The average home insurance rate in New York City is $2,257 per year for a policy with $300,000 in dwelling coverage and a $1,000 deductible — only slightly cheaper than the national average of $2,377.
New York City has lower-than-average home insurance premiums because it’s not an especially risky place for a home. But the city does experience flooding, thunderstorms, and even the tail-end of some hurricanes, which insurers consider when setting rates.1 This doesn’t mean you can’t still find affordable home insurance coverage in New York City, though.
Before you buy a policy, make sure to compare home insurance quotes from at least three different companies. Here’s what you need to know about home insurance in New York City.
Best home insurance companies in New York City
Homeowners have plenty of great home insurance companies to choose from in New York City. But the best home insurance company won’t be the same for everyone. Each insurance company determines rates uniquely, as they all consider rating factors differently.
The right option for you depends on your specific needs and previous claims, among other factors. If you’re unsure where to start, check out the table below for four of the best home insurance companies in New York City.
Cheapest rates: Ocean Harbor Casualty
Ocean Harbor Casualty offers the cheapest rates in New York City. With an average monthly cost of only $75 per month, it’s the best deal for homeowners looking to save money in a notoriously expensive city.
Best insurer for discounts: Narragansett Bay Insurance
Narragansett Bay Insurance is the best insurer for discounts in New York City. It offers numerous credits, discounts, and coverage options to its customers, allowing them to save extra on their homeowners policies.
Best insurer for customer service: State Farm
Best insurer overall: Allstate
Cheapest home insurance in New York City
Ocean Harbor Casualty Insurance has the cheapest home insurance in New York City, with an average rate of $896 per year, or $75 per month.
Check out some of the other cheapest home insurance companies in New York City in the table below. The average home insurance rates reflect prices for a $300,000 dwelling policy with a $1,000 deductible.
Cost of homeowners insurance in New York City
The average cost of homeowners insurance in New York City is $3,080 per year for a policy with $300,000 in dwelling coverage and a $500 deductible. The average cost with a $1,000 deductible is $2,992. Your exact premium will depend on your location within the city, how much home insurance coverage you need, the insurance company you choose, and other factors. The higher coverage limits you choose, the more expensive your rate will be.
Cost of homeowners insurance by dwelling coverage amount
The factor that’ll most significantly affect how much you pay for home insurance is your dwelling coverage amount. It’s the most crucial piece of your home insurance policy, covering damage to the structure of your home in the event of a covered peril, such as wind damage. The higher your dwelling coverage limit, the higher your premium will be.
See below just how much your average annual premium can increase when you choose higher dwelling coverage limits for your home. The average annual premiums below are for home insurance policies in the Empire State with a $1,000 deductible.
Cost of homeowners insurance by deductible
Your home insurance deductible is how much you pay out of pocket after a covered incident before your homeowners coverage kicks in. Home insurance deductibles typically sit between $500 and $2,000. Your deductible also affects your premium. The lower your deductible is, the higher your premium will be.
The table below shows how your premium for a policy with $300,000 in dwelling coverage in New York City can vary based on your deductible.
How to get cheap homeowners insurance in New York City
You can use a few tips to find cheap home insurance in New York City:3
Compare home insurance quotes. Comparing quotes from multiple insurers is the best way to save money on your home insurance policy. Insurance companies consider rating factors uniquely, so you should get a homeowners insurance quote from at least three to find the best coverage.
Apply for discounts. Discounts are a great way to save money on your home insurance policy. Most insurance companies offer a wide variety of home insurance discounts — just ask which they carry. Bundling your auto insurance with home insurance is a very common discount that could save you hundreds of dollars per year.
Increase your deductible. Increasing your home insurance deductible immediately lowers your premiums, but you’ll have higher out-of-pocket expenses if there’s a claim. Be sure you can afford to pay a higher deductible before you increase it.
New York homeowners insurance rates by city
New York home insurance costs can even vary by ZIP code. Different areas of New York City are susceptible to different risks. For example, certain parts of the city may experience higher rates of theft or vandalism, so rates will be higher there, while New Yorkers who live next to a fire station will pay lower rates.
In the table below, you can see how home insurance rates vary across cities in New York for a home policy with $300,000 in dwelling coverage and a $1,000 deductible.
How much homeowners insurance do you need in New York City?
Though New York state doesn’t require its residents to carry homeowners insurance, it’s a very good idea to have it.4 Home repairs and replacement costs can be devastatingly expensive for homeowners without financial assistance from an insurance company. Most mortgage lenders will require you to carry a home insurance policy anyway, so it’s worth knowing what coverage you need.
The 80/20 rule is a good guideline to follow when it comes to home insurance. You should buy coverage equal to or greater than 80% of your home’s replacement cost. No matter how much dwelling coverage you go with, it’s essential to know what your home insurance policy covers.
What are some of the biggest risks when owning a home in New York City?
The following natural disasters pose the biggest risks to homes in New York City: