New York Home Insurance: Costs, Coverage and How to Save

🌀 Hurricanes

New York’s coastline is exposed to hurricanes, tropical storms and powerful nor’easters. Superstorm Sandy in 2012 caused more than $70 billion in damage across the Northeast, with some of the worst destruction hitting Long Island, Staten Island, Lower Manhattan and the Rockaways. Homeowners near the water in Nassau and Suffolk counties, along with the five boroughs, face the highest coastal storm risk in the state.

💨 Your deductibles

New York homeowners policies can have three different types of deductibles: standard, windstorm and hurricane. Many insurers require separate percentage-based hurricane deductibles of 1% to 5% of your dwelling coverage for homes in the five boroughs of New York City, Nassau and Suffolk counties, and coastal areas of Westchester County. For example, a 2% hurricane deductible on a home insured for $500,000 means you’d pay $10,000 out of pocket before your insurer covers the rest of a hurricane loss.

Starting in February 2026, insurers may request approval from the NY Department of Financial Services to apply hurricane deductibles to properties anywhere in the state, expanding beyond the seven counties where they were previously allowed. This change reflects growing awareness that storm damage can reach well beyond the coast.

❄️ Winter storms and cold weather

New York’s harsh winters bring heavy snow, ice storms, nor’easters and sustained freezing temperatures that can cause serious damage. Frozen and burst pipes, ice dams on roofs, and structural damage from snow loads are common claims, especially in upstate areas like Albany and Buffalo. Insurers factor winter weather exposure into your premium, and homes in areas with frequent heavy snowfall may pay more.

🌧️ Flooding

Standard homeowners policies in New York do not cover flood or mudslide damage. This is true whether you live in a coastal flood zone on Long Island or along a river in the Hudson Valley. Separate flood insurance through the National Flood Insurance Program (NFIP) or a private carrier is the only way to protect against rising water, and there’s typically a 30-day waiting period before a new flood policy takes effect.

⛈️ Severe thunderstorms and hail

New York averages 6.2 billion-dollar weather events per year over the last five years, many of them severe storm events bringing hail, high winds and tornadoes. These storms can strike anywhere in the state, from the Hudson Valley through the Finger Lakes. Homes in areas with repeated storm claims can face higher premiums over time.

🏠 Finding coverage in high-risk areas

If you live in a coastal or otherwise high-risk area and struggle to find standard homeowners coverage, the New York Property Insurance Underwriting Association provides basic fire and extended coverage, including windstorm protection, as a last-resort option. For coastal homeowners specifically, the Coastal Market Assistance Program helps connect policyholders with insurers willing to write coverage in shoreline communities.

💨 Wind mitigation discount

For homeowners in coastal New York, installing hurricane or storm shutters, or hurricane-resistant laminated glass windows and doors, can qualify you for premium discounts. New York insurers are required to offer these credits if your upgrades meet prescribed minimum standards.

🔒 Security system discount

Installing safety devices like alarms, smart home systems, and deadbolts can qualify you for a lower rate. Many carriers offer protective device discounts of up to 15% when you combine security systems like advanced burglar protection and automatic water leak valves.

🆕 New home discount

Newer homes tend to have fewer costly claims, and insurers reward that. Depending on the carrier, homes built within the last 10 to 15 years may qualify for savings of up to 15% for the first year you’re with an insurance company.

🎓 Claims-free discount

The longer you go without filing a claim, the more you save. Most insurers offer this discount after three or more claims-free years, with some offering savings of up to 20%.

🔧 Home renovation discount

Updated your electrical, plumbing, or heating systems? Some carriers offer discounts when these systems have been replaced within the last 10 to 15 years, since modern systems reduce the risk of fire and water damage. This is especially relevant in New York, where many homes have older wiring, boilers and plumbing that can lead to costly claims.

🏡 HOA or gated community discount

If your home is in a homeowners association or gated community, you may qualify for a lower premium. Insurers view these properties as lower risk due to added security and regular maintenance.

💳 Pay-in-full discount

Paying your full annual premium upfront instead of in monthly installments can earn you a discount with many carriers, typically between 5-10%.

📋 Quote-in-advance discount

Shopping early can pay off. Some insurers offer a discount of up to 15% when you get a quote before your previous policy expires.

🚭 Non-smoker discount

Since smoking increases the risk of house fires, some carriers offer lower rates to non-smoking households.