As Insurify’s home and pet insurance editor, Danny also specializes in auto insurance. His goal is to help consumers navigate the complex world of insurance buying.
5+ years in insurance and personal finance content
Ashley is a seasoned personal finance editor who’s produced a variety of digital content, including insurance, credit cards, mortgages, and consumer lending products.
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The average home insurance rate in New York City is $2,257 per year for a policy with $300,000 in dwelling coverage and a $1,000 deductible — only slightly cheaper than the national average of $2,377.
New York City has lower-than-average home insurance premiums because it’s not an especially risky place for a home. But the city does experience flooding, thunderstorms, and even the tail-end of some hurricanes, which insurers consider when setting rates.[1] This doesn’t mean you can’t still find affordable home insurance coverage in New York City, though.
Before you buy a policy, make sure to compare home insurance quotes from at least three different companies. Here’s what you need to know about home insurance in New York City.
Quick Facts
Ocean Harbor Casualty, Narragansett Bay Insurance, and State Farm are some of the cheapest home insurance companies in New York City — all with annual premiums of less than $1,500.
New York City has experienced a higher likelihood of coastal flooding in recent years due to rising sea levels.
Standard home insurance policies don’t cover flooding, so if you’re in a high-risk area in NYC you may want to consider purchasing add-on flood insurance coverage.
Best home insurance companies in New York City
Homeowners have plenty of great home insurance companies to choose from in New York City. But the best home insurance company won’t be the same for everyone. Each insurance company determines rates uniquely, as they all consider rating factors differently.
The right option for you depends on your specific needs and previous claims, among other factors. If you’re unsure where to start, check out the table below for four of the best home insurance companies in New York City.
Insurance Company
▲▼
IQ Score
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
▲▼
Average Annual Premium
▲▼
Best For
▲▼
Ocean Harbor Casualty
N/A
$896
Cheapest rates
Narragansett Bay Insurance
N/A
$1,457
Discounts
State Farm
4.1
$1,495
Customer service
Allstate
4.1
$1,866
Best overall
Our editorial team spent more than 350 hours developing the Insurify Quality (IQ) Score and scoring insurance companies. The IQ Score objectively analyzes and calculates a score for insurers using more than 15 crucial criteria. The team weighted criteria by importance to the consumer — factors such as customer reviews and affordability influence the score more than availability and third-party ratings.
We rate each company on a 1 to 10 scale based on five categories: financial ratings, customer satisfaction, affordability, customer support and transparency, and availability. Insurify updates ratings once a year or as more recent information becomes available.
Third-party financial ratings: Insurify uses data from AM Best, S&P, Moody’s, and more to compare insurance companies’ credit and ability to pay out future claims.
Customer satisfaction: To calculate this score, Insurify analyzed more than 28,000 customer reviews across 155 car insurance companies. We also consider third-party ratings from J.D. Power, the National Association of Insurance Commissioners, and Trustpilot.
Affordability: Our data scientists analyzed more than 90 million real-time auto insurance rates from our partners across the U.S., as well as available discounts, to calculate an affordability score.
Customer support and transparency: This measures coverage options, ease of claims filing, and the insurer's transparency surrounding discounts, coverages, and claims process.
Availability and reach: Insurify scores availability and reach by identifying the number of states in which insurers offer coverage and company size by market share.
Cheapest rates: Ocean Harbor Casualty
Ocean Harbor Casualty offers the cheapest rates in New York City. With an average monthly cost of only $75 per month, it’s the best deal for homeowners looking to save money in a notoriously expensive city.
Pros
Fewer-than-average number of complaints on the National Association of Insurance Commissioners (NAIC) Complaint Index
Cheapest rates in New York City
Cons
Comparatively lower financial strength rating of B (Fair) from AM Best
Not available in all states
Best insurer for discounts: Narragansett Bay Insurance
Narragansett Bay Insurance is the best insurer for discounts in New York City. It offers numerous credits, discounts, and coverage options to its customers, allowing them to save extra on their homeowners policies.
Pros
Fewer-than-average number of complaints on the NAIC Complaint Index
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
9.3/10
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
842
$300,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$115/mo
$500,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$199/mo
State Farm is the best insurance company for customer service in New York City. It has reliable coverage, but it’s not as affordable as its competitors. It also has fewer complaints than average on the NAIC complaint index. It’s a solid option for New York City homeowners looking for dependable coverage and customer satisfaction after a claim.
Pros
Customer satisfaction score of 829 (out of 1,000 points) in J.D. Power’s 2023 U.S. Home Insurance Study
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
8.9/10
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
833
$300,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$158/mo
$500,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$242/mo
Allstate is the best home insurance company overall in New York City, pairing great coverage with affordable premiums. It’s the second-largest home insurance company in the country, and it offers numerous insurance products and discounts. It also earned an A+ (Superior) financial strength rating from AM Best, making it a reliable option for homeowners concerned about getting claims paid.
Pros
Offers various discounts, coverage types, and add-ons
A+ (Superior) AM Best financial strength rating
Cons
Limited coverage in certain high-risk areas
Below-average J.D. Power customer satisfaction rating
Cheapest home insurance in New York City
Ocean Harbor Casualty Insurance has the cheapest home insurance in New York City, with an average rate of $896 per year, or $75 per month.
Check out some of the other cheapest home insurance companies in New York City in the table below. The average home insurance rates reflect prices for a $300,000 dwelling policy with a $1,000 deductible.
Insurance Company
▲▼
Average Annual Premium
▲▼
Ocean Harbor Casualty
$896
Narragansett Bay Insurance
$1,457
State Farm
$1,495
New York Central Mutual Fire
$1,571
Kingstone Insurance Company
$1,657
Unitrin
$1,766
Allstate
$1,866
Aig
$2,047
Kensington Ins Co
$2,073
Tri-State Consumer
$2,103
Security Mutual
$2,170
Nationwide
$2,300
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Cost of homeowners insurance in New York City
The average cost of homeowners insurance in New York City is $3,080 per year for a policy with $300,000 in dwelling coverage and a $500 deductible. The average cost with a $1,000 deductible is $2,992. Your exact premium will depend on your location within the city, how much home insurance coverage you need, the insurance company you choose, and other factors. The higher coverage limits you choose, the more expensive your rate will be.
Good to Know
Other factors that can affect your rate include the size of your house, its age, local building costs, your deductible, and even your credit history.[2] No matter what your unique characteristics are, it’s essential to compare home insurance quotes from multiple insurers before buying a policy.
Cost of homeowners insurance by dwelling coverage amount
The factor that’ll most significantly affect how much you pay for home insurance is your dwelling coverage amount. It’s the most crucial piece of your home insurance policy, covering damage to the structure of your home in the event of a covered peril, such as wind damage. The higher your dwelling coverage limit, the higher your premium will be.
See below just how much your average annual premium can increase when you choose higher dwelling coverage limits for your home. The average annual premiums below are for home insurance policies in the Empire State with a $1,000 deductible.
Coverage Limit
▲▼
Average Annual Premium
▲▼
$100,000
$999
$200,000
$1,634
$300,000
$2,257
$400,000
$2,961
$500,000
$3,640
Cost of homeowners insurance by deductible
Your home insurance deductible is how much you pay out of pocket after a covered incident before your homeowners coverage kicks in. Home insurance deductibles typically sit between $500 and $2,000. Your deductible also affects your premium. The lower your deductible is, the higher your premium will be.
The table below shows how your premium for a policy with $300,000 in dwelling coverage in New York City can vary based on your deductible.
Deductible Amount
▲▼
Average Annual Premium
▲▼
$500
$3,080
$1,000
$2,992
How to get cheap homeowners insurance in New York City
You can use a few tips to find cheap home insurance in New York City:[3]
Compare home insurance quotes. Comparing quotes from multiple insurers is the best way to save money on your home insurance policy. Insurance companies consider rating factors uniquely, so you should get a homeowners insurance quote from at least three to find the best coverage.
Apply for discounts. Discounts are a great way to save money on your home insurance policy. Most insurance companies offer a wide variety of home insurance discounts — just ask which they carry. Bundling your auto insurance with home insurance is a very common discount that could save you hundreds of dollars per year.
Increase your deductible. Increasing your home insurance deductible immediately lowers your premiums, but you’ll have higher out-of-pocket expenses if there’s a claim. Be sure you can afford to pay a higher deductible before you increase it.
New York homeowners insurance rates by city
New York home insurance costs can even vary by ZIP code. Different areas of New York City are susceptible to different risks. For example, certain parts of the city may experience higher rates of theft or vandalism, so rates will be higher there, while New Yorkers who live next to a fire station will pay lower rates.
In the table below, you can see how home insurance rates vary across cities in New York for a home policy with $300,000 in dwelling coverage and a $1,000 deductible.
City
▲▼
Average Annual Premium
▲▼
Bronx
$2,505
Brooklyn
$2,546
Corona
$2,277
Ithaca
$1,214
New York
$2,992
Patchogue
$2,787
Staten Island
$2,101
Yonkers
$1,637
How much homeowners insurance do you need in New York City?
Though New York state doesn’t require its residents to carry homeowners insurance, it’s a very good idea to have it.[4] Home repairs and replacement costs can be devastatingly expensive for homeowners without financial assistance from an insurance company. Most mortgage lenders will require you to carry a home insurance policy anyway, so it’s worth knowing what coverage you need.
The 80/20 rule is a good guideline to follow when it comes to home insurance. You should buy coverage equal to or greater than 80% of your home’s replacement cost. No matter how much dwelling coverage you go with, it’s essential to know what your home insurance policy covers.
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What are some of the biggest risks when owning a home in New York City?
The following natural disasters pose the biggest risks to homes in New York City:
Flooding
New York City is no stranger to floods — 30.6% of homes in the city are at risk for flooding over the next 30 years, according to Risk Factor. Unfortunately, a standard home insurance policy doesn’t cover flood damage. You’ll have to purchase a separate policy through the National Flood Insurance Program (NFIP) or buy private flood insurance.
Hurricanes
Though New York City doesn’t typically take the brunt of hurricanes, they, along with other coastal storms, can do serious damage to the city and its homes. Home insurance typically covers these damages, though, which often are the result of high winds.
Snowstorms
New York City winters have been less intense in recent years, but the city still experiences heavy snowfall from time to time, which can severely damage homes and roofs.[5] Home insurance covers most of these damages, but you may want to check with your insurer to see exactly what it covers.
New York City homeowners insurance FAQs
If you’re shopping for a home insurance policy in the Big Apple, this additional information may help as you research your coverage options.
How much is home insurance in New York City?
Home insurance in New York City costs $2,257 per year for a policy with $300,000 in dwelling coverage and a $1,000 deductible, according to Insurify data. Your rate will depend on many factors, including your ZIP code, age of your home, square footage of your home, and the coverage levels you choose.
Which company has the cheapest homeowners insurance in New York City?
Ocean Harbor Casualty has the cheapest homeowners insurance in New York City, with premiums of $896 per year. Narragansett Bay and State Farm also offer affordable coverage, with respective annual premiums of $1,457 and $1,495.
Does New York City require homeowners insurance?
No. New York City doesn’t require homeowners insurance, but your lender will require it if you have a mortgage on your home. Without a home insurance policy in place, you’d be on the hook financially if something damaged or destroyed your home and you had to make costly repairs or rebuild.
Danny is a Brooklyn-based writer with a producer’s license for property and casualty insurance. A former editor at Insurify, he specializes in auto, home, and pet insurance. He works to translate his insurance expertise into digestible, easy-to-understand content for drivers, homeowners, and pet owners alike.
5+ years in insurance and personal finance content
Ashley is a seasoned personal finance editor who’s produced a variety of digital content, including insurance, credit cards, mortgages, and consumer lending products.
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