Homeowners Insurance in New York

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If you’re a homeowner or deciding on a home in New York, then it’s important to invest in a home insurance policy that covers your personal property—including your identity. New York’s size alone leads to a variety of perils, from natural disasters to identity theft, so make sure you protect yourself with a comprehensive policy.
Investing in New York is a huge step that can come with hefty financial responsibility, but you can safeguard this asset with home insurance. The truth is, catastrophes strike when we least expect it, so home insurance is a necessity that keeps you financially sound. With the average cost of homeowners insurance at only $987 per year, it’s well worth the investment!
Before you commit to a policy, it’s important to understand how you can get the most affordable coverage without sacrificing coverage. Licensed home and car insurance broker and comparison app Jerry is here to give you all the insight you need to get the best homeowners insurance for you in New York.
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What is homeowners insurance? 

Homeowners insurance protects your residence and belongings from sudden or accidental loss or damage. You never know what’s going to happen, so home insurance is a wise investment.
It’s your responsibility to find a policy that best meets your needs. A good guideline is to think about what it would cost to completely rebuild your home. That way, if the worst scenario happens, you have some peace of mind. 

Basic components of homeowners insurance

There is no standard home insurance policy, but these 5 essentials are generally covered:
  • Coverage A (Structure): If your home is damaged by any of the perils listed in your policy, you can make a claim to repair or rebuild your home.
  • Coverage B (Additional structures): If other structures on your home like a shed, pool, or a fence are damaged from the perils in your policy, you’re likely covered. 
  • Coverage C (Personal property): If your furniture, jewelry, or electronics are stolen, you can make a claim (even if it's stored outside of your residence!). Keep in mind that expensive jewelry or art may need its own policy for full coverage.
  • Coverage D (Additional living expenses): If you make a claim for insured damage, then you can also be covered for the cost of living away from home (if the conditions aren’t livable, that is).
  • Coverage E (Personal liability):  If a neighbor injures themself on your property, personal liability insurance can cover the cost of any medical or legal fees incurred. 
When you choose a home insurance policy, it’s also up to you to decide if you want replacement cost coverage or actual cash value coverage. Essentially, replacement cost coverage will replace or repair your insured item, without factoring in depreciation. Actual cash value insures you for the current value of your property.
Typically, replacement cost coverage comes at a higher premium, but it’s the more popular option since the payout covers a full repair or replacement.

Named perils

To get reimbursed when disaster strikes, you have to consider the 16 named perils. Homeowners insurance will typically reimburse you when something in your home explodes or if a fire burns down part of your property. It’s commonly known that insurance providers don’t cover intentional damage. What isn’t common knowledge is that even if a natural disaster is sudden or accidental, you might not be covered. Hurricanes and floods, for instance, are not generally covered by homeowners insurance.
When in doubt, always check your policy for any limitations or exclusions.

Is homeowners insurance required in New York? 

Although car insurance is required in New York, homeowners insurance is not a legal requirement. However, many mortgage lenders require it as part of your agreement when you purchase a home.
It’s in a mortgage lender’s best interest to protect their investment, so you likely won’t close on a house without a home insurance policy. Luckily, you still have control over the company you decide to do business with, as long as you meet the required level of coverage.

How to get homeowners insurance

If you’re shopping for homeowners insurance in New York, it’s important that you compare quotes before you commit to a policy (the Jerry app makes this painless and easy!). Your Aunt Sally might make a mean pie, but that doesn’t mean you should accept her insurance referral.
If you own a vehicle, start by getting a quote from your car insurance company. You might save money by bundling your home and car insurance policies.
Whatever you do, don’t accept the first quote that comes your way. It’s possible to get the coverage you need without spending an arm and a leg.
For homeowners in New York, there are some risks and perils that you’ll want to consider additional coverage for:
  • Identity theft coverage. This coverage is an insurance policy add-on, commonly known as an endorsement, that will help you pay for the costs incurred if your identity is stolen. 
  • Flood insurance. Flood damage isn’t typically included in home insurance policies, so need to get a separate policy to protect your home from flooding. Check out FEMA’s National Flood Insurance program to find a policy that works for you.
  • Personal property replacement cost. Your personal property is generally covered by home insurance policies, but if you have several expensive items (like an original Monet), it’s a good idea to insure those items separately.

Why is homeowners insurance in New York so expensive? 

Homeowners insurance in New York is actually $300 less on average than the national average of $1,312 per year. You can expect to pay around $987 for $250k in coverage.
Home insurance cost varies for a variety of reasons, ranging from your credit history to your zip code. Luckily, New York homeowners benefit from lower rates, likely due to the fact that only about 54% of the population are homeowners.
Aside from this, here are some of the common claims keeping home insurance premiums in the $1000 range:
  • Natural disasters. New York is frequently hit by extreme weather events from hurricanes to blizzards, which can seriously damage your home.
  • Vandalism & burglary. Metropolitan areas are usually plagued by vandalism and theft, and the Big Apple is no exception. If you own expensive or luxury items, make sure you discuss covering these belongings with your insurance company.
  • Fire. Older buildings and the dense population explain why this is a common claim in New York. 

Homeowners insurance discounts in New York

Always ask your insurance provider for discount possibilities that might not be advertised. If you want to reduce your annual premium, check out the table below for some discount options.
DiscountHow to get it
BundlingBundling your home and auto insurance with the same company can often get you better rates overall
Home security improvementsIf you’ve installed a sophisticated fire or surveillance system, most insurers will offer a discount.
Claims-free discountIf you’re a low-maintenance client (meaning you haven’t made a claim in a few years), you can get a discount.
RenovationsHome renovations, like replacing old wiring, reduce your risk level. Let your insurance company know what you’ve done and you’ll likely be rewarded for it.
New client discountSometimes being a loyal customer isn’t all it’s cracked up to be. Many insurance providers offer new client discounts.

How to save on home insurance

Don’t let the process of finding a home insurance policy stress you out. With Jerry, shopping for home insurance is quick and easy.
In less than 45 seconds, Jerry provides you with a comprehensive cross-analysis of the best policies across providers, so that you can choose the best policy for you. No long forms. No calling around. No hard work. Just savings.
Whether this is your first home insurance policy in New York or you want to get a better deal, Jerry is here to support you every step of the way.
Jerry was absolutely worth it. I saved $150, which might not sound like a lot, but really helps me as a New York City resident.” —Jameson T. 

FAQs

Hurricane damage isn’t usually covered by home insurance policies—and it’s not required in New York. You might be able to add hurricane coverage as a rider to some policies for an additional fee. Remember: most home policies cover wind damage, but not flood damage. Speak to your home insurance agent to find out what’s best for you.
The average cost of New York homeowners insurance varies based on your location within the state, as well as other factors like your level of coverage, but you expect to pay between $985 to $1300 per year for $250,000 coverage.

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