Find the Best Homeowners Insurance Rates & Companies in New York
The average cost of homeowners insurance in New York is about $1,309 per year. Rates for home coverage in New York run a little higher than the US average of $1,211 per year. But no matter the cost, having homeowners insurance is still critical to protect your property against numerous losses.
This year, the average home, condo, and townhouse prices in New York are around $783,799. With homes already being more expensive to purchase in New York than in many other states, that's all the more reason to ensure yours is guarded by the right coverage. A home insurance policy can reimburse you for otherwise devastating financial losses if your home gets damaged.
An independent insurance agent in New York can assist you in finding the right home insurance policy. But for starters, here's a closer examination of homeowners insurance specifics in the state of New York.
Best Homeowners Insurance Companies in New York
Not all home insurance companies are created equally in terms of offering quality products. So instead of wasting time looking at subpar carriers, check out our list of the best home insurance companies in New York. Here are just a few of our top picks.
- Nationwide: Founded in 1926, Nationwide has been offering quality coverage to the public for nearly a century. The carrier offers home insurance along with many other personal and business coverages. Nationwide offers highly customizable coverage options and holds an "A+" rating from AM Best for financial strength.
- Travelers: Founded in 1864, Travelers sells home insurance and many other coverages. Travelers holds the highest possible financial strength rating of "A++" by AM Best.
- The Andover Companies: Founded in 1828, The Andover Companies has been selling insurance for nearly two centuries. The carrier offers home insurance and many other products and has "A+" ratings from both AM Best and the Better Business Bureau (BBB).
- Progressive: Founded in 1937, Progressive sells home insurance and tons of other products. The carrier has an excellent rating from AM Best, offers 24/7/365 customer service, and provides many discounts.
- Stillwater: Founded in 2000, Stillwater offers home insurance and coverages for just about any kind of personal property. The carrier has excellent ratings from both AM Best and the BBB and offers 24/7 claims reporting.
A New York independent insurance agent can help you explore home insurance options from these top-rated carriers.
What Homeowners Insurance in New York Can Cover
The most common natural disasters in New York are floods, hurricanes, and severe winter storms. Without the proper protection, you could permanently lose your home if it gets badly damaged or destroyed by one of these disasters. Fortunately, a New York home insurance policy can cover the costs of home damage caused by strong winds, snow, ice, and more. But note that a home insurance policy in any state won't cover natural flood damage to the home.
Severe Storms, Winter Storms, Tropical Storms, and Wildfires
The most common natural disasters in New York are severe storms, winter storms, tropical storms, and wildfires. Fortunately, a home insurance policy can reimburse you for damage to your home caused by most of these threats. Strong wind damage, lightning strikes, and fire damage are all covered by standard home insurance policies in New York.
However, New York home insurance doesn't cover flood damage to your home caused by natural sources, such as heavy rainfall. You'd need a separate flood insurance policy for that. Though coverage isn't required, without it, you'd be left paying out of pocket for damage or destruction to your home caused by flooding from hurricanes, tsunamis, etc.
The basic coverages included in a New York home insurance policy are:
- Personal property: Pays for losses related to your personal belongings like clothing, silverware, etc., if it gets stolen or damaged/destroyed by a covered disaster.
- Dwelling: Pays for losses related to your home's structure if it gets vandalized or damaged/destroyed by a covered disaster.
- Loss of use: Pays for extra costs like hotel rooms if you're forced to live somewhere else while your home undergoes repairs from a covered disaster.
- Personal liability: Pays for legal costs if you get sued by a third party for claims of personal property damage or bodily injury.
A New York independent insurance agent can get you set up with all the home insurance you need most.
What Homeowners Insurance in New York Will Not Cover
Residents in New York don't often have to worry about earthquakes, so adding earthquake insurance to your coverage probably isn't a major concern. These natural disasters are not covered by home insurance, along with natural flood damage and sewer backup damage. It's a good idea to review what your home insurance policy covers and excludes with the help of your independent insurance agent so you'll be prepared in case of a loss.
Home insurance in New York will not cover the following:
- Damage to or theft of your personal vehicles
- Insect and pest infestation
- Sewer backup damage
- Maintenance and routine upkeep
- Regular wear and tear of the home
- Home-based business (unless you purchase an endorsement)
Flood and sewer backup damage in New York
Residents in New York should keep in mind that their home insurance policies don't cover natural flood damage, nor do they cover backup damage from sewers. Sewer backup endorsements, however, can be added to your home insurance to give you this protection. You might want to discuss adding sewer backup coverage along with flood insurance with your New York independent insurance agent.
Average Cost of Homeowners Insurance in New York
Home insurance costs about $1,309 on average per year in New York, which is a bit higher than the national average of $1,211 per year. New York actually ranks 23rd in the nation for the highest home insurance rates, slightly ahead of the middle of the pack. Home insurance rates in New York can be higher than most of the nation due to the desirable location and higher property values, higher crime rates, more likelihood of natural disasters, and other factors.
Average New York Home Insurance Costs by City
Your home insurance rates are affected not only by the state you live in but also by the specific city. A city's crime rates, property values, and risk of severe weather all impact home insurance rates in that area. In New York, home insurance in the city of Elmira averages only $528 annually, the lowest in the state. But in the city of Bedford, home insurance averages $3,092 per year, which is the highest in the state.