Best homeowners insurance in New York City

The average homeowners insurance rate in New York City is $1,940. Read our guide to the best companies, policy cost, and coverage considerations in New York City.

Pat Howard 1600

Pat Howard

Published April 2, 2020

KEY TAKEAWAYS

  • The average annual premium for a home in New York City is $1,940

  • New York City residents will want to make sure their homes, condos, and personal property are effectively covered against coastal wind damage, water damage, and burglary; dog owners in the city should max out liability coverage

Homeowners insurance is financial protection for your home, personal property, and additional living expenses in the event that your home is damaged or burglarized. Your homeowners policy also covers medical and legal expenses if you or someone in your household causes bodily injury or damage to someone else’s property.

Almost three-quarters of residents in The Big Apple are renters, but whether you own a condo in Manhattan, a townhouse in Queens, a brownstone in Brooklyn, or a split-level in Staten Island, you’ll want to make sure it’s insured by a company with excellent coverage options, strong financial ratings, and reputable customer service and claims handling.

Climate change has had perhaps more of an impact on Metro New York than anywhere else in the country — evidenced by the expanded flood zones in much of Staten Island and Brooklyn, the record temperatures and annual precipitation, and natural disasters like Hurricane Sandy in 2012. New York City is also prone to extreme rainfall in the spring and summer that causes flooding and sewer backups. Since homeowners insurance doesn’t cover flood damage, New York City residents should consider purchasing flood insurance.

Keep reading for our guide to the best companies, average rates in four of the city’s five boroughs, and coverage considerations for New York City residents. For a broader look at homeowners insurance across the state, check out our New York homeowners insurance guide.

Best homeowners insurance companies in New York City

In addition to cost, there are many factors you should consider when shopping around for homeowners insurance. You should look for an insurance company that has a good financial standing with credit agencies like A.M. Best. Customer service is also important — you want an insurance company you can trust — so you should check customer service and claims ratings with J.D. Power.

The table below looks at the 10 most popular insurers (companies with the highest market share) in New York state, along with respective A.M. Best ratings, J.D. Power ratings, and Policygenius full-scale company ratings. Here’s more information about the Policygenius home insurance reviews methodology.

CompanyA.M. Best RatingJ.D. Power ScorePolicygenius rating
AIGA2/57
AllstateA+3/57.4
ChubbA++2/58
HeritageB+N/AN/A
National GeneralA-2/5N/A
NYCM InsuranceAN/AN/A
SafecoA+2/57.3
State FarmA++4/58
TravelersA+2/57.7
USAAA++5/58.7

Be sure to check out our guide on the best homeowners insurance companies in the country

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Average homeowners insurance rates in New York City

The average annual cost of home and condo insurance in New York City is $1,940, according to Policygenius quotes. That makes rates in New York City higher than the New York statewide average of $1,285, but keep in mind that the cost of construction is higher in New York City than the rest of the state.

Popular residential neighborhood (ZIP Code)Average annual premiumPopular residential neighborhood (ZIP Code)Average annual premium
Manhattan Flatbush (11203)$1,946
Central Harlem (10026)$500Flatbush (11210)$1,361
Central Harlem (10027)$665Flatbush (11225)$2,569
Central Harlem (10039)$406Flatbush (11226)$2,703
Chelsea and Clinton (10001)$651Greenpoint (11211)$3,798
Chelsea and Clinton (10011)$2,419Greenpoint (11222)$1,581
Chelsea and Clinton (10019)$486Northwest Brooklyn (11201)$2,641
Chelsea and Clinton (10036)$529Northwest Brooklyn (11205)$4,176
East Harlem (10029)$2,847Northwest Brooklyn (11215)$1,023
East Harlem (10035)$564Northwest Brooklyn (11217)$1,322
Gramercy Park and Murray Hill (10016)$1,083Northwest Brooklyn (11231)$1,034
Gramercy Park and Murray Hill (10017)$503Southern Brooklyn (11224)$366
Greenwich Village and Soho (10013)$476Southern Brooklyn (11229)$2,810
Greenwich Village and Soho (10014)$1,266Southern Brooklyn (11235)$525
Inwood and Washington Heights (10031)$539Southwest Brooklyn (11209)$2,930
Inwood and Washington Heights (10033)$641Southwest Brooklyn (11228)$1,511
Inwood and Washington Heights (10034)$721Sunset Park (11220)$1,471
Inwood and Washington Heights(10040)$3,702Sunset Park (11232)$4,703
Lower East Side (10002)$740Queens
Lower East Side (10003)$4,009Central Queens (11366)$313
Lower East Side (10009)$573Central Queens (11367)$864
Lower Manhattan (10005)$719Jamaica (11412)$2,499
Lower Manhattan (10007)$586Jamaica (11432)$2,308
Lower Manhattan (10280)$836Jamaica (11433)$2,642
Manhattan (10024)$777Jamaica (11435)$1,070
Manhattan (10025)$1,499North Queens (11357)$1,408
Upper East Side (10021)$467Northeast Queens (11361)$1,646
Upper East Side (10028)$560Northwest Queens (11101)$1,085
Upper East Side (10044)$1,531Northwest Queens (11104)$7,708
Upper East Side (10065)$338Rockaways (11691)$1,484
Upper East Side (10075)$560Rockaways (11694)$736
Upper East Side (10128)$555Southeast Queens (11411)$1,560
Upper West Side (10023)$825Southeast Queens (11413)$1,159
Upper West Side (10069)$1,603Southeast Queens (11422)$1,862
Brooklyn Southwest Queens (11417)$2,883
Borough Park (11218)$850Southwest Queens (11418)$909
Borough Park (11219)$687Southwest Queens (11419)$554
Borough Park (11230)$651Southwest Queens (11421)$2,529
Bushwick and Williamsburg (11206)$2,234West Central Queens (11374)$2,212
Bushwick and Williamsburg (11221)$1,391West Central Queens (11375)$484
Bushwick and Williamsburg (11237)$1,052West Queens (11372)$1,506
Bushwick and Williamsburg (11249)$552West Queens (11377)$846
Canarsie and Flatlands (11234)$1,203Staten Island
Canarsie and Flatlands (11236)$1,216Mid-Island (10314)$1,735
Central Brooklyn (11212)$909Port Richmond (10310)$3,049
Central Brooklyn (11213)$2,510South Shore (10307)$751
Central Brooklyn (11216)$2,970South Shore (10308)$2,398
Central Brooklyn (11233)$2,343South Shore (10312)$1,543
Central Brooklyn (11238)$1,243Stapleton and St. George (10304)$1,232
East New York and New Lots (11208)$1,356Stapleton and St. George (10305)$1,274

New York City homeowners insurance guide

New York City residents will want to make sure their property is properly insured to cover and pay out damage due to theft, violent thunderstorms, snowstorms, and other common hazards like freezing pipes and sewer backups.

Homeowners insurance covers theft of personal belongings, but only pays out for certain valuables up to a limited amount (typically $1,000–2,000). If you own expensive electronics, jewelry, art, or bicycles, consider insuring those items with higher coverage limits to ensure you'll be fully reimbursed in the event of a burglary or storm or water damage.

Additionally, snowstorm and thunderstorm damage can also result in property damage for homeowners in Metro New York. You can protect yourself from these common perils with additional policy coverage like replacement cost contents coverage, which ensures you will be fully reimbursed for your losses.

New York City homeowners should also look into adding endorsements for floods or purchasing separate flood insurance policies, either through the National Flood Insurance Program (NFIP) or a private insurer.

Is homeowners insurance required in New York City?

Homeowners insurance is not required by law in New York City, but most mortgage lenders will require that you get homeowners insurance and maintain coverage throughout the duration of the mortgage.

Homeowners insurance resources for New York City residents

Insurance Expert

Pat Howard

Insurance Expert

Pat Howard is an Insurance Editor at Policygenius in New York City, specializing in homeowners insurance. He has been featured on Property Casualty 360, MSN, and more. Pat has a B.A. in journalism from Michigan State University.

Policygenius’ editorial content is not written by an insurance agent. It’s intended for informational purposes and should not be considered legal or financial advice. Consult a professional to learn what financial products are right for you.

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