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

In Syracuse, homeowners can find the most budget-friendly homeowners insurance from Nationwide, which offers an average annual quote of $715.

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Updated: 05 May 2024
Written by
Bob Phillips
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In our thorough assessment of homeowners insurance providers in Syracuse, NY, Nationwide emerges as the most cost-effective option, boasting average annual rates of $715. However, it’s essential to recognize that the optimal insurer for you may vary based on your specific circumstances and requirements.

For instance, if you have a lower credit score, Nationwide still offers the most economical choice with an average annual premium of $1,162. If you own an older home, Farmers presents competitive rates of $1,110 per year alongside comprehensive coverage.

Conversely, if you have a newly constructed home, Nationwide once again provides the most cost-effective solution at $590 per year. For individuals with a history of claims, State Farm offers an understanding and affordable solution at $1,261 annually.

Additionally, if you have valuable personal property requiring protection, Travelers stands out as the top choice, offering extensive coverage at a reasonable rate of $830 per year.

Our detailed analysis at Insuranceopedia aims to assist you in finding the ideal homeowners insurance coverage. By comparing customer ratings, evaluating personal experiences, and providing comparison charts, we equip you with all the necessary information to make a well-informed decision.

How much is homeowners insurance in Syracuse, NY?

Nationwide offers the most budget-friendly homeowners insurance rate in Syracuse, NY, with an annual premium of $715.

As noted below, the homeowners insurance rates in Syracuse 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
Syracuse $940

It’s essential to grasp insurance rates because they aren’t consistent and can differ significantly based on various factors.

Cheapest Homeowners Insurance in Syracuse, NY

Cheapest Homeowners Insurance, Syracuse, 2024

Our Methodology

To identify the most cost-effective home insurance rates in Syracuse, we conducted an extensive analysis using data from multiple home insurance review platforms. Some of these sources collected rates from public filings acquired through Quadrant Information Services. We averaged these rates for our review, but it's crucial to understand that each company's rates can vary frequently and will be impacted by your unique circumstances. Our overall rating also incorporates my subjective viewpoint, based on fifteen years of experience as a licensed insurance agent and more than three decades of purchasing home insurance policies. This combination of objective data and personal expertise guarantees a comprehensive evaluation of the available options.

66

Quotes Analyzed

15+

Years Of Industry Experience

24

Brands Reviewed

40+

Research Hours

Cheapest homeowners insurance in Syracuse, NY

Nationwide is the most budget-friendly choice for home insurance in Syracuse, NY, with an average yearly cost of $715.

Company Annual Premium
Nationwide $715
MetLife $771
State Farm $839
Chubb $950
USAA $1,370

Several factors impact the cost of your homeowners insurance, including where you live, your home’s value, and your past claims. Nationwide offers a good balance of affordability and thorough coverage, making it a great option for many homeowners.

Cheapest Homeowners Insurance In Syracuse If You Have an Older Home

Farmers offers the most budget-friendly rates for homeowners with older homes, averaging around $1,110 per year.

Insurance Company Average Annual Premium
Farmers $1,110
State Farmers $1,210
Nationwide $1,356
AIG $1,478
Chubb $1,798

Older homes come with distinct risks and upkeep challenges that can lead to increased insurance expenses. Despite this, Farmers provides competitive rates and thorough coverage designed to meet the specific needs of older homes, making it a dependable option for homeowners looking for cost-effective and reliable insurance solutions.

Cheapest Homeowners Insurance for Newly Constructed Homes

Homeowners with newly built homes can find the most cost-effective insurance option with Nationwide, offering an average annual rate of $590.

Insurance Company Average Annual Premium
Nationwide $590
State Farm $610
USAA $871
Chubb $899
Allstate $1,058

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

Cheapest Homeowners Insurance If You Have Poor Credit

Nationwide provides the most budget-friendly option for individuals with a poor credit score, with an average annual rate of $1,162.

Insurance Company Average Annual Premium
Nationwide $1,162
State Farm $1,293
Travelers $1,541
Allstate $2,488
Farmers $3,442

Your credit score is a major factor in determining your insurance premiums because insurers use it to evaluate risk. Nationwide values fairness and ensures that everyone receives equitable coverage, regardless of their financial past or credit score.

Cheapest Home Insurance In Syracuse for a History of Claims

Homeowners who have a history of claims can discover an affordable option with State Farm, offering an average annual rate of $1,570.

Insurance Company Average Annual Premium
State Farm $1,570
Nationwide $1,613
Allstate $1,898
AIG $2,346
Chubb $2,730

Insurers often raise premiums for homeowners with a history of claims due to increased risk. However, State Farm believes in giving individuals second chances and provides reasonable rates for those with past claims, ensuring they can still access quality coverage without excessive costs.

Cheapest Home Insurance Rates for Lots of Personal Property

Travelers offers the most affordable rates for homeowners with a substantial amount of personal property, averaging $830 annually.

Insurance Company Average Annual Premium
Travelers $830
MetLife $845
State Farm $871
Chubb $1,198
USAA $1,420

As the value of your personal property increases, your coverage requirements also rise, potentially resulting in higher insurance premiums. Travelers tackles this issue by providing comprehensive coverage at affordable rates, guaranteeing that all your belongings are well protected without causing financial strain.

Best Homeowners Insurance Companies in Syracuse, NY

Choosing the right homeowners insurance isn’t just necessary—it’s a strategic decision. Syracuse’s homes have a rich history, reflecting the unique characteristics of its residents. Therefore, finding an insurance provider that offers thorough coverage at competitive rates is crucial.

To make your decision easier, we’ve compiled a list of the best homeowners insurance companies in Syracuse, NY. These companies were assessed based on factors like annual premiums, coverage choices, customer satisfaction ratings, and overall reliability. Take a look at our comparison chart below to discover the perfect match for your home insurance needs.

Company Annual Premium
Nationwide $715
MetLife $771
State Farm $839
Travelers $750
Chubb $950
Allstate $1,239
USAA $1,370

Average Home Insurance Rates by Zip Codes

Home insurance prices in Syracuse, NY can fluctuate considerably depending on the zip code. Below, you’ll find tables displaying rates for various zip codes in Syracuse, including the cheapest and most expensive zip codes in terms of annual home insurance premiums.

ZIP Code Average Insurance Premium (Annual)
13202 $1,008
13204 $1,123
13210 $1,039
13224 $1,193
13290 $1,022
13244 $1,030
13250 $1,214

Cheapest Zip Codes

ZIP Code Average Insurance Premium (Annual)
13202 $1,008
13210 $1,039
13290 $1,022
13244 $1,030

Most Expensive Zip Codes

ZIP Code Average Insurance Premium (Annual)
13224 $1,193
13250 $1,214
13290 $1,363
13252 $1,270

Average Home Insurance Rates in Syracuse, NY by Deductible Amount

The deductible you choose for your homeowners insurance policy can significantly affect the premium rates in Syracuse, NY. Here’s a breakdown of how average home insurance rates vary depending on different deductible amounts:

Deductible Amount Annual Rate
$500 $1,040
$1,000 $924
$2,000 $856

Average Home Insurance Rates in Syracuse, NY By Coverage Amount

A key element that influences your insurance premium is the level of dwelling coverage you opt for. This figure signifies the maximum sum your insurer will pay to rebuild or repair your home if it’s damaged or destroyed.

Below is a comparison chart depicting the average annual premiums for homeowners insurance across different dwelling coverage amounts.

Dwelling Coverage Amount Average Annual Premium
$200,000 $788
$250,000 $860
$300,000 $1,125
$350,000 $1,270
$400,000 $1,350

Average Home Insurance Rates in Syracuse, NY by Company

Below is a table comparing the yearly premiums offered by some of the leading insurance providers in Syracuse:

Company Annual Premium
Nationwide $715
State Farm $839
Chubb $950
MetLife $771
Travelers $750
Allstate $1,239
USAA $1,370

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

Here is a comprehensive comparison chart displaying the most affordable insurance companies and their yearly premiums across different cities in New York.

City Annual Premium
Buffalo $915
Rochester $960
Yonkers $1,240
Albany $968

Getting Online Homeowners Insurance Quotes in New York

Websites like Insuranceopedia simplify the process of finding the right coverage for your needs. With a few clicks, you can get quick online quotes from top-rated insurers, making it easy to compare rates.

Just enter your information, and we’ll do the work of presenting you with customized options. This way, you can choose a policy that gives you the best value, balancing cost and coverage effectively.

FAQs

Who has the cheapest home insurance in Syracuse, NY ?

Nationwide provides the most budget-friendly home insurance option in Syracuse, New York, with an annual premium of $715.

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

On average, homeowners insurance in Syracuse, New York, costs approximately $940 per year.

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