Buying property in New York City is both expensive and risky given the city's close proximity to the coast and the looming threat of climate change. For this reason, the Big Apple's residents will want to make sure their investment is protected with enough homeowners insurance coverage.
The average cost of homeowners insurance in New York City is $1,511 per year for a policy with $300,000 in dwelling coverage, according to our analysis of 2023 home insurance premiums. That's 36% more expensive than the New York state average of $1,114 per year, but there are several companies in NYC that offer affordable home and condo insurance options.
Methodology & why you can trust our rates
Policygenius has analyzed home insurance rates provided by Quadrant Information Services in March 2022 for ZIP codes in all 50 states plus Washington, D.C., for a 40-year-old female homeowner with no claim history, good credit, a $1,000 deductible, and the following coverage limits:
Dwelling: $300,000
Other structures: $30,000
Personal property: $150,000
Loss of use: $60,000
Liability: $300,000
Medical: $1,000
All rates based on the above coverage limits except where otherwise noted.
Some carriers may be represented by affiliates or subsidiaries. Rates provided are a sample of costs. Your actual quotes may differ.
Compare the best cheap homeowners insurance companies in New York City
To find the best cheap homeowners insurance in New York City, Policygenius rated over a dozen of the largest insurance companies in New York across several categories, like average policy cost, financial strength ratings with AM Best, customer and claims satisfaction scores with J.D. Power, available policy options, and more.
Company | Average monthly cost | Policygenius rating | |
|---|---|---|---|
$87 | 5.3 out of 5 | ||
$107 | 4.8 out of 5 | ||
$113 | 4.5 out of 5 | ||
$171 | 4.4 out of 5 | ||
$156 | 4.4 out of 5 |
Best overall home insurance company in New York City: NYCM
2025 Policygenius award winner
NYCM Insurance
5.0
Mobile app
Offers flood insurance
Bundle home & auto
New homebuyer discount
Why we chose it
NYCM Insurance packs a punch with better service and more coverage options than the average home insurance policy at a fraction of the price.
Pros and cons
Pros
Average annual rates are $500 cheaper than the state average
Earns 5-star ratings for customer service, financial stability, and coverage options
Valuable policy add-ons, including NFIP and excess flood insurance, water backup protection, equipment breakdown coverage, and more
Cons
Only available in New York
No online quotes — must contact a local NYCM agent
More details
Why we chose NYCM as the best home insurance in New York City
NYCM has offered affordable home insurance in New York for more than 100 years. We found that NYCM tends to have some of the best rates for homeowners insurance not only in New York City but throughout the entire state — plus a range of discounts.
NYCM also has an impressive list of coverage options. You can increase your home's protection by adding guaranteed and extended replacement cost coverage, water backup, equipment breakdown, flood insurance through the NFIP, and more.
How much does NYCM home insurance cost?
The average cost of NYCM home insurance in New York City is $1,044 per year or $87 a month. That's 31% cheaper than the citywide average of $1,511 per year.
How to get a quote
Online through NYCM
Best home insurance from a large company: State Farm
2025 Policygenius award winner
State Farm
4.8
Bundle home & auto
Offers extended replacement cost
Offers flood insurance
Offers earthquake insurance
Wind/hail deductible
Offers wildfire insurance
Why we chose it
State Farm home insurance is one of the best home insurance companies in New York City thanks to its large selection of policy options for most home types, high customer service marks, and industry-best financial stability ratings.
Pros and cons
Pros
High customer satisfaction and financial strength ratings
Top-tier coverage add-ons, including extended replacement cost coverage
Offers large discounts when you bundle your home and auto insurance
Cons
20% more complaints filed with the NAIC than other companies of its size
No discounts for first-time homebuyers
More details
Why we chose State Farm
State Farm offers its relatively affordable and highly-rated home insurance to homeowners in New York City. We also like State Farm's robust coverage and that it offers flood protection.
Plus, while many competitors don't have the financial strength to pay out claims after multiple natural disasters in the same year, State Farm isn't one of them. It earns the highest rating possible from AM Best for financial strength and stability — only six insurance companies out of nearly 70 we reviewed hold this title.
How much does State Farm home insurance cost?
The average cost of State Farm home insurance in New York City is $1,288 per year or $107 a month. That's 15% cheaper than the citywide average of $1,511 per year.
How to get a quote
Online through State Farm
Best for home insurance coverage add-ons: Farmers
2025 Policygenius award winner
Farmers
4.5
Offers extended replacement cost
Bundle home & auto
Smart home discounts
Why we chose it
Along with saving around 20% when you bundle your home and car insurance, Farmers also gives you access to its extensive suite of discounts, unique policy credits, and claim-free incentives that help put money back in your pocket.
Pros and cons
Pros
12+ discounts to save on rates
Optional extended or guaranteed replacement cost dwelling coverage
Shave $50 off your deductible each year you’re with Farmers
Cons
Below-average scores on J.D. Power’s overall customer satisfaction and digital experience surveys
More details
Why we chose Farmers
Depending on where you live, you could save up to 45% on your auto insurance and up to 34% on your home insurance when you bundle policies with Farmers, according to the company website.
Even more, Farmers has up to 16 additional discounts and money-saving policy perks. For context, Farmers competitors offer an average of around seven discounts total.
How do Farmers home insurance rates compare to the average in New York City?
The average cost of Farmers home insurance in New York City is $1,352 per year, which is 11% cheaper than the average annual premium in New York City of $1,511.
How to get a quote
Online through Farmers
Best for short-term rental owners: Allstate
2025 Policygenius award winner
Allstate
4.5
Bundle home & auto
Smart home discounts
Why we chose it
Whether you’re looking for basic or comprehensive home insurance coverage, Allstate is a standout option. Airbnb hosts may find a suitor in Allstate thanks HostAdvantage — its affordable short-term rental coverage that can be easily added to any policy.
Pros and cons
Pros
Offers HostAdvantage — an excellent short-term rental coverage add-on that can be seamlessly added to any policy
Extensive list of discounts and policy features to lower your bill and out-of-pocket costs
A+ credit rating with A.M. Best
Cons
Beginning to pull back coverage in high-risk areas
Customer experience scores with J.D. Power are below the segment average
More details
Why we chose Allstate
If you rent out your property through a short-term rental service like Airbnb and a guest destroys or steals your property, Allstate’s HostAdvantage will pay up to $10,000 per rental host period to replace or repair your property.
And the best part? This coverage can be seamlessly added onto your policy for just a small additional fee. Only around a third of the nearly 70 home insurance companies we reviewed offer any type of home-sharing coverage, making Allstate a great option for Airbnb hosts who also need home insurance of their own.
How do Allstate home insurance rates compare to the New York City average?
The average annual cost of an Allstate home insurance policy in New York City is $2,049, or around 36% more expensive than the citywide average of $1,511 per year.
How to get a quote
Online through Policygenius or Allstate, or by contacting a local Allstate agent.
Best for homes without prior insurance: Travelers
2025 Policygenius award winner
Travelers
4.4
Bundle home & auto
New homebuyer discount
Mobile app
Offers extended replacement cost
Offers flood insurance
Why we chose it
Travelers offers some of the best homeowners insurance in New York City despite higher-than-average rates thanks to industry-best financial ratings and flexible policy options for most home types.
Pros and cons
Pros
Green home coverage and discounts
Offers short-term rental coverage for Airbnb hosts
Doesn’t require prior insurance on the home
Cons
Subpar customer service ratings with J.D. Power
Underwhelming number of available discounts
More details
Why we chose Travelers
Travelers is a reputable home insurance provider that offers comprehensive policy options. One of Travelers's benefits is its willingness to cover risks that other insurance companies won't. These risks include no prior insurance coverage, coverage for short term rentals, and liability protection for trampoline injuries if its fitted with protective netting.
How do Travelers home insurance rates compare to the New York City average?
The average cost of Travelers home insurance in New York City is $1,869 per year, which is 24% more expensive than the average annual premium in the Big Apple of $1,511.
How to get a quote
Online through Policygenius or Travelers
How much is homeowners insurance in New York City?
The average cost of homeowners insurance in New York City is $1,511 per year or $126 a month. That's 36% more expensive than the cost of home insurance in the state of New York.
New York City home insurance rates by ZIP code
Home insurance rates can vary substantially depending on which ZIP code your home is located in. For example, some homes in New York City might be prone to more certain types of damage, like water damage, than others.
To help you find out how much home insurance costs where you live, we calculated the average home insurance rates for the most highly populated ZIP codes in New York City.
ZIP code | Average annual cost | Difference from state average (%) |
|---|---|---|
10025 | $1,555 | 40% |
10029 | $1,572 | 41% |
10002 | $1,539 | 38% |
10023 | $1,552 | 39% |
10027 | $1,572 | 41% |
10024 | $1,534 | 38% |
10031 | $1,544 | 39% |
10033 | $1,493 | 34% |
10032 | $1,544 | 39% |
10009 | $1,539 | 38% |
Cheapest ZIP codes for home insurance in New York City
The ZIP code in New York City with the cheapest home insurance is 11005 in Queens, where the average cost of coverage is $1,366 per year. The best way to find the cheapest home insurance in your ZIP code is by comparing rates before you buy.
ZIP code | Average annual cost | Difference from state average (%) |
|---|---|---|
11005 | $1,366 | 23% |
10302 | $1,373 | 23% |
10314 | $1,376 | 24% |
10303 | $1,377 | 24% |
10310 | $1,383 | 24% |
10301 | $1,386 | 24% |
10304 | $1,389 | 25% |
10309 | $1,390 | 25% |
10308 | $1,392 | 25% |
11222 | $1,392 | 25% |
Most expensive areas for homeowners insurance in New York City
The New York City ZIP code with the most expensive home insurance rates is 10465 (Throg's Neck). On average, home insurance in this part of New York City costs $1,596 per year.
ZIP code | Average annual cost | Difference from state average (%) |
|---|---|---|
10465 | $1,596 | 43% |
10464 | $1,589 | 43% |
10055 | $1,583 | 42% |
10021 | $1,579 | 42% |
10027 | $1,572 | 41% |
10029 | $1,572 | 41% |
10045 | $1,572 | 41% |
10462 | $1,572 | 41% |
10060 | $1,571 | 41% |
10013 | $1,569 | 41% |
Learn more >> Home insurance rates by ZIP code
New York City home insurance costs by coverage amount
Dwelling coverage is the foundation of every homeowners insurance policy, covering the cost to repair or rebuild your home after a covered disaster. Your dwelling coverage limit should be equal to your home's replacement cost, which is the total cost to rebuild it from the ground up.
As shown in the table below, the higher your dwelling coverage limits of your New York City home, the more you'll pay for home insurance.
Dwelling coverage limit | Average annual cost |
|---|---|
$100,000 | $696 |
$200,000 | $1,117 |
$300,000 | $1,511 |
$400,000 | $1,949 |
$500,000 | $2,380 |
New York City home insurance costs by deductible amount
Your home insurance deductible is the amount you have to pay on each claim before your insurance will help cover the remainder of the loss.
As shown in the table below, homeowners in New York City can save $250 on home insurance per year by choosing a $2,000 deductible over a $500 one.
Deductible | Average annual cost |
|---|---|
$500 | $1,327 |
$1,000 | $1,745 |
$2,000 | $1,077 |
Cheapest homeowners insurance companies in New York City
Based on our analysis, Ocean Harbor, NYCM, Klingstone, State Farm, Farmers, and UPC are the cheapest home insurance companies in New York City, with average citywide premiums ranging from $435 to $1,352 per year.
Company | Average annual cost |
|---|---|
Ocean Harbor Insurance Group | $435 |
$1,044 | |
Kingstone Insurance | $1,225 |
$1,288 | |
$1,352 | |
$1,354 | |
$1,638 | |
$1,690 | |
$1,850 | |
$1,869 | |
Preferred Mutual Insurance | $2,000 |
$2,045 | |
$2,049 | |
$2,172 |
Cheapest home insurance in New York City if you have poor credit
Having poor credit can make your home insurance more expensive. We found that the cheapest home insurance companies in New York City for people with poor credit are Ocean Harbor, Klingstone, and NYCM.
Company | Average annual cost |
|---|---|
Ocean Harbor Insurance Group | $567 |
Kingstone Insurance | $1,548 |
NYCM Insurance | $1,880 |
State Farm | $1,916 |
National General | $2,045 |
Nationwide | $2,215 |
UPC Insurance | $2,228 |
Narragansett Bay | $2,319 |
Chubb | $2,489 |
AIG | $2,589 |
Preferred Mutual Insurance | $2,642 |
Travelers | $2,796 |
Allstate | $3,153 |
Farmers | $3,891 |
Cheapest home insurance in New York City if you have an older home
It costs more to insure older homes compared to newer homes because they're more likely to be damaged and they're constructed with difficult-to-replace materials. Additionally, certain parts of older homes, like the roof or plumbing systems, may not be up to code.
Looking at average quotes for a 50-year-old home, Ocean Harbor Insurance is the cheapest home insurance option for New York City homeowners, while Preferred Mutual Insurance is the most expensive.
Company | Average annual cost |
|---|---|
Ocean Harbor Insurance Group | $664 |
NYCM Insurance | $1,083 |
Kingstone Insurance | $1,200 |
State Farm | $1,291 |
UPC Insurance | $1,343 |
Narragansett Bay | $1,712 |
Travelers | $1,869 |
AIG | $2,009 |
Nationwide | $2,023 |
Allstate | $2,045 |
Farmers | $2,070 |
National General | $2,079 |
Chubb | $2,489 |
Preferred Mutual Insurance | $2,642 |
Cheapest homeowners insurance in New York City if you have a history of claims
Your claims history is one of the biggest factors insurers consider when determining home insurance premiums. If you have filed more than one claim in the last five years, your rates will be higher than someone without any claims on their record.
The cheapest home insurance company in New York City for someone with multiple claims is Ocean Harbor Insurance.
Company | Average annual cost |
|---|---|
Ocean Harbor Insurance Group | $860 |
Kingstone Insurance | $1,200 |
State Farm | $1,341 |
Narragansett Bay | $1,690 |
NYCM Insurance | $1,839 |
National General | $2,240 |
Nationwide | $2,343 |
Allstate | $2,353 |
UPC Insurance | $2,365 |
Preferred Mutual Insurance | $2,642 |
Travelers | $3,166 |
AIG | $3,236 |
Chubb | $3,820 |
Farmers | $5,207 |
Coverage options in New York City
When you're looking for home insurance in New York City, you should be aware of what your policy will and won't cover.
In New York City, you may need to consider additional coverage when buying homeowners insurance to protect against possible flooding, especially if you're in a low-lying part of the city.
Flood insurance
Most homeowners insurance policies don’t cover flood damage, so residents of New York City who live in at-risk areas will want to consider flood insurance on top of their regular home insurance policies.
In addition to comparing home insurance quotes, New York City homeowners can also compare private flood insurance rates with Policygenius, or choose a policy through a government entity like the National Flood Insurance Program.
Learn more >> Flood insurance in New York: Coverage & costs
How to get homeowners insurance quotes in New York City
Now that you're familiar with the best insurance options available in New York City, here are a few steps you can take to find the right insurance coverage at a price that works for you.
Frequently asked questions
Why is home insurance so expensive in New York City?
Home insurance is so expensive in NYC because the city has some of the highest-valued properties in the country. The more something costs, the more insurance companies will charge to protect it.
How can I lower my homeowners insurance in New York City?
The easiest way to lower the cost of your home insurance is by comparing quotes. Once you’ve settled on a few providers, be sure to ask about any discounts that might apply to your situation so you can save even more money.
Do I really need to buy more insurance if I have an aggressive dog?
If you own a dog that is considered an aggressive breed, you should purchase additional protection. A single trip to the ER can cost thousands of dollars or a potential lawsuit — potentially putting all of your finances at risk.
Does homeowners insurance cover flooding in New York City?
Most homeowners insurance policies won't cover water damage caused by flooding, so NYC residents in moderate- to high-risk flood zones should consider purchasing flood insurance. Flood insurance can typically be purchased through your home insurance provider.
Most flood policies are sold by private companies but administered by the federal government’s National Flood Insurance Program (NFIP). An NFIP flood policy provides up to $250,000 in coverage for your home's structure, and up to $100,000 in coverage for your personal belongings.
