Average monthly rate
11976	$3,450	$287
11978	$3,353	$279
11968	$3,338	$278
11954	$3,328	$277
11932	$3,324	$277
11975	$3,322	$277
11930	$3,319	$277
11937	$3,316	$276
11949	$3,292	$274
11962	$3,279	$273

Home insurance rates vary from one city to another. But with Insure.com, finding the right home insurance policy is easy. Learn more about homeowners insurance costs for different cities below.

Home insurance rates in New York by city

See rates in your city

New York

Home insurance rate trend in New York

We analyzed home insurance rate trends in New York and found that homeowners insurance rates experienced an overall increase of 5% or $86, from 2022 to 2023.

The following data highlights the changes in homeowners insurance rates since 2019.

2019 rates	2022 rates	2023 rates
$1,628	$1,691	$1,777

Finding the right homeowners insurance requires thorough research and comparing rates from different insurers, as each has its own way of assessing risk. By gathering quotes from at least three companies, you can increase your chances of getting the most affordable coverage in New York.

Resources & methodology

Source

S&P Global. “US homeowners insurance rates jump by double digits in 2023.” Accessed September 2024.

Methodology

Insure.com worked with Quadrant Information Service to get homeowners insurance data. We analyzed 20,739,560 insurance quotes from 82 national and regional insurance companies across 34,588 ZIP codes to determine the average premiums.

The insurance rates are based on a sample profile of a homeowner with good credit and the following coverage level:

$300,000 dwelling coverage
$100,000 liability protection
$1000 deductible

We have taken into account 3 important factors such as average annual cost, NAIC score and AM Best rating, to determine the list of best homeowners insurance companies. The quoted insurance rates are for comparison purposes, and your individual rates may vary.

Shivani Gite

Contributing Writer

Shivani Gite is a personal finance and insurance writer with a degree in journalism and mass communication. She is passionate about making insurance topics easy to understand for people and helping them make better financial decisions.