Question 1

Why is home insurance cheaper in the Bronx than other NYC boroughs?

Accepted Answer

The Bronx is the only NYC borough not entirely located on an island, which means lower risk of hurricane damage and coastal flooding from the Atlantic Ocean. This geographic advantage translates to lower premiums—about 30% below the NYC average. You'll pay roughly $1,412 annually in the Bronx compared to over $2,000 in some other boroughs.

Question 2

Do I need homeowners insurance if I own a co-op in the Bronx?

Accepted Answer

You don't need traditional homeowners insurance, but you absolutely need an HO-6 policy (also called co-op insurance). Your building's master policy covers the structure, but you're responsible for insuring your personal property, any improvements to your unit, and liability coverage. Most Bronx co-op boards require $300,000 to $500,000 in liability coverage as a condition of ownership.

Question 3

How much does co-op or condo insurance cost in the Bronx?

Accepted Answer

The average HO-6 policy in New York costs about $1,307 per year for $200,000 in dwelling coverage. Liability coverage—which your building will require—adds only about $25 to $50 annually to your premium. Your actual cost depends on your unit's value, location within the Bronx, and your building's specific requirements.

Question 4

What are the biggest insurance risks for Bronx homeowners?

Accepted Answer

Fire and water damage are the primary concerns. The Bronx has elevated fire risk due to close building proximity, older electrical systems, and high-density housing. Water damage from burst pipes, roof leaks, and aging infrastructure is equally common in older buildings. Your proximity to fire stations and the condition of your property's plumbing and electrical systems directly affect your rates.

Question 5

Does my Bronx neighborhood affect my home insurance rates?

Accepted Answer

Absolutely. Insurers consider local crime statistics, building density, and claims history when setting rates. For example, Riverdale—with lower crime rates and more single-family homes—typically sees lower premiums than denser neighborhoods with higher crime. Even within the Bronx, your specific address and local risk factors create a unique insurance profile.

Question 6

How much has home insurance increased in the Bronx recently?

Accepted Answer

Rates are climbing significantly. Insurers are raising homeowners premiums by about 8% or more for 2025, and New York is seeing faster increases than the national average. For multi-unit rental properties, the situation is more dramatic—per-unit insurance costs in the Bronx jumped 103% from 2019 to 2024, reaching $1,806 per unit.

Insurance Agents in Bronx, New York (NY)

Insurance agencies serving Bronx

Almeda Insurance

Cavanagh And Alessandro, Inc.

Insurance Agents in Bronx, New York (NY)

Insurance agencies serving Bronx

Almeda Insurance

Cavanagh And Alessandro, Inc.

East Coast Motor Club - General

Gomez Insurance Agency And Tax Corporation

Island Insurance Agency

L M Insurance & Financial Services LLC

Morea Agency LLC

Selarias Insurance

Sonali Insurance Agency

Insurance Guides for Bronx

Home Insurance in the Bronx

Auto Insurance in the Bronx

Insurance Guide for Bronx

Frequently asked questions