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Emily Guy Birken is a former educator, lifelong money nerd, and a Plutus Award-winning freelance writer who specializes in the scientific research behind irrational money behaviors. Her work has appeared on The Huffington Post, Business Insider, Kiplinger’s, MSN Money, and The Washington Post, and she’s been writing for Compare.com since 2023. Her background in education allows her to help people relate to and understand complex financial topics.
She’s the author of several books, including The 5 Years Before You Retire, End Financial Stress Now, and the brand-new book, Stacked: Your Super Serious Guide to Modern Money Management, written with Joe Saul-Sehy.
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Sara Getman is an insurance editor for Compare.com. With several years of insurance experience, Sara is passionate about helping readers better manage their money by breaking down complex topics into simple, clear, and easy-to-understand language.
Sara earned a Bachelor of Arts in Literature from Simmons University, where she served as editor-in-chief for the school’s literary and art magazine, Sidelines. She has been editing for Compare.com since 2025.
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At Compare.com, it’s our mission to give you the tools to find the best (and most affordable) insurance for your unique needs and budget. We strive to provide information that’s helpful, clear, and unbiased, and we believe that comparing insurance companies should never put you at risk of spam. Our editorial team — which is made up of experienced writers, editors, insurance agents, and data analysts — has spent thousands of hours researching and creating the coverage overviews, side-by-side comparisons, and detailed reviews you see across our site.
While we make money through partnerships with some of the brands we discuss in our articles, our editorial team operates 100% independently, and these partners never influence or affect the topics, reviews, ratings, or recommendations we provide. We never guarantee favorable reviews or mentions in exchange for compensation from any brands or partners, and we uphold strict editorial standards to ensure our content is always independent, truthful, and unbiased.
Homeowners in New York City pay an average home insurance premium of $382 per month, but rates vary between insurance companies. Many factors affect insurance costs, like construction materials, market value, the location of your home, your claims history, and your insurance needs.
If you’re looking to save money on your New York home insurance, Sterling Insurance offers the lowest average home insurance rates, at $273 per month, according to our data. But there’s more to a good homeowners insurance policy than price.
Here’s how to find the best New York City home insurance policy with the right coverage options at the right price.
Sterling Insurance is the cheapest home insurer in NYC.
You’ll need additional coverage if you lease or rent out a part of your home.
About 1.3 million New Yorkers live in or near a floodplain, making it a good idea to buy flood insurance.
There’s no single best insurance company for every homeowner in the Big Apple, which is why we recommend you request quotes from multiple insurers. By comparing quotes, you can determine which company has the coverage options, policy limits, and discounts that best fit your needs and budget.
To help you get started, here are three home insurance companies that stand out in NYC. The following insurance companies were chosen based on a combination of average rates in New York City, available discounts, customer satisfaction ratings and reviews, and coverage options.
Here’s what we found.
State Farm| Our Rating Compare.com's ratings are determined by our editorial team. The objective formula used in these reviews weighs several important factors to consider when choosing financial products and services, including customer satisfaction ratings, ease of use, and a number of other components. | 4.1/5 |
|---|---|
| AM Best AM Best analyzes an insurer’s financials, operating performance, business profile, and other factors to generate an opinion-based rating of a company’s financial and credit strength. Ratings range from A++ (exceptional) to D (poor). | A++ |
| $300,000 Dwelling A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others. | $107/mo |
| $500,000 Dwelling A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others. | $190/mo |
State Farm is a great choice for New York City first-time homebuyers looking for comprehensive coverage at a great price. In addition to its generous bundling discount, the company also offers the ability to customize coverage to get exactly what you need in your first homeowners insurance policy.
That said, it has a higher-than-average number of customer complaints and below-average claims satisfaction ratings.[1] [2]
Cheap average rates
Customizable coverage
Save 20% by bundling home with auto
Higher-than-average number of customer complaints
Below-average claims satisfaction
Must work with local agent
Amica Insurance| Our Rating Compare.com's ratings are determined by our editorial team. The objective formula used in these reviews weighs several important factors to consider when choosing financial products and services, including customer satisfaction ratings, ease of use, and a number of other components. | NR |
|---|---|
| J.D. Power J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale. | Not rated |
Bundling your auto and homeowners insurance policies is one of the most common ways to lower your monthly insurance costs. That’s why Amica is such a great option for New Yorkers who have a car, since the bundling discount saves you up to 30%. Amica is also highly rated for customer satisfaction.[3]
That said, it doesn’t have any offices in New York City, so you won’t be able to talk to an agent in person.
Up to 30% bundling discount
Loyalty discount after two years
Highly rated for customer satisfaction
No climate mitigation discounts
No office in New York City
No guaranteed home replacement cost coverage
Allstate| Our Rating Compare.com's ratings are determined by our editorial team. The objective formula used in these reviews weighs several important factors to consider when choosing financial products and services, including customer satisfaction ratings, ease of use, and a number of other components. | 4.1/5 |
|---|---|
| AM Best AM Best analyzes an insurer’s financials, operating performance, business profile, and other factors to generate an opinion-based rating of a company’s financial and credit strength. Ratings range from A++ (exceptional) to D (poor). | A- |
| $300,000 Dwelling A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others. | $164/mo |
| $500,000 Dwelling A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others. | $264/mo |
Living in NYC is expensive, so renting out a portion of your home can be a great way to help reduce costs. But it can leave you vulnerable if your homeowners insurance doesn’t have enough personal property coverage
Allstate’s HostAdvantage coverage is for homeowners who sublet and gives you additional property coverage in case of theft or damage while you have renters in your home.
Allstate has a high financial strength rating, so it can pay out claims, but it has a high amount of customer complaints and a low customer satisfaction rating.[4] [3]
HostAdvantage add-on for partial-home rentals
Superior financial strength rating
Green improvement reimbursement
Below-average customer satisfaction rating
Higher-than-average number of customer complaints
Maximum of 20% extended dwelling coverage
Home insurance rates can vary a lot between insurance companies, which is why it’s so important to get a quote from a number of insurers in New York City and compare the prices. Make sure you’re comparing policies with the same deductibles and the same policy limits.
In the table below, you’ll find the cheapest insurance companies in New York City for homes with a market value of $750,000, according to Compare.com data.
Company  | Average Monthly Premium |
|---|---|
| Sterling Insurance | $273 |
| State Farm | $297 |
| Travelers | $331 |
| Allstate | $358 |
| Preferred Mutual | $376 |
| Unitrin | $378 |
| Nationwide | $451 |
| AIG | $476 |
| Chubb | $547 |
| National General | $570 |
| Hanover | $582 |
| Encompass | $604 |
| Farmers | $715 |
Get personalized home insurance quotes in minutes.
The level of coverage you need plays a big role in how much your insurance costs. That’s because the market value of your home affects your dwelling coverage needs. More valuable homes need more coverage than homes that aren’t worth as much.
It’s a good idea to get coverage for at least 80% of the value of your home. Otherwise, your insurer may not fully pay out your claims.
The table below shows the average homeowners insurance rates by dwelling coverage according to Compare.com data.
Home Value | Average Yearly Premium |
|---|---|
| $300,000 | $164 |
| $400,000 | $217 |
| $500,000 | $262 |
| $750,000 | $382 |
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In addition to your home’s market value, a number of other factors go into your home insurance rates in New York City. Understanding how each of these factors affects your insurance premium can help you make the best decisions for your insurance needs.
Here are several of the factors that can affect your homeowners insurance premium:[5]
The home itself: The size, repair history, and construction of your home can make a difference in your home insurance rates.
Age: The age of your home can affect the cost of repairing damage. If your home is older and doesn’t meet current building codes, that can also affect your premium.
Construction type: The type and style of your home can determine the ease or difficulty of locating construction materials for repair.
Roofing materials: How your roof is constructed may increase or decrease your risk of water damage.
Foundation type: Your foundation may also mitigate or increase your water damage risk.
Location can make a major difference in your insurance premium. Insurers look at local crime rates, how likely your home is to flood, and how close you are to a fire station, among other things.
In pretty much all New York City boroughs, homeowners need to purchase flood insurance coverage to protect themselves from floods and other water damage. All boroughs across New York City face potential flood damage from severe weather year-round.[6]
The good news for homeowners is that the city has 218 firehouses located within its 302 square miles. That means theoretically no home is more than 0.7 miles away from a fire station, which should help lower your premium.[7]
Compare.com partners with top insurers for real-time quotes.
How you put together your homeowners insurance policy changes how much you pay. This includes:
Your deductible: This is how much you pay out of pocket before coverage kicks in. A higher deductible means a lower yearly premium, but you’ll have to pay more if you make a claim.
Coverage options: Your mortgage company may require some coverages and levels. But other coverage options, and the policy limits you choose for certain coverages, may be up to you. Adding flood insurance, replacement cost coverage, additional personal property insurance, or other coverage add-ons will increase your premium.
Discounts: You may lower your home insurance rates with discounts like bundling your home insurance with your auto policy.
Your personal factors can also make a difference to your home insurance rates. Some of these factors include:[8]
Your credit history: Insurers consider your credit history when giving you a quote because it may predict the likelihood you’ll file a claim. If your credit improves, you can request your insurer to review your policy and possibly get a lower rate.[5]
If you have prior coverage: Insurers may offer loyalty or bundling discounts if you have a car insurance policy. But you could still get a lower rate by switching to a new company.
Your claims history: If you’ve submitted multiple claims in the past, your rates will likely be higher.
A homeowners insurance policy in New York City typically covers the following:[9]
Dwelling coverage: This helps pay to repair or replace the structure of your home if it’s damaged or destroyed. Keep in mind that the dwelling coverage amount may be less than what you could sell your home. That’s because it’s based on the value of the actual structure, not the land it sits on.
Personal property coverage: If your personal property gets lost, damaged, or destroyed, this coverage will help repair or replace your belongings.
Liability coverage: If someone hurts themselves in your home, liability coverage will pay for their medical bills and potential legal costs.
While a basic home insurance policy offers a lot of protection, it doesn’t cover every disaster that could happen to your home. These are the most common issues that home insurance doesn’t cover in New York City:
Flood damage: Water damage from flooding is unfortunately common and can be very destructive. Home insurance doesn’t cover flood damage, so you need to purchase separate flood insurance to protect your home.
Earthquake damage: While NYC isn’t as earthquake-prone as somewhere like Los Angeles, it still might be a good idea to get earthquake coverage. Insurance companies don’t automatically cover earthquake damage, but many offer separate add-ons.
Routine wear and tear: A standard homeowners insurance policy doesn’t cover wear and tear. If you want to protect your appliances or HVAC system, it might be worth looking into a home warranty.
Protect your home and your wallet.
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Flood insurance is mandatory for New York City homeowners who live in a Special Flood Hazard Area, have a federally backed mortgage, or have received federal disaster help.[10]
But even the New Yorkers who don’t have to buy flood insurance probably should. As of right now, 1.3 million New Yorkers live in or near a floodplain, and it only takes one inch of water to cause roughly $25,000 worth of water damage.[11]
If you’re looking for home insurance in New York City, the answers to the following questions can help you find the right policy for your insurance needs.
Homeowners in New York City pay an average home insurance premium of $382 per month, according to Compare.com data. But your home insurance rates vary based on where you live, the type of home, your policy, and more.
It depends on your wants and needs. State Farm is our pick for the best insurer for first-time home buyers in NYC, while Amica is our top choice for bundling.
No home insurance company is the best for every New Yorker since every homeowner has different needs and priorities.
Yes. The average insurance rate for a $750,000 home in New York City is $382 per month, according to Compare.com data. That’s quite a bit more than the $463 the average American pays.
That said, you can always reduce your costs by asking for discounts, increasing your deductibles, comparing rates from multiple companies, and buying only as much insurance as you need.
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Emily Guy Birken is a former educator, lifelong money nerd, and a Plutus Award-winning freelance writer who specializes in the scientific research behind irrational money behaviors. Her work has appeared on The Huffington Post, Business Insider, Kiplinger’s, MSN Money, and The Washington Post, and she’s been writing for Compare.com since 2023. Her background in education allows her to help people relate to and understand complex financial topics.
She’s the author of several books, including The 5 Years Before You Retire, End Financial Stress Now, and the brand-new book, Stacked: Your Super Serious Guide to Modern Money Management, written with Joe Saul-Sehy.
Sara Getman is an insurance editor for Compare.com. With several years of insurance experience, Sara is passionate about helping readers better manage their money by breaking down complex topics into simple, clear, and easy-to-understand language.
Sara earned a Bachelor of Arts in Literature from Simmons University, where she served as editor-in-chief for the school’s literary and art magazine, Sidelines. She has been editing for Compare.com since 2025.
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