New York Homeowners Insurance

You can get cheap New York homeowners insurance by installing home security systems and further reducing insurance risks by putting fences around pools and docks. We recommend that residents purchase full replacement New York home insurance policies if they own an older home to protect the integrity of your older property. Learn more and compare New York homeowners insurance quotes for free with our comparison tool below.

Free Insurance Comparison

 Secured with SHA-256 Encryption

Natasha McLachlan is a writer who currently lives in Southern California. She is an alumna of California College of the Arts, where she obtained her B.A. in Writing and Literature. Her current work revolves around insurance guides and informational articles. She truly enjoys helping others learn more about everyday, practical matters through her work.

Full Bio →

Written by

Laura Walker graduated college with a BS in Criminal Justice with a minor in Political Science. She married her husband and began working in the family insurance business in 2005. She became a licensed agent and wrote P&C business focusing on personal lines insurance for 10 years. Laura serviced existing business and wrote new business. She now uses her insurance background to help educate...

Full Bio →

Reviewed by Laura Walker
Former Licensed Agent

UPDATED: Nov 6, 2020

Advertiser Disclosure

It’s all about you. We want to help you make the right coverage choices.

Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance company and cannot guarantee quotes from any single insurance company.

Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.

Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.

In New York, the average home insurance premium costs $983, while the average home value is $306,000. To get the most from your insurance coverage, become familiar with the parts of the policy, and learn which perils are most likely to affect you.

  1. Dwelling
    The dwelling is main residence, usually the home itself. Dwelling coverage includes any structures that cannot be removed without damaging the dwelling, but it does not include anything that is not built permanently into the home. Your dwelling coverage can be severely impacted by whether your policy is for actual cash value or full replacement costs. Full replacement cost results in higher premiums but it means you can get the same style and materials in your new home as the old one was built from.
  2. Other Structures
    Any construction that is not a permanent part of the home is an “other” structure, regardless of the style or usefulness of the structure. Other structures cannot be higher than a set percentage of your total home insurance policy, even though there are often many more buildings on the party. For example, a guest cottage that was destroyed in a fire is an “other”, and so are your brick fence, guardhouse and mailbox.
  3. Personal Property
    Your personal property includes everything you own and keep on the property. Tools, furniture, and sporting goods are all personal property and needs to be well documented to verify your claim if it has to be made. As a rule, having a video home inventory is the best way to do this, since the home inventory has film footage of everything you own. This removes any disputes over the brand of broken items and provides the insurance company with distinct proof what you own.
  4. Loss of Use
    When something happens that prevents you from using your home or a portion of it, you can be reimbursed for all related out of pocket expenses. For instance, if there is a broken pipe in the bath room, you can stay in a motel with bathing facilities. During the time that you must do this, save your receipts, so that you can get your money back.

Average New York Homeowner Insurance Rates vs. US

Source: USCB

Cheaper New York Home Insurance

Cheaper home insurance does not have to mean cutting corners and skimping on sufficient coverage. Instead, you can do some things around the house to make it safer and to prevent possible damages, and you can take an active interest in your credit score. All of these things will either save money on your insurance right away, or prevent having to file claims, which saves you money later.

  • Home Security
    A fence around your property helps to dissuade unwanted visitors from creeping up through the shadows, and that is a perfect way to prevent your home from being one of the 3.35 out of every 1000 that are burglarized in New York. Other ways to reduce such crimes include installing deadbolts and having a burglar prevention system installed that is monitored 24/7 by an off-site company.
  • Reduce Insurance Risks
    In some neighborhoods, bars on your windows is the only way to make sure your possessions are safe, and doing so can also reduce your home insurance premiums. But home invasions are not the only safety concerns. Pool owners can get lower premiums by installing a fence around the pool, and if you own a dock it is a money-saving idea to put up a key-entry gate to prevent people from wandering out where they don’t belong.
  • Credit Score and Insurance Risk
    697 is the New York average credit score, but you only need a credit a credit score of at least 650 to start saving money on your premiums. You may not know it, but your credit score serves as the indicator of your financial responsibility in many areas, including every line of insurance you purchase.

Home Characteristics Affecting New York Insurance Rates

If your home is built from wood and around the average age of 55 years years, it might be in your best interest to have full replacement coverage rather than the less expensive actual cash value coverage.

With actual cash value, claims are paid based on a depreciated price, while full replacement value will rebuild your home the way it was, not cut off funds because some arbitrary limit was reached.

Local Natural Disasters New York Homeowners Should Consider Protecting Against

Learning which natural phenomena may occur in your area can help you better protect your home. Some coverages are already included in your policy, some are not necessary, and some can only be gotten through special insurance providers.

  • Earthquakes
    Ranked at 21 out of 51, earthquakes are not common but they do happen. Even more importantly, you will need to purchase earthquake coverage separately, possibly even through high risk insurance pools.
  • Flood
    New York residents filed 2,975 claims in 2009, New York is among the top states for flooding. Purchase a flood insurance policy from a high risk insurance broker or check with your local department of Insurance to find an insurance pool you can get insurance from.
  • Hail
    Hail does not require any special insurance. Damage from hail is classified as wind damage and will be covered by your standard policy unless it is specifically excluded.
  • Hurricanes
    Hurricanes do affect New York, but most of the damages caused by hurricane winds are included in your standard policy. What is not covered is the potential for flooding, and that coverage can only be obtained separately.
  • Tornadoes
    10 occur in New York in an average year. The number is very low, and tornado damage is usually included in a standard home insurance package.
  • Wildfires
    The nation experiences about 74,749 wildfires each year, and some of those could occur in New York. However, unless they are specifically named in the exclusions of your policy, wildfires are covered under the fire damage coverage, which is part of a standard policy.

New York Homeowners Insurance Optional Coverages

Increase your personal property limits on your homeowner’s policy. Doing so can mean the difference between replacing a few things and replacing everything when a catastrophe hits and increasing your limits is nowhere near as expensive as buying those things out of pocket when your policy limits are maxed out. In the same vein, personal injury liability might pay for a broken arm or someone getting seriously cut while visiting, but it may not do so well if the injured person decides to sue you. To be safe, an umbrella liability policy is the most affordable way to have plenty of protection.

Important Contact Information

New York Department of Insurance
25 Beaver Street
New York, NY 10004
Phone: (800) 342-3736
Website

Home Insurance Guides for Nearby States

New York Insurance Agents

New York Home Insurance | Buffalo Home Insurance | Rochester Home Insurance | Yonkers Home Insurance | Syracuse Home Insurance | Albany Home Insurance | New Rochelle Home Insurance | Mount Vernon Home Insurance | Schenectady Home Insurance | Utica Home Insurance | White Plains Home Insurance | Hempstead Home Insurance | Troy Home Insurance | Niagara Falls Home Insurance | Binghamton Home Insurance | Freeport Home Insurance | Valley Stream Home Insurance | Long Beach Home Insurance

Related Links

Free Insurance Comparison

Compare quotes from the top insurance companies and save!

 Secured with SHA-256 Encryption