Population: 47,376 | Northeast region | 29% below national average for homeowners insurance
Binghamton is a small community with a population of 47,376 in the Northeast region. Insurance costs here are shaped by a combination of New York's regulatory environment, local risk factors, and the city's specific demographic profile.
One of Binghamton's advantages is its below-average homeowners insurance costs. At $1,853/yr, residents pay 29% less than the national average. Over a 30-year mortgage, that adds up to approximately $22,410 in savings — a meaningful financial benefit that makes homeownership more affordable in this market.
Flood risk is a key insurance consideration in Binghamton. Standard homeowners insurance does not cover flood damage — a separate flood policy through the NFIP or a private carrier is needed. Properties in FEMA-designated flood zones face mandatory flood insurance requirements if they have a federally backed mortgage.
Binghamton's crime index of 52/100 is moderate — neither a significant penalty nor a notable benefit for insurance pricing. Standard security measures and a claims-free history are the most effective ways to keep premiums in check.
The total annual insurance budget for a Binghamton homeowner with a car is approximately $5,925/yr ($494/mo). This is significantly above the national combined average of $5,097/yr. For anyone relocating to Binghamton, budgeting for this higher insurance cost is essential — it can represent the equivalent of one or more extra monthly car payments per year. Bundling homeowners and auto with the same carrier typically saves 15-20%, which could mean $1,007 in annual savings.
Data sources: Insurance cost estimates derived from NAIC reports, Insurance.com, Bankrate, and Insurify (2025-2026). City risk factors from FEMA, FBI UCR, and state insurance department filings. Figures represent average annual premiums for standard coverage and may vary based on individual factors.
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