Best & Cheapest Homeowners Insurance in New York City May, 2024
State Farm offers the most budget-friendly homeowners insurance for homeowners in New York City, with an average annual quote of $1,068.
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
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.
Quotes Analyzed
Years Of Industry Experience
Brands Reviewed
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 |
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.
Sources
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