Best & Cheapest Homeowners Insurance in Syracuse, NY May, 2024
In Syracuse, homeowners can find the most budget-friendly homeowners insurance from Nationwide, which offers an average annual quote of $715.
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
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.
Quotes Analyzed
Years Of Industry Experience
Brands Reviewed
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 |
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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