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|
|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.
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.
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:
|Rank||Company||Financial Rating||Market Share|
|5||Tower Group International Ltd.||NR||3.8%|
|6||NYCM Insurance Group||A+||3.4%|
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.
What is your home insurance rate in New York? First, assess your house. Insurance companies consider the following house features:
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:
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.
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.
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.
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.
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.
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.
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