Country Guide
Best Home Insurance in New York (2026)
New York homeowners face coastal and winter storm risks. Compare top carriers for comprehensive NY coverage.
By Itai Varochik | Updated February 21, 2026
Top Exchanges in New York
| # | Exchange | Best For | Fees | Type |
|---|---|---|---|---|
| 1 | State Farm | Upstate NY | $1,680/yr | — |
| 2 | USAA | Military families | $1,380/yr | — |
| 3 | Allstate | NYC metro | $1,920/yr | — |
| 4 | Travelers | Coastal coverage | $1,800/yr | — |
| 5 | Amica Mutual | Customer service | $1,560/yr | — |
New York home insurance overview
New York homeowners face widely varying insurance costs depending on location — Manhattan co-op owners may pay under $500 annually while Long Island waterfront homeowners can exceed $5,000. The New York Department of Financial Services (NYDFS) regulates all property insurers using a prior-approval system, meaning every rate change must be approved before implementation, providing stronger consumer protection than most states.
Coverage options comparison
| Coverage type | What it covers | Typical cost |
|---|---|---|
| HO-3 (standard) | Dwelling, personal property, liability | $1,200–$3,800/yr |
| HO-6 (condo/co-op) | Interior walls, personal property, liability | $300–$800/yr |
| HO-4 (renters) | Personal property, liability | $150–$350/yr |
| Flood (NFIP/private) | Rising water damage | $800–$3,500/yr |
| Excess flood | Coverage above NFIP limits | $400–$1,200/yr |
Key New York regulations
NYDFS requires all homeowners policies to include minimum liability coverage and mandates that insurers offer replacement cost coverage options. New York prohibits insurers from canceling policies solely based on the age of the home. After Superstorm Sandy (2012), the state strengthened consumer protections for flood claim disputes and requires insurers to provide clear explanations when denying wind vs. flood damage claims. New York also operates the Property Insurance Underwriting Association (PIUA) as the insurer of last resort for properties unable to obtain coverage in the private market.
How to save on New York home insurance
- Install a central station alarm: Monitored burglar and fire alarms qualify for 5–15% discounts with most NY carriers
- Upgrade electrical and plumbing: Homes with updated wiring and copper/PEX plumbing receive lower rates than those with knob-and-tube or galvanized pipes
- Raise your deductible: Moving from $500 to $2,500 can reduce premiums by 15–25% in New York
- Bundle with auto insurance: Multi-policy discounts save 10–20% with most New York carriers
- Check PIUA alternatives annually: If you're in the PIUA (last resort), re-shop the private market every year as availability changes
- Maintain claims-free history: Three or more years without claims qualifies for 10–15% discounts
Flood risk and coastal exposure
Standard homeowners policies in New York exclude flood damage entirely. With over 120 miles of coastline and significant hurricane exposure (Sandy caused $19 billion in NY damages), flood insurance is essential for Long Island, Staten Island, lower Manhattan, and Hudson Valley properties in FEMA-designated flood zones. Private flood insurers like Neptune and Wright Flood now compete with NFIP, often offering higher coverage limits and lower premiums for properties outside high-risk zones.
Crypto Regulations in New York
NYDFS regulates home insurance using prior-approval rate regulation. Insurers cannot cancel policies based solely on home age. The PIUA serves as insurer of last resort. Post-Sandy reforms strengthened flood claim dispute protections. Replacement cost coverage options must be offered. Standard policies exclude flood damage — separate NFIP or private flood insurance is required for flood zone properties.