Who Has the Cheapest Homeowners Insurance In New York?

We evaluated homeowners insurance quotes for a sample 2,000 square foot home in 48 cities in the state of New York in order to determine which cities had the highest and lowest annual home insurance costs. Based on this sample property, New York homeowners pay on average $1,111 per year for home insurance. Home insurance prices in New York vary by over 200% between the cities in our study. Below we profile a few cities in the state of New York and include a separate study on New York City. Read more about our findings, or use our quote tool above to find homeowners insurance quotes in your area.

Cheapest Home Insurance Companies in New York

We gathered quotes for our sample home across 48 cities from State Farm, Farmers and Nationwide. Quotes from each company were averaged to find which insurance companies had the best home insurance rates in New York. The graph below shows the average annual costs to insure our sample home by company alongside the state average:

Best Home Insurance Companies in New York

Find the Cheapest Homeowners Insurance Quotes in Your Area

Least Expensive Homeowners Insurance in New York: by City

The graph below shows the five best cities for home insurance of all 48 cities which were part of this study. The cities are listed in order of mean price starting with the lowest average home insurance quote and ascending. Geneva is the cheapest city in New York for homeowners insurance. Residents pay $748 annually on average, which is $363 lower than the state average.

Top 5 Best Cities in New York for Homeowners Insurance

Geneva, NY

Geneva is a small city in New York situated along the northwestern shore of Seneca Lake. The lake is one of the five bodies of water that make up New York’s Finger Lakes. In 2016, Geneva was selected as the recipient of $10 million through the New York’s Downtown Revitalization Initiative. Residents of Geneva pay an average home insurance cost of $748.

Nationwide and State Farm quoted our sample home annual home insurance costs of $537 and $551, respectively. Farmers offered a quote that was more than $500 greater than the quotes offered by Nationwide and State Farm. Residents of Geneva pay 33% less on average for their home insurance than the state mean.

Cheapest and Best Homeowners Insurance Companies in Geneva

Rochester, NY

Rochester, the third largest city in the state, is located near the northeastern tip of the country. The city is home to the University of Rochester, a private higher education institution. The University of Rochester enrolls over 5,000 undergraduate students. Our research found that the average home insurance cost in Rochester was $760, which is $351 less than the state average.

State Farm offered a quote of $551, which is $724 cheaper than the rate of $1,275 offered by Farmers. Home insurance rates in Rochester varied by $823. State Farm and Nationwide offered quotes within $99 of each other.

Best Homeowners Insurance Rates in Rochester

Tonawanda, NY

Tonawanda is a city in the state of New York that is located near the U.S.-Canada border. Residents of the city enjoy easy access to several major interstates, including Interstate 290 and Interstate 190. In fact, Interstate 190 connects the U.S. to Canada. We found the mean annual home insurance cost in Tonawanda to be $824. On average, residents of Tonawanda pay 26% less for their home insurance than the state mean.

State Farm offered the lowest quote from the insurance companies sampled, at an annual cost of $508. The next most affordable home insurance quote was offered by Nationwide at $742, which represents a $234 increase from State Farm’s quote. Tonawanda ranks as the third most affordable city for home insurance in New York.

Quotes from Tonawanda's Cheapest and Best Home Insurance Companies

Binghamton, NY

Binghamton is the fourth most affordable city for homeowners insurance in New York. One of the original companies that was combined to form International Business Machines (IBM) was founded in Binghamton. Harlow Bund founded the Bundy Time Recording Company, which was eventually relocated to Endicott before becoming a part of IBM. Residents of Binghamton pay an average of $830 per year for homeowners insurance.

State Farm offered the lowest quote in the city at an annual cost of $501. The second most affordable home insurance quote gathered in Binghamton was offered by Nationwide at $786, which is $285 greater than the quote offered by State Farm. Insurance rates in Binghamton varied by $701.

Cheap Home Insurance Companies in Binghamton

Buffalo, NY

Buffalo is the fifth cheapest city for homeowners insurance in New York. The city is also the second largest within the state. The top employers in the area are from a wide range of industries. Kaleida Health, M&T Bank and Seneca Gaming Corp are among some of the largest employers in the city.

State Farm quoted the cheapest home insurance quote in the area at $466. Farmers offered the most expensive home insurance quote at $1,428, which is $962 greater than State Farm’s quote. On average, residents of Buffalo pay 22% less than the state mean for homeowners insurance.

Best Cheap Home Insurance Companies in Buffalo

Most Expensive Homeowners Insurance in New York: by City

The graph below shows the five most expensive places of all 48 cities which were part of this study. The cities are listed in order of price starting with the highest average rate and descending. The figures listed represent the average home insurance rate in each city. The most expensive city for homeowners insurance was White Plains where our research found an average annual rate of $2,343, which is $1,232 greater than the state average.

Top 5 Most Expensive Cities in New York for Homeowners Insurance

Homeowners Insurance Rates in New York City

We gathered quotes across New York City from Farmers, Lemonade and Progressive. Quotes from each company were averaged to find which insurance company provided the best rates in New York City. The graph below shows the mean annual cost to insurance a home in the city by company alongside the city average:

Best Home Insurance Companies in New York City

New York City, the largest city in the country, encompasses five boroughs: Manhattan, Brooklyn, Queens, The Bronx and Staten Island. Contrary to popular belief, Long Island isn’t a city or a borough of New York City. Based on our study, the cheapest borough for home insurance in New York City is Staten Island. Residents of Staten Island pay on average $1,382 per year for home insurance, which is $939 less than the average cost in New York City. Below, we show the average insurance rates in New York City across all five boroughs and the cost compared to the city average. To gather our data we collected insurance rates for a range of homes within each borough.

NYC BoroughAverage Annual Home Insurance PriceVersus City Average (%)
Staten Island$1,382-40%
Queens$2,008-13%
Brooklyn$2,014-13%
Manhattan$2,94327%
The Bronx$3,25840%
NYC Average$2,321

We also studied the insurance cost that you can expect to pay for every dollar of value your home has. For instance, if your home has a value of $100,000 and you pay an annual home insurance rate of $2,000, you can divide your annual insurance rate by your home’s value to calculate an insurance cost per dollar of value of $0.02. In other words, for every dollar of value that your home has, you’ll pay $0.02 in annual home insurance costs.

The insurance cost per dollar of value helps determine how expensive the boroughs are relative to each other, which is particularly important because home prices in NYC vary greatly. You can use the figures below as a rough approximation for your annual home insurance costs by multiplying by your home’s value. The results show that when you take into account property values across the boroughs, Queens, Staten Island and Brooklyn share similar home insurance costs.

NYC BoroughAverage Cost of Insurance / Home Value
Staten Island$0.002
Queens$0.002
Brooklyn$0.002
Manhattan$0.004
The Bronx$0.006

Best Homeowners Insurance Rates in New York's Largest Cities

We evaluated homeowners insurance rates across the largest cities in New York. Our study implemented control variables to gather quotes that can be compared to one another. On average, homeowners in the ten largest cities pay 22% more than the state mean on homeowners insurance. The cost for home insurance in the ten largest cities was an average of $1,358 per year.

Average Home Insurance Rates In New York

Buffalo, NY

Buffalo is the second largest city in the state of New York. On average, residents pay 22% less for their home insurance than the state average. Based on our study, Farmers was the only insurance company in Buffalo that offered a rate that was greater than the state mean.

Rochester, NY

The third largest city in New York, Rochester, is also the second most affordable for home insurance. On average, residents of Rochester pay $760 per year for home insurance. Nationwide was the most affordable home insurance company in Rochester with an annual quote of $452.

Yonkers, NY

Yonkers is the fourth largest city in New York. Based on our study, residents of Yonkers pay an average of $1.235 per year for their homeowners insurance, which represents a rate that is 11% greater than the state mean.

Syracuse, NY

Syracuse is located along the southern shore of Onondaga Lake and is the fifth largest city in the state of New York. The average home insurance price in Syracuse is 10% less than the state mean. On average, residents of Syracuse pay $1,001 annually for home insurance.

Albany, NY

Albany is the sixth largest city in the state. On average, residents pay $1,070 for home insurance, which represents a 4% discount when compared to the state mean. On an annual basis, residents save $41 on homeowners insurance versus the state average.

New Rochelle, NY

New Rochelle ranks as the seventh largest city in New York. The average home insurance quote gathered for the city of New Rochelle was $1,865, which is 68% more expensive than the state mean. New Rochelle was the third most expensive city for home insurance in the state.

Mount Vernon, NY

Mount Vernon is the eighth largest city in New York and the second most expensive for home insurance. On average, residents of Mount Vernon pay $1,883 per year for home insurance, which is 69% greater than the state average.

Schenectady, NY

The ninth largest city in New York is Schenectady. Based on our study, State Farm was the only insurance company in the area that offered a quote that was under $1,000. On average, residents of Schenectady pay $1,212 for their home insurance.

Utica, NY

Utica is the tenth largest city in New York and ranks as the sixth most expensive for home insurance. On average, residents of Utica pay pay $1,347 for their home insurance, which represents a rate that is 21% greater than the state average.

White Plains, NY

Residents of White Plains, the eleventh largest city in New York, pay an average of $2,343 for their home insurance. Based on our study, White Plains was the least affordable city for home insurance in the state of New York.

Methodology

We studied 48 cities, spread out geographically all throughout the state of New York. The sample home we looked at was built in the year 2000 and had 2,000 square feet. The property cost $200,000 and had an attached garage. Quotes for this home were obtained from State Farm, Farmers and Nationwide insurance companies. The rates were then averaged to arrive at a mean for each city. Below, we’ve displayed all cities from Albany to Yonkers with the average annual cost of insurance for the benchmark property and how much each city costs relative to the statewide average.

We excluded New York City from the state average due to our different methodology for collecting quotes within the city. In New York we collected multiple quotes for each borough, which we then averaged to arrive at a mean annual insurance cost for all five boroughs. To calculate the insurance cost per dollar of value we divided the mean annual insurance price in each borough by the average value of the homes we received quotes for.

RankCityAverage Insurance RateCost Compared to Average
27Albany$1,070-4%
8Amsterdam902-19%
31Auburn1,1352%
4Binghamton830-25%
5Buffalo865-22%
24Corning1,006-9%
20Dunkirk984-11%
15Ellenville953-14%
28Ellicottville1,097-1%
29Elmira1,1271%
11Fulton914-18%
1Geneva748-33%
25Glens Falls1,009-9%
32Gloversville1,1372%
34Herkimer1,1604%
10Hornell906-18%
39Ithaca1,24812%
42Kingston1,32319%
16Lindenhurst959-14%
41Little Falls1,30517%
18Mayville966-13%
45Middletown1,51436%
36Millerton1,1816%
47Mount Vernon1,88369%
21Narrowsburg986-11%
46New Rochelle1,86568%
N.R.New York City2,225N.R
44Newburgh1,35622%
12Niagara Falls931-16%
17Norwich965-13%
7Olean896-19%
30Oneida1,1292%
9Oneonta904-19%
22Oswego994-10%
6Plattsburgh888-20%
13Poughkeepsie947-15%
2Rochester760-32%
40Rome1,25012%
35Saratoga Springs1,1736%
37Schenectady1,2129%
23Syracuse1,001-10%
3Tonawanda824-26%
33Troy1,1503%
43Utica1,34721%
19Watertown980-12%
14Wellsville950-15%
26Westfield1,022-8%
48White Plains2,343111%
38Yonkers1,23511%

Sources:

New York Census Data

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