Over 12 years writing about insurance and personal finance
Emily is a Plutus Award-winning freelance writer and former educator who makes complex financial topics easy to understand. She specializes in the science behind money habits and has written for outlets like The Huffington Post, Business Insider, and The Washington Post.
5+ years in insurance and personal finance content
Ashley is a seasoned personal finance editor who’s produced a variety of digital content, including insurance, credit cards, mortgages, and consumer lending products.
Mark FriedlanderSenior Director, Media Relations, Triple-I
Corporate communications director for Insurance Information Institute
20+ years in insurance and communications
As Director, Corporate Communications for Triple-I, Mark serves as the non-profit’s national spokesperson, sharing information and education on a wide array of insurance issues.
University of Chicago graduate with statistics degree
Chase spearheads analytics for Insurify’s data insights team. With his deep expertise in insurance data, Chase is often interviewed on industry trends.
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In New York, the average home insurance rate for a policy with a $1,000 deductible and $300,000 of dwelling coverage is $1,214 per year. This is lower than the average cost of homeowners insurance across the United States of $2,529 for the same coverage.
Flooding is a common problem across the entire state, so homeowners may want to purchase additional coverage to protect against flood damage. For New Yorkers who see winter storms, a standard homeowners policy should cover most damage from winter weather.
Here’s what you need to know about comparing home insurance quotes and finding the best New York homeowners insurance company for your needs.
Quick Facts
All 62 counties in the state of New York are prone to flooding and see a flood event at least once every seven years, on average.
Empire State areas downwind of Lakes Erie and Ontario can see as much as 80 inches of snow in a single storm because of lake-effect snow, according to the New York State Energy Research and Development Authority.
New York City’s location near the Atlantic Coast and its population density means it’s the most vulnerable area in the state for property damage from tropical storms and hurricanes.[1]
Best home insurance companies in New York
Many home insurance companies serve New York homeowners. Finding the best homeowners insurance for you will depend on your specific home circumstances and insurance needs.
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
Average Annual Premium
Best For
Ocean Harbor Casualty
N/A
$783
Cheapest rates
State Farm
8.2
$1,525
Customer satisfaction
Nationwide
8.4
$1,578
Online tools
Travelers
7.8
$1,866
Green homes
Our editorial team spent more than 350 hours developing the Insurify Quality (IQ) Score and scoring insurance companies. The IQ Score objectively analyzes and calculates a score for insurers using more than 15 crucial criteria. The team weighted criteria by importance to the consumer — factors such as customer reviews and affordability influence the score more than availability and third-party ratings.
We rate each company on a 1 to 10 scale based on five categories: financial ratings, customer satisfaction, affordability, customer support and transparency, and availability. Insurify updates ratings once a year or as more recent information becomes available.
Third-party financial ratings: Insurify uses data from AM Best, S&P, Moody’s, and more to compare insurance companies’ credit and ability to pay out future claims.
Customer satisfaction: To calculate this score, Insurify analyzed more than 55,000 customer reviews across 155 car insurance companies. We also consider third-party ratings from J.D. Power, the National Association of Insurance Commissioners, and Trustpilot.
Affordability: Our data scientists analyzed more than 90 million real-time auto insurance rates from our partners across the U.S., as well as available discounts, to calculate an affordability score.
Customer support and transparency: This measures coverage options, ease of claims filing, and the insurer's transparency surrounding discounts, coverages, and claims process.
Availability and reach: Insurify scores availability and reach by identifying the number of states in which insurers offer coverage and company size by market share.
Cheapest rates: Ocean Harbor Casualty
Founded in 1986, Ocean Harbor Casualty is a regional insurer offering auto and home insurance to residents in the Northeast, Southeast, Mid-Atlantic, and Gulf Coast states.
In addition to the standard all-perils HO-3 policy Ocean Harbor offers, homeowners may also add optional coverages for debris removal, other structures, and additional living expenses. This insurer also offers scheduled personal property, water and sewer backup, personal liability, ID recovery, and personal injury optional coverages.
Policyholders can lower their premiums through a number of available discounts, including multi-tier rating, new-home, security systems, and hurricane-protective system discounts.
Pros
Cheapest rates in New York area
Specializes in insuring coastal areas prone to tropical cyclones
Cons
No online quotes available; must contact an independent insurance agent to generate a quote
AM Best financial strength rating of B (Fair)
Best insurer for customer satisfaction: State Farm
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
8.2/10
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
643
$300,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$100/mo
$500,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$180/mo
State Farm is the largest home insurance company in the U.S. by market share and has been selling insurance for more than 100 years. It has fewer complaints than expected for a company of its size, according to the National Association of Insurance Commissioners (NAIC), and J.D. Power ranks the company highly for both customer and claims satisfaction.
Pros
Above-average J.D. Power customer satisfaction and claims satisfaction ratings
Several available discounts, including a bundling discount, roofing discount, home security discount, and wind mitigation discount
Cons
Not the cheapest home insurance premiums in New York
Not as many available discounts as some competitors
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
8.4/10
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
641
$300,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$115/mo
$500,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$187/mo
Nationwide’s highly rated mobile app and user-friendly website make it a good fit for any New York homeowners who prefer to take care of their insurance digitally. Agents are available to help, but you can get a quote, start a claim, and manage your account entirely online or on the app.
Nationwide received no homeowners insurance complaints in New York in either 2022 or 2021 and only a single complaint in 2020, according to the NAIC. But the company ranked below average for customer satisfaction in J.D. Power’s 2023 U.S. Home Insurance Study.
Pros
Credit card fraud protection included in standard home insurance policy
Optional flood insurance available, underwritten through the National Flood Insurance Program
Cons
Identity theft and water backup not included in base coverage
Below-average J.D. Power customer satisfaction rating
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
7.8/10
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
609
$300,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$66/mo
$500,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$114/mo
Eco-conscious homeowners in New York might look to Travelers for their insurance coverage. The company offers a discount of up to 5% if the Leadership Energy and Environmental Design (LEED) organization certifies your home as a “green home.” You can also score discounts for bundling policies and installing protective devices in your home, such as smoke detectors, interior sprinkler systems, and home security systems.
Pros
Additional coverages available, including jewelry coverage, umbrella insurance, and boat and yacht insurance
AM Best financial strength rating of A++ (Superior)
Cons
Below-average J.D. Power customer satisfaction and claims satisfaction ratings
Policies are more expensive than some competitors
Find Home Insurance in New York
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Cheapest home insurance in New York
Each company uses a different formula for determining rates, which means it’s a good idea to shop around for multiple quotes. Various factors can affect how much you pay for coverage, including your ZIP code, claims history, credit history, types of coverage, value of your personal belongings, chosen deductible, and the age of your home.
In New York, Travelers offers the cheapest home insurance, with an average monthly premium of $66 for $300,000 of dwelling coverage. Check out some additional cheap home insurance companies in New York in the table below.
The below rates are estimated rates current as of: Monday, July 28 at 12:00 PM PDT.
University of Chicago graduate with statistics degree
Chase spearheads analytics for Insurify’s data insights team. With his deep expertise in insurance data, Chase is often interviewed on industry trends.
On average, the cost of a home insurance policy for $300,000 in dwelling coverage with a $1,000 deductible is $1,214 per year in New York. This rate is lower than the national average cost for the same coverage, which is $2,529 per year.
Premiums tend to cost more in areas that experience common perils, such as the high incidence of winter storms in upstate New York, and the hurricanes and tropical storms that can batter the coastal areas of the state.
Good to Know
Other factors that can affect your rates include the age of your home and its replacement cost, your area’s labor costs, your claims history, and your deductible amount.
Cost of homeowners insurance by dwelling coverage amount
Your home insurance dwelling coverage is what pays to repair or rebuild your home if a covered peril damages or destroys it.
Many homeowners mistake the purchase price they paid for the house as an appropriate dwelling coverage amount, but the cost of rebuilding your home may be more or less than the purchase price, depending on the cost of building supplies and labor, as well as timing.[2]
It’s important to make sure you have the right level of coverage. The more dwelling coverage you select, the higher your home insurance premiums will be. Rates shown below are for a policy with a $1,000 deductible.
The below rates are estimated rates current as of: Monday, July 28 at 12:00 PM PDT.
University of Chicago graduate with statistics degree
Chase spearheads analytics for Insurify’s data insights team. With his deep expertise in insurance data, Chase is often interviewed on industry trends.
University of Chicago graduate with statistics degree
Chase spearheads analytics for Insurify’s data insights team. With his deep expertise in insurance data, Chase is often interviewed on industry trends.
University of Chicago graduate with statistics degree
Chase spearheads analytics for Insurify’s data insights team. With his deep expertise in insurance data, Chase is often interviewed on industry trends.
Your home insurance deductible is the money you need to pay before your insurance coverage kicks in to pay for your claim. A lower deductible allows you to pay less out of pocket when you make a claim before the insurance coverage starts, but you’ll pay a higher premium to get the lower deductible.
Many homeowners choose to increase their deductible to lower their premium costs, even though it means you’ll have to pay more money out of pocket when you make a claim.
Compare the difference in premiums for $300,000 in dwelling coverage by deductible in New York below. Rates are for a policy with $300,000 in dwelling coverage.
Deductible Amount
Average Annual Premium
$500
$1,335
$1,000
$1,214
How to get cheap homeowners insurance in New York
You can use a number of strategies to lower the cost of your homeowners insurance. Here are some of the most effective ways to save on your home insurance:
Increase your deductible. Increasing your deductible is one of the most efficient ways to quickly reduce your premiums. But make sure you can pay the higher deductible if you need to file a claim.
Bundle your homeowners and auto insurance. Many insurance companies give significant discounts to customers who buy multiple policies with them. If your insurance company can take care of your home and auto insuranceneeds, check if it can also save you money on both policies.
Maintain good credit. Insurance companies in New York may use your credit-based insurance score to help set homeowners insurance premium rates. Improving and maintaining your credit can not only help you save money on your home insurance but also help you improve your finances overall.
Improve your home’s safety. Adding safety and security measures, such as smoke detectors, burglar alarms, and deadbolts, can potentially lead to savings on your homeowners insurance. Many insurers offer discounts for such upgrades, as well as discounts for investing in disaster preparedness like storm shutters or reinforced roofing.
Shop for New York Home Insurance
Annual insurance premiums start at $783
Secure. Free. Easy-to-use.
Based on 7,669+ reviews
4.8/5
How much homeowners insurance do you need in New York?
Unlike auto insurance, the state of New York doesn’t require homeowners to purchase home insurance. But your mortgage lender will require you to purchase a homeowners insurance policy as a condition of the loan.
New York homeowners should aim to get enough replacement cost coverage to rebuild their homes in case of a disaster. Make sure you understand exactly what your homeowners insurance policy covers when you buy it, so you know you have coverage for everything you need.
For example, flooding is common in New York, but standard homeowners insurance policies don’t cover it. You’ll need to purchase a separate policy to protect yourself from flood damage.
What are some of the biggest risks when owning a home in New York?
Homes everywhere in the world can face potential damage from storms, floods, or other perils, but it’s a good idea for New York homeowners to understand the most common risks in their state so they can insure against them.
The Empire State is most likely to experience these types of natural disasters:
Storm surge/hurricane winds
The Insurance Information Institute reports that New York City is the country’s metropolitan area most at risk for storm surge and hurricane wind damage.[3] Even though direct landfall by hurricanes and tropical storms is relatively uncommon in New York state, these storms can cause substantial damage. The impact from 10 major hurricanes over the past 50 years has cost the affected New York communities nearly $11 billion, according to the New York State Climate Hazards Profile.
Flooding
Flooding occurs regularly across the state, and all 62 counties in New York see flooding events at least once every seven years. The National Flood Insurance Program (NFIP) provides flood insurance to property owners and renters in any of the 23,000 participating NFIP communities, and more than 1,300 of these communities are in New York. You can also purchase flood insurance from dozens of private flood insurance companies that offer coverage in New York.
Winter storms
Though some counties are more prone to winter storms than others, New York homeowners across the state may experience things like collapsed roofs from excessive snow loads, power outages, and damage to overburdened heating systems when Old Man Winter comes to call. The good news is that standard homeowners insurance does cover damage due to winter weather.
New York homeowners insurance FAQs
Finding the best homeowners insurance policy for you will depend on your insurance needs, location, past claims history, and more. The following information should help you navigate the process.
How much is home insurance in New York?
On average, the cost of a home insurance policy for $300,000 in dwelling coverage with a $1,000 deductible is $1,214 per year in New York. If you want to purchase additional add-ons or flood insurance, you’ll face higher yearly costs.
Which company has the cheapest homeowners insurance in New York?
Travelers has the cheapest average homeowners insurance premium in New York, at $66 per month for $300,000 of dwelling coverage.
Does New York require homeowners insurance?
No. New York state law doesn’t require homeowners insurance, but your mortgage company will require it. Home insurance can protect you financially in the event of covered damages related to severe weather or other accidents.
Methodology
Insurify data scientists analyzed rates from more than 180 home insurance companies sourced directly from Insurify’s partner companies and Quadrant Information Services. Rates span all 50 states and Washington, D.C., and quote averages represent the mean price for a given coverage level and geographic area. To ensure data reliability, only insurers meeting minimum quote thresholds were included in the analysis.
Unless otherwise specified, quoted rates reflect the average cost for homeowners with no prior claims and good credit with a home construction year of 1980. The default coverage assumptions include:
Default Coverage Assumptions
Dwelling coverage: $300,000
Deductible: $1,000
Personal property limit: $25,000
Liability limit: $300,000
Additional data points beyond these default values are sourced from Insurify’s proprietary database. Rates are updated monthly.
Emily Guy Birken is a former educator, lifelong money nerd, and a Plutus Award-winning freelance writer who specializes in the scientific research behind irrational money behaviors. Her background in education allows her to make complex financial topics relatable and easily understood by the layperson.
Her work has appeared on The Huffington Post, Business Insider, Kiplinger's, MSN Money, and The Washington Post online.
She is the author of several books, including The 5 Years Before You Retire, End Financial Stress Now, and the brand new book Stacked: Your Super Serious Guide to Modern Money Management, written with Joe Saul-Sehy.
Emily lives in Milwaukee with her family.
Emily has been a contributor at Insurify since October 2022.
5+ years in insurance and personal finance content
Ashley is a seasoned personal finance editor who’s produced a variety of digital content, including insurance, credit cards, mortgages, and consumer lending products.
Reviewed byMark FriedlanderSenior Director, Media Relations, Triple-I
Mark FriedlanderSenior Director, Media Relations, Triple-I
Corporate communications director for Insurance Information Institute
20+ years in insurance and communications
As Director, Corporate Communications for Triple-I, Mark serves as the non-profit’s national spokesperson, sharing information and education on a wide array of insurance issues.
University of Chicago graduate with statistics degree
Chase spearheads analytics for Insurify’s data insights team. With his deep expertise in insurance data, Chase is often interviewed on industry trends.
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