Cheapest New York Homeowners Insurance Quotes (2024)

With annual premiums starting at $726, Ocean Harbor Casualty offers some of the cheapest homeowners insurance policies in New York.

Emily Guy Birken
Emily Guy Birken
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Emily is a widely recognized expert on personal finance and has authored several personal finance books. She’s a frequent guest on national and regional media.

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Katie Powers
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Katie PowersAuto and Life Insurance Editor
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Katie uses her knowledge and expertise as a licensed property and casualty agent in Massachusetts to help readers understand the complexities of insurance shopping.

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Mark Friedlander
Reviewed byMark Friedlander
Mark Friedlander
Mark FriedlanderDirector, Corporate Communications, 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.

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Updated January 25, 2024

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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 $1,942 per year. This is slightly higher than the average cost of homeowners insurance across the United States of $1,770 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 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

A number of excellent home insurance companies serve New York homeowners. Finding the best homeowners insurance for you will depend on your specific home circumstances and insurance needs.

Here are four of the best companies to get you started on your search for cheap coverage.

Insurance CompanyIQ Score
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 PremiumBest for
Ocean HarborN/A$726Cheapest rates
Liberty Mutual4.0N/AWinter weather coverage
Nationwide4.2$1,578Online tools
Plymouth RockN/AN/AAdd-ons

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 winter weather coverage: Liberty Mutual

Annual winter snowstorms occur in upstate New York, including lake-effect winter snowstorms in areas downwind from the Great Lakes. These lake-effect snowstorms can produce 2 to 3 inches of snow per hour, according to NASA.

New Yorkers living in the snow belt should consider Liberty Mutual for homeowners insurance. This insurer’s standard policy includes the cost of temporary housing in case winter storm damage makes it impossible for you to stay in your home.

Liberty Mutual also offers resources to help you prepare your home for extreme weather, including suggestions for preventing frozen pipes and ice dams.

Pros
  • Many available discounts, including up to 10% for purchasing coverage online

  • AM Best financial strength rating of A (Excellent)

Cons
  • Some negative customer reviews online

  • No options listed online for increasing your dwelling coverage

Best insurer for online tools: Nationwide

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.

J.D. Power gave Nationwide’s customer service a ranking of 816 out of 1,000, which is slightly below the average rating of 819. Nationwide received no homeowners insurance complaints in New York in either 2022 or 2021, and only a single complaint in 2020, according to the National Association of Insurance Commissioners (NAIC).

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

Best insurer for add-ons: Plymouth Rock

Plymouth Rock is a regional insurer that has been serving Connecticut, Massachusetts, New Hampshire, New Jersey, New York, and Pennsylvania since 1982.

On top of its generous standard coverage, this insurer offers additional coverage options, including guaranteed rebuild, ID monitoring and theft expense reimbursement, credit card, scheduled personal property endorsements, and water backup and sump overflow coverages.

Another major benefit of Plymouth Rock is its optional flood coverage underwritten through the private flood insurance company Neptune Flood.

Homeowners can access up to $2 million in dwelling coverage with this flood insurance, which is much higher than the National Flood Insurance Program limit of $250,000. This can better protect homeowners with expensive homes.

Pros
  • Offers private flood insurance with dwelling coverage of up to $2 million

  • Many optional coverages available, including guaranteed rebuild coverage

Cons
  • Online quotes not available

  • Limited availability

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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, Ocean Harbor Casualty offers the cheapest home insurance, with an average annual premium of $726, or approximately $60 per month, for $300,000 of dwelling coverage. Some additional cheap home insurance in New York include the following insurers.

Insurance CompanyAverage Annual Premium
Ocean Harbor Casualty$726
Kingstone Insurance Company$1,269
New York Central Mutual Fire$1,304
Narragansett Bay Insurance$1,406
State Farm$1,424
Security Mutual$1,508
Merchants Insurance Group$1,554
Unitrin$1,567
Travelers$1,575
Nationwide$1,578
Kensington Insurance Company$1,269
See Also: Types of Homeowners Insurance Policies

See Also: Types of Homeowners Insurance Policies

Cost of homeowners 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 $1,942 per year in New York. This rate slightly exceeds the national average cost for the same coverage, which is $1,770 per year ($147.50 per month).

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] Replacement costs have risen 45% since 2020, according to the Insurance Information Institute (Triple-I).

It’s important to make sure you have the right level of coverage. Here are the average annual premiums for five levels of dwelling coverage:

Coverage LimitAverage Annual Premium
$100,000$860
$200,000$1,422
$300,000$1,942
$400,000$2,503
$500,000$3,055

Cost of homeowners insurance by deductible

Your 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 below:

Deductible AmountAverage Annual Premium
$500$1,999
$1,000$1,942

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 have the means to pay the higher deductible if you need to make 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 insurance needs, 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.

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New York homeowners insurance rates by city

The cost of home insurance can vary a great deal by location. Home insurance quotes differ by state and ZIP code because of the perils in each area. The higher incidences of winter storm damage in certain parts of the state could affect homeowners insurance prices.

Similarly, burglary is more prevalent in New York City than in suburban or rural parts of the state. The city’s location and population density also make it the most vulnerable place in the state for tropical storms and hurricanes — both of which could increase homeowners insurance costs for residents.

CityAverage Annual Premium
Brooklyn$2,107
Ithaca$1,083
Long Island$2,300
Manhattan$2,386
Queens$1,956

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. However, 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 flooding.

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:

  • illustration card https://a.storyblok.com/f/162273/x/68ed522f01/windstorm-and-hail.svg

    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 have cost the affected New York communities nearly $11 billion, according to the New York State Climate Hazards Profile.

  • illustration card https://a.storyblok.com/f/162273/100x100/4ec24627d2/flood-coverage.svg

    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.

  • illustration card https://a.storyblok.com/f/162273/x/5a4e932d24/weight-of-ice-sleet-and-snow.svg

    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.

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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 $1,942 per year in New York. If you want to purchase additional add-ons or flood insurance, youll face higher yearly costs.

  • Which insurer has the cheapest homeowners insurance in New York?

    Ocean Harbor Casualty has the cheapest average homeowners insurance premium in New York, at $726 annually 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.

  • What are the best home insurance companies in New York?

    The best home insurance company in New York for you will depend on your insurance needs, past claims history, ZIP code, and more. For example, Ocean Harbor Casualty has the cheapest average rates, and Liberty Mutual has the best winter weather coverage. And Nationwide has the best coverage option for people looking to manage their coverage online.

Sources

  1. New York State Energy Research & Development Authority. "New York State Climate Hazards Profile."
  2. Insurance Information Institute. "12 Ways to Lower Your Homeowners Insurance Costs."
  3. Insurance Information Institute. "Catastrophes by state."
Emily Guy Birken
Emily Guy Birken

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.

Katie Powers
Edited byKatie PowersAuto and Life Insurance Editor
Photo of an Insurify author
Katie PowersAuto and Life Insurance Editor
  • Licensed auto and home insurance agent

  • 3+ years experience in insurance and personal finance editing

Katie uses her knowledge and expertise as a licensed property and casualty agent in Massachusetts to help readers understand the complexities of insurance shopping.

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Mark Friedlander
Reviewed byMark FriedlanderDirector, Corporate Communications, Triple-I
Mark Friedlander
Mark FriedlanderDirector, Corporate Communications, 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.

Andrew Huang
Data reviewed byAndrew HuangVP, Marketing & Analytics
Headshot of Andrew Huang, Directory of Analytics at Insurify
Andrew HuangVP, Marketing & Analytics
  • Chartered financial analyst

  • 12+ years in data analysis and marketing

Andrew applies his vast knowledge of analytics and insurance industry trends to help inform Insurify’s content and marketing efforts.

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