Best & Cheapest Homeowners Insurance in New York City June, 2024

State Farm offers the most budget-friendly homeowners insurance for homeowners in New York City, with an average annual quote of $1,068.

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Updated: 05 May 2024
Written by
Bob Phillips
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In our detailed assessment of homeowners insurance providers in New York City, State Farm stands out as the most cost-effective option, with average annual rates of $1,068. However, it’s essential to recognize that the optimal insurer for you may vary based on your specific circumstances and requirements.

For instance, if your credit score has been negatively impacted, Nationwide remains the most affordable choice with an average annual premium of $1,498. On the other hand, if you own an older home, Farmers offers competitive rates of $1,098 per year along with comprehensive coverage.

Furthermore, if you’ve recently purchased a newly constructed home, State Farm again provides the most economical solution at $592 per year. Additionally, for individuals with a history of claims, State farm still offers an affordable and accommodating option at $1,254 per year.

At Insuranceopedia, our comprehensive analysis aims to assist you in finding the perfect match for your homeowners insurance needs. Through customer ratings, examination of personal experiences, and comparison charts, we strive to provide you with all the necessary information to make a well-informed decision.

How much is homeowners insurance in New York City?

State Farm offers the most affordable option for homeowners insurance in New York City, with an annual rate of $1,068.

As mentioned below, the rates in New York City are lower than the national average.

Area Average Monthly Rate
National $1,820
New York City $1,409

It’s important to understand that insurance rates aren’t the same for everyone and can vary widely based on several factors.

Cheapest Homeowners Insurance in New York City 2024

Cheapest Homeowners Insurance, New York City, 2024

Our Methodology

In our search for the most budget-friendly home insurance rates in New York City, we analyzed data from multiple home insurance review platforms. Some of these sources evaluated rates obtained from public filings acquired by Quadrant Information Services. We averaged these rates for our review. However, it's important to note that rates from each company can change regularly and may differ based on your individual circumstances. Furthermore, our overall rating includes my subjective opinion, which is based on fifteen years of experience as a licensed insurance agent and over three decades of purchasing home insurance.

66

Quotes Analyzed

15+

Years Of Industry Experience

24

Brands Reviewed

40+

Research Hours

Cheapest homeowners insurance in New York City

State Farm is the most budget-friendly option for homeowners insurance in New York City, with an average annual rate of $1,068.

Company Annual Premium
State Farm $1,068
Nationwide $1,095
AIG $1,348
Allstate $1,490
Chubb $1,637

The price of your insurance policy is affected by several factors, including your location, home value, and claims history. State Farm offers a balanced combination of affordability and comprehensive coverage.

Cheapest Homeowners Insurance If You Have Poor Credit

Nationwide provides the most economical solution for individuals with poor credit scores, offering an average annual rate of $1,498.

Insurance Company Average Annual Premium
Nationwide $1,498
State Farm $1,776
Chubb $1,792
Farmers $2,068
Allstate $2,490

Your credit score is a crucial factor in determining your insurance rates, as it is a key element that insurers use to evaluate risk. Nationwide understands the significance of offering equitable coverage to all individuals, irrespective of their financial background.

Cheapest Homeowners Insurance In New York City If You Have an Older Home

For homeowners with older homes, Farmers offers the most budget-friendly rates, averaging $1,098 per year.

Insurance Company Average Annual Premium
Farmers $1,098
Travelers $1,128
State Farm $1,205
Nationwide $1,351
Chubb $1,798

Older homes frequently come with unique risks and maintenance challenges, potentially leading to higher insurance expenses. However, Farmers provides competitive rates and comprehensive coverage specifically designed to address the requirements of older homes.

Cheapest Homeowners Insurance for Newly Constructed Homes

If you’ve recently purchased a newly constructed home, State Farm offers the most economical solution, with an average annual rate of $592.

Insurance Company Average Annual Premium
State Farm $592
Farmers $650
Nationwide $712
Travelers $734
Chubb $810

Newly constructed homes often require different coverage compared to older properties, and State Farm stands out in providing affordable policies tailored to meet these specific requirements.

Cheapest Home Insurance In New York City for a History of Claims

For homeowners with a history of claims, State Farm provides an affordable solution, with an average annual rate of $1,254.

Insurance Company Average Annual Premium
State Farm $1,254
Nationwide $1,612
Allstate $1,898
AIG $2,349
Chubb $2,722

A history of claims can indicate higher risk for insurers, often leading to higher premiums. However, State Farm believes in offering second chances and provides reasonable rates for individuals with past claims.

Best Homeowners Insurance Companies in New York City

Choosing the right homeowners insurance isn’t just a necessity; it’s a strategic decision. New York City’s homes, rich in history, are as unique as its residents. Therefore, finding an insurance provider that offers comprehensive coverage at competitive prices becomes essential.

To simplify your decision-making process, we’ve compiled a list of the top homeowners insurance companies in New York City. These companies were evaluated based on their annual premiums, coverage options, customer satisfaction ratings, and overall reliability. Explore our comparison chart below to find the perfect match for your home insurance needs.

Company Annual Premium
State Farm $1,068
Travelers $1,070
Nationwide $1,095
AIG $1,348
Allstate $1,490
Chubb $1,637
Farmers  $998
Pure Insurance $1,698

Average Home Insurance Rates in New York City by Deductible Amount

The deductible amount selected for a homeowners insurance policy has a considerable impact on premium rates in New York City. Here’s how the average home insurance rates vary with insurers for different deductible amounts:

Insurer Annual Rate for $500 Deductible
$500 $1,140
$1,000 $1,018
$1,500 $993
$2,000 $896
$5,000 $780

Average Home Insurance Rates in New York City By Coverage Amount

One crucial factor that influences your premium is the dwelling coverage amount. This represents the maximum sum your insurance company will pay to rebuild or repair your home if it’s damaged or destroyed.

Let’s delve into a comparison chart that outlines the average annual homeowners insurance premiums for various dwelling coverage amounts.

Dwelling Coverage Amount Average Annual Premium
$200,000 $879
$250,000 $1,020
$300,000 $1,176
$350,000 $1,345
$400,000 $1,598

Average Home Insurance Rates in New York City by Company

Below is a table comparing the annual premiums from leading insurance providers in New York City.

Company Annual Premium
State Farm $1,068
Travelers $1,070
Nationwide $1,095
AIG $1,348
Allstate $1,490
Chubb $1,637
Farmers  $998
Pure Insurance $1,698

How Much is Homeowners Insurance for Other Cities in New York?

The following is a  detailed comparison chart that showcases the cheapest companies and their annual premiums across various cities in New York.

City Annual Premium
Buffalo $1,064
Rochester $960
Yonkers $1,240
Albany $968

Getting Online Homeowners Insurance Quotes in New York City

With informative platforms like Insuranceopedia, finding the best coverage for your specific needs is quick and easy. By providing fast online quotes from top-rated insurers, Insuranceopedia allows you to compare rates easily.

Just input your details, and let us do the work for you by presenting a range of options tailored to your requirements. This empowers you to confidently choose a policy that offers the best value, striking a balance between cost and comprehensive coverage.

 

FAQs

Who has the cheapest home insurance in New York City?

State Farm offers the most affordable home insurance in New York City, with an annual premium of $1,068.

What is the average cost of home insurance in New York City?

The typical annual cost of homeowners insurance in New York City is around $1,409.

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