How much is homeowners insurance in New York?
The average monthly homeowners insurance rate across the state of New York is $192. However, several factors influence individual quotes, including the level of coverage you need, the location and age of your home, and any secondary coverages that you add to your standard policy.
How your policy choices affect home insurance rates in New York
Below is a list of key components that can affect the rate of your policy.
A special form policy, also referred to as an HO-3, is the most widely purchased home insurance policy. Many lenders also require HO-3 policies because they cover all risks and losses that affect the home, with the exception of specifically excluded perils, such as floods.
A peril is an unexpected or accidental event or circumstance that causes damage to your property or possessions. Homeowners insurance policies typically cover a list of perils, which may include fires, lightning strikes, water damage, theft, and vandalism. Some policies will specifically name perils that are either fully covered or not covered in the policy.
Different home insurance policies cover perils differently, and what they do and do not cover will influence the price of your policy. For instance, HO-1 policies cover a number of listed perils; however, HO-2 policies cover all perils included in an HO-1, plus additional perils. HO-5 policies are even more comprehensive, offering protection for personal possessions.
The following graphic illustrates the 16 most commonly covered perils in home insurance.

HO-3 policies are more common than HO-1 and HO-2 policies because they’re more comprehensive in their covered perils. HO-5 policies aren’t as common as HO-3s because a homeowner can also obtain the same personal possession coverage by purchasing a “Special Personal Property” endorsement.
You should always check which perils a home insurance policy covers before purchasing the policy. For instance, most policies cover damage from storms or hurricanes, but some homes in New York are also subject to a separate hurricane deductible or windstorm deductible.
Your coverage level
The level of coverage you select will influence your premium amounts, regardless of whether you opt for a higher deductible than required. Additional coverage or higher coverage limits will cost the insurer more money in the event of a claim; as such, your premiums will rise to help offset the insurer’s cost.
For example, an actual cash value (ACV) policy reimburses you for the value of the damaged property, minus depreciation and your deductible. A replacement cost value (RCV) policy reimburses you for the full value of the damaged property, including depreciation, minus the deductible.
Because the insurer will pay more to fully replace your damaged property with an RCV policy, these premiums typically cost more than premiums for ACV coverage.
Your deductible
Aside from paying your monthly premium to maintain your home insurance, you’ll also be responsible for paying a deductible when filing a claim. A deductible is a set amount that you must pay out of pocket before your insurer pays toward the damages.
For instance, if your deductible is $250, you’ll need to pay that amount first, then the insurer will pay for any covered damages.
Higher deductibles usually result in lower premiums because you’re taking on more financial responsibility. Lower deductibles usually result in higher monthly premiums because you’re asking the insurer to cover a higher percentage of the claim costs.
How location affects home insurance rates in New York
Location is a major factor influencing home insurance rates in New York. Although many homeowners expect premiums to vary from state to state, some are surprised that rates can be drastically different in neighboring ZIP codes.
Homes near New York’s coast are increasingly at risk of storm damage, which is why many insurers assess separate windstorm deductibles for those homes.
Theft, such as home burglaries, may be more prevalent in larger cities. For instance, the FBI’s UCR for 2018 and 2019 shows that burglaries are more common in Buffalo and Rochester than in Utica and Albany.[6]
New York City’s five boroughs each have a separate tier rating under a single protection classification, while other cities in the state are assigned protection classification based on the level of fire protection in the area.[7]
As you can see in the chart below, even average monthly quotes between Staten Island and the Bronx, two boroughs within New York City, are significantly different.
Table data sourced from real-time quotes from Insurify’s partner insurance providers and quote estimates from Quadrant Information Services. Actual quotes may vary based on the policy buyer’s unique profile.