Best & Cheapest Homeowners Insurance in Albany, NY June, 2024

Nationwide provides the most affordable homeowners insurance for homeowners in Albany, offering an average annual quote of $743.

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Updated: 05 May 2024
Written by
Bob Phillips
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In our thorough examination of homeowners insurance providers in Albany, NY, Nationwide stands out as the most affordable option, with average annual rates of $743. However, it’s important to note that the best insurer for you may vary depending on your specific circumstances and needs.

For example, if your credit score is lower, State Farm offers the most economical choice with an average annual premium of $1,443. If you own an older home, Allstate provides competitive rates of $1,134 per year along with comprehensive coverage.

On the flip side, if you have a newly constructed home, State Farm offers the most cost-effective solution at $570 per year. For individuals with a history of claims, Nationwide provides an understanding and affordable solution at $1,570 annually.

Furthermore, if you have valuable personal property requiring protection, Nationwide once again proves to be the top choice, offering extensive coverage at a reasonable rate of $802 per year.

Our detailed analysis at Insuranceopedia aims to assist you in finding the ideal homeowners insurance coverage. Through comparing customer ratings, analyzing personal experiences, and presenting comparison charts, we provide all the necessary information for you to make a well-informed decision.

How much is homeowners insurance in Albany, NY?

Nationwide provides the most affordable homeowners insurance rate in Albany, NY, at an annual premium of $743.

As indicated below, the homeowners insurance rates in Albany are lower than both the national average and the average rate for the state of New York.

Area Average Monthly Rate
National $1,820
New York $1,409
Albany $968

Understanding insurance rates is crucial because they are not uniform and can vary significantly based on various factors.

Cheapest Homeowners Insurance in Albany, NY

Cheapest Homeowners Insurance, Albany, 2024

Our Methodology

To determine the most affordable home insurance rates in Albany, we conducted a thorough analysis using data from various home insurance review sites. Some of these sites sourced rates from public filings obtained from Quadrant Information Services. We have averaged these rates for this review, but it's important to note that each company's rates can fluctuate frequently and will be influenced by your specific circumstances. Our overall rating also considers my subjective opinion, drawing from fifteen years of experience as a licensed insurance agent and over three decades of purchasing home insurance policies. This blend of objective data and personal expertise ensures a comprehensive assessment of the available options.

66

Quotes Analyzed

15+

Years Of Industry Experience

24

Brands Reviewed

40+

Research Hours

Cheapest homeowners insurance in Albany, NY

Nationwide stands out as the most affordable overall option for homeowners insurance in Albany, NY, offering an average annual rate of $743.

Company Annual Premium
Nationwide $743
Travelers $767
State Farm $790
Chubb $1,092
Allstate $1,217

The price of your homeowners insurance policy is influenced by several factors, such as your location, the value of your home, and your claims history. Nationwide provides a balanced combination of affordability and comprehensive coverage, making it a suitable choice for many homeowners.

Cheapest Homeowners Insurance In Albany If You Have an Older Home

For homeowners with older homes, Allstate provides the most affordable rates, averaging $1,134 per year.

Insurance Company Average Annual Premium
Allstate $1,134
Nationwide $1,170
Farmers $1,192
AIG $1,278
Chubb $1,480

Older homes often carry unique risks and maintenance challenges that can result in higher insurance costs. However, Allstate offers competitive rates and comprehensive coverage specifically tailored to address the needs of older homes, making it a reliable choice for homeowners seeking affordable and effective insurance solutions.

Cheapest Homeowners Insurance for Newly Constructed Homes

For homeowners who own newly constructed homes, State Farm provides the most cost-effective solution, with an average annual rate of $570.

Insurance Company Average Annual Premium
State Farm $570
Nationwide $615
USAA $756
Chubb $1,004
Allstate $1,057

Newly constructed homes often have different insurance coverage needs compared to older homes, and State Farm is known for offering affordable policies specifically tailored to address these requirements.

Cheapest Homeowners Insurance If You Have Poor Credit

If you have a poor credit score, State Farm offers the most affordable solution, with an average annual rate of $1,443.

Insurance Company Average Annual Premium
State Farm $1,443
Chubb $1,480
Travelers $1,510
Allstate $1,890
Farmers $2,314

Your credit score plays a significant role in determining your insurance rates, as it is a crucial factor that insurers consider when assessing risk. State Farm recognizes the importance of providing fair coverage to everyone, regardless of their financial history or credit score.

Cheapest Home Insurance In Albany for a History of Claims

Homeowners with a history of claims can find an affordable solution with Nationwide, which offers an average annual rate of $1,570.

Insurance Company Average Annual Premium
Nationwide $1,570
Travelers $1,592
AIG $2,070
Chubb $2,245
Farmers $2,942

Having a history of claims can indeed raise concerns for insurers and often result in higher premiums. However, Nationwide believes in providing second chances and offers reasonable rates for homeowners with past claims, ensuring they can still access quality coverage without facing exorbitant costs.

Cheapest Home Insurance Rates for Lots of Personal Property

For homeowners with a significant amount of personal property, Nationwide provides the most affordable rates, with an average annual rate of $802.

Insurance Company Average Annual Premium
Nationwide $802
Metlife $1,020
Allstate $1,236
USAA $1,251
Chubb $1,367

As your personal property increases, so do your coverage needs, which can lead to higher premiums. Nationwide addresses this by offering extensive coverage at reasonable rates, ensuring that all your belongings are adequately protected without breaking the bank.

Best Homeowners Insurance Companies in Albany, NY

Selecting the appropriate homeowners insurance is not just a requirement; it’s a strategic choice. Albany’s homes have a diverse history, mirroring its residents’ uniqueness. Hence, finding an insurance provider that offers comprehensive coverage at competitive rates becomes crucial.

To simplify your decision-making process, we’ve curated a list of the top homeowners insurance companies in Albany, NY. These companies were evaluated based on their annual premiums, coverage options, customer satisfaction ratings, and overall reliability. Refer to our comparison chart below to find the ideal match for your home insurance requirements.

Company Annual Premium
Nationwide $743
Travelers $767
State Farm $790
Chubb $1,092
Allstate $1,217
MetLife $954
USAA $1,179
AIG $1,267

Average Home Insurance Rates by Zip Codes

The cost of homeowners insurance in Albany, NY can vary significantly based on the zip code. Below are tables showcasing rates for different zip codes in Albany, along with the the cheapest and most expensive zip codes in the area for annual home insurance premiums.

ZIP Code Average Insurance Premium (Annual)
12211 $1,008
12209 $1,023
12222 $1,039
12207 $1,036
12208 $1,022
12203 $1,030

Cheapest Zip Codes

ZIP Code Average Insurance Premium (Annual)
12209 $1,023
12206 $1,027
12203 $1,030
12208 $1,022
12211 $1,008

Most Expensive Zip Codes

ZIP Code Average Insurance Premium (Annual)
12260 $1,039
12210 $1,037
12226 $1,036
12205 $1,031
12222 $1,039

Average Home Insurance Rates in Albany, NY by Deductible Amount

The deductible you select for your homeowners insurance policy has a notable impact on the premium rates in Albany, NY. Here’s a breakdown of how the average rates for home insurance vary based on different deductible amounts:

Deductible Amount Annual Rate
$500 $1,030
$1,000 $904
$2,000 $836

Average Home Insurance Rates in Albany, NY By Coverage Amount

One critical factor that impacts your insurance premium is the amount of dwelling coverage you choose. This represents the maximum amount your insurance company will pay to rebuild or repair your home in case of damage or destruction.

Let’s delve into a comparison chart that illustrates the average annual homeowners insurance premiums for various dwelling coverage amounts.

Dwelling Coverage Amount Average Annual Premium
$200,000 $760
$250,000 $843
$300,000 $1,030
$350,000 $1,198
$400,000 $1,340

Average Home Insurance Rates in Albany, NY by Company

Here’s a comparison table showcasing annual premiums from some of the top providers in Albany:

Company Annual Premium
Nationwide $743
Travelers $767
State Farm $790
Chubb $1,092
Allstate $1,217
MetLife $954
USAA $1,179
AIG $1,267

How Much is Homeowners Insurance for Other Cities in New York?

The following is a  detailed comparison chart that showcases the cheapest companies and their annual premiums across various cities in New York.

City Annual Premium
Buffalo $1,064
Rochester $960
Yonkers $1,240
Syracruse $990

Getting Online Homeowners Insurance Quotes in New York

Informative platforms such as Insuranceopedia make it easy to find the best coverage for your specific needs with just a few clicks. By offering quick online quotes from a range of top-rated insurers, Insuranceopedia allows you to compare rates easily.

Simply input your details, and let us handle the heavy lifting by presenting you with a selection of options tailored to your requirements. This enables you to confidently select a policy that offers the best value, balancing cost with comprehensive coverage.

FAQs

Who has the cheapest home insurance in Albany, NY ?

Nationwide offers the most affordable home insurance in Albany, New York, with an annual premium of $743.

What is the average cost of home insurance in Albany, NY?

The typical expense for homeowners insurance in Albany, New York, is around $968 per year.

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