New York Homeowners Insurance Quotes

New York State spans the entire spectrum of natural and city wonders. Whether you are looking for peaceful country surroundings or the bustle of the big city, New York has you covered.

Outdoor activities abound. Get out on a lake in The Adirondacks, enjoy the beaches of the Thousands Islands Seaway area, explore the Finger lakes or get drenched soaking up the scenery at Niagara Falls. When it comes to outdoor activities, New York is second to none.

New York is just as rich when it comes to city life and cultural pursuits. New York City is brimming with museums, Broadway shows, art galleries and world-class restaurants. While New York City is the crown jewel of New York urban life, it's not the only city worth visiting. Albany, Buffalo, Rochester, Syracuse and many others are great places to visit and call home.

If you are thinking about moving to New York State, you have made a great decision. Here are just a few things you need to know about the Empire State.

New York Homeowner Facts

New York is not huge, but it packs a lot of punch. It is the 27th largest state in the union but ranks an impressive number four when it comes to population with 19.8 million people calling it home. New York State is the seventh-most densely populated state in the U.S.

New York State has an average of 4,579 households per zip code and an average of 3 people per household. In 2014, New York State had a median household income of $55,246 ranking 16th in the country.

According to Zillow data, the median home value in New York is a very affordable $262,100 which is a -0.3% decline over the past year. Zillow predicts prices will rise 1.1% over the next year.

While New York sounds very affordable, median prices vary dramatically depending on where you end up living. In New York City, the median home value is a whopping $610,000 while in Rochester it is an extremely affordable $64,100. The capitol city of Albany is a little more expensive with prices averaging $157,300, but that is still cheaper than the $390,100 that a house in Yonkers will cost.

Homeowners Insurance in New York

Homeowners insurance in New York State runs a bit above average with a median yearly premium of $1,130, which is 12 percent above the national average.

The cost of homeowners insurance will vary greatly across the state. Homeowners coverage in New York City will be much more expensive than coverage in upstate New York.

When shopping for homeowners insurance, it pays to be aware of the different types of policies, especially in New York City where there are numerous types of housing options. Here are a few of the more common policies available:

• HO-3: This is the most common policy out there and the one that most homeowners carry. It protects you against all perils except any that are specifically excluded. On most HO-3 policies, flood and earthquake damage are excluded.
• H0-6: This is a condo/co-op policy, which is a big seller in New York City because many housing options are condos or co-ops. It covers your belongings and the structural parts of the building that you own. It protects against all 16 listed disasters.
• HO-4: This is a renter's insurance policy, which like the H0-6 policy are pretty common in NYC. These policies cover your contents and also include liability coverage. The dwelling (your apartment) is not covered.

There are other policy types but these tend to be the most common. An H0-2 is a more basic policy, offering reduced coverage levels while an H0-5 is a more high-end policy offering increased protection.

Factors to Consider in New York

The state of New York is a pretty safe place to live. Violent crime rates are 3.82 per 1,000 residents while the national average is 3.8. Property crimes are actually well below the nationwide averages with 17.18 property crimes per 1,000 residents while the national average is 26.

Crime rates can vary dramatically across the state with urban areas like NYC having much higher crime rates than the more rural upstate New York. Crime rates can also vary dramatically by neighborhood so when shopping for a house be sure to check crime rates in each specific neighborhood you are considering.

Unfortunately, New York has been the victim of major natural disasters and that can push insurance rates up for everyone. Blizzards, hurricanes and severe thunderstorms have all done damage in New York and the surrounding areas. All of these can affect homeowners insurance rates.

If you own a home in flood prone area, carrying an additional flood policy is a necessity. Homeowner policies never cover flood damage so if your home is flooded and you do not have a separate flood policy, all of the repair bills will fall to you. Flood policies range in price from very affordable to extremely expensive for oceanfront homes, but in all cases, the premium will be less than the cost to rebuild your home if a flood destroys it.

Regardless of whether you are moving into a fifth floor walk up in downtown Manhattan or looking for a house in the suburbs of Rochester, you will need a new homeowners policy. We can help you find the perfect policy, whether it is a H0-3, H0-6 or any other type. Please visit our online quoting appliction today by entering your New York zip code and let us help you shop and compare up to 12 different rates and coverage options. We look forward to working with you!