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.

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.

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

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.

Best insurer for customer satisfaction: State Farm

Best insurer for online tools: Nationwide

Best insurer for green homes: Travelers

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.

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 $1,214 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.

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.

Cost of homeowners insurance by deductible

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.

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 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.

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: