The Best Cheap Homeowners Insurance in Albany, New York for 2022: Quotes and Reviews

The average cost of homeowners insurance in Albany, New York, is $945 per year or approximately $79 per month. The cheapest and most expensive homeowners insurance rates in Albany are $722 and $1,213 per year, respectively. This means you can save as much as $491 just by shopping around. If you are looking for a combination of cost and quality, we’ve also ranked the best homeowners insurance companies in Albany.

Insurance Rates

widget-location-pin
Last Updated: 6/25/2022
Advertising & Editorial Disclosure
By     |  
iconribbonbesthome insuranceAlbany2022

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

Dwelling Coverage:

$250,000

Scroll for more

swipe icon
Insurance Rates

Compare Home Insurance Rates

Ensure you're getting the best rate for your home insurance. Compare quotes from the top insurance companies.

widget-location-pin

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

Albany$945
New York$1,402
U.S.$2,103

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.

moneygeek-logo

Home Insurance Calculator

State

New York

Dwelling Coverage

$250,000

Deductible

$500

Liability

$300,000

Personal Property

$50,000

Credit Score

Excellent
moneygeek-logo

low end

on average

high end

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.


1
Nationwide
Score:94.2

5/5

Affordability

4.3/5

User Satisfaction

4.5/5

Financial Stability

Geek Quick Take
Geek Quick Take

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.

More About Nationwide

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.

2
State Farm
Score:92.4

4.8/5

Affordability

4.1/5

User Satisfaction

5/5

Financial Stability

Geek Quick Take
Geek Quick Take

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.

More About State Farm

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.

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

Scroll for more

swipe icon

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

Scroll for more

swipe icon

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

Scroll for more

swipe icon

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

Scroll for more

swipe icon

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.
Insurance Rates

Compare Home Insurance Rates

Ensure you're getting the best rate for your home insurance. Compare quotes from the top insurance companies.

widget-location-pin

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 the Author


expert-profile

Mark Fitzpatrick is a senior content manager with MoneyGeek specializing in insurance. Mark has years of experience analyzing the insurance market and creating original research and content. He graduated from Boston College with a Bachelor of Arts and Johns Hopkins University with a Master of Arts.