On average, your neighbors pay $105 a month.See Your Rates
New York’s reputation precedes it. The Empire State is home to some of the most visited tourist destinations in the world--Times Square, Central Park, Niagara Falls, and the Statue of Liberty. Six presidents have hailed from New York, and five members of the current Supreme Court were born there. Dozens of companies, countless athletes, musicians, actors, writers, comedians, scientists, and artists are from New York. It’s also the site of the United Nations headquarters. But, New York’s homeowners insurance risks are something to consider when buying insurance in the Empire State.
How much is home insurance in New York? Some of the highest homeowners insurance premiums in the country are found in New York. The average cost of homeowners insurance in the state of New York was $1,287, compared to the national average of $1,173. Only 14 states have higher average home insurance rates than New York.
|New York Annual Average||$1,213||$1,256||$1,287|
|New York Price Per Month||$101||$105||$107|
|US Annual Average||$1,096||$1,132||$1,173|
|US Cost Per Month||$91||$94||$98|
The graph below shows the change in average New York home insurance rates from 2011 to 2015, the most recent year the data is available. According to the III, New York homeowners insurance rates increased from $1,097 in 2011 to $1,287 in 2015, a jump of $190 dollars, or 17.32 percent.
Choosing a homeowners insurance company in New York should be easier. Actually, it’s already easy. The key to finding the best rates is to compare home insurance quotes in New York from multiple companies.
Last year, these were the 10 most common home insurance companies reported by QuoteWizard users living in the state of New York. Out of the 37,862 New York homeowners that used QuoteWizard to request insurance quotes last year, 1,496 had no home insurance.
Why contact every individual company in New York State that you want a homeowners quote from when you can just answer a few questions about your home and desired coverage, and get competing quotes from agents? Save time and money with QuoteWizard.
|Rank||Company||Direct Premiums Written (in thousands)||Market Share|
|2||Travelers Companies Inc.||$512,999||10.4%|
|5||Tower Group International Ltd.||$188,041||3.8%|
|6||NYCM Insurance Group||$165,270||3.4%|
|7||Nationwide Mutual Group||$152,074||3.1%|
|9||American International Group||$121,711||2.5%|
Source: A.M. Best (Ratings as of 8/5/2015)
|Rank||Company||Direct Premiums Written (in thousands)||Market Share|
|3||Travelers Companies Inc.||$2,387,716||5.9%|
|4||State Insurance Fund||$2,283,287||5.7%|
|6||American International Group||$2,095,031||5.2%|
|8||Nationwide Mutual Group||$1,205,897||3.0%|
|9||Hartford Fire & Casualty Insurance Co.||$1,028,754||2.6%|
|*Represents both home and auto insurance|
Many different factors come into play when insurance companies calculate the cost of homeowners insurance. Some, like the age of your home, are within your control. Others, like crime rates or natural disasters, are beyond your control. Here are some of the factors that affect the cost of homeowners insurance in the state of New York.
Home prices can greatly affect the cost of insurance in any given state. A higher average home price generally means higher premiums in that state. For New York, the average listing price is $461,137 as of July 2015, about double the national average of $284,748.
Burglary is a serious and sometimes violent property crime. States with higher average burglary rates generally have higher average home insurance premiums, because the likelihood that someone will need to file a claim is higher. According to data from the FBI Uniform Crime Report, in 2013, New York’s average burglary rate was 287.2 per 100,000 people, significantly lower than the national average of 610.0 per 100,000.
States with more law enforcement per capita tend to be safer than states with fewer policemen and women. In New York, there are 31.0 law enforcement personnel per 100,000 total citizens, which is marginally lower than the national median of 32 per 100,000.
Summers in New York are warm, and not too humid, while winters are very cold and quite snowy. In addition, New York occasionally experiences Nor’easters, which can bring hurricane-like conditions in addition to snow.
Cold, snowy winters: New York City experiences on average about 12 days and about 24 inches of snow annually. In Upstate New York, Syracuse’s winters are much snowier, with about 66 days and about 124 inches of snow, on average. Even further north, at Old Forge, the average is 70 days and about 177 inches of snow per year. January is the coldest month in New York. Throughout the state, average low temperatures are well below freezing. In New York City, low temperatures average about 27 degrees. In the Adirondacks, lows are typically in the single digits--about 6 degrees. Western and central New York are right in the middle, with average lows at about 16 degrees. The cold can be a home insurance hazard because pipes can freeze and break.
Frequent precipitation: On average, the state of New York receives about 42 inches of rain annually. Most places average over 140 days of rain per year, though there is much less in the Boroughs than anywhere else in New York. At Syracuse, they average 174 days of rain, but only about 39 inches per year, meaning that the rain is frequent, but usually light. While this constant rain can be a nuisance, it is also a home insurance hazard. Continual rain creates moisture in the air that can trapped inside homes and buildings, and form mold or mildew. And, some methods of insulation prevent the movement of moisture, which also leads to the development of mold and mildew.
Nor’easters and Storms: Nor’easters are typical of the Northeast region and are similar to hurricanes. These storms bring heavy rains, extreme winds, blizzards in winter, and flooding in spring. New York is particularly vulnerable due to its location between Canada and the Atlantic Ocean, with warm, humid air from the southwest and cold, dry air coming from the north. This convergence of air masses is the perfect recipe for a Nor’easter storm. New York is also susceptible to hurricane-like storms. In October 2012, Superstorm Sandy hit New York, causing flooding, power outages, fires, and destroying homes. People went days without power, gas stations were shut down, many lost their homes, and all in all, Sandy cost tens of billions of dollars. The New York City area experienced severe flooding in Lower Manhattan, closing subway lines for days, which is all but unheard of in NYC. Luckily, hurricanes don’t often hit New York. It’s important to note that the only way to obtain flood insurance is through the National Flood Insurance Program. Learn more about the NFIP here.
QuoteWizard.com LLC has made every effort to ensure that the information on this site is correct, but we cannot guarantee that it is free of inaccuracies, errors, or omissions. All content and services provided on or through this site are provided "as is" and "as available" for use. QuoteWizard.com LLC makes no representations or warranties of any kind, express or implied, as to the operation of this site or to the information, content, materials, or products included on this site. You expressly agree that your use of this site is at your sole risk.