The Cheapest and Best Homeowners Insurance in Albany
The Cheapest Home Insurance Companies in Albany
Homeowners insurance companies offer the same core coverage at varying prices. Hence, the cost of homeowners insurance in Albany is an important factor to consider, especially if you want to save on your premiums.
MoneyGeek gathered quotes to find the cheapest homeowners insurance companies in different states and cities. In Albany, New York, the two cheapest insurance companies for the average homeowner with $250,000 worth of coverage dwelling are the following:
- Nationwide: $722 per year
- Travelers: $742 per year
On the contrary, premiums would be much higher if you own an expensive home. The cheapest homeowners insurance companies in Albany for $2 million worth of dwelling coverage are the following:
- Nationwide: $5,271 per year
- Travelers: $5,442 per year
There are several factors that affect the cost of your homeowners insurance in Albany. One of these is your chosen dwelling coverage. Using the table below, you can see how different dwelling coverage amounts affect the price of your annual premium.
The Cheapest Home Insurance in Albany, Ranked
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All policies with a $250,000 initial baseline dwelling coverage have a $100,000 personal property limit. A personal property limit of $800,000 is included in all policies with $2 million in dwelling coverage. The liability coverage on all insurance is $100,000.
If you live in another city in New York, MoneyGeek also analyzed home insurance in NY, so you can easily identify the best option for you.
The Average Cost of Homeowners Insurance in Albany for 2022
In Albany, the average cost of homeowners insurance per year is $945, or approximately $79 a month. This is significantly cheaper than the state average of $1,402 and the national average of $2,103 per year.
Calculate the Cost of Home Insurance in Albany
When it comes to calculating the cost of home insurance, location is very important, as certain areas will have higher insurance rates than others. In addition to location, there are additional elements to consider, such as the amount of dwelling coverage you get, the amount of personal property coverage you purchase, your credit score and many other factors.
To compare homeowners insurance quotes in your state based on different factors, you can use MoneyGeek’s home insurance calculator.
Home Insurance Calculator
These are annual estimates. Get a personalized quote to determine your costs.
The Best Home Insurance Companies in Albany
Price is not the only important factor when shopping for homeowners insurance. Customer service and financial stability are also important considerations. Filing a claim can be stressful, but great customer service can make it a quick and easy process.
Based on MoneyGeek’s study, the best homeowners insurance companies in Albany are:
- Best Overall: Nationwide
- Runner Up: Travelers
MoneyGeek ranked home insurance companies in Albany based on affordability, user satisfaction and financial stability.
The best homeowners insurance in Albany is Nationwide which costs an average of $722 per year. Its policies include an optional feature called Better Roof Replacement, which replaces your roof with stronger building materials after a covered loss. Homeowners can also add identity theft coverage to cover the costs of keeping personal data secure.
Nationwide was ranked first for affordability and also received high scores for customer satisfaction and stability. It offers an optional Better Roof Replacement coverage which replaces your roof with materials that are stronger and safer after a covered loss. The insurer also offers many opportunities to receive discounts through the installation of protective devices like fire alarms, burglar alarms, smoke detectors, etc., or by updating your home’s plumbing, heating, cooling and electrical systems.Read MoneyGeek's Nationwide home Insurance Review
According to MoneyGeek’s rankings, the second-best option for home insurance in Albany is State Farm. On average, insurance policies with this provider cost $773 per year. Policyholders can add home systems protection and service line coverage, two options not available through other insurance providers.
State Farm is an affordable, quality insurer for homeowners interested in adding optional coverages. The home systems protection option covers home systems such as electrical and generation systems or heating and cooling systems. Service line protection will cover the cost of damages to underground piping, as well as electric and service lines. Both are optional coverages, but adding them to your policy can save you money if repairs are required.Read MoneyGeek's State Farm home Insurance Review
Cheapest Home Insurance Companies in Albany for Newly Constructed Homes
Newly constructed homes cost less to insure than older homes because homeowners are less likely to file a claim. This is because new homes are built with modern materials that are more resistant to damage and easier to replace.
On average, home insurance in Albany for newly constructed homes costs $743 per year, compared to $945 per year for homes built in 2000.
In Albany, the cheapest homeowners insurance companies homeowners that have newly constructed homes with $250,000 in dwelling coverage are:
- Travelers: $534 per year
- State Farm: $556 per year
The Cheapest Home Insurance in Albany for New Homes, Ranked
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Cheapest Home Insurance Companies in Albany if You Have a Lot of Personal Property
Home insurance also covers damage to personal property in your home. If you need a higher personal property coverage to cover your valuables, you pay more for home insurance. On average, it costs $743 per year for a standard policy with personal property limits of $100,000. In comparison, the same standard policy with $250,000 in personal property coverage limits costs an average of $1,040 per year.
The following providers are the cheapest insurance companies in Albany for those with personal property coverage limits of $250,000:
- Travelers: $768 per year
- State Farm: $802 per year
Cheap Companies in Albany for Extra Personal Property Coverage
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Cheapest Home Insurance Companies in Albany for High Deductibles
A policy’s deductible can have a sizable effect on the cost of your home insurance in Albany. A higher deductible means you’ll pay more out-of-pocket cost if you make a claim, but the cost of your annual premium will be reduced.
It costs an average of $840 per year for a $2,000-deductible policy, compared to an average of $945 for a $1,000-deductible policy.
The cheapest insurance companies in Albany for 2,000-deductible policies are:
- Nationwide: $667 per year
- Travelers: $682 per year
The Cheapest Companies in Albany for High Deductibles, Ranked
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Cheapest Home Insurance Companies in Albany if You Have Poor Credit
Insurance companies in Albany use credit scores as a rating factor for insurance costs. Homeowners with poor credit scores will pay more for home insurance.
Home insurance costs an average of $1,708 per year if you have poor credit compared to an average of $945 per year for those with good credit.
The cheapest insurance companies in Albany for those with poor credit are:
- Chubb: $1,090 per year
- Nationwide: $1,171 per year
The Cheapest Companies in Albany for Poor Credit, Ranked
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Getting Online Homeowners Insurance Quotes in Albany
When you get home insurance quotes in Albany online, you will need to provide the following information ready:
- The replacement cost of your home: This is the cost of rebuilding your home, not its market value. It will define the limitations of your dwelling coverage. To acquire an estimate of the cost of replacement, you may want to consult a building contractor or construction professional.
- The value of your personal property: The value of your belongings will determine the appropriate personal property coverage limits for your home insurance policy.
- Personal information: Providing your personal information such as address, information about who lives in your home, your insurance history and other details are needed to get quotes.
- Information about your house: You will also need to provide information about your house including when it was built, how big it is and what security devices are currently installed in it.
Homeowners Insurance in Albany Analysis: Methodology
MoneyGeek analyzed home insurance premiums from seven companies in Albany. We gathered data in partnership with Quadrant, collecting quotes for a home with varying coverage levels to calculate affordability scores. Quotes were also collected for homeowners with newly constructed homes, increased dwelling coverage or personal property coverage, higher deductibles and poor credit scores. Customer satisfaction ratings were drawn from J.D. Power surveys.
The base profile for a homeowner included a 2,500-square foot home, built in 2000 with a dwelling coverage of $250,000, personal property coverage of $100,000 and a liability coverage of $100,000. All policies had a $1,000 deductible.
About Mark Fitzpatrick