Our editorial team analyzed regional and national home insurance companies that sell policies in Long Island to assess which offer the best rates, coverage options, customer service, and savings to homeowners. We prioritized competitive rates, 24/7 customer service, homeownership discounts or bundling options, and specialty or supplemental coverages.
The average cost of homeowners insurance in Long Island, New York, is $2,882 per year for an insurance policy with $300,000 in dwelling coverage and a $1,000 deductible, according to Insurify data. This is higher than the U.S. national average of $2,584 for the same amount of insurance coverage.
Long Island homeowners face high premiums due to increased risks from coastal storms, wind damage, and flooding. About 34% of properties on the island have a risk of flooding during the next 30 years, making flood insurance a smart and sometimes necessary add-on.1 Standard policies typically exclude flood damage, so it’s important to understand your specific needs.
Here’s what you need to know about finding home insurance in Long Island.
Best home insurance companies in Long Island
Long Island homeowners can choose from several reputable insurance companies that offer various coverage options and discounts. The best home insurance company for you depends on your specific needs. For example, you may need to insure an older home, protect against flood losses, or prioritize in-person customer service.
Below are three top-rated insurance companies and what they offer Long Island residents.
Best company for flood-prone areas: Chubb
Best company for older homes: Travelers
Best company for high-risk coastal homes: New York Central Mutual
Cheapest home insurance companies in Long Island
If price is your top concern, Ocean Harbor Casualty offers the cheapest homeowners insurance policy in Long Island. The company has an average annual insurance premium of just $996 for an insurance policy with $300,000 in dwelling coverage and a $1,000 deductible.
The table below compares average premiums from several insurance companies serving Long Island to help you find the most affordable coverage option.
How much is home insurance in Long Island?
Homeowners in Long Island pay an average of $2,840 per year for an insurance policy with $300,000 in dwelling coverage and a $1,000 deductible. For an insurance policy with a $500 deductible, the average annual cost is $2,924.
Rates can vary widely based on your home’s ZIP code, age, construction type, and proximity to the coast. Other rating factors include your claims and credit histories and whether you choose add-ons like flood or windstorm coverage, which may be necessary in high-risk areas.3
Cost of home insurance by dwelling coverage in New York
The more it’d cost to rebuild your home, the more you’ll pay for home insurance. That’s why homeowners with higher dwelling limits typically pay higher premiums. Your coverage limit should reflect your home’s full replacement cost, not its market value.4
The table below shows average annual premiums in New York based on different dwelling coverage amounts.
Cost of homeowners insurance by deductible amount
A deductible is the amount you agree to pay out of pocket before your homeowners insurance policy kicks in to help cover a claim. Choosing a lower deductible means your insurance company takes on more risk, so your insurance premium will be higher.
Opting for a higher deductible can reduce your monthly costs, but you’ll pay more up front if you have to file a claim for damage.
The table below shows the average annual premiums for different deductibles for a policy with $300,000 in dwelling coverage.
Average cost of home insurance in other cities in New York
Home insurance rates can vary between different cities in New York and even between different ZIP codes in the same area. Factors like the risk of coastal flooding, storm exposure, and distance from a fire department can all affect your premiums. Areas with higher crime rates also see higher rates.
Below, you can compare average annual premiums for different cities in the state.
What to know about owning a home in Long Island
Owning a home on Long Island comes with a few unique responsibilities. Consider the following factors when securing home insurance:
Long Island home insurance FAQs
Many homeowners in Long Island have questions about how home insurance works and what it costs. Below are answers to some common questions to help you make informed decisions about your insurance coverage.
The average annual cost of homeowners insurance in Long Island is $2,840 for an insurance policy with $300,000 in dwelling coverage and a $1,000 deductible, according to Insurify data. But your costs may be higher if you need flood insurance, extended water damage coverage, or other necessary coverage endorsements in coastal or high-value areas.
Ocean Harbor Casualty offers the lowest average annual premiums in the state, at just $996 for $300,000 in dwelling coverage. You should always compare quotes, coverages, and discount options from multiple insurance companies before deciding on the right company for your insurance needs.
In New York, the average annual premium for $500,000 in dwelling coverage is $3,352. But your rates may vary depending on your insurance company, ZIP code, deductible, personal property coverage limits, liability coverage limits, and any supplemental coverages you choose.
The 80/20 rule in homeowners insurance indicates you should insure your home for at least 80% of its replacement cost. If you don’t, the insurance company may reduce your claim payout.
To lower your premium, consider increasing your deductible, bundling your home and auto policies, installing home safety and security features, and shopping for coverage regularly to ensure you’re getting the best deal.
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