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If you’re a homeowner, finding a good price on home insurance is a top priority. Comparison shopping is a great way to find the coverage you need at a reasonable cost. We looked at average rates for large home insurers to help you find the best homeowners insurance in New York.
Cheap Home Insurance in New York Cost Comparison
| Company | Average annual home insurance cost in New York | |
|---|---|---|
| UPC | $663 | |
| NYCM | $694 | |
| Lemonade | $773 | |
| National General | $907 | |
| Travelers | $974 | |
| Nationwide | $981 | |
| State Farm | $1,026 | |
| Preferred Mutual | $1,198 | |
| Heritage | $1,255 | |
| Kingstone | $1,317 | |
| American Family | $1,488 | |
| AIG | $1,507 | |
| Allstate | $1,674 | |
| PURE | $1,965 | |
| Chubb | $1,973 | |
Comparing home insurance quotes from multiple companies is the best way to find coverage you need at a reasonable cost. The price for the same policy can vary significantly among insurance companies. You won’t know if you’re getting the best deal without shopping around.
But also consider what home insurance companies have to offer beyond affordable prices. The best home insurance policy for you will also provide the types of coverage and discounts that match your particular needs.
New York Homeowners Insurance Cost Factors
Your ability to get cheap home insurance in New York will depend on several factors, including:
- The materials that make up your home, like wood and stone
- The cost to rebuild your home
- The age of your home
- The coverage amount and policy limits
- Your deductible amount
- Your personal claims history
- The claims history of your location
- The fire rating of your location
- Your credit
What Does New York Homeowners Insurance Cover?
A standard home insurance policy is also known as an HO-3. It covers your home for any problem that’s not excluded in the policy. Common exclusions include sinkholes, earthquakes, floods, power failure, wear and tear, and insect and vermin infestations.
Your personal property is covered for specific “perils” in a standard home insurance policy. Tornadoes, explosions, fire, vandalism and theft are examples of the types of problems covered by home insurance.
Before you decide how much home insurance you need, take time to review how the components of a home insurance policy work to protect you.
Here are the main coverage types found in a standard home insurance policy:
- Dwelling: This pays to rebuild or repair your home if it’s damaged. It also covers attached structures, such as a garage or porch.
- Other structures: This pays to rebuild or repair structures that are not attached to your home, like a shed or fence.
- Personal property: This pays to replace or repair your belongings after a problem like a fire or theft. Your personal property includes items like your clothes, kitchen appliances, rugs, jewelry and furniture.
- Liability: This pays for property damage and injuries you accidentally cause to others. For example, if your dog bites someone, your liability can pay for medical expenses, a legal defense and a settlement or court judgment against you.
- Medical payments to others: This pays for smaller medical expenses for claims made by people who do not live in your home. For example, if a guest stubs their toe against your furniture, this coverage can pay for a trip to urgent care. It’s typically sold in smaller amounts, such as $1,000.
- Additional living expenses: If you can’t live in your home because it’s been damaged, for example by a fire, additional living expenses pays for costs like hotel bills, laundry services and takeout meals.
Compare Home Insurance Quotes
1
Lemonade
Home insurance rates
Excellent
2
Erie
Home insurance rates
Very good
3
Chubb
Home insurance rates
OK
Complaints
Very low
What’s Not Covered by New York Homeowners Insurance?
A standard home insurance policy excludes several problems from coverage, including floods, sinkholes, earthquakes, power failure, nuclear hazard, intentional loss, vermin and insect infections and wear and tear.
It’s worth your time to read your policy closely to understand what’s excluded from coverage.
Flood Insurance in New York
A standard home insurance policy won’t cover flood damage. Given New York’s history with flooding, homeowners would be wise to consider adding flood insurance.
Financial help from the government after a flood may be limited, which is why it’s a good idea to have your own flood insurance to rely on. Most people who buy flood insurance get it through the National Flood Insurance Program (NFIP), a federal program. You can also consider flood insurance options through the private market.
FEMA’s Individuals and Households Program (IHP) can provide financial and direct assistance after a major disaster or emergency, if you are eligible. The IHP helps people find housing after a problem directly caused by a disaster, provided it’s not covered by insurance or other sources.
Earthquake Insurance in New York
When you think about earthquakes, New York is likely not one of the first states that comes to mind. But they do happen. Most of New York is at a moderate risk for earthquakes, according to the long-term national seismic hazard map published by the U.S. Geological Survey.
If you want coverage for earthquakes, you’ll need to buy a separate earthquake insurance policy. A standard home insurance policy won’t cover damage from earthquakes.
Earthquake insurance typically covers:
- Dwelling
- Other structures
- Personal property
- Additional living expenses
Earthquake insurance may have a separate deductible from your home insurance, usually between 10% to 25% of the dwelling’s policy limit.
Tips for Buying New York Homeowners Insurance
Whether you are a longtime homeowner who’s looking to switch to a new insurer or you are buying your first house, you want to find the right coverage for a good price. Here are some home insurance buying tips:
- Evaluate your liability needs. A good rule of thumb is to buy enough liability insurance to cover your assets if you were sued because of an accident.
- Assess your rebuilding costs. Your dwelling coverage should be sufficient to cover the cost to rebuild your home. Ask your insurance agent or a trusted contractor for an estimate to rebuild your home with equitable materials and labor costs based on prices in your area.
- Schedule high-value items. A standard home insurance policy typically has sub-limits on high-value items like jewelry. It’s a good idea to schedule personal property so your high-value items are covered for the full amount.
- Replacement cost is better than actual cash value. If your personal property is damaged, replacement cost will pay for new items. Actual cash value only covers the depreciated value of your items.
- Look for coverage gaps. You may want to add additional coverage types to fill specific needs for your home that’s not covered by a standard home insurance policy, such as additional coverage for landscaping.
- Ask for discounts. You may be eligible for discounts such as home safety features or buying multiple insurance products (like life or auto) from the same insurance company.
- Know your insurers financial ratings. You want to be sure your potential insurer has strong financial health. You can get financial strength ratings from companies like Standard & Poor’s or A.M. Best.
- Comparison shop. The best way to find good prices is to compare home insurance quotes from multiple insurers.
Methodology
Average home insurance rates were calculated using data from Quadrant Information Services. Rates are based on a policy with dwelling coverage of $300,000 and liability coverage of $100,000.
