Homeowners insurance is financial protection for your home, personal property, and additional living expenses in the event that your home is damaged or burglarized. Your homeowners policy also covers medical and legal expenses if you or someone in your household causes bodily injury or damage to someone else’s property. If you’re one of the 37% of Albany residents who owns a home rather than rents, you should make sure your home is fully insured by a trusted company with reliable customer service, financial standing, and claims handling.
In terms of natural disasters, upstate New York residents don’t have a whole lot to worry about. The Albany area experiences all of the elements, but it’s far enough from the coast that it doesn’t see hurricane-force winds and far enough south where it doesn’t experience the same level of snowfall or frigid temperatures as some of the north-most cities in the state. But Albany is prone to extreme rain that causes flooding and sewer backups. Since homeowners insurance doesn’t cover flood damage, Albany residents should consider purchasing flood insurance.
Keep reading for our guide to the best companies, average rates in different parts of town, and coverage considerations for Albany residents. For a broader look at homeowners insurance across the state, check out our New York homeowners insurance guide.
Key takeaways
The highest-rated home insurance company in Albany is USAA
The average annual premium for a home in Albany is $1,239
Albany residents should ensure their homes are fully insured and protected against severe weather disasters like tornadoes
Best homeowners insurance companies in Albany
In addition to cost, there are many factors you should consider when shopping around for homeowners insurance. You should look for an insurance company that has a good financial standing with credit agencies like A.M. Best. Customer service is also important — you want an insurance company you can trust — so you should check customer service and claims ratings with J.D. Power. Also consider looking for a homeowners insurance company that offers enhanced home rebuild protection like extended replacement or guaranteed replacement cost. This type of coverage will offer more protection than the standard replacement cost coverage.
The table below looks at the 10 most popular insurers (companies with the highest market share) in New York, along with respective A.M. Best ratings, J.D. Power ratings, and Policygenius full-scale company ratings. Here’s more information about the Policygenius home insurance reviews methodology.
Company | A.M. Best Rating | J.D. Power Score | Policygenius rating |
|---|---|---|---|
AIG | A | 2/5 | 7 |
A+ | 3/5 | 7.4 | |
Chubb | A++ | 2/5 | 8 |
Heritage | B+ | N/A | N/A |
National General | A- | 2/5 | N/A |
NYCM Insurance | A | N/A | N/A |
A+ | 2/5 | 7.3 | |
A++ | 4/5 | 8 | |
A+ | 2/5 | 7.7 | |
A++ | 5/5 | 8.7 |
➞ Check out our guide on the best homeowners insurance companies in the country
Ready to shop home insurance?
Average homeowners insurance rates in Albany
The average annual cost of homeowners insurance in Albany is $1,239, according to Policygenius quotes. That makes rates in Albany higher than the New York statewide average of $1,285, but keep in mind that home construction costs tend to be higher in population-dense cities like Albany.
As you can see, the cheapest area to insure your home is Washington Park, while Colonie has by far the highest rates, according to our quotes.
Popular residential neighborhood (ZIP Code) | Average annual premium |
|---|---|
Pastures (12202) | $1,265 |
Colonie (12205) | $1,566 |
Helderberg (12209) | $1,411 |
Washington Park (12203) | $789 |
Bishop’s Gate (12211) | $1,165 |
Albany homeowners insurance guide
Albany residents will want to make sure their homes are properly insured to cover and pay out damage due to theft, violent thunderstorms, snowstorms, and other common hazards like freezing pipes and sewer backups.
Homeowners insurance covers theft of personal belongings, but only pays out for certain valuables up to a limited amount (typically $1,000–2,000). If you own expensive electronics, jewelry, art, or bicycles, consider insuring those items with higher coverage limits to ensure you'll be fully reimbursed in the event of a burglary or storm or water damage. Albany experiences about 3,200 instances of property crime per 100,000 residents — quite a bit higher than the national average of 2,100 instances per 100,000 residents.
Additionally, snowstorm and thunderstorm damage can also result in property damage for homeowners in Albany. You can protect yourself from these common perils with additional policy coverage like replacement cost contents coverage, which ensures you will be fully reimbursed for your losses.
Albany homeowners should also look into adding endorsements for floods or purchasing separate flood insurance policies, either through the National Flood Insurance Program (NFIP) or a private insurer.
Is homeowners insurance required in Albany?
Homeowners insurance is not required by law in Albany, but most mortgage lenders will require that you get homeowners insurance and maintain coverage throughout the duration of the mortgage.
