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New York Homeowners Insurance

Fran
Fran Majidi December 5, 2020

Homeowners Insurance in New York: Complete Consumer Guide

Do you live in upstate New York or one of the boroughs in New York City? If you’re a homeowner or plan to become one in this state, there are some interesting facts you should know. When The New York Times moved to what was then called Longacre Square, it was renamed Times Square. More than eight million people live in New York City, and more Chinese people live in New York City outside any other city, except in China. More Jewish people live here outside of Israel. More than 800 languages are spoken in New York City, which was once the capital of the country. The Statue of Liberty on Ellis Island was a gift from France for America’s centennial celebration. The largest gold storage in the world ($90 billion worth!) is in New York City’s Federal Reserve Bank, in a vault 80 feet below street level. The New York Public Library is the second largest library system in the nation, the third-largest in the world.

Types of policy for Homeowners Insurance in New York

Different homes need different homeowners insurance policies. Here are the most common types.

HO-1 The “basic form” covers the 10 most common perils. Some insurers do not offer HO-1 forms.

HO-2 This “broad form” provides limited coverage, but more than the HO-1 basic form.

HO-3 This is the most commonly purchased type of home insurance. It offers coverage for named perils and personal property. Your insurer will pay to repair or replace belongings caused by covered perils, 16 of which are covered by this type of policy, including fire and smoke; lightning strikes; windstorm and hail; explosions; vandalism and malicious mischief; damage from an aircraft, car or vehicle; theft; falling objects; the weight of ice, snow or sleet; and water damage.

HO-6 This is for condominium units. This is usually “walls-in” coverage and may protect the unit’s walls, floors and ceilings against 16 perils. It also includes coverage for the condo owner’s belongings.

HO-8 This form is for older homes and covers 10 perils. It is paid on an actual cash value basis, so it’s the cost of the items minus depreciation.

What factors affect rates on homeowners insurance in New York?

Many factors play into how you’re rated for homeowners insurance. The construction materials/type your home is made of is a big factor and so are other things, like how much it will cost to rebuild the house and replace all your belongings. Whether or not you have a swimming pool or other dangerous extras, like trampolines, will affect your rate. Do you have a dog? Since you’re liable for dog bites and injuries, the features in your home will be assessed for risk. Your credit and other factors will also come into play.

Top 5 disasters in the State of New York

New York federally declared Severe Storms as the most common disaster, with 28 counts since 1953, followed by Flood, Snow, Hurricanes, and Biological disasters. Here are the top 5 federally declared disasters in the state of New York.

Rank Declaration Title Disaster Number
1Severe Storms28
2Flood25
3Snow20
4Hurricane12
5Biological3

Source: Federal Emergency Management Agency (FEMA)

How much is homeowners insurance in New York?

Homeowners insurance costs about $952 a year, on average, if you own a home in New York.

Source: The average cost of homeowners insurance by state, Business Insider.

Crime Rate: Is New York a safe state?

2019 Crime in New York Crime Number Crime Rate*
Property Crime267,1551,373.3
Burglary27,600141.9
Larceny-Theft226,8511,166.1

*Rate per 100,000 inhabitants

Safest Cities in New York by Property Crime*

  • Lewisboro Town, NY has a population of 12,582 with a Property Crime rate of 0 per 1k. The city average home value is approximately $259,906.
  • Sleepy Hollow Village, NY has a population of 10,080 with a Property Crime rate of 0 per 1k. The average home value there is about $804,191.
  • Rye, NY came in third as the safest city in the state of New York and has a population of 15,756 with a Property Crime rate of 1 per 1k. Its home value averaged at about $497,090.
  • Floral Park Village, NY has a population of 15,927 with a Property Crime rate of 1.6 per 1k. Its average home value is $671,815.
  • Kent Town, NY has a population of 13,235 with a Property Crime rate of 2 per 1k. The city home value averaged $332,444.

*Based on FBI Uniform Crime Reporting 2019, some cities have been eliminated because of changes in the state/local agency's reporting practices and cities with populations under 10,000. Zillow’s State/Cities average home value for a single family home or a condo as of Sept. 2020.

Compare Home Insurance Rates in New York

Top homeowners insurance companies in New York

Allstate offers the following homeowners insurance discounts: multi-policy discount, claim-free, home buyer, safe home, 55+ and retired discount. Consumers Advocate rated Allstate 4.7 out of 5 stars (excellent).

Lemonade is a new kind of homeowners insurance, which may save you some money. It starts at only $25 a month and is fully regulated and rated high for customer satisfaction. It’s been rated 4.9 out of 5 stars in the App store and Google Play.

Progressive offers exceptional customer service and financial protection for your home and belongings. Your biggest savings with this insurer will come from bundling home and auto. Progressive was rated 4.7 out of 5 stars by Consumer Advocate.

New York Home Insurance FAQs

Do I have to use my insurance company's contractor?

Your insurance company may have a list of preferred contractors for you to use but you are under no legal obligation to do so. However, it’s important to do a thorough research on the professions you consider hiring.

When do you pay the deductible for homeowners insurance?

When you file a claim, you are obligated to pay the deductible before the insurer begins paying for losses and necessary repairs.

Will insurance cover a 25 year old roof?

An older roof could cause a problem If your roof is in disrepair before a storm creates a problem, you may not be covered or you may only be partially covered. Neglect is usually the number one cause of roof-damage coverage. It’s important to maintain the condition of your roof.

Get a Free Home Insurance Quote Online Now.

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