New York home insurance rates by ZIP code, coverage level and company
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New York homeowners insurance

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Welcome to New York signLiving in New York can be a joy. Whether it's enjoying the Catskills or the Hamptons, skiing at Lake Placid, catching a game at Yankee Stadium or CitiField or hiking in the Adirondacks, New York has just about something for everyone. Another bonus to living in New York -- your home insurance cost is well below the national average.

On this page, we'll take you through New York homeowners insurance by coverage level, ZIP code and company. You'll also get to see the average premium costs for your community and any other in the Empire State.

Home insurance: NY rates by coverage level and deductible, ZIP code and company

On this page, you'll learn:

  • Homeowners insurance: NY rates for 75 coverage levels
  • New York homeowners insurance rates by ZIP code
  • New York home insurance rates by company
  • Which insurer offers the cheapest home insurance rates in New York
  • New York home insurance rates by company for six coverage levels
  • Top ranked homeowners insurance companies in New York
  • NY state home insurance laws and FAQ

 

What is the average cost of home insurance in New York?

New York's average New York home insurance rate with $200,000 dwelling coverage that includes a $1,000 deductible and $100,000 liability is $935. That's 24 percent below the national average and $293 less than what the average American pays for home insurance.

The average policyholder in Florida, which has the highest average rate, pays nearly four times that. So, sometimes it pays to suffer through New York winters and not escape to Florida.

There are several factors to consider when buying home insurance, and you need to know the basics of home insurance coverages, which we explain below, as well as how much you can expect to pay.

Before we dig further into the state numbers, let's look at the basic components of home insurance. You'll need to decide on coverage amounts for:

  • Dwelling
  • Liability
  • Medical payments

 

Policies also usually have a set percentage of your dwelling coverage for:

  • Other structures -- 10 percent
  • Personal property -- 50 percent
  • Loss of use -- 20 percent

 

You'll also need to figure out a deductible. As a policyholder, you pay the deductible amount before the insurer pays a claim.

Let's say a fire causes $20,000 worth of damage. You have a $1,000 deductible. This means you'd have to pay $1,000 and then the insurer would pick up the other $19,000.

It's wise to pick a deductible that you can afford, but not so low that you're tempted to file claims when you could pay for the damage or theft yourself.

The more claims you file, the more likely your insurance premiums will increase. Plus, if you file multiple claims within a few years, your insurer may find you're too risky and not renew your policy. You don't want that.

One last thing to mention about deductibles -- some policies base deductibles based on a property's value rather than a dollar amount. So, if your home is worth $500,000 and your deductible is 2 percent, you'd owe $10,000 before your insurance pays the claim.

In addition to choosing the right deductible for your home insurance, you’ll need to select a liability amount for your policy. Liability insurance applies to incidents in which you’re at fault and the result is that a guest in your home or on your property is injured. It covers medical expenses, as well as damage caused to neighbors’ property. Personal liability also covers legal fees if you are sued, as well as any resulting judgments from a lawsuit, up to your policy limits.

Most home insurance policies come with $100,000 in personal liability insurance but this is rarely enough coverage. The cost to defend a lawsuit or to pay for medical expenses for a serious injury can easily exceed that amount. Most experts recommend upping your limits to at least $300,000.

Medical payments also pays for injuries to guests in your home but differs from liability in that it applies to injuries regardless of who is at fault. It is for minor incidents as it comes with much lower coverage limits than liability insurance. Medical payments coverage is typically for $1,000 or $5,000.

Dwelling coverage pays to repair your home. When buying home insurance, you should insure your home based on its replacement cost. That’s the amount you need to rebuild it if damaged or destroyed, and not its market value, which is what you could sell your home for in its current condition. Replacement cost offers more protection because the cost of building a home often exceeds its market value.

When shopping for a policy, you will have to choose a “dwelling coverage” amount. You should select a dwelling coverage limit that best matches the cost to repair damage to your home or rebuild it completely at equal quality — at current prices. You can calculate your replacement cost by using online calculators or hiring an appraiser to give you a replacement cost valuation or by doing it yourself.

 

New York homeowners insurance rates by ZIP code

New York has wide variations in how much it costs to insure a home. Let's take a look at the most expensive and least expensive ZIP codes in the Empire State.

Most expensive ZIP codes

  • New York City (Hudson Heights/Washington Heights) -- $1,752
  • New York City (Fort George) -- $1,752
  • New York City (Inwood) -- $1,752
  • New York City (Washington Heights/Sugar Hill) -- $1,752

 

All of those ZIP codes are Bronx neighborhoods near the George Washington Bridge.

Least expensive ZIP codes

  • Morton -- $659
  • Adams Basin -- $660
  • Gates -- $660
  • Hamlin -- $660

 

Do you know what all of those communities have in common? They're all in the Rochester area.

As you can see, insurance companies often view regions similarly. If one ZIP code has higher premiums, you can expect the next ZIP over will have a similar rate unless there's a huge difference between the communities.

The good news is that even the most expensive communities are still paying less to insure homes than places like Florida, Louisiana and Oklahoma.

Here are average rates for some of the state’s largest cities:

  • New York City -- $1,595
  • Buffalo – $877
  • Rochester – $792
  • Yonkers – $1,015
  • Syracuse – $858
  • Albany – $756
  • New Rochelle -- $1,043
  • Mount Vernon -- $1,044

OK, now let's get into checking the average premiums in your community. You can enter your ZIP code into the search box at the top of the table below. You'll find the average home insurance rates for your ZIP, as well as the range of what home insurance companies are charging.

For instance, if you search for 10004, which is a ZIP for Lower Manhattan, you'll find the average rate is $1,740. That's well above the state average, but you'll also see that there's a huge difference depending on the insurer. The highest rate for that ZIP is $2,675; the lowest is $591. That's a $2,000 gap and shows how much you can save my shopping around for insurance.

Note: These numbers are for $200,000 dwelling coverage with a $1,000 deductible and $100,000 liability. You can increase or decrease those amounts to see how those numbers fluctuate.

 

New York home insurance rates by company

It's crucial to shop around for the best home insurance rate, because prices for the same coverage vary by hundreds of dollars. If you don’t compare rates, you could wind up overpaying.

Many factors affect home insurance rates. Among others, the Insurance Information Institute (III) cites the following:

  • Your home's square footage
  • Building costs in your area, and your own home's construction, materials and features
  • Local crime rates
  • The likelihood of certain types of disasters, such as hurricanes

So, shop around for the right policy. The III suggests getting at least three price quotes when shopping for coverage, and says that doing so can save you up to hundreds of dollars annually.

III recommends that you get enough insurance to cover the costs to:

  • Repair or replace the structure of your home and personal possessions
  • Defend yourself against liability costs if someone is hurt on your property
  • Pay for a temporary place to live while your home is repaired or replaced

Who has the cheapest New York home insurance?

Below are home insurance rates by company for six coverage sets. Based on our rate analysis, you’ll see State Farm and NYCM have the most affordable rates, depending on your coverage level. 

$200,000 dwelling/$1,000 deductible/$100,000 liabilityRates
State Farm$601
NYCM$684
Travelers$823
Allstate$1,182
Liberty Mutual$1,384

 

$200,000 dwelling/$1,000 deductible/$300,000 liabilityRates
State Farm$627
NYCM$710
Travelers$843
Allstate$1,202
Liberty Mutual$1,399

 

$300,000 dwelling/$1,000 deductible/$300,000 liabilityRates
State Farm$948
NYCM$970
Travelers$1,201
Allstate$1,870
Liberty Mutual$2,158

 

$400,000 dwelling/$1,000 deductible/$300,000 liabilityRates
NYCM$1,237
State Farm$1,309
Travelers$1,617
Allstate$2,598
Liberty Mutual$3,024

 

$500,000 dwelling/$1,000 deductible/$300,000 liabilityRates
NYCM$1,519
State Farm$1,678
Travelers$2,058
Allstate$3,366
Liberty Mutual$3,967

 

$600,000 dwelling/$1,000 deductible/$300,000 liabilityRates
NYCM$1,800
State Farm$2,058
Travelers$2,507
Allstate$4,135
Liberty Mutual$4,908

 

Shopping for home insurance: Best New York home insurance companies

As you saw above in the look at the Lower Manhattan ZIP code, you can save a lot by shopping around for home insurance.

Make sure to get quotes for the same coverage levels and deductibles so you can compare policies properly. It's also wise to research each company to make sure you're comfortable with the insurer. You can start by looking at Insure's Best Home Insurance Companies.

Once you're ready, get quotes from at least three home insurance companies. Make sure to ask for quotes for the same coverage so you can compare them. Also, remember the cheapest company isn't always the best. Here are how major home insurance companies in New York and the Northeast rank overall for claims handling, customer service, value and renewal recommendation, based on a 2017 survey of 3,160 customers. Scores out of 100.

CompanyOverall Score
USAA91
Chubb89
AIG89
Allstate88.7
Hartford87.6
Liberty Mutual87.5
Esurance87.2
State Farm87.1
Farmers87.1
Progressive86.5
Travelers84.6
Nationwide84.2
Safeco84.1
Erie83.5

New York home insurance laws and FAQ

 

Protecting yourself against frozen pipes

The Empire State, especially upstate New York, can get downright frigid in the winter. Home insurance companies see water-related claims, including burst pipes, more often than any other.

Whether you're in Plattsburgh, Poughkeepsie or Port Chester, protecting yourself against frozen pipes can save you a hefty home insurance claim.

Here are some tips to protect your pipes against freezing:

  • Shut off water to exterior faucets.
  • Cover and insulate pipes coming into your home.
  • Keep your home a few degrees warmer during particularly cold weather.
  • Let water trickle from your faucets. That will keep water flowing in your pipes.
  • If you're going away in the winter, contact a plumber about precautions, such as shutting off water to the home while you're away.

 

A broken pipe can quickly lead to thousands of dollars worth of damage. So, make sure to protect your pipes in the winter and ask a friend to check on the house at least weekly if you spend months away in a warmer climate.

 

Flood insurance

Flood insurance isn't part of a regular home insurance policy. Instead, homeowners need to buy a separate policy either through the National Flood Insurance Program (NFIP) or a home insurer that works with the NFIP.

Flood insurance rates are standard, so you get the same premiums regardless of insurance company or whether you get it through the NFIP.

Why do you need flood insurance? Well, water damage is the most common type of home insurance claim. Your home could be at risk of flooding -- even if you don't live near the coast, a river or in a flood zone.

Flood insurance costs about $700 annually, according to the Federal Emergency Management Agency. The cost varies depending on your flood risk, as well as the type of coverage, amount and deductible.

If flood insurance interests you, don't wait until a major storm is approaching. Flood insurance usually doesn't kick in for 30 days. This means you need to plan ahead and get flood insurance before you're actually covered.

 

Hurricane and windstorm deductibles

Most of the Empire State worries more about blizzards than hurricanes. However, Hurricane Sandy showed that New York isn't immune to hurricane damage, especially Long Island.

New York is one of 19 states that allows hurricane deductibles. Home insurance companies may implement a hurricane deductible on your property if it believes it's at risk. That might be a home along the coast that's more prone to hurricane damage.

Hurricane deductibles are usually between 1 percent and 5 percent. So, if your home has a hurricane deductible, you'd have to pay that percentage before an insurer chips in the rest.

Let's say your home is worth $500,000 and you have a 2 percent hurricane deductible. That means you'd have to pay $10,000 before the insurance policy kicks in if you have file a claim.

If your home is a candidate for a hurricane deductible, you should talk to the insurer about what actions you could take to avoid the hurricane deductible. For instance, an insurer may waive the deductible if you lower the home's risk, such as adding hurricane shutters.

In addition to a hurricane deductible, insurers may include a windstorm deductible to your policy if your home is considered at-risk for wind damage. Windstorm deductibles are also usually between 1 percent and 5 percent.

 

What if no insurer will cover me?

The New York Property Insurance Underwriting Association offers the FAIR Plan for property owners who can't get home insurance elsewhere.

A FAIR Plan offers similar coverage as any home insurance policy. It protects against fire, lightning, explosion, vandalism, snow damage and other perils. It also offers extended coverage for windstorm and hail coverage.

Deductibles range from $500 to $2,500 and minimum premiums are $50, according to the New York Property Insurance Underwriting Association.

 

How to file a home insurance claim

As soon as you can, notify your insurance company of the damage. Don't wait to let them know.

Make sure to take photos of the damage and document what happened, such as if an ice dam causes water damage or a tree limb crashes through your roof.

You shouldn't make repairs before your insurer sees the damage unless you need to prevent further damage. This could include patching a roof. You can perform that work, but don't go beyond stopping further damage until a claims adjustor views the damage.

You shouldn't throw out damaged items. The claims adjuster will want to see those too.

 

How to file a complaint

The New York Department of Financial Services is the place to go if you need to file a complaint about a home insurance company. Maybe the company is refusing to pay a claim or your premium skyrocketed.

You can call 212-480-6400 or 800-342-3736 Monday to Friday between 8:30 a.m. and 4:30 p.m.

You can also file an online complaint using a Consumer Complaint Form.

When you file a complaint, you'll need your insurance company's name, the policy number and claim number, if appropriate, related documents, such as letters and photos, and information about the issue.