It’s just a fact of life: if you’re buying a home in New York and not paying for the entire thing up-front with cash, you’re going to need homeowner’s insurance. While homeowner’s insurance can be costly ($1418 per year or $118 per month), it’s not nearly as costly as having some disaster befall your home without it.
But not all home insurance premiums are created equal — they vary widely from city to city, which means it pays to do some research before you decide on an insurer.
The Cheapest City to Buy Home Insurance in New York
As a rule of thumb, the higher and denser the population, the higher your premiums are likely to be. The reason for this is simple: more population means more cars on the road, which means a statistically greater chance for accidents. That in turn means more claims being filed, meaning greater cost to the insurer, which gets passed along to you in the form of higher premiums. So, depending on your zip code in New York, you may get rates that are well above the national average, or (if you’re lucky) below it.
For example, the cheapest average home insurance rate in New York is in East Rochester — $715 annually, a full $154 less than the national average. Rates are comparable in Henrietta and West Henrietta, where you’ll pay an average of $716. Only a little higher than that are rates in Penfield and Fairport, where premiums are $717 a year. These are the cheapest six cities to get homeowner’s insurance in New York, which is great to know if you’re looking for a place to live somewhere in the state.
Now let’s talk about the not-so-great news: the most expensive cities for homeowners insurance include Water Mill, Manorville, South Jamesport, North Sea, Upton, and Lenox Hill. The North Sea has one of the highest homeowner insurance premiums at $1,683.
What Determines the Cost of Homeowner’s Insurance in NY?
When determining premiums for your homeowner’s insurance, here are some of the most common things your insurer will consider:
- How much it would cost to rebuild your home
- The age of your home
- All the materials making up your home, such as stones or wood
- The claim history in your location
- The homeowners’ credit score
- The homeowner’s personal claim history
- Policy limits and the coverage amount
- The fire rating of the location
These are the most significant factors to consider if you’re looking for lower homeowner insurance. If you live in an area with a low claim history, some insurance companies may charge you a lower rate.
Finding the best homeowners insurance in New York can be challenging, but it’s far from impossible. However, there is more to finding the best homeowners insurance in New York than just the lowest monthly premium.
Here are some of the other factors you should consider the next time you shop.
Type of Homeowner Coverage
In New York, six different policies cover traditional homes. There are also some basic policies that cover more modern homes. The majority of insurance companies in the state can provide you with all the policies.
Ideally, when looking for the cheapest home insurance in New York, you must list all the things in your home you want to protect, such as the roof, pool, or walls.
For example, you may have turned your home basement into a wine cellar, and you want to protect this investment from theft and other risks. In this case, you will be looking for an insurance policy that replaces your personal belongings at the current value just in case of fire or theft in your home.
Level of Coverage
Level of coverage is another factor you should look into when searching for homeowner insurance. Your local insurer may look like a value, but it also might not provide all the coverage you need.
You may find it worth it to pay a higher premium if that makes you more comfortable in your home. Knowing that an insurance cover fully protects your home means a lot, since a home is one of the biggest investments you can make.
When you’re looking for the cheapest insurance rate in New York, you should take advantage of any policy discounts you can find.
You can compare different insurance rates offered by simply looking at the discounts. Nearly every insurance company offers some kind of discount (usually several) and covers almost everything for homes with alarm systems and non-smoking owners. Almost anyone can qualify for a discount when buying homeowner insurance in New York.
Here are some of the steps you can take to get the best insurance coverage in the US.
- Reach out to an insurance agent to help you get the best insurance company in New York
- Opt for flood and hurricane insurance cover. New York is more prone to hurricanes, and insuring your home from floods and hurricanes is a great idea.
- Know in advance how much you can pay in deductibles. With a higher deductible, you will be paying less on your policy.
- Compare quotes from different insurance companies before making the final decision to buy a policy.
- Choose a favorable policy, sign the contract, and start paying your premium.