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By: Ramu Garuda  August, 26, 2019

Homeowners in New York City pay an average homeowner's insurance premium of $673 per annum, which is much lower than the national average of $1228 per annum. This could be due to the fact that metropolitan cities have lower crime rates, better response times from the fire department, and are less prone to natural disasters.

Constructing homes with fire-resistive material can help lower the insurance rates for New York City homeowners, with insurance companies offering discounts of up to 15%. Those living in brick veneer constructions can get a discount of up to 6% on their insurance premiums whereas homeowners with masonry homes can get a discount of up to 11%.

Never having filed an insurance claim before can also get New York City homeowners a discount of $67. However, if you have filed one claim before, you will have to pay an additional $40 on your homeowner's insurance, and for 2 filed claims, the amount goes up to $81 in New York City.

Senior citizens of New York City get a discount of about $87 on their homeowner's insurance. Nationwide offers a 30% discount for new homes, while Bunker Hill Home Insurance offers a  5% discount on homes with new roofs. They also offer an additional 3% discount for paying insurance bills online. Encompass Insurance offers a 15% discount for a renovated house.

Installing safety and security features on their properties is another way for New York homeowners to lower home insurance rates. For instance, installing deadbolt locks can get homeowners a discount of about $54 in New York City. Functioning fire extinguishers can ensure a discount of about $121 while smoke detectors can attract a discount of $108.  A $54 discount can be availed for homes with sprinkler systems. Fire and burglar alarms can get a discount of $47 each, and a discount of $27 can be availed for a lightning protection system.


Bundling insurance policies can also generate big savings for homeowners in New York City. Bundling home and auto insurance can attract a discount of at least 10%. Bundling homeowner's insurance with life insurance can help homeowners get a discount of about 11%. Bundling all three insurance policies—home, auto, and life—can earn new York homeowners a discount of up to 20%.



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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.