Gianetta Palmer

By 

Gianetta Palmer

Gianetta Palmer

Freelance contributor

Gianetta Palmer is a freelance writer who lives in the Georgia mountains. Her writing on health and car insurance, has appeared on numerous sites.

Updated May 1, 2022

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New York City is known as the city that never sleeps and features some of the most expensive real estate in the country. With unpredictable winter weather and its close proximity to the coast, homeowners insurance is an essential piece of financial protection for any homeowner in the Big Apple.

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The average cost of homeowners insurance in New York City is $1,769 per year. This is substantially higher than the New York state average of $1,186 per year, but lower than the national average of $1,899 per year. 

However, cost isn’t the only factor to consider when choosing a home insurance company. Not sure what to look for? Policygenius can help you figure out your coverage needs and compare quotes from multiple top companies in New York City.  

Best homeowners insurance companies in New York City

Of the companies we evaluated, State Farm has the lowest rate in New York City, with an average cost of $1,284 per year — still higher than the New York state average, but significantly lower than the citywide average. 

Looking at the largest home insurance companies in New York City by market share, Policygenius analyzed the latest rate data from Quadrant Information Services to find out how much you can expect to pay with each company in 2022. We then looked at 2021 J.D. Power customer satisfaction scores and compared that with the coverage needs of New York City residents to find the best homeowners insurance in New York City.

Company

Average yearly cost

J.D. Power Rating

Allstate

$2,049

829

State Farm

$1,288

835

Chubb

$2,489

801

Travelers

$1,869

800

National General

$2,045

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Allstate

Allstate logo

Allstate's mix of exceptional customer satisfaction ratings, personalized coverage options, and numerous discount opportunities make it one of the most popular homeowners insurance companies on the market.

Pros

  • Several coverage add-ons, including ones for roof surfaces, water backup, green improvements, and mold protection

  • 8+ discounts, including autopay, bundling, zero claims, and new homebuyer

  • Get up to 25% off your premiums when you bundle home and auto insurance

  • Excellent customer service and claims satisfaction ratings

  • File and track claims online or through its mobile app

Cons

  • Rates are typically high compared to competitors

Why Allstate tops our best list

Allstate’s blend of personalized coverage options, available discounts, and excellent customer service ratings from J.D. Power makes it one of the top providers in New York City. With its easy-to-use mobile app and online presence, Allstate customers can quickly access their policy to file and track a claim.

How to get a quote

Online through Policygenius or Allstate

State Farm

State Farm logo

There's a reason State Farm is one of the top-rated insurance companies in the U.S. — its customer satisfaction ratings are through the roof, it offers a slew of coverage add-ons for full protection, and makes filing claims through its mobile app a breeze.

Pros

  • Top-tier coverage add-ons, including equipment breakdown, water backup, and service line coverage

  • Get up to $1 million in personal liability coverage

  • Score discounts for bundling, installing security devices, and choosing a high deductible

  • File and track claims online, over the phone, in person, or through its mobile app

  • High customer satisfaction and financial strength ratings

Cons

  • No discounts for first-time homebuyers or going a year without a claim

Why State Farm tops our best list

State Farm has an excellent J.D. Power rating and a great average price for Big Apple residents. The insurance giant offers a complete line of coverage options, allowing customers to customize their homeowners insurance based on their needs.  

How to get a quote

Online through State Farm

Chubb

Chubb logo

Chubb is a top-tier insurer ideal for high-value homes that need more robust coverage that goes beyond the run-of-the-mill options offered by traditional insurance companies.

Pros

  • Base policies include extended replacement cost coverage for your home and replacement cost coverage for your personal property — two perks that cost extra with most other companies

  • Helps you find temporary living arrangements if your home can't be lived in after a covered loss

  • No deductible on losses greater than $50,000

  • Cash-out claim settlement option means you can still get paid even if you decide not to repair your home after a covered loss

Cons

  • Rates are among highest in the industry

  • Will only insure high-value homes

Why Chubb tops our best list

Chubb is a great option for homeowners in NYC because it specializes in expensive properties that need more coverage than lower-priced traditional homes. With base policies that include extended replacement cost coverage for your home and personal property, Chubb outshines several of its competitors.

How to get a quote

Online through Policygenius or Chubb

Travelers

Travelers logo

With over 165 years of experience and impeccable financial ratings, Travelers is one of the most trusted home insurance companies in the business. It offers personalized coverage and a slew of policy add-ons to ensure you have exactly the right protection.

Pros

  • 4 customizable policy packages with several available add-ons, like extended replacement cost and water backup coverage

  • Offers eco-friendly green home coverage and discounts

  • Protect expensive family heirlooms and appliances with equipment breakdown, guaranteed replacement cost, and personal articles coverage

  • File claims online — plus, Travelers has special catastrophe centers for claims after a natural disaster

Cons

  • Below-average customer service and claims satisfaction ratings

Why Travelers tops our best list

With over 165 years in business, Travelers is one of the most trusted names in the insurance industry. It offers four customizable insurance coverage options, so customers can choose what works best for them. You can file claims online or by calling 800-252-4633 to speak with a representative.

How to get a quote

Online through Policygenius or Travelers

National General

National General logo

National General offers a comprehensive and refreshingly modern variety of home insurance coverages, including guaranteed replacement cost and green upgrade coverage for Earth-conscious customers.

Pros

  • Guaranteed and extended replacement cost coverage available for your home

  • Option to have your home rebuilt with eco-friendly materials after a covered loss

  • Offers flood insurance through the NFIP

  • 10+ discounts for bundling, living in a gated community, having a college degree, and more

  • File claims online — with 24/7 claims support

Cons

  • Higher rates than most competitors

Why National General tops our best list

National General is about protecting more than just your home and personal belongings. It is also one of the few insurance companies that will pay to rebuild your home with eco-friendly materials after a covered loss. 

How to get a quote

Online through National General

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Cheapest homeowners insurance companies by ZIP code in New York City

NYCM has the cheapest average home insurance rates in the 10118 ZIP code (Koreatown) at $394 per year, which is significantly less than the state average of $1,186 per year.  

ZIP code

Company

Average yearly cost

10001

State Farm

$1,209

10002

State Farm

$1,230

10003

State Farm

$1,238

10004

State Farm

$1,251

10005

State Farm

$1,240

10006

State Farm

$1,240

10007

State Farm

$1,240

10009

State Farm

$1,230

The most affordable areas for homeowners insurance in New York City

The Big Apple is an expensive place to live, so if you’re considering moving, check out one of these neighborhoods which have the most affordable rates in the city. With an average annual premium of $1,455, the 10302 ZIP code (Staten Island), is the most affordable area for home insurance in New York City.

ZIP code

Average yearly cost

10302

$1,455

10314

$1,457

10303

$1,459

10310

$1,464

10301

$1,467

The most expensive areas for homeowners insurance in New York City

With an average annual premium of $1,880, the 10021 ZIP code (Lenox Hill) is the most expensive ZIP code in New York City for home insurance. But keep in mind that this is only around $111 more than the city average of $1,769. 

If you live in these neighborhoods, your rates will be among the highest in New York City.

ZIP code

Average yearly cost

10021

$1,880

10027

$1,875

10029

$1,875

10007

$1,872

10003

$1,872

Shopping for homeowners insurance in New York City

Every homeowner has different insurance needs and when shopping for home insurance, you want to be sure that the quote you receive reflects your personal situation. What works for your neighbor won’t necessarily be the best solution for you.

In the sections below, we’ll look at the cheapest and most expensive home insurance providers in NYC for dog owners, pool owners, and individuals with low credit scores, as well as average annual rates with different coverage and deductible levels. When you’re ready to shop for home insurance, the experts at Policygenius can guide you through the process and find affordable options in New York that work best for you.

New York City home insurance costs by coverage amounts

Dwelling coverage is the part of your home insurance policy that will pay to rebuild your home from the ground up after a covered loss. 

In New York City, the average annual rate for a home with $500,000 in dwelling coverage is $2,866, nearly $1,600 higher than the state average. 

Dwelling coverage amount

Average yearly cost

$100,000

$776

$200,000

$1,252

$300,000

$1,769

$400,000

$2,308

$500,000

$2,866

Personal liability coverage protects you and your assets against damages if someone is injured or their property is damaged on your property. Basically, if someone falls down or trips and needs to go to the hospital, liability coverage will generally pay the medical bills of the injured party.

As seen in the table below, more liability coverage doesn’t necessarily correlate with higher average home insurance premiums in New York City. Opting for high liability coverage limits often has a minimal impact on your overall rate, making it a great value add for any policy. 

Liability coverage amount

Average yearly cost

$100,000

$1,643

$200,000

$1,635

$300,000

$1,769

$400,000

$1,357

$500,000

$1,896

New York City home insurance costs by deductible amount

Your deductible is the amount you’re responsible for paying on an insurance claim before your insurance kicks in. Although higher deductibles generally mean a lower monthly payment, you pay more out of pocket on a claim for a covered loss.

As seen in the table below, New York City residents can save around $500 on home insurance by choosing a $2,000 deductible over the $500 option.

Deductible amount

Average yearly cost

$500

$1,941

$1,000

$1,769

$2,000

$1,429

Home insurance discounts in New York City

Home insurance is expensive but there are discounts available if your home has certain features like deadbolts or security systems. The greatest discount is for those homeowners with a burglar alarm who can expect to save nearly $100 per year on their home insurance.

Discount

Average yearly cost

Dead bolt

$1,766

Smoke alarm

$1,754

Burglar alarm

$1,683

Home insurance companies in New York City for dog owners

Owning a pet, especially a dog, is a pleasure many households in NYC enjoy, but if your dog bites someone on your property, you can be sued for damages. 

In some locations, certain breeds deemed as “dangerous” often see higher insurance premiums from insurance companies. But lawmakers in Illinois, New York, and Nevada are pushing for legislation that bans insurance companies from discriminating against certain breeds.

With an average rate of $2,489 per year, Chubb has the most expensive insurance rates in New York City for a home with a dangerous dog breed, while State Farm has the lowest rates.

Company

Average yearly cost

State Farm

$1,288

Travelers

$1,869

National General

$2,045

Allstate

$2,049

Chubb

$2,489

Home insurance companies in New York City for poor credit

A poor credit score not only impacts your chances of being approved for a car loan or a mortgage, but it also impacts the rates you’ll pay for insurance. Insurance companies consider those with a low credit score as more likely to file an insurance claim and thus charge higher premiums.

With an average rate of $1,916 per year, State Farm has the cheapest home insurance rates for New York City homeowners with poor credit, while Allstate has the most expensive rates.

Company

Average yearly cost

State Farm

$1,916

National General

$2,045

Chubb

$2,489

Travelers

$2,796

Allstate

$3,153

Home insurance companies in New York City for pool owners

If you’re considering purchasing a new home and it has a pool then you’ll likely need to increase the amount of liability coverage on your home. Home insurance companies consider a pool a liability risk and will charge homeowners higher premiums. 

Here are the average yearly rates for homeowners in New York City who have a swimming pool. State Farm has the lowest rates at $1,156 per year, while Pure Insurance has the highest rates.

Company

Average yearly cost

State Farm

$1,288

Travelers

$1,869

National General

$2,045

Allstate

$2,049

Chubb

$2,489

How to buy homeowners insurance in New York City

Now that you’ve seen some of the different options and coverages available for home insurance in New York City, here are a few steps you can take to find the best coverage:

  1. Reach out to a licensed Policygenius agent. Our experienced agents can help you find quotes from top companies based on the type of coverage needed.

  2. Consider purchasing flood and hurricane insurance. Hurricane Sandy left many homeowners in the New York area riddled with damaged homes from heavy winds and flooding. Standard home insurance policies don’t cover floods, so ask your Policygenius agent about your options if you need this kind of protection.

  3. Figure out how much you can afford to pay for your deductible. A higher deductible means you’ll pay less on your yearly homeowners policy, so ask your Policygenius agent to find a deductible that works best for you.

  4. Compare quotes from a Policygenius agent. Once you’ve identified your coverage needs, limits, and deductibles, Policygenius agents will send over a list of quotes from top companies and offer suggestions that best suit your needs.

  5. Choose your policy, sign it, and pay your first premium. Once you’ve decided which plan works best for you, your Policygenius agent will do all of the paperwork for you. All you need to do is sign the paperwork and pay your first premium. It’s that easy!

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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, meaning you may be on the hook for thousands of dollars in damages.

Methodology

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.