Best and Cheapest Home Insurance in New York (2021)

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Introduction

The Empire State is so much more than the bright lights and action of Times Square and New York City. New York State is a land of extremes, from the nation’s most populous city to sprawling farmland in the rural north. As New Yorkers learned in 2012 after Hurricane Sandy, holding sufficient homeowners insurance is essential to responsible homeownership. 

Protecting your property investment from accidents – both predictable and unexpected – is what insurance is all about. Whether it’s your first time shopping for home insurance, or you’re a longtime homeowner looking to reassess your coverage, comparison shopping should be your first step. 

But with so many headache-inducing radio and television ads, shopping for home insurance can be a nightmare. That’s where Insurify comes in. Compare dozens of quotes from the best homeowners insurance companies in seconds, all on one easy-to-use, secure platform.

How to Get Affordable Home Insurance in New York

Purchasing a home will be one of the largest financial investments of your lifetime. With that investment, inevitably, comes risk. However, there are steps homeowners can take to minimize risk and protect their investment, including finding the right home insurance policy.

The first step to protecting your property is homeowners insurance. Though not required by law, (though it may be required by a lender as part of the mortgage agreement) home insurance provides financial liability for your property and belongings from natural disasters or theft. Different coverage levels are available for different property types, locations, and other factors.

Homeowners insurance quotes aren’t designed with savings in mind. That’s where Insurify comes in.

Homeowners Insurance Quotes in New York by Company

The price of homeowners insurance varies greatly from city to city. Finding the best New York home insurance will depend on many things, especially if you’re located upstate in Buffalo, beachside in Long Island, or in the capital of Albany. 

The following quotes are general estimates of annual home insurance premiums throughout New York, insurance companies offer different coverage levels and some even offer bundling options for your home and auto insurance. Coverage options will vary from company to company, plus, bundling with other products like car insurance will also help lower your rates.

Average Annual Homeowners Insurance Premium in New York by Company

Average prices for standard homeowners insurance for a 7-15 year old home, $200,000 in coverage

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Home Insurance Rates in New York by City

As of 2021, the average home insurance premium in New York costs $1,138 annually—far less than the national average. The median New York home is valued at $328,677.

Rates throughout New York can be relatively high or low compared to the state average—it all depends on which town you live in. Other nuances, like crime rates, will affect costs. Here are the most and least expensive ZIP codes in New York to buy and insure a home. Average rates within these ZIP codes tend to increase relative to property cost. In blizzard or hurricane-prone areas, rates are often higher.

CityMedian Home Price
Sag Harbor$1,593,285
Scarsdale$1,118,010
Manhattan$998,557
Syracuse$82,300
Schenectady$126,900
Albany$169,500

What Does Home Insurance Cover in New York?

There are several types of home insurance. Specific terms of insurance policies may vary by state, but in general, the standard policy types are as follows:

HO-1: Basic
HO-2: Broad Form
HO-3: Special Form
HO-4: Tenant’s Form
HO-5: Comprehensive
HO-6: Condo Form
HO-7: Mobile Home Form
HO-8: Older Home

For more detailed New York city level guides, check out these below.

Natural Disasters and Home Insurance Coverage

As New York residents know all too well, natural disasters can be catastrophic to property and livelihoods. In New York, especially, homeowners and renters alike face increased extreme weather like blizzards, windstorms, and flooding each season. 

What’s covered and what’s not when it comes to homeowners policies and natural disasters in New York? Damage due to “acts of God” may still be covered, depending on your coverage levels. 

With such risk, home insurance providers often charge higher premiums to cover potential disasters like wildfires. That being said, with the right tools, you may still be able to find competitive home insurance rates in your area. To choose from the best homeowners insurance companies, use Insurify to compare home insurance quotes all in one place.

Renters Insurance in New York City

In New York City, sixty-seven percent of homes are rented, not owned.,. Though renters insurance is not required in New York City, landlords can still ask tenants to purchase and maintain a renters insurance policy. It’s recommended to carry renters insurance even if it’s not required. Policies are inexpensive and can save you tens of thousands of dollars when things go wrong. Insurance providers offer New Yorkers many options, even for those who do not own the property they reside in. Talk to your insurance agent to see if they offer a renter’s insurance product.  

Many renters assume that their landlord will pay for damages, but this is faulty logic. Landlords must be found responsible for the damage done to personal property in order to have to pay. So a fire started by your downstairs neighbor will not be covered by landlord insurance. It’s worth your while to purchase renters' insurance if you rent your home in the New York City area.

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Special Home Insurance Situations in New York

Unique elements of your home may affect homeowners insurance prices. Check out these quotes for some special situations that may impact your home insurance in New York.

Cheapest Home Insurance for Houses With Swimming Pools in New York

Swimming pools fall under a category called attractive nuisances. Sure, they offer a fun way to cool off during warm summer months, but they also pose a major injury risk. For that reason, having a swimming pool in your yard could increase rates.

Insurance CompanyAverage Annual Premium
Allstate$979
Farmers$1,249
Hanover$2,089
Metropolitan$1,324

Cheapest Home Insurance for Houses Near the Coastline in New York

Beachside living is wonderful. But the risk a nearby coastline may present to your home could end up increasing your home insurnace rates. The closer you are to the shore, the more at risk your property is to flooding. This will be reflected in your homeowners insurance rate.

Insurance CompanyAverage Annual Premium
Narragansett Bay$927
Nationwide$832
State Farm$596
Travelers$776

I LOVE NY HOME INSURANCE

How to Find the Cheapest Home Insurance in New York

Just like groceries or clothes shopping, you can find a good bargain on home insurance, without sacrificing sufficient coverage to protect your investment. Protect your home from water damage to burglars and everything in between. With a little research and the right tools, you’ll be on your way to big savings.

Use Insurify to find the best home insurance providers for your property in New York.

New York Homeowners Insurance FAQ

Why is home insurance so expensive in New York?

New York homeowners may find themselves paying higher home insurance premiums due to the increased commonality of natural disasters involving intense weather with high winds and flood risk. New York homeowners, especially those flood-prone areas and along the coastline, may have higher-than-average home insurance premiums. 

When insurance companies take on increased risk, as they do in disaster-prone areas of New York, they increase their chances of having to pay out customers when disaster strikes. There are ways, though, that you can cut home insurance costs, even if you live on the water. Use Insurify to compare premiums in your area.

Does USAA insure homes in New York?

Yes, USAA insures home in New York. However, policyholders must be active military members, veterans, or the family members of those in the armed forces.

How long does a home insurance claim take in New York?

Short answer: it depends. Of course, in times of crisis, like wildfires or earthquakes, many of your neighbors will also be filing claims with their insurance companies, crowding the systems, and slowing down the claims process. The amount of time it takes to file a claim in New York will vary from case to case. To find the best home insurance companies in your area, use Insurify to compare reviews and quotes.