As of June 2022, the typical home value in New York was $405,105 — among the highest in the country. Given that both home values and construction costs in the Empire State have surged over the last two years, residents should make sure they're protected with a sufficient amount of homeowners insurance from a trusted company.
The average cost of homeowners insurance in New York is $93 a month or $1,114 per year for a policy with $300,000 in dwelling coverage, according to our analysis of 2023 premiums. That makes New York homeowners insurance among the most affordable in the country, and there are plenty of ways homeowners can save even more on coverage in 2023.
Compare the best homeowners insurance companies in New York
Based on Policygenius' analysis of the most widely available insurance companies in the state, NYCM, State Farm, Allstate, Travelers, and Chubb are the best homeowners insurance companies in New York.
We found the best homeowners insurance companies in the Empire State by analyzing quotes across every ZIP code in New York. We also looked at J.D. Power customer satisfaction scores and compared that with the coverage needs of New York residents to find the best homeowners insurance in the state.
Company | Best for... | Average monthly cost | Policygenius rating |
|---|---|---|---|
Overall | $56 | 5.3 out of 5 | |
Customer satisfaction | $99 | 4.8 out of 5 | |
Short-term rental owners | $124 | 4.4 out of 5 | |
Newly insured homes | $89 | 4.4 out of 5 | |
High-value homes | $135 | 4.3 out of 5 |
Methodology & why you can trust our rates
At Policygenius, our educational guides are written and fact-checked by licensed home insurance experts and reviewed by our Financial Review Council to ensure autonomy, expertise, and accuracy.
To find the best home insurance companies in New York, we analyzed over 30,000 quotes from the 15 largest insurance companies in the state to find the average cost of homeowners insurance with each company in 2022.
When analyzing costs for different coverage levels and risk factors, we changed just one variable at a time to ensure the rates we’re comparing are fair and representative of the factor at hand.
We then looked at J.D. Power customer satisfaction scores, AM Best financial health ratings, quality of policy options, discounts, and compared that with the coverage needs of New York residents to find the best homeowners insurance in New York.
To get the average rate for each company in New York, we analyzed rates provided by Quadrant Information Services in March 2022 for 1,899 ZIP codes in New York for a 40-year-old female homeowner with no claim history, good credit, a $1,000 deductible, and the following coverage limits:
Dwelling: $300,000
Other structures: $30,000
Personal property: $150,000
Loss of use: $60,000
Liability: $300,000
Medical: $1,000
All rates based on the above coverage limits except where otherwise noted.
Some carriers may be represented by affiliates or subsidiaries. Rates provided are a sample of costs — your actual quotes may differ.
Best for most people: NYCM Insurance
NYCM Insurance
5.0
Mobile app
Offers flood insurance
Bundle home & auto
New homebuyer discount
Why we chose it
NYCM Insurance packs a punch with better service and more coverage options than the average home insurance policy at a fraction of the price.
Pros and cons
Pros
Earns 5-star ratings for customer service, financial stability, and coverage options
Average annual rates are $500 cheaper than the state average
Valuable policy add-ons, including NFIP and excess flood insurance, water backup protection, equipment breakdown coverage, and more
Cons
No online quotes — must contact a local NYCM agent
More details
Why we chose NYCM as the best home insurance in New York
NYCM has offered affordable home insurance in New York for more than 100 years. We found that NYCM tends to have some of the best rates for homeowners insurance not only in New York City but throughout the entire state — plus a range of discounts.
NYCM also has an impressive list of coverage options. You can increase your home's protection by adding guaranteed and extended replacement cost coverage, water backup, equipment breakdown, flood insurance through the NFIP, and more.
How much does NYCM home insurance cost?
The average cost of NYCM home insurance in New York is $1,144 per year or $93 a month. That's 36% cheaper than the nationwide average of $1,754 per year.
How to get a quote
Online through NYCM
Best for customer satisfaction: State Farm
State Farm
4.8
Bundle home & auto
Offers extended replacement cost
Offers flood insurance
Offers earthquake insurance
Wind/hail deductible
Offers wildfire insurance
Why we chose it
State Farm home insurance is one of the best home insurance companies in New York thanks to its large selection of policy options for most home types, high customer service marks, and industry-best financial stability ratings.
Pros and cons
Pros
Save up to $1,000 or more per year when you bundle your home and auto insurance
Excellent line-up of policy add-ons, including extended replacement cost coverage
Cons
20% more complaints filed with the NAIC than other companies of its size
More details
Why we chose State Farm
State Farm offers its relatively affordable and highly-rated home insurance to homeowners in New York. We also like State Farm's robust coverage and that it offers flood protection.
Plus, while many competitors don't have the financial strength to pay out claims after multiple natural disasters in the same year, State Farm isn't one of them. It earns the highest rating possible from AM Best for financial strength and stability — only six insurance companies out of nearly 70 we reviewed hold this title.
How much does State Farm home insurance cost?
The average cost of State Farm home insurance in New York is $99 per month, which is slightly higher than than the state average of $93 per month.
How to get a quote
Online through State Farm
Best for short-term rental owners: Allstate
Allstate
4.4
Bundle home & auto
Smart home discounts
Why we chose it
Whether you’re looking for basic or comprehensive home insurance coverage, Allstate is a standout option. Airbnb hosts may find a suitor in Allstate thanks HostAdvantage — its affordable short-term rental coverage that can be easily added to any policy.
Pros and cons
Pros
High-quality and flexible policy options
Numerous discounts and features that help you save
Below-average customer complaints
Cons
Below-average digital experience rating with J.D. Power
More details
Why we chose Allstate
If you rent out your property through a short-term rental service like Airbnb and a guest destroys or steals your property, Allstate’s HostAdvantage will pay up to $10,000 per rental host period to replace or repair your property.
And the best part? This coverage can be seamlessly added onto your policy for just a small additional fee. Only around a third of the nearly 70 home insurance companies we reviewed offer any type of home-sharing coverage, making Allstate a great option for Airbnb hosts who also need home insurance of their own.
How do Allstate home insurance rates compare to the New York average?
The average annual cost of an Allstate home insurance policy in New York is $124 per month, which is higher than the state average of $93 per month.
How to get a quote
Online through Policygenius or Allstate, or by contacting a local Allstate agent.
Best for newly insured homes: Travelers
Travelers
4.4
Bundle home & auto
New homebuyer discount
Mobile app
Offers extended replacement cost
Offers flood insurance
Why we chose it
Travelers offers some of the best landlord insurance in New York thanks to industry-best financial ratings and flexible policy options for most home types.
Pros and cons
Pros
Green home coverage and discounts
Offers short-term rental coverage for Airbnb hosts
Doesn’t require prior insurance on the home
Cons
Subpar customer service ratings with J.D. Power
Underwhelming number of available discounts
More details
Why we chose Travelers
One of Travelers's benefits is its willingness to cover risks that other insurance companies won't, like no prior insurance coverage, coverage for short term rentals, and liability protection for trampoline injuries if its fitted with protective netting.
How to get a quote
Online through Policygenius or Travelers
Best for high-value homes: Chubb
Chubb
4.3
Offers extended replacement cost
Offers flood insurance
Bundle home & auto
Smart home discounts
All 50 states
Why we chose it
Chubb home insurance is ideal for high-value properties, offering robust policy add-ons like replacement cost coverage for your home and belongings, advanced digital tools, and a personalized loss-settlement process if you need to file a claim.
Pros and cons
Pros
Extended replacement cost coverage
Cash-out claim settlements
Complimentary wildfire and hurricane mitigation services
Cons
Only insures high-value homes
Only insures high-value homes
Below-average J.D. Power customer satisfaction ratings
More details
Why we chose Chubb
As a luxury insurance carrier designed for high-net worth individuals, Chubb offers enhanced coverage options in its base policy, including extended replacement cost coverage for your home and replacement cost coverage for your personal belongings, which is usually offered as supplemental coverage with other companies.
How much does Chubb home insurance cost? The average cost of Chubb home insurance in New York is $135 per month, which is more expensive than the New York average of $93 per month.
How to get a quote
You can get a Chubb home insurance quote online through Policygenius or by reaching out to a Chubb agent through their website.
How much is homeowners insurance in New York?
The average cost of homeowners insurance in New York is $1,164 per year, or roughly $97 a month, for a policy with $300,000 in dwelling coverage. This is around 39% lower than the nationwide average of $1,754.
However, your own home insurance rates will depend on factors like your home’s age, construction style, and location, as well as personal factors like your credit score and claims history.
New York homeowners insurance rates by city
With New York being such a large and diverse state of rural, suburban, and major metropolitan areas with varying weather patterns and household values, the average cost of homeowners insurance differs by city. Looking at the largest cities in New York, New York City and surrounding areas have the highest rates, while upstate cities like Rochester, Schenectady, and Albany have the lowest.
Here’s a look at the average cost of home insurance in the 20 largest cities in New York.
City | Average monthly cost | Average annual cost | Difference from state average (%) |
|---|---|---|---|
New York | $126 | $1,511 | 36% |
Buffalo | $87 | $1,044 | -6% |
Rochester | $80 | $955 | -14% |
Yonkers | $103 | $1,235 | 11% |
Syracuse | $82 | $980 | -12% |
Albany | $85 | $1,025 | -8% |
New Rochelle | $104 | $1,249 | 12% |
Mount Vernon | $107 | $1,282 | 15% |
Schenectady | $85 | $1,025 | -8% |
Utica | $86 | $1,031 | -7% |
White Plains | $96 | $1,146 | 3% |
Hempstead | $119 | $1,427 | 28% |
Troy | $84 | $1,009 | -9% |
Niagara Falls | $85 | $1,017 | -9% |
Binghamton | $79 | $945 | -15% |
Freeport | $127 | $1,524 | 37% |
Valley Stream | $121 | $1,453 | 30% |
Long Beach | $125 | $1,501 | 35% |
Spring Valley | $88 | $1,061 | -5% |
Ithaca | $80 | $957 | -14% |
New York homeowners insurance rates by coverage amount
The table below highlights the average annual premium in New York for five different levels of dwelling coverage, which is the part of your policy that covers structural damage to your home.
Generally speaking, more dwelling coverage means higher homeowners insurance rates, as shown in the table below.
Dwelling coverage limit | Average annual cost |
|---|---|
$100,000 | $517 |
$200,000 | $815 |
$300,000 | $1,114 |
$400,000 | $1,430 |
$500,000 | $1,761 |
Cheapest homeowners insurance companies in New York
Your homeowners insurance premiums will depend largely on your home's replacement cost and how much dwelling coverage you need to cover it for a full rebuild. Certain insurance companies in New York, like State Farm, are among the cheapest options for homes that only require a maximum of $300,000 in dwelling coverage, but is one of the pricier options for higher value homes. Here's the average annual premium from 14 home insurance providers in New York for four distinct levels of dwelling coverage.
Company | Average annual cost |
|---|---|
Ocean Harbor Insurance | $227 |
$676 | |
Kingstone Insurance | $954 |
$965 | |
$985 | |
$1,068 | |
$1,094 | |
Preferred Mutual Insurance | $1,131 |
$1,190 | |
$1,202 | |
$1,319 | |
$1,332 | |
$1,483 | |
$1,622 | |
$1,691 |
Cheapest New York homeowners insurance if you have poor credit
If you're a homeowner in New York with a more complicated risk profile — like a poor credit score — insurance companies may consider you higher risk and charge you significantly more for home insurance or deny you coverage altogether. But some companies have less strict standards than others when it comes to insuring high-risk properties, and may offer lower rates or better coverage as a result.
Here are the rates by company for New York homeowners with poor credit.
Company | Average annual cost |
|---|---|
Ocean Harbor Insurance | $294 |
National General | $965 |
Kingstone Insurance | $1,203 |
NYCM Insurance | $1,207 |
Preferred Mutual Insurance | $1,299 |
Nationwide | $1,488 |
Travelers | $1,727 |
State Farm | $1,774 |
Chubb | $1,787 |
Narragansett Bay | $1,810 |
AIG | $1,872 |
UPC Insurance | $1,972 |
Farmers | $2,045 |
Allstate | $2,485 |
Pure Insurance | $2,508 |
Cheapest New York homeowners insurance if you have an older home
Older and historic homes are usually more expensive to insure than newer homes. This is because insurers consider them a higher risk than newer homes since they can be fragile, their construction materials may be obsolete, and certain structural components like the roof or plumbing may not be in good shape or up to current-day code. Because of this, they'll charge higher premiums to offset the risk.
Here are the rates by company for New York homeowners with an older home.
Company | Average annual cost |
|---|---|
Ocean Harbor Insurance | $343 |
NYCM Insurance | $705 |
Kingstone Insurance | $935 |
National General | $981 |
Farmers | $1,097 |
Travelers | $1,109 |
State Farm | $1,190 |
UPC Insurance | $1,193 |
Preferred Mutual Insurance | $1,299 |
Narragansett Bay | $1,336 |
Nationwide | $1,341 |
AIG | $1,451 |
Allstate | $1,509 |
Chubb | $1,787 |
Pure Insurance | $1,942 |
Cheapest New York homeowners insurance if you have a history of claims
One of the biggest factors that plays a role in your home insurance premium is your claims history. You'll typically pay more for home insurance if you have multiple claims on your record, since insurers perceive you as posing a greater risk of filing more.
Here's the cheapest home insurance companies in New York for a homeowner with three claims within a five-year period.
Company | Average annual cost |
|---|---|
Ocean Harbor Insurance | $443 |
Kingstone Insurance | $935 |
National General | $1,084 |
NYCM Insurance | $1,175 |
State Farm | $1,245 |
Preferred Mutual Insurance | $1,299 |
Narragansett Bay | $1,319 |
Nationwide | $1,602 |
Travelers | $1,878 |
Allstate | $1,887 |
UPC Insurance | $2,092 |
AIG | $2,336 |
Pure Insurance | $2,479 |
Chubb | $2,713 |
Farmers | $2,748 |
How to buy homeowners insurance in New York
We get that shopping for homeowners insurance can be overwhelming, which is why we provided New York homeowners with the insights and expert advice they need for a more convenient and informed comparison.
Homeowners insurance in New York: 3 things to know
In addition to comparing quotes from different companies and determining your home insurance coverage needs, there are three additional considerations for homeowners in coastal areas of New York.
Hurricane deductibles
If you live in a coastal community in the New York Metropolitan Area, there’s a good chance you'll need to add a hurricane deductible to your policy in order to be covered for hurricane wind damage. Hurricane deductibles in New York are normally 1% to 5% of your home's dwelling coverage amount, meaning if your house is insured for $300,000 and you have a 2% hurricane deductible, you'll be responsible for $6,000 in out-of-pocket expenses for hurricane wind damage before your insurance company will cover your claim.
Most companies trigger these deductibles once a Category 1 or 2 hurricane has been officially designated by the National Weather Service or National Hurricane Center, and they stay in effect anywhere from 24 to 48 hours after the hurricane makes landfall. If your home is in a high-risk coastal area, be sure to check your policy to see how you're covered for hurricane damage and whether or not any special deductibles apply.
Windstorm insurance
In addition to being on the lookout for special hurricane deductibles, coastal area homeowners should also check to see if wind damage is covered under their policy. Some policies in New York exclude windstorm damage from coverage if the insurance company considers the home to be too high risk.
If you're struggling to find windstorm coverage through a standard insurance provider, you can obtain windstorm insurance through the Coastal Market Assistance Program, or C-MAP, which is a last-resort wind insurance option for high-risk homeowners in the New York metro area.
Flood insurance
Homeowners insurance doesn’t cover flooding, so if you live by the coast or in a FEMA-designated high-risk flood zone, you may need to purchase a separate flood insurance policy. Most insurers offer flood insurance through the National Flood Insurance Program. As of 2022, the average cost of flood insurance in New York is $725 per year.
Frequently asked questions
Why is home insurance in certain areas of New York so expensive?
Home insurance can be more expensive in parts of New York because the property values are higher than in other areas of the country, yet other areas of New York, such as upstate, are less expensive, making the average cost of homeowners insurance in New York close to the national average.
Does homeowners insurance cover flooding in New York?
Homeowners insurance does not cover flood damage in New York or any of the other 49 states. New York residents can supplement that gap in coverage by purchasing a flood insurance policy. Flood insurance can typically be purchased through the same insurance company that insures your home.
Most flood policies are sold by private companies but administered by the federal government’s National Flood Insurance Program (NFIP). An NFIP flood policy can cover up to $250,000 for the structure of your home and up to $100,000 for personal belongings.
What if I can’t get homeowners insurance in New York?
Homeowners insurance companies can cancel your insurance for a number of reasons — maybe you filed too many claims in a short period of time, maybe the insurance company no longer offers coverage where you live, or maybe they determined your home was too risky to insure after a recent inspection.
If you’re struggling to find coverage, you can get last-resort coverage via a New York Fair Access to Insurance Requirements (FAIR) Plan. The New York FAIR Plan is a not-for-profit insurance association that provides basic coverage for New York residents who are unable to get home insurance on the open market. To qualify for a FAIR Plan, you need to demonstrate that you’ve had at least three unsuccessful attempts to buy insurance from other companies.
