The Cheapest and Best Homeowners Insurance in Syracuse
The Cheapest Home Insurance Companies in Syracuse
In Syracuse, the cost of homeowners insurance is an important factor for homeowners when picking a policy, as many companies offer the same core coverage at varying prices.
MoneyGeek gathered quotes to find the cheapest homeowners insurance companies in different states and cities. The cheapest insurance companies in Syracuse for home insurance with $250,000 in dwelling coverage are:
- Nationwide: $705 per year
- Travelers: $710 per year
The cost of your insurance premium increases in proportion to your home’s value. In Syracuse, the following companies offer the cheapest homeowners insurance for $2 million worth of dwelling coverage:
- Nationwide: $5,197 per year
- Travelers: $5,207 per year
As shown, the cost of homeowners insurance is dependent on many factors including your dwelling coverage. In the table below, you can see how choosing a different dwelling coverage amount affects the price of your annual premium.
The Cheapest Home Insurance in Syracuse, 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 New York but in a city other than Syracuse, you can also lookup home insurance in NY to find rates in your area
The Average Cost of Homeowners Insurance in Syracuse for 2022
The average cost of home insurance in Syracuse per year is $931, or approximately $78 per month. This is much cheaper than the state average of $1,402 per year and the national average of $2,103 per year.
Calculate the Cost of Home Insurance in Syracuse
Location is a significant factor that affects the cost of your home insurance, but other variables like dwelling coverage, personal property coverage and credit score impact your insurance rates.
You can compare homeowners insurance quotes in your state through 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 Syracuse
When shopping for homeowners insurance in Syracuse, you shouldn’t only look at cost. An insurance company’s customer service and financial stability are also important factors to consider. Filing a claim can be a stressful experience, but great customer service can save you time and headaches by processing your claim quickly and fairly.
Based on MoneyGeek’s study, the best homeowners insurance companies in Syracuse are:
- Best Overall: Nationwide
- Runner Up: Travelers
MoneyGeek ranked home insurance companies in Syracuse based on affordability, user satisfaction and financial stability.
MoneyGeek ranked Nationwide as first for affordability and second for customer service and financial stability, making Nationwide the best home insurance company in Syracuse. The average cost of home insurance from Nationwide is $705 per year. The company offers a Better Roof Replacement option which covers the cost of replacing your roof after a loss.
The Better Roof Replacement option is unique among insurance providers. The option doesn’t just cover the cost to replace your roof – it covers the cost to replace your roof with stronger and safer roofing materials. Through Nationwide, you can also get home renovation discounts when you renovate your home’s plumbing, heating, cooling or electrical systems. If you don’t file a claim, you can also qualify for a lower premium.Read MoneyGeek's Nationwide home Insurance Review
Travelers was ranked by MoneyGeek as the second-best option for home insurance in Syracuse, receiving high scores for affordability, customer service and financial stability. The average cost of home insurance from Travelers is $710 per year. If you’re looking to upgrade your home with energy-efficient materials, Travelers has you covered.
Travelers offers an energy-efficient upgrade option that covers the cost of replacing old or damaged appliances with energy-saving alternatives. The company also provides discounts when you bundle your home and auto insurance. A final feature unique to Travelers’ home insurance policies is optional identity fraud expense coverage, which will cover up to $25,000 in costs associated with restoring your identity if you’re a victim of fraudulent activity.Read MoneyGeek's Travelers home Insurance Review
Cheapest Home Insurance Companies in Syracuse for Newly Constructed Homes
Insuring newly constructed homes is less expensive than insuring older homes. Homes constructed with modern materials are more resistant to damage and comply with current building codes. As a result, homeowners are less likely to file an insurance claim, and if your home is damaged, insurers can replace new materials more easily.
In Syracuse, home insurance for newly constructed homes costs an average of $732 per year compared to an average of $931 per year for a home built in 2000.
The cheapest insurance companies in Syracuse for those with newly constructed homes with $250,000 in dwelling coverage are:
- Travelers: $511 per year
- Nationwide: $586 per year
The Cheapest Home Insurance in Syracuse for New Homes, Ranked
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Cheapest Home Insurance Companies in Syracuse if You Have a Lot of Personal Property
Damage to personal property is included in your homeowners insurance. If you want to increase your personal property limit, you will pay more for homeowners insurance.
In Syracuse, a homeowners insurance policy with a personal property coverage limit of $100,000 costs $732 per year, compared to a policy with $250,000 in personal property coverage limits, which costs an average of $1,025 per year.
The following are the cheapest insurance companies in Syracuse for those that require insurance policies with $250,000 in personal property coverage limits:
- Travelers: $734 per year
- MetLife: $828 per year
Cheap Companies in Syracuse for Extra Personal Property Coverage
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Cheapest Home Insurance Companies in Syracuse for High Deductibles
The cost of homeowners insurance in Syracuse is impacted by the deductible amount that you choose. If you choose a higher deductible, you may pay more out of pocket if you file a claim, but you’ll pay less for your annual premium.
For instance, the average cost of a $2,000-deductible policy is $827 per year, compared to $931 per year for a $1,000-deductible policy.
The cheapest insurance companies in Syracuse for insurance policies with $2,000 deductibles are:
- Nationwide: $651 per year
- Travelers: $653 per year
The Cheapest Companies in Syracuse for High Deductibles, Ranked
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Cheapest Home Insurance Companies in Syracuse if You Have Poor Credit
Companies look at your credit scores to determine rates. If you have a good credit score, your homeowners insurance will be less expensive than those with a poor credit score.
In Syracuse, home insurance costs an average of $931 per year for homeowners with good credit compared to an average of $1,683 per year for those with bad credit.
The cheapest insurance companies in Syracuse for those with poor credit are:
- Chubb: $939 per year
- Nationwide: $1,142 per year
The Cheapest Companies in Syracuse for Poor Credit, Ranked
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Getting Online Homeowners Insurance Quotes in Syracuse
To obtain home insurance quotes online, you’ll need to provide the following information:
- The replacement cost of your home: This is the cost of reconstructing your home, not the market value of your home. It will define the limitations of your dwelling coverage. To get a replacement cost estimate, you should hire a building contractor or consult with a construction professional.
- The value of your personal property: The estimated total value of the belongings within your home will determine the amount of personal property coverage you should get.
- Personal information: Your address and other personal information such as 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 Syracuse Analysis: Methodology
To rank the best homeowners insurance in Syracuse, MoneyGeek analyzed home insurance premiums from seven companies. This data was provided in partnership with Quadrant. Customer satisfaction ratings were drawn from J.D. Power surveys.
Quotes were collected for a home with varying coverage levels to calculate affordability scores. Home insurance rates were also collected for different homeowner profiles, including homeowners with newly constructed homes, increased dwelling coverage or personal property coverage, higher deductibles and poor credit scores.
The base homeowner profile was for a 2500-square-foot home built in the year 2000, with a dwelling coverage of $250,000, personal property coverage of $100,000 and liability coverage of $100,000. All policies had a $1,000 deductible.
About Mark Fitzpatrick