HomeInsuranceQts

Home Insurance in New York

New York's median home value is $423,800.

The typical home in New York was built around 1959. About 52% of homes were built before 1960. Older homes can cost more to insure or rebuild because of aging wiring, roofing and plumbing.

In New York, the housing stock is 47% single-family homes, 35% apartments in buildings with 5+ units and 2% mobile or manufactured homes. The rest are 2-4 unit or other housing types.

58% of owner-occupied homes in New York carry a mortgage, and mortgage lenders require hazard insurance for as long as the loan is active.

The vacancy rate is 10%; vacant or unoccupied homes typically need a different coverage form than an owner-occupied policy. About 54% of occupied homes in New York are owner-occupied.

Most homes in New York - 59% - are primarily heated with natural gas. Homes heated with fuel oil can carry added fire risk. Fuel-tank leaks and spills are often excluded from standard homeowners policies.

The statewide average premium for a standard HO-3 homeowners policy in New York is $1,801 per year, according to the NAIC homeowners insurance report (2023 data).

Key figures

Median home value$423,800
Median year built1959
Owner-occupied share54%
Share of owner-occupied homes with a mortgage58%
Home insurance premium$1,801 - statewide average (NAIC, 2023 data)

Counties

Sources