Homeowners Insurance in Queens, New York

Homeowners insurance is essential in Queens, New York City’s most populous borough. Policies protect your residence from various forms of damage, from minor thefts to major fires and hurricanes.

Leaving your home unprotected puts your livelihood and that of your family in jeopardy. Below, we break down Queens homeowners insurance rates, coverages, and more so you can get the right policy at the best price.

The average cost of homeowners insurance in Queens is about $1,676 annually, roughly 13% higher than the average premium in New York. Homeowners insurance in and around New York City is more expensive than most places in the state.

When looking at New York as a whole, the statewide average premium is about $1,489 annually. However, rates in New York City are around $2,043 yearly, likely due to higher property values and greater risk of hurricane damage near the Atlantic coast.

One of the primary factors affecting the average cost of homeowners insurance is home value. Insurance companies typically determine house value by using the home’s replacement cost. 

Replacement cost is the amount of money needed to rebuild your house based on construction expenses. Insurers examine aspects like square footage, building materials, and labor costs to determine replacement costs. Home value determines the amount of dwelling coverage you need. Look below at different premiums in Queens for some typical dwelling coverage amounts.

Rates climb as dwelling coverage amount (and home value) rises since larger, nicer houses always cost more to build and more to insure. It also doesn’t help that overall construction costs and inflation, among other market factors, are driving home building costs (and insurance rates) up. Homeowners insurance rates are complex, though, and several factors contribute to premiums. 

The cheapest homeowners insurance in Queens will vary by person depending on coverage needs and carrier. Each person could need a different mixture of policy limits and possible coverage add-ons, causing no two policies or rates to be exactly alike. Also, every company has slightly different ways of determining rates, causing price differences across the industry.

Despite the many moving parts, you can still save money on your policy by shopping around and qualifying for discounts.

Shop around to find the best rates. Comparing quotes from multiple companies when searching for insurance will allow you to find the carrier with the friendliest rates for your situation. You won’t know which company is the cheapest until you check. Shopping around will also allow you to note differences in endorsements, discounts, and customer service among insurers.

Watch for discounts. Always note what discounts are available and ask about the ones you can qualify for. You can typically get discounts based on your occupation or age, home construction, security features, and more.

Homeowners insurance policies are generally divided into six sections based on the coverage each part provides. Home insurance plans protect more than just your house – each policy guards your property and liability.

Homeowners insurance protects your property from possible damage sources called perils. Common covered perils include fire, theft, hurricanes, and water damage.

You must understand your coverage needs and budget to get the best homeowners insurance in Queens. Since every person and property differs, you should understand when and how our plan covers you to adjust it to your needs. You might need to alter your coverage limits or add endorsements to make your plan the best. You should also always compare quotes from multiple providers to find the best rates.

Although providers will have suggested amounts, you’re ultimately responsible for your policy limits when quoting. Each coverage section has a maximum possible payout, and you must ensure that the limit is sufficient for your property.

For example, if you have $25,000 in personal property coverage but own $40,000 worth of possessions, you wouldn’t have enough coverage to reimburse you for all of your items if you suffer a total loss, such as a catastrophic fire.

So, ensure your policy limits are sufficient. You can do this through a home inventory to value all your belongings and determine the amount of personal property coverage you need. For liability coverage, check that your limits account for all your financial assets. 

And, ensure your dwelling coverage is near enough to the replacement cost of your home to align with your budget. Companies require your dwelling coverage limit to be at least 80% of your home’s value, but you can raise it to 100% or more for total protection.

While home insurance plans guard against over a dozen perils, depending on your property, you may still find coverage gaps. You can add protection for your plan that isn’t included by default with add-ons called endorsements.

You can get endorsements to cover certain natural damage causes, like water backup and sinkholes. You can also get endorsements for items excluded from standard coverage, such as scheduled personal property coverage for particularly expensive valuables and permitted incidental occupancy coverage for home-based business and commercial items in your house.

Endorsements vary by company, although identity theft coverage and inflation protection are also commonly offered and may be worth adding to your plan. Endorsements cost extra, but they may be worth adding depending on your coverage needs and budget. Also, endorsement costs could vary by provider, so check among multiple companies to find the best option.

Unfortunately, home insurance doesn’t cover flooding. If you’re concerned about flood damage in Queens, you’d need a separate flood insurance policy.

As far as insurance is concerned, floods can be caused by coastal erosion, mudslides, heavy rainfall, and storm surge. It’s the most common and costly natural disaster in the nation.

The National Flood Insurance Program (NFIP) is the country’s largest flood insurance provider. As of 2021, there are over 16,000 active NFIP policies in Queens, with about half of them in high-risk flood zones called Special Flood Hazard Areas.

Some sections near the East River towards the northern border of Queens, as well as some properties in the Howard Beach area to the south, are in federally designated flood zones. You should consider flood insurance even if you’re not in a flood zone, as the NFIP reports that over 20% of its claims come from outside high-risk areas.

Our team at Clovered can help you explore your options for flood insurance in Queens.

Insurance companies assess many aspects of your property to determine suitable premiums. Carriers charge higher premiums on houses with greater chances of suffering damage to offset the financial risk of paying out a claim.

Some of the most critical factors influencing Queens homeowners insurance rates include:

Location: Houses in damage-prone areas, like flood zones or high-crime neighborhoods, often have higher premiums because of the increased chances of property damage. Conversely, homes within a certain distance of a fire hydrant receive discounts.

Home Age: Carriers are very concerned about your home’s age. Older houses are typically more likely to suffer damage. Dated elements, such as roofing, pipes, siding, and wiring, are more likely to fail with age, either from wear and tear or during a severe weather event. As a result, insurers usually charge higher premiums to older dwellings.

Home Construction: Insurers will note your home’s number of floors and square footage, as the size of your house determines how much dwelling coverage you need. Larger houses typically cost more to insure. Additionally, wooden-frame homes tend to have higher premiums than masonry (brick or concrete) houses because masonry structures withstand wind and fire damage better.

Companies will also analyze some more personal details that affect rates, such as:

Credit Score: Companies can consider your credit score when calculating rates. People with lower credit scores often have higher premiums because insurers are concerned that they’ll miss a payment.

Claims History: Carriers always ask about your claims history when quoting. Companies view someone who has filed several claims in the recent past as a higher financial risk and typically charge higher rates.

Policy Specifics: Your coverage choices also influence your rates. Adding endorsements or increasing coverage limits increases costs of property insurance in Queens. Qualifying for discounts or raising your deductible will reduce premiums.

Homeowners insurance is required in Queens when you have a mortgage. Lenders mandate insurance coverage as part of their home loans.

Lenders require insurance to protect their investments. If you let your policy lapse during your loan, your lender will force insurance on you. Avoid force-placed insurance. Since the lender chooses it, they typically choose policies that benefit them by charging you higher premiums and giving you less coverage than a typical policy.

If you don’t have a mortgage because you paid it off or bought your home with cash, no entity will require you to have home insurance in Queens. However, bypassing coverage makes you personally responsible for covering all property damage you could suffer out of your own pocket. Depending on the damage, this risk could result in financial devastation. It’s a gamble, and we don’t recommend trying your luck. You should always have home insurance. 

Obtaining homeowners insurance quotes in Queens through an independent insurance agency is one of the best ways to find coverage, as independent agents partner with several companies and bring your best options to you.

Clovered is an independent insurance agency founded in 2019 that specializes in all sorts of property insurance. We’ve helped tens of thousands find coverage, and we want to help you with your Queens home insurance quotes today.

You can use our online quoting tool to compare your options and potentially bind your policy online. Or, you can call our licensed agents at 833-255-4117 to quote over the phone with someone to help you every step of the way. You can also email us at   [email protected] with any questions.