Best homeowners insurance in New York City for 2023

We looked at average costs, 3rd-party ratings, and policy options to find the best and cheapest homeowners insurance companies in New York City.

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Gianetta PalmerGianetta PalmerFreelance contributorGianetta Palmer is a freelance writer who lives in the Georgia mountains. Her writing on health and car insurance, has appeared on numerous sites.&Pat HowardPat HowardManaging Editor & Licensed Home Insurance ExpertPat Howard is a managing editor and licensed home insurance expert at Policygenius, where he specializes in homeowners insurance. His work and expertise has been featured in MarketWatch, Real Simple, Fox Business, VentureBeat, This Old House, Investopedia, Fatherly, Lifehacker, Better Homes & Garden, Property Casualty 360, and elsewhere.
Expert reviewedExpert reviewedThis article has been reviewed by a licensed Policygenius expert to ensure that sources, statistics, and claims meet our standard for accurate and unbiased advice.Learn more about oureditorial review process.

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Michael Reynolds, CSRIC®, AIF®, CFT-I™Michael Reynolds, CSRIC®, AIF®, CFT-I™Financial AdvisorMichael Reynolds, CSRIC®, AIF®, CFT-I™, is a financial advisor, principal and founder of Elevation Financial, host of the weekly personal finance podcast Wealth Redefined®, and a member of the Financial Review Council at Policygenius.

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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, Big Apple residents will want to make sure their investment is protected with a sufficient amount of homeowners insurance coverage.

The average cost of homeowners insurance in New York City is $1,769 per year for a policy with $300,000 in dwelling coverage, according to our analysis of 2022 home insurance premiums. This is quite a bit higher than the New York state average of $1,186 per year, but there are several companies in NYC that offer affordable home and condo insurance options.

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Compare the best cheap home insurance companies in New York City

To find the best cheap homeowners insurance in New York City, Policygenius reviewed over a dozen of the state's most popular insurers across several categories, such as average policy cost, financial strength ratings with AM Best, customer and claims satisfaction scores with J.D. Power, available policy options, and more.

Based on our findings, Allstate, State Farm, Travelers, Chubb, and NYCM are the best homeowners insurance companies in New York City.

Company

Policygenius rating

Average monthly cost

Allstate

4.8 out of 5

$171

State Farm

4.5 out of 5

$107

Travelers

4.5 out of 5

$149

Chubb

4.2 out of 5

$336

NYCM Insurance

4.0 out of 5

$88

Allstate

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.

Learn more >> Allstate home insurance review

State Farm

State Farm scored an 829 out of 1,000 in J.D. Power’s 2021 home insurance study — good for 6th place — making it onto our list of the best homeowners insurance companies in New York City. The insurance giant combines great customer service, flexible coverage options, and an excellent website and mobile app experience. If you’re a new or soon-to-be homeowner looking for reliable, affordable coverage from a proven insurance company, you can’t go wrong with State Farm.

Learn more >> State Farm home insurance review

Travelers

Travelers has excellent financial ratings, a trusted reputation, and a range of coverage packages to choose from. If the area is impacted by a natural disaster, Travelers mobile claim center will make the claims process easier for all who are involved. Travelers offers many different add-ons at different price points for NYC residents with varying coverage and budget needs.

Learn more >> Travelers home insurance review

Chubb

While Chubb’s rates tend to be higher, its insurance offerings go above and beyond that of most other companies. A base policy with Chubb includes enhanced coverage for both your home and your personal property, and you don’t need to pay a deductible on property damage greater than $50,000. That means if your home is leveled in a storm or destroyed by fire, you don't have to pay an out-of-pocket policy deductible.

Learn more >> Chubb home insurance review

NYCM Insurance

NYCM's average home insurance premium of $1,056 makes it the most affordable home insurance option in NYC. With up to nine available discounts — including a special discount if you work from home — New Yorkers can maximize savings even further with NYCM.

Compare home insurance rates in New York City

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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, as homes in certain NYC neighborhoods may be more prone to coastal weather damage or property crime than others.

To help you find out how much home insurance costs where you live, we calculated average home insurance rates for 244 ZIP codes in NYC.

ZIP code

Average annual cost

Difference from NYC average (%)

10001

$1,819

4%

10002

$1,779

2%

10003

$1,822

5%

10004

$1,764

1%

10005

$1,822

5%

10006

$1,789

3%

10007

$1,822

5%

10009

$1,779

2%

10010

$1,787

3%

10011

$1,787

3%

10012

$1,779

2%

10013

$1,823

5%

10014

$1,787

3%

10016

$1,788

3%

10017

$1,787

3%

10018

$1,821

4%

10019

$1,788

3%

10020

$1,771

2%

10021

$1,834

5%

10022

$1,799

3%

10023

$1,792

3%

10024

$1,775

2%

10025

$1,808

4%

10026

$1,785

2%

10027

$1,826

5%

10028

$1,803

3%

10029

$1,826

5%

10030

$1,784

2%

10031

$1,784

2%

10032

$1,785

2%

10033

$1,734

-1%

10034

$1,743

0%

10035

$1,783

2%

10036

$1,780

2%

10037

$1,784

2%

10038

$1,822

5%

10039

$1,785

2%

10040

$1,743

0%

10041

$1,745

0%

10044

$1,819

4%

10045

$1,805

4%

10055

$1,817

4%

10060

$1,803

3%

10065

$1,790

3%

10069

$1,787

3%

10075

$1,791

3%

10090

$1,769

1%

10095

$1,769

1%

10103

$1,771

2%

10104

$1,771

2%

10105

$1,771

2%

10106

$1,771

2%

10107

$1,771

2%

10110

$1,771

2%

10111

$1,771

2%

10112

$1,771

2%

10115

$1,765

1%

10118

$1,700

-2%

10119

$1,765

1%

10120

$1,765

1%

10121

$1,765

1%

10122

$1,765

1%

10123

$1,765

1%

10128

$1,803

3%

10151

$1,784

2%

10152

$1,784

2%

10153

$1,784

2%

10154

$1,784

2%

10155

$1,784

2%

10158

$1,768

1%

10161

$1,773

2%

10162

$1,799

3%

10165

$1,779

2%

10166

$1,779

2%

10167

$1,779

2%

10168

$1,779

2%

10169

$1,779

2%

10170

$1,779

2%

10171

$1,779

2%

10172

$1,773

2%

10173

$1,779

2%

10174

$1,779

2%

10175

$1,779

2%

10176

$1,779

2%

10177

$1,779

2%

10178

$1,768

1%

10199

$1,786

2%

10260

$1,773

2%

10265

$1,773

2%

10270

$1,773

2%

10271

$1,773

2%

10278

$1,779

2%

10279

$1,779

2%

10280

$1,790

3%

10281

$1,779

2%

10282

$1,783

2%

10301

$1,546

-11%

10302

$1,533

-12%

10303

$1,537

-12%

10304

$1,549

-11%

10305

$1,561

-10%

10306

$1,566

-10%

10307

$1,561

-10%

10308

$1,552

-11%

10309

$1,550

-11%

10310

$1,543

-11%

10311

$1,540

-12%

10312

$1,556

-11%

10314

$1,536

-12%

10451

$1,803

3%

10452

$1,761

1%

10453

$1,755

1%

10454

$1,803

3%

10455

$1,804

3%

10456

$1,760

1%

10457

$1,754

1%

10458

$1,755

1%

10459

$1,765

1%

10460

$1,755

1%

10461

$1,766

1%

10462

$1,783

2%

10463

$1,759

1%

10464

$1,800

3%

10465

$1,807

4%

10466

$1,770

2%

10467

$1,754

1%

10468

$1,753

1%

10469

$1,777

2%

10470

$1,757

1%

10471

$1,759

1%

10472

$1,754

1%

10473

$1,757

1%

10474

$1,802

3%

10475

$1,761

1%

11004

$1,691

-3%

11005

$1,630

-6%

11101

$1,661

-5%

11102

$1,645

-6%

11103

$1,645

-6%

11104

$1,642

-6%

11105

$1,655

-5%

11106

$1,646

-6%

11109

$1,710

-2%

11201

$1,758

1%

11203

$1,780

2%

11204

$1,793

3%

11205

$1,754

1%

11206

$1,771

2%

11207

$1,785

2%

11208

$1,781

2%

11209

$1,779

2%

11210

$1,800

3%

11211

$1,763

1%

11212

$1,777

2%

11213

$1,774

2%

11214

$1,819

4%

11215

$1,750

0%

11216

$1,769

1%

11217

$1,762

1%

11218

$1,775

2%

11219

$1,768

1%

11220

$1,765

1%

11221

$1,771

2%

11222

$1,746

0%

11223

$1,812

4%

11224

$1,814

4%

11225

$1,772

2%

11226

$1,792

3%

11228

$1,773

2%

11229

$1,817

4%

11230

$1,815

4%

11231

$1,757

1%

11232

$1,766

1%

11233

$1,774

2%

11234

$1,807

4%

11235

$1,815

4%

11236

$1,813

4%

11237

$1,748

0%

11238

$1,754

1%

11239

$1,796

3%

11241

$1,782

2%

11242

$1,782

2%

11243

$1,731

-1%

11249

$1,794

3%

11251

$1,780

2%

11252

$1,782

2%

11256

$1,799

3%

11351

$1,733

-1%

11354

$1,742

0%

11355

$1,675

-4%

11356

$1,691

-3%

11357

$1,729

-1%

11358

$1,729

-1%

11359

$1,725

-1%

11360

$1,696

-3%

11361

$1,733

-1%

11362

$1,728

-1%

11363

$1,733

-1%

11364

$1,731

-1%

11365

$1,670

-4%

11366

$1,702

-2%

11367

$1,666

-4%

11368

$1,658

-5%

11369

$1,651

-5%

11370

$1,666

-4%

11371

$1,664

-5%

11372

$1,654

-5%

11373

$1,663

-5%

11374

$1,663

-5%

11375

$1,663

-5%

11377

$1,655

-5%

11378

$1,645

-6%

11379

$1,649

-5%

11385

$1,647

-6%

11411

$1,761

1%

11412

$1,758

1%

11413

$1,776

2%

11414

$1,710

-2%

11415

$1,682

-3%

11416

$1,690

-3%

11417

$1,702

-2%

11418

$1,689

-3%

11419

$1,712

-2%

11420

$1,710

-2%

11421

$1,701

-2%

11422

$1,779

2%

11423

$1,709

-2%

11426

$1,690

-3%

11427

$1,697

-3%

11428

$1,701

-2%

11429

$1,730

-1%

11430

$1,776

2%

11432

$1,676

-4%

11433

$1,703

-2%

11434

$1,758

1%

11435

$1,703

-2%

11436

$1,715

-2%

11439

$1,629

-7%

11451

$1,693

-3%

11691

$1,754

1%

11692

$1,831

5%

11693

$1,842

6%

11694

$1,839

6%

11697

$1,790

3%

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Cheapest ZIP codes for home 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 insurance rates in the city. With an average annual premium of $1,533, the 10302 ZIP code (Staten Island), is the most affordable area for home insurance in New York City.

ZIP code

Average annual cost

Difference from NYC average (%)

10302

$1,533

-12%

10314

$1,536

-12%

10303

$1,537

-12%

10311

$1,540

-12%

10310

$1,543

-11%

10301

$1,546

-11%

10304

$1,549

-11%

10309

$1,550

-11%

10308

$1,552

-11%

10312

$1,556

-11%

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Most expensive ZIP codes for home insurance in New York City

With an average annual premium of $1,842, the 11693 ZIP code (Far Rockaway) is the most expensive area in New York City for home insurance. If you live in these neighborhoods, your rates will be among the highest in New York City.

ZIP code

Average annual cost

Difference from NYC average (%)

11693

$1,842

6%

11694

$1,839

6%

10021

$1,834

5%

11692

$1,831

5%

10027

$1,826

5%

10029

$1,826

5%

10013

$1,823

5%

10038

$1,822

5%

10005

$1,822

5%

10007

$1,822

5%

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Wind mitigation discounts & incentives in New York

Many home insurance companies in New York offer wind mitigation discounts for installing hurricane storm shutters or hurricane-resistant laminated glass windows and doors to help your home withstand high winds and flooding caused by a hurricane or strong windstorm.

→ Learn more about wind mitigation discounts & how to qualify

New York City home insurance costs by coverage amount

Along with factors like your home's age and location, your insurance rates are mainly based on how much dwelling coverage you need to rebuild in the event of a disaster. As you can see in the table below, New York City homes with $500,000 in dwelling coverage pay over $1,000 more each year for home insurance than the citywide average.

Dwelling coverage level

Average annual cost

$100,000

$776

$200,000

$1,252

$300,000

$1,743

$400,000

$2,308

$500,000

$2,866

New York City home insurance costs by deductible amount

A deductible is what you’re responsible for paying on each claim before home insurance kicks in to cover the remainder of the loss. While choosing a higher policy deductible will generally lower your rates, you'll have to pay more out of pocket when you file a claim.

As you can see in the table below, New York City residents can save around $350 on premiums each year by choosing a $2,500 deductible over the $500 option.

Deductible level

Average annual cost

$500

$2,002

$2,000

$1,974

$2,500

$1,657

The cheapest homeowners insurance companies in New York City

Based on our analysis, NYCM and Farmers have the cheapest average home insurance rates in New York City, with an average annual premium of $1,056 and $1,201, respectively.

In addition to NYCM and Farmers, six other companies have average home insurance rates below the NYC average of $1,743, including State Farm, Nationwide, and Narragansett Bay.

Company

Average annual cost

NYCM Insurance

$1,056

Farmers

$1,201

Kingstone Insurance

$1,275

UPC Insurance

$1,278

State Farm

$1,279

Nationwide

$1,596

National General

$1,637

Narragansett Bay

$1,663

Travelers

$1,790

AIG

$1,834

Allstate

$2,051

Preferred Mutual Insurance

$2,334

Chubb

$2,383

Pure Insurance

$2,915

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Cheapest home insurance in NYC if you have poor credit

A poor credit score not only impacts your chances of being approved for a car loan or a mortgage, but it can also impact your home insurance premiums. Insurers generally views homeowners with poor credit as more likely to rely on home insurance to pay for small damages or losses rather than cover the costs out of pocket, so companies will often charge higher rates to reflect this risk.

With an average rate of $1,548 per year, Kingstone Insurance has the cheapest home insurance rates for New York City homeowners with poor credit, while Farmers has the most expensive rates.

Company

Average annual cost

Difference from base rate (%)

Kingstone Insurance

$1,548

21%

NYCM Insurance

$1,880

78%

State Farm

$1,916

50%

National General

$2,045

25%

Nationwide

$2,215

39%

UPC Insurance

$2,228

74%

Narragansett Bay

$2,319

39%

Chubb

$2,489

4%

AIG

$2,589

41%

Preferred Mutual Insurance

$2,642

13%

Travelers

$2,796

56%

Allstate

$3,153

54%

Pure Insurance

$3,665

26%

Farmers

$3,891

224%

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Cheapest homeowners insurance in NYC if you have an older home

Older homes can be costly to insure, as they're more prone to structural damage than a newer build, and they're often constructed with materials and features that are more expensive to replace.

With an average annual premium of $1,107, NYCM offers the cheapest home insurance rates for a home over 100 years old, while Pure Insurance is the most expensive.

Company

Average annual cost

Difference from base rate (%)

NYCM Insurance

$1,107

6%

Kingstone Insurance

$1,200

0%

State Farm

$1,294

0%

UPC Insurance

$1,489

10%

Narragansett Bay

$1,732

2%

Travelers

$1,869

0%

AIG

$1,986

3%

Allstate

$2,103

3%

Nationwide

$2,107

13%

National General

$2,340

14%

Chubb

$2,489

0%

Preferred Mutual Insurance

$2,652

0%

Pure Insurance

$2,822

0%

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Cheapest home insurance in NYC if you have a history of claims

Claims history is one of the biggest factors insurers use to determine home insurance premiums. If you have multiple claims on your record, you'll typically pay more for home insurance, as insurers will consider you more likely to file future claims than a homeowner with a spotless claims history.

Here's the cheapest home insurance companies in NYC for a homeowner with three claims within a five-year period.

Company

Average annual cost

Difference from base rate (%)

Kingstone Insurance

$1,200

0%

State Farm

$1,341

4%

Narragansett Bay

$1,690

0%

NYCM Insurance

$1,839

76%

National General

$2,240

10%

Nationwide

$2,343

25%

Allstate

$2,353

15%

UPC Insurance

$2,365

75%

Preferred Mutual Insurance

$2,642

0%

Travelers

$3,166

69%

AIG

$3,236

67%

Pure Insurance

$3,623

28%

Chubb

$3,820

53%

Farmers

$5,207

141%

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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.

5 steps to shopping for homeowners insurance in New York, NY

  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 — 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.

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.

Authors

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

Pat Howard is a managing editor and licensed home insurance expert at Policygenius, where he specializes in homeowners insurance. His work and expertise has been featured in MarketWatch, Real Simple, Fox Business, VentureBeat, This Old House, Investopedia, Fatherly, Lifehacker, Better Homes & Garden, Property Casualty 360, and elsewhere.

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