Homeowners insurance in New York

The home insurance market in New York

New Yorkers paid $9.03 billion in homeowners premiums in 2025, according to NAIC market share data. These are the 10 largest insurance groups by 2025 direct premiums written:

New York is one of the least concentrated markets in the country: based on NAIC data, only eight states have a smaller leading share, and the top 10 write about 65% of premiums. Two high-net-worth specialists, Chubb and PURE, hold nearly 15% between them. NYCM, an Edmeston mutual that writes only in New York, ranks sixth. Below the top 10 are regional carriers such as Kingstone Insurance, which in April 2025 agreed to offer replacement policies to selected downstate customers of AmGUARD, a Berkshire Hathaway GUARD company that left admitted personal lines nationwide on July 8, 2024.

What drives home insurance costs in New York

The NAIC put New York's average HO-3 premium at $1,801 for 2023, about 4% above the countrywide $1,737. That average blends two markets. Upstate, insurers price for winter: frozen pipes, ice dams, snow load and the water damage that follows. Downstate, the coast drives price and availability. Superstorm Sandy (federal disaster DR-4085, October 27 to November 8, 2012) remains the reference event for Long Island and the city's outer boroughs; FEMA approved more than $1 billion in individual and household assistance in New York after it. The remnants of Hurricane Ida (DR-4615, September 1 to 3, 2021) showed that inland rain can do serious damage too, much of it flood damage a homeowners policy does not pay.

Deductibles and coverage rules to know

New York allows hurricane deductibles, but only on the state's terms. Under Insurance Law §3445 and the third amendment to Regulation 159 (11 NYCRR 74), effective February 2, 2026:

• An insurer may use one only after showing DFS it has sufficient hurricane exposure, and may vary it by county or distance from the shore.
• It applies only when the National Weather Service determines a hurricane made landfall in New York, covering wind damage from 12 hours before landfall until 12 hours after the last New York watch or warning is canceled. A storm that comes ashore in New Jersey or Connecticut does not trigger it.
• It does not apply to loss of use, and your declarations page must show both the percentage and the dollar amount.

Say your dwelling limit is $500,000 with a 2% hurricane deductible: you pay the first $10,000 of wind damage from a qualifying storm. Try the hurricane and percentage deductible calculator, and see hurricane and named-storm deductibles explained.

Renewal protection is strong. DFS says that once a homeowners policy has been in force 60 days, the insurer generally cannot cancel or nonrenew it for three years except for nonpayment, fraud, a crime or willful act that increases the hazard, or a physical change that makes the property uninsurable (the three-year "required policy period" in Insurance Law §3425). After that, a nonrenewal needs written notice with the specific reason at least 45 and no more than 60 days before the policy ends.

Flood and other gaps

Homeowners policies exclude flood, including storm surge and flash flooding. FEMA counted 162,282 NFIP policies in force in New York as of September 30, 2026, down 5,413 in a year. As DFS notes, NFIP coverage tops out at $250,000 on a home and $100,000 on contents, basement coverage is limited, and new policies usually take 30 days to start; see NFIP flood insurance explained. Sewer backup needs its own water backup endorsement.

If you can't find coverage

The New York Property Insurance Underwriting Association (NYPIUA), operating since 1968, is the state's FAIR plan. It is a stripped-down safety net:

• It writes dwelling fire coverage: a Basic form (fire, wind including hurricane, hail, smoke, vandalism and similar perils) or a costlier Broad Form that adds perils such as weight of ice and snow, freezing and accidental water discharge.
• Policies are generally on an actual cash value basis, with no liability, flood or theft coverage.
• Limits top out at $600,000 on an occupied one- to four-family dwelling and $250,000 for personal property and additional living expense.
• A 2% catastrophe windstorm deductible applies to Broad Form policies in the five boroughs, Nassau, Suffolk and Westchester for a Category 2 or stronger hurricane. Homes within 1,500 feet of salt water must meet state hurricane protection standards to get wind coverage, and no new wind coverage is bound while a storm is inside NYPIUA's watch box.

The Coastal Market Assistance Program (C-MAP), which NYPIUA administers, pairs a NYPIUA policy with a "wraparound" policy from a participating private insurer that adds liability and theft coverage and can bring the building up to replacement cost. It serves owner-occupied homes and units in the Bronx, Brooklyn, Queens, Staten Island, Nassau, Suffolk and Westchester, generally within one mile of the shore (2,500 feet on the North Shore, in the Bronx and in Westchester), after a cancellation or nonrenewal for a reason other than nonpayment. Call NYPIUA at 212-208-9700 or 800-522-3372.

Last comes an excess and surplus lines insurer, which DFS allows only after three licensed insurers decline you; the state's Property/Casualty Insurance Security Fund does not protect those policies. See FAIR plans explained: the insurer of last resort for homes.

Claims rules and deadlines

DFS Regulation 64 (11 NYCRR 216) sets the clock. An insurer must acknowledge your claim, begin investigating and request the forms it needs within 15 business days of notice. It must accept or deny within 15 business days after receiving a properly executed proof of loss and everything it asked for; if it needs more time, it must say why and update you every 90 days. Payment is due within five business days of a settlement agreement, and undisputed items must be paid while others are argued.

New York's standard fire policy (Insurance Law §3404) sets the other deadlines. It asks for a proof of loss within 60 days, but under §3407 a late proof generally cannot cut your claim unless the insurer first sent a written request with blank forms. The suit deadline is stricter: two years from the inception of the loss, meaning the date of damage, not the denial. Disputes over the amount can go to appraisal; see the appraisal clause: settling a claim value dispute and deadlines to sue over a home insurance claim, and talk to an attorney or licensed public adjuster for specifics.

Discounts and mitigation programs

New York is not among the states IBHS lists with a statewide FORTIFIED grant program. Its one required homeowners discount is for hurricane-resistant shutters, windows and doors; DFS advises checking with your insurer before you buy, because products and installation must qualify. DFS also lists optional credits many insurers offer, from alarms and water leak shutoff valves to roof features such as secondary water resistance and hip roofs. If your insurer uses credit information, you can ask it to re-rate your policy at least every three years, and an updated score can only lower your premium.

Where to get help

The New York State Department of Financial Services takes complaints through its online portal at dfs.ny.gov/complaint and on its hotline at 800-342-3736, staffed Monday through Friday, 8:30 a.m. to 4:30 p.m. After a storm, DFS also lists a disaster hotline at 800-339-1759. Mailing addresses are One Commerce Plaza, Albany, NY 12257, and One State Street Plaza, New York, NY 10004-1511. Give your agent and insurer a chance to fix the problem first, then see how to file a complaint with your state insurance department. If you get a nonrenewal notice, the nonrenewal action plan walks through next steps. Neighbors New Jersey and Connecticut face the same Northeast storm exposure.