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Condo insurance isn’t required by law in New York, but your mortgage company likely requires it. Condo insurance is a home insurance policy that covers everything inside your condo, while the homeowners association’s insurance covers the outside of your building and common areas.

Depending on your HOA’s rules, your condo insurance may cover not only personal property, but also provides dwelling coverage known as building property coverage, for the interior of the structure. Make sure you know how much condo insurance you need before you buy condo insurance.

To find the best condo insurance in New York, we’ve gathered data on the top companies. Below you’ll find a list of the best condo insurance companies in New York with average annual rates.

Key takeaways

  • The residents of New York pay an average of $611 per year for condo insurance for a coverage level of $60,000 for personal property, $300,000 for liability protection with a $1,000 deductible.
  • Based on the analysis by, State Farm is the top pick for the best condo insurance company in New York.
  • State Farm offers the cheapest condo insurance in New York at an average of $301 per year.

Best condo insurance companies in New York

In New York, you have a lot of options when it comes to finding the best condo insurance company. To make your task easier, our insurance experts have analyzed premiums, coverage offerings, J.D Power score and customer satisfaction ratings of major insurers in New York. Below are the best condo insurance companies in New York based on’s analysis.

CompanyJ.D. Power ScoreAM Best RatingAverage rating (out of 5)
State Farm829A++
American Family842A
Chubb Ltd809A++

Average cost of condo insurance in New York

The average cost of condo insurance in New York is $611 a year or $51 a month with $1,000 as deductible, $60,000 in personal property coverage, and liability coverage of $300,000. Your average annual premium will vary depending on your location, the coverage limits you select, and the deductible amount among other factors.

To find the most affordable policy for your situation, compare quotes from multiple providers based on the coverage you need.

Average Annual PremiumAverage Monthly Premium


Average condo insurance rates in NEW YORK

11225 - New York
Personal Property Coverage $60,000, Deductible $1,000 and Liability $100,000.



Most & least expensive zip codes for condo insurance in New York

Most Expensive

Zip CodeCityHighest Rate
10028New York$973
10065New York$973
10022New York$973
10021New York$973

Least Expensive

Zip CodeCityLowest Rate
14515North Greece$582
14445East Rochester$583

Condo insurance rates by company in New York

Rates for condo insurance by company in New York vary. It’s important to shop around and compare quotes to find the best price. 

In the table given below, you’ll see condo insurance rates for major companies in New York. The cheapest company for condo insurance in New York is State Farm. NYCM Insurance, and American Family, are the second and third cheapest options.

CompanyAverage Annual Rate
State Farm$301
NYCM Insurance$338
American Family$438
Heritage Insurance Holdings$654
Chubb Ltd$704

Compare condo insurance rates by city in New York

Condo insurance rates vary significantly across cities, influenced by various factors, including weather patterns, crime rates, and property values. You must consider these factors and compare quotes from different insurers to get the best deal on condo insurance for your specific city in New York.

CityAnnual insurance premium
New York
Saratoga Springs
White Plains
$523 compared condo insurance rates provided by Quadrant Data Solutions in 2022 for $60,000 of personal property coverage with a $1,000 deductible and $300,000 of liability coverage for all available ZIP codes and with a good credit score. The content was updated in 2023.

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