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Home Insurance and Car Insurance in New York
Shopping for home and auto insurance in New York State can feel like an overwhelming task. It’s often expensive, especially in areas where car accidents and heavy snow storms are common occurrences. But buying the right kind of home and car insurance can help you stave off thousands—or hundreds of thousands—of dollars in repairs or replacement costs.
SelectQuote reduces the guesswork of buying home and auto insurance by comparing rates from several companies at once to find you the right price. We look for all available discounts when we shop for coverage, including the hundreds of dollars you could save each year by bundling your policies together.
Homeowners Insurance in New York
Whether they own a brownstone in Williamsburg or a single-family home in Buffalo, New Yorkers need to protect their investment. That means buying home insurance.
Home insurance helps cover repair or replacement costs for losses due to damage to your home or property. This also includes losses due to theft. While New York doesn’t require you to buy home insurance as a matter of state law, it’s still a wise investment. In fact, most home lenders require that you buy it as a condition of extending you a home loan.
Let’s walk through the basic types of coverage that most New York home insurance policies will include and other optional coverage you may need, depending on where you live.
Most home insurance policies come in one of two forms: replacement cost coverage and cash value coverage. Replacement cost coverage pays the full cost of repairing or replacing your home or property, regardless of depreciation or increases in material or labor costs. Cash value policies simply pay the cash value of the cost of repairs up to your coverage limit.
Homeowners Insurance Coverage Options in New York
Outside of cash value or replacement cost limits, most standard New York home insurance policies usually include the following types of insurance coverage:
- Dwelling coverage is a standard policy that covers your home’s actual physical structure, including any attached garages.
- Other structures coverage protects detached structures, such as pole barns or sheds.
- Personal property coverage works to cover household belongings. If it’s inside or outside your home, it’s covered.
- Loss of use coverage helps pay the costs of a hotel stay or other lodging if your house is rendered uninhabitable by a covered loss.
- Guest medical protection coverage pays for medical bills for those who are injured on your property, regardless of who was at fault.
Common Causes of Loss in New York
New York insurers see millions of dollars in claims each year, stemming from various causes. Wind, hail, fire, and lightning are common culprits, as are theft and miscellaneous property damage. In the parts of the state impacted by the coldest weather and snow, ice damming is actually one of the most common insurance claim causes.1
Ultimately, the frequency and types of claims can vary based on location, time of year, and individual circumstances.
Additional Coverage Options Recommended for New York Homeowners
Carefully read over your policy declarations to ensure you understand what is and isn’t covered. Some New York mortgage lenders might require you to buy extra insurance coverage depending on where your home is located or if there are other significant risks of damage. Typically, additional coverage you may want to purchase for your home insurance policy includes the following:
- Flood insurance coverage: Because most home insurance policies don’t cover flooding, you may want to buy a separate policy from your insurer or the National Flood Insurance Program (NFIP).
- Wind and hail coverage: Wind and hail coverage protects your home and belongings after damage due to heavy winds, and it can help replace or repair your roof after a hail storm.
- Water backup coverage: Many home insurance policies don’t cover backed-up drains or sewer lines. Adding this coverage ensures you won’t be responsible for paying the full price of repairs due to these issues.
- Seepage and leakage coverage: This insurance pays for damage that occurs due to slow leaks or seepage from foundation cracks.
Our Home Insurance Companies in New York
SelectQuote works with highly rated home and auto insurance companies that serve the residents of New York State. When we shop for coverage through our partner carriers, we assure you that we’re seeking the best rates on the policy you need, backed up by customer service and financial stability.
What is the average home insurance cost in New York?
The average monthly premium for home insurance in New York is $94.25.+ Your own rates will vary, however, based on several factors, including the age and condition of your home, the types of insurance you buy, your coverage limits and deductibles, and applicable discounts.
Homeowners Insurance Discounts in New York
New York homeowners are eligible for several discounts on their home insurance. Many insurance companies offer savings for the following reasons:
- New home discounts
- Low or no claim discounts
- Profession-based discounts for teachers or military service members
- Customer loyalty discounts
- Security system and deadbolt discounts
- Bundled coverage discounts
Bundle Your Home and Auto Insurance to Save Money
Bundling your home and auto insurance policies is one of the best ways to save significant money on your coverage. When you combine these coverage types with one carrier, you can save hundreds of dollars each year.
Average Home and Auto Insurance Rates in New York
The following table reflects actual home and auto insurance rates paid by real SelectQuote customers in five of the largest markets in New York. Take note of customers' bundled savings once they combine their home and auto policies with one carrier.
| City | Avg. Monthly Home Insurance Rate | Avg. Monthly Auto Insurance Rate | Avg. Monthly Rate of Bundled Policies |
| Brooklyn | $162.75 | $150.25 | $110.33 |
| Buffalo | $88.74 | $241.67 | $255.49 |
| Rochester | $60.86 | $182.15 | $154.10 |
| Schenectady | $81.19 | $198.17 | $259.33 |
| Syracuse | $68.65 | $195.21 | $193.94 |
Average monthly rates are from effective SelectQuote customer policies between 4/1/2022 and 3/31/2023.
Auto Insurance in New York
Much like home insurance, auto insurance in New York isn’t just convenient to have. It’s a necessity. For one, New York requires all drivers to carry some form of auto liability coverage. But it’s also important to help pay for repairs or vehicle replacement because of an accident when you’re not at fault. Let’s talk about some of New Yorkers' car insurance options, including optional coverage that can help ensure your out-of-pocket costs in an accident are kept to a minimum.
New York Auto Insurance Laws and Requirements
New York State requires all drivers to have auto liability insurance coverage, but that isn’t the only type of insurance you might want to buy. The following list describes the types of auto insurance coverage available for drivers in The Empire State:
- Liability insurance pays for damages you cause in an accident where you’re at fault. It can also pay for medical bills incurred by the other driver or their passengers. New York requires all drivers to have $25,000 of bodily injury coverage per person in any one accident and a maximum of $50,000 per two or more people. You must also carry $10,000 worth of property damage liability insurance. Many people purchase more than the minimum legal coverage.
- Uninsured/underinsured motorist coverage is not a requirement in New York, but most carriers offer it. It helps pay for injuries or damages to you or your vehicle if you’re involved in an accident with someone who isn’t adequately insured.
- Personal injury protection insurance pays for costs related to the injury or death of passengers in your car in the event of an accident.
- Collision coverage pays for damages to your vehicle that are caused as a result of a collision with another vehicle or object. If you’re leasing or financing a vehicle, your lender typically requires this coverage.
- Comprehensive coverage pays for repairs or replacement of your vehicle if it’s damaged due to events that aren’t covered by collision coverage. This includes theft, vandalism, fire, natural disasters, falling objects, animals, and riots. It can also help pay for glass damage. Most lenders require it as a condition of vehicle financing.
- Gap insurance pays the difference between what your car is currently worth and what you currently owe. It’s often a requirement for leasing or financing a vehicle.
| Types of Coverage | Minimum State Requires |
| Bodily Injury Liability | $25,000 per person, $50,000 per accident |
| Property Damage Liability | $10,000 per accident |
| Uninsured Motorist | Not required |
| Underinsured Motorist | Not required |
| Personal Injury Protection | $15,000 |
| Collision | Not required |
| Comprehensive | Not required |
| Gap Insurance | Not required |
New York Teen Driving Laws
New York, like most states, requires all drivers to apply for a New York Learner Permit prior to obtaining their driver’s license. You can apply and take the permit test online or at a local DMV office. Learners must have supervised driving practice and take a pre-licensing or driver education course before they take a road test to prove their knowledge and skills.2New York’s Graduated License Law includes restrictions for drivers based on when and where they will be driving. Upstate New York, Long Island, and New York City have different driving privileges.3 Common restrictions in New York for all young drivers include limits on the number of passengers, curfew hours, and a complete ban on mobile device use while driving.
New York Car Registration Information
To register a car in New York, you’ll need to submit appropriate documents (usually proof of ownership, including the title), application, and payment to the DMV. Specific requirements can vary by county, so check with your local branch. You’ll also need to submit proof of insurance and payment for the registration fee, which can vary by vehicle.4
What is the average car insurance cost in New York?
The average monthly car insurance premium for SelectQuote customers is $181.09.+ Your own rates will vary, however, based on several factors. These include:
- Make and model of your vehicle
- Your car’s condition
- Your address
- Your previous driving history
- Insurance claims history
- Credit score
- Annual mileage
- Applicable discounts
Remember, one of the best ways to save on auto insurance is to bundle your coverage with another home insurance policy.
Our Auto Insurance Companies in New York
SelectQuote only works with the highest-rated auto insurance companies in New York. We compare rates from dozens of trusted carriers to find you the most affordable coverage that meets your needs.
Home and Auto Insurance Frequently Asked Questions
Buying home and auto insurance in New York often raises some questions. Below are a few of the most common inquiries we get when helping New York residents shop for coverage.
Do I need renters insurance in New York?
Renters insurance isn’t mandatory according to New York law. The owner of a building is required to maintain insurance on the dwelling you rent, but that coverage does not extend to your personal belongings.
For this reason, most landlords require proof of renters insurance as part of your lease agreement. Even if your landlord doesn’t have this requirement, purchasing it’s still a good idea because it helps protect you and your possessions. Renters insurance covers personal property loss due to theft or damage, liability protection, and additional living expenses if your rental unit becomes uninhabitable. Basic renters policies in New York cost about $300 per year for up to $50,000 in property protection. 5
Do you need motorcycle insurance in New York?
Motorcyclists must purchase insurance to operate in New York.6 Much like other motor vehicles, the state requires specific liability insurance minimums to register a bike. You must purchase $25,000 for bodily injury liability coverage per person and $50,000 per accident. Failure to maintain the required coverage could lead to serious consequences. In addition, the state’s No-Fault Law requires all drivers, passengers, and pedestrians involved in vehicle accidents to be covered by no-fault insurance.7
Do I need mobile home insurance in New York?
Like many other states, mobile home insurance isn’t legally required in New York, but buying it’s still a good idea, especially if you live in parts of the state prone to heavy snowfall or other natural disasters. Because mobile homes are more susceptible to certain kinds of damage than traditional stick-built ones, your mortgage lender or mobile home park may require you to purchase this coverage as a condition of your loan or lease.
Why is car insurance expensive in New York?
New York car insurance costs so much because of several factors. The state sees a high number of insurance claims, which always drives up costs for the risk pool. In addition, its dense population in areas like New York City increases the risk of accidents, theft, and vandalism. Because New York is a no-fault state, your insurance company will pay for damages regardless of who is at fault. That leads to higher premiums. Finally, New York’s stringent insurance requirements compared to other states lead to increased costs among consumers.8
Do you need boat insurance in New York?
While New York does not require boaters to buy insurance for their watercraft, it’s still a good idea to purchase it. Boat insurance helps cover the costs of repairing or replacing your boat if it’s damaged due to an accident. Many insurance customers have the option of buying coverage that specifically covers their boat(s), as well as the ability to modify their home insurance policy to include boat coverage.9
SelectQuote Can Shop New York Home or Auto Insurance to Save You Time and Money
Whether you’re a daily driver on the Long Island Expressway or trying to insure your home in snowy Buffalo, buying insurance to protect your home or car shouldn’t feel like a hassle. At SelectQuote, we help customers throughout the Empire State find the best rates possible on coverage for their cars and houses. When you shop for bundled home and auto insurance coverage with SelectQuote, you can trust that we’ll compare prices from several insurers at once and present you with plenty of options to meet your coverage and budget needs.
Sources:
- https://horaninsured.com/blog/most-common-home-insurance-claims-in-cny
- https://dmv.ny.gov/driver-license/get-your-learner-permit-and-first-driver-license
- https://dmv.ny.gov/younger-driver/graduated-license-law-and-restrictions-drivers-under-18
- https://dmv.ny.gov/registration/how-register-vehicle
- https://www.dfs.ny.gov/consumers/help_for_homeowners/renters_tenants/renters_insurance
- https://dmv.ny.gov/insurance/insurance-requirements
- https://finzfirm.com/blog/does-no-fault-insurance-apply-to-motorcyclists-in-new-york/
- https://wallethub.com/answers/ci/why-is-car-insurance-in-new-york-so-expensive-1000256-2140709311/
- https://parks.ny.gov/boating/registrations.aspx
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