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By: Ramu Garuda  June.12, 2019

Gavop conducted a recent study on homeowners insurance premiums in New York and found that the state average at $1,137 is relatively less than the national average of $1,288. Gavop also ranked the 41 cities of the state according to their average yearly cost for home insurance.

The table below shows the yearly cost along with the average home value—an important factor for deciding home insurance rates—for all these cities.

CityAverage Yearly Cost of Home InsuranceAverage Home Value
Saratoga Springs$424$75,126
Schenectady$554$80,921
Rome$596$88,830
Poughkeepsie$610$105,022
Binghamton$617$92,996
Staten Island$622$112,245
Long Island$627$106,691
Cortland$633$103,530
Oneonta$639$97,545
Tupper Lake$654$99,665
Yonkers$662$87,675
Brooklyn$712$99,483
Hempstead$739$156,487
Oswego$792$179,339
Harrison$799$154,450
White Plains$813$143,047
Elmira$872$203,067
Westchester$889$192,360
Freeport$940$206,451
Queens$958$336,656
Watertown$1,069$500,955
Utica$1,071$396,900
Rochester$1,138$253,741
Albany$1,189$700,350
Buffalo$1,222$598,185
Troy$1,247$533,400
Kingston$1,284$422,625
Bedford$1,388$317,520
Hudson Valley$1,572$366,722
Bronx$1,663$384,510
Ithaca$1,956$464,670
Lynbrook$2,101$497,499
Syracuse$2,294$542,325
New Rochelle$2,321$548,739
Astoria$2,336$549,465
Cheektowaga$2,476$585,640
New York City$2,483$587,370
Rockville$2,583$605,666
Huntington$2,818$667,608
Mount Vernon$3,211$858,654
Richmond Hill$3,247$909,220

The table shows that the increase in insurance rates is almost directly proportional to the increase in home value, although home value is not the only factor that determines insurance rates. Richmond Hill with an average premium of $3,247 is the most expensive city, followed by Mount Vernon at $3,211, Huntington at $2,818, Rockville at $2,583, and New York City at $2,483.

However home value is not the only factor that influences home insurance. Some other key factors are listed in a report by Allstate – the home insurance provider with the largest market share in the state. These include deductible, home and property values, claim history, distance from the fire department, the condition of the plumbing and electrical systems, and vulnerability to natural disasters. Deductible is the amount that homeowners agree to pay out of their pockets in the event of a claim. The home and property value decide the coverage limits that one agrees to, in the insurance plan. Coverage is the total amount of expenditure that insurance providers are willing to incur toward your claim. That value is often decided by the replacement value of your home, which is in turn determined by your present home value.

The location of your home is also an important factor in deciding your premium, your median home value, and the probability of your home being affected by natural disasters, such as hurricanes, earthquakes, floods, volcanic eruptions, and wildfires. Gavop identified the 10 biggest cities in the state by population, and calculated the median home insurance in those places, as outlined in the below infographic.

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New York city, the biggest city in the state reports a median premium of $2,483, higher than the state average by a margin of almost $1,150. In Buffalo, the second largest city in the state, homeowners pay an average premium of $1,222. Rochester, at third in the list, reports a median that is almost on par with the state average, greater by just $1, at $1,138.

One of the most expensive cities—Mount Vernon (premium listed above)—comes at number seven in the list of the most populated cities. The next most expensive city is New York followed by New Rochelle, at number 5 in the list, with a median premium of $2,321. The table below ranks the cities by population and lists the median premiums in those cities.

NY Largest CitiesPremiumPopulation
New York City$2,4838,175,133
Buffalo$1,2222,61,310
Rochester$1,1382,10,565
Yonkers$6621,95,976
Syracuse$2,2941,45,170
Albany$1,18997,856
New Rochelle$2,32177,062
Mount Vernon$3,21167,292
Schenectady$55466,135
Utica$1,07162,235

ABOUT THE AUTHOR

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Ramu Garuda

Ramu is a research analyst with over 9 years of analytics & research experience. Prior to joining the company, he worked with some of the prominent consulting and market research firms in India, including Pride Technology (Supporting consulting projects to PWC), RR Donnelly, and The Hackett Group. His skills include company profiling, benchmarking, data and trend analysis, industry analysis, and report writing across the industries. Ramu holds a Master’s degree in Finance and Marketing. He also has a bachelor’s degree in Biotechnology.

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