How much is homeowners insurance in New York, New York?

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In New York, homeowners pay an average annual rate of $2,579 (for the coverage level of $300,000 for dwelling, $100,000 for liability protection, and $1,000 deductible). It’s $75 more than the national average of $2,504 .

Homeowners insurance rates change from one home to another. The home insurance premium in New York depends on various factors, such as:

Size of your home
Age of your home
Amount of coverage you need
Location
Your credit score

To ensure you secure the best homeowners insurance policy, compare quotes from multiple insurers. This will enable you to find the coverage that aligns with your specific requirements.

Read this guide to learn how much homeowners insurance costs monthly in New York, what home insurance costs for different dwelling coverage, and which companies offer cheap home insurance in New York.

Key Takeaways

The cost of your homeowners insurance policy in New York can vary based on factors such as your location, the value of your home, and the coverage options you select.
State Farm is the cheapest homeowners insurance company in New York with an average annual premium of $1,167 .
If you increase your dwelling coverage from $200,000 to $300,000, you will pay $712 more annually for home insurance.

How much is homeowners insurance in New York per month?

Residents of New York pay an average of $215 per month for homeowners insurance. This is $67 more than the state average of $148 and $6 more than the national average for home insurance across the United States. The cost of your homeowners insurance policy in New York can vary depending on your location, property value, and selected coverage options.

How much is homeowners insurance for a $200,000 house in New York?

Homeowners insurance with $200,000 in dwelling coverage and $100,000 in liability protection costs about $1,867 per year in New York. Your rate can vary based on a number of factors, especially the risk of natural disasters in your area. Places more prone to floods, hurricanes, or tornadoes often face higher rebuilding costs, which leads to higher insurance premiums.

It is important to note that your insurance plan may not cover flood or hurricane damage. So, if you live in an area prone to flooding, consider buying flood insurance coverage.

How much is homeowners insurance for a $300,000 house in New York?

According to a rate analysis by Insure.com, homeowners in New York pay an average of $2,579 per year for a $300,000 house. These rates are for the coverage limits of $100,000 for liability protection and $1000 deductible.

If you increase your dwelling coverage from $200,000 to $300,000, you’ll have to pay $712 more a year for home insurance. It would be best to buy enough insurance to cover the full cost of rebuilding your home.

However, the amount of dwelling coverage you need may vary depending on the size of your home, its features, and the cost of living in your area.

How much is homeowners insurance in New York by company?

After comparing several homeowners insurance companies, State Farm offers the lowest rates in New York. Its average annual rate for homeowners in New York is $1,167 , while NYCM Insurance is the second-cheapest.

Researching the insurance company is crucial before selecting a homeowners insurance policy. Our experts have analyzed all insurance providers in New York and compiled a list of the cheapest home insurance providers. Below, you’ll find the home insurance companies in New York and their average annual premiums.

Home insurance company	Annual rate
State Farm	$1,167
NYCM Insurance	$1,729
American Family	$1,740
Heritage Insurance Holdings	$1,978
AIG	$2,151
Nationwide	$2,173
Allstate	$2,340
Travelers	$2,455
Chubb Ltd	$2,676
Farmers	$5,040

Bundling your home insurance with other policies, like auto insurance, can lead to significant savings. Insurance companies often offer discounts for customers who combine multiple policies. By bundling, you can reduce your premiums and manage your insurance needs with one company.

Natural disasters in New York that can impact your home insurance

Living in New York means facing the risk of natural disasters that can seriously damage your home and belongings. These events can lead to expensive repairs and major insurance claims. That’s why it’s so important to understand which disasters are most likely in your area before choosing a home insurance policy.

Being aware of your local risks helps you choose the right level of protection, from setting appropriate coverage limits to deciding on deductibles or adding extra coverage. Taking the time to tailor your policy to those risks can help you avoid being underinsured and give you peace of mind if you’re impacted by a natural disaster.

New York is commonly affected by Ice storm.

How home insurance protects you against natural disasters

Home insurance can provide valuable protection against the financial impact of natural disasters. Standard home insurance policies typically cover damages from fire, windstorms, hail and lightning. However, events such as floods, earthquakes or landslides are excluded and require purchasing additional policies or endorsements. For example, flood insurance must be purchased separately, as it is not typically covered by a standard home insurance policy.

Home insurance pays for home repairs, replacement belongings and temporary living expenses if your dwelling becomes uninhabitable due to damage. The protection offered by home insurance can significantly reduce the financial impact of natural disasters.

TIP

There’s little time to prepare for a natural disaster, and it’s too late to make changes once a storm is on the radar. Make sure your homeowners insurance includes coverage for the types of disasters common in your area. Standard policies don’t always cover everything, like flood damage, so double-check exclusions and consider add-ons if you need them.

Methodology

Insure.com, with the help of Quadrant Information Services, gathered data for homeowners insurance rates in New York for $300,000 dwelling coverage, $100,000 liability coverage with a $1,000 deductible. The data presented are those with a good credit tier alignment.

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.