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 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 and renters 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.

Best Home Insurance Companies in New York

Most Popular 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

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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Home Insurance Rate Factors

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.

Average Home Listing Prices

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.

Average Burglary Rates

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.

Home Insurance Hazards

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.

New York Office of the Insurance Commissioner

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

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