Best Home Insurance Rates In New York

On average, your neighbors pay $105 a month.

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Compare Homeowners Insurance In New York

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.

Average New York Homeowners Insurance Rates

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 (NY) Average Annual Homeowners Insurance Rates
  2013 2014 2015
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
National Rank 13 12 15
Source: Facts + Statistics: Homeowners insurance

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.

New York average homeowners insurance rates

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.

Most Popular New York Home Insurance 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.

  1. Allstate Insurance
  2. Geico
  3. Liberty Mutual
  4. Progressive
  5. Nationwide
  6. Travelers
  7. AAA
  8. MetLife
  9. Farmers
  10. USAA
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Best Homeowners Insurance Companies in New York

The above list shows New York’s most popular home insurers according to our users. But popular doesn’t always mean best.

Our study on the Best Homeowners Insurance Companies focuses on top of the line companies. In no particular order, these companies stand out among the rest:

  1. Amica: Best Overall
  2. MetLife: Best for Bundling
  3. Allstate: Best for Local Agents
  4. Hartford: Best for Seniors
  5. State Farm: Best for Pet Owners
  6. Travelers: Best for Flexible Policies
  7. Nationwide: Best Replacement Coverage
  8. Farmers: Best for Eco-Friendly Homes
  9. Liberty Mutual: Best for Quick and Easy Quotes
  10. Auto Owners Insurance: Best Claims Experience
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New York Home Insurance Company Market Share

Source: Insurance Information Institute
Rank Company Financial Rating Market Share
1 Allstate A 14.6
2 Travelers Companies A+ 10.4%
3 Chubb A++ 8.9%
4 Liberty Mutual A 8.3%
5 Tower Group International Ltd. NR 3.8%
6 NYCM Insurance Group A+ 3.4%
7 Nationwide Mutual A+ 3.1%
8 MetLife A 2.7%
9 AIG A 2.5%
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New York Home Insurance Rate Factors

There are many factors that determine your homeowners insurance rate. Many depend on you and your home. Other criteria impact the region you live in.

Your Personal Rate Factors

Your House

What is your home insurance rate in New York? First, assess your house. Insurance companies consider the following house features:

Your home’s replacement cost

Dwelling/structure coverage is the foundation of a home insurance policy. It should match your house’s replacement cost. It’s the amount it costs to rebuild your home from the ground up. Keep in mind that replacement cost and your house’s market value are two different things. A $500,000 house in Yonkers could cost less to replace than a $160,000 house in Albany. Lower market value doesn’t necessarily mean that a house is cheaper to rebuild.

Replacement cost is calculated key points:

  • General house structure, size, and style
  • Exterior features and finishes
  • Interior features and finishes
Your home’s age

Generally, insurance rates go up as a home ages. Older houses are, on average, more likely to need claims. That makes them a higher insurance risk. This is especially true if the house hasn’t been well taken care of.  30.7 percent of houses in New York were built in 1939 or earlier. Houses of 80 years or older are bound to have higher rates for coverage.

Your roof

A house’s roof is a crucial aspect of home insurance rates. It’s the first line of defense from bad weather, and a lot of home insurance claims start with the roof. Updating your roof and keeping it maintained is a great way to avoid high rates.

Examine your roof to assess how weatherproof it is. Wind, snow, and rain are severe threats in New York during the winter. Finding a roofing material that can stand up to them is crucial. Metal and cement are popular options to fight such weather. The smooth nature of metal roofing helps snow slide right off before it can even start to be a hazard.

Cement is one of the best non-metallic roofing options you can go with. It is highly water-resistant, so it will be many years before snow or rain damage or crack the tiling. The natural weight of cement also makes it great for withstanding heavy winds.

Claims History

If you file a homeowners claim, chances are good that you’ll see an increase in your rates afterwards. A claim remains on your record for an average of five to seven years. If you make any other claims during that span of time, you can expect your rates to go even higher. In some cases, you might struggle to find a company to insure you if you file too many claims. Consider it carefully before filing a claim – it may cost you more in the long run.

Pets

According to an AVMA study , about half of New York households have a pet. If you’re a dog owner,  certain breeds can affect your premium. Owning an exotic pet can also raise your rates.

Credit Score

Your credit score is a factor your insurer considers when compiling a quote for you. How much you owe, your credit history, and credit limit are all elements your insurance company considers.  The average credit score in New York is 688. This is slightly above the national average of 682.

New York Rate Factors

Weather

If you live in an area with a history of weather hazards, it will probably increase your rates. Bad weather affects all home owners. You’re not the only one on your block facing higher rates.

New York experiences harsh winters and humid summers. The cold poses a home insurance risk. Make sure your house is properly equipped to handle freezing pipes.

Hurricanes are a serious concern in New York. The state insurance laws require a hurricane deductible that can be anywhere from one to five percent of the coverage amount. For example, if you had a $300,000 policy and a five percent hurricane deductible is in effect, you would have to pay the initial $15,000 towards the repair cost of your home after a hurricane before your insurance would take care of the rest.

There are specific criteria for when the deductible comes into play. A higher percentage amount is applied for damages that occur between 12 hours before or 12 hours after a hurricane between Categories two through five makes landfall.

If you can’t find affordable home insurance in New York, you may be able to get help through their FAIR PLAN offered by the New York Property Insurance Underwriting Association.

Property Crime

If you live in area of New York with a high crime rate, it can affect your rates similar to the way weather does.  Overall, property crime in New York has dropped 26.4 percent between 2016 and 2017. Still, you can expect rate differences depending on your town. New York City has a property crime rate of 24.92 per 1,000 residents, while Hyde Park has a property crime rate of 6.90 per 1,000 residents. Hyde Park will have a lower average homeowner premium.

Prevention is the key here in keeping your rates low. Installing home security can help lower your insurance rates.

Types of Home Insurance Policies

  • HO-1: This is a very basic policy. It covers named perils like fire, hail, and theft.
  • HO-2: This policy covers the same ground as the HO-1 but also includes situations like water overflow, frozen pipes, and falling ice or other objects.
  • HO-3: This the most popular type of home policy. It covers your home as well as attached structures like decks or garages. Furthermore, it covers liability and possession coverage.
  • HO-5: This policy covers everything the HO-3 does as well as having fewer property claim limitations. This is considered a premium plan.
  • HO-6: This provides coverage for condo liability and possessions.
  • HO-7: This type provides homeowners coverage for mobile and manufactured homes.
  • HO-8: Much older homes such as historic or landmark houses can have this policy type. It provides coverage for homes where the replacement cost may be higher due to antiquated materials or construction methods used. It insures the house based on the amount required to repair or replace using current materials and means.

New York Office of the Insurance Commissioner

Website:
Homepage
Insurance Commissioner:
Maria T. Vullo
Insurance Hotline:
(800) 342 – 3736
Office Hours:
Monday - Friday
8:00 am to 5:00 pm
File a Consumer Insurance Complaint
Complaint Page

Sources:

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