Homeowners in New York currently pay an average of $1,860 per year for homeowners insurance, as of November. This translates to $155 per month and is more than $560 less than the national average of $2,424 annually.
Regional Variations in Premiums
New York ranks 27th nationally in terms of average homeowners insurance costs. The states facing the highest premiums as of November are Nebraska, Louisiana, and Florida, with average annual costs exceeding $6,000 in Nebraska and Louisiana, and surpassing $5,800 in Florida.
Nationwide, 31 states and Washington, D.C. Have average premiums lower than the national average, while 19 states report higher costs.
Rising Costs and Contributing Factors
Homeowners insurance premiums have been increasing across the country in recent years, with some areas experiencing increases of 10%, 20%, or even more. Areas susceptible to natural disasters and extreme weather are seeing the most significant price hikes.
According to data, post-pandemic inflation, supply chain disruptions, and rising construction and labor costs are also contributing to these premium increases.
While New York homeowners benefit from comparatively lower insurance rates, drivers in the state are facing a different reality. Car insurance costs in New York are expected to rise at one of the fastest rates in the U.S. In 2026, with an anticipated average increase of 6% – the fourth-highest in the nation.
Frequently Asked Questions
What is the average homeowners insurance premium in New York?
The average homeowners insurance premium in New York was $1,860 a year as of November.
Which states have the highest homeowners insurance premiums?
As of November, the three states with the highest premiums were Nebraska, Louisiana, and Florida.
Are homeowners insurance premiums rising nationwide?
Yes, homeowners insurance premiums have been rising nationwide in recent years, sometimes by 10%, 20%, or even more.
As homeowners navigate these changing insurance landscapes, will increased awareness of regional cost differences and contributing factors influence their choices and preparedness?
