Best homeowners insurance in Albany, NY (2024)

We looked at average costs, customer service ratings, and policy options from multiple top insurers to find the best and cheapest home insurance companies in Albany.

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By

Jennifer GimbelSenior Managing Editor & Home Insurance ExpertJennifer Gimbel is a senior managing editor at Policygenius, where she oversees all of our insurance coverage. Previously, she was the managing editor at Finder.com and a content strategist at Babble.com.

Updated|5 min read

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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 northern-most cities in the state. Even so, Albany residents will want to make sure their home is protected with homeowners insurance coverage.

Here are our picks for the best homeowners insurance companies in Albany, NY.

Compare home insurance rates in Albany

Compare the best cheap homeowners insurance companies in Albany

Based on our findings, NYCM Insurance, State Farm, Farmers, Allstate, and Travelers are the best homeowners insurance companies in Albany.

To find the best cheap homeowners insurance in Albany, we reviewed over a dozen of the largest insurance companies in New York and chose the five with the highest overall Policygenius rating.

Our ratings are based on each company's financial strength and customer service ratings, the number and quality of available coverage, and average policy premiums in 15 Albany ZIP codes.

Company

Average monthly cost

Policygenius rating

NYCM Insurance

$59

5 out of 5

State Farm

$81

4.8 out of 5

Farmers

$94

4.5 out of 5

Allstate

$96

4.4 out of 5

Travelers

$77

4.4 out of 5

Methodology & why you can trust our rates

Policygenius has analyzed home insurance rates provided by Quadrant Information Services in March 2022 for ZIP codes in all 50 states plus Washington, D.C., for a 40-year-old female homeowner with no claim history, good credit, a $1,000 deductible, and the following coverage limits:

  • Dwelling: $300,000

  • Other structures: $30,000

  • Personal property: $150,000

  • Loss of use: $60,000

  • Liability: $300,000

  • Medical: $1,000

All rates based on the above coverage limits except where otherwise noted.

Some carriers may be represented by affiliates or subsidiaries. Rates provided are a sample of costs. Your actual quotes may differ.

award icon

2024 Policygenius award winner

NYCM Insurance

NYCM Insurance logo

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starFull orange star

5.0

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A+

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

Mobile app

Offers flood insurance

Bundle home & auto

New homebuyer discount

Why we chose itchevron icon

NYCM Insurance packs a punch with better service and more coverage options than the average home insurance policy at a fraction of the price.

Pros and conschevron icon

Pros

  • Average annual rates are $400 cheaper than the state average

  • Earns 5-star ratings for customer service, financial stability, and coverage options

  • Valuable policy add-ons, including NFIP and excess flood insurance, water backup protection, equipment breakdown coverage, and more

Cons

  • No online quotes — must contact a local NYCM agent

More detailschevron icon

Why we chose NYCM

NYCM has offered affordable home insurance in New York for more than 100 years. We found that NYCM tends to have some of the best rates for homeowners insurance not only in Albany but throughout the entire state — plus a range of discounts.

NYCM also has an impressive list of coverage options. You can increase your home's protection by adding guaranteed and extended replacement cost coverage, water backup, equipment breakdown, flood insurance through the NFIP, and more.

How much does NYCM home insurance cost?

The average cost of NYCM home insurance in Albany is $702 per year or $59 a month. That's 32% cheaper than the citywide average of $1,025 per year.

How to get a quote

Online through NYCM

award icon

2024 Policygenius award winner

State Farm

State Farm logo

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starHalf orange star

4.8

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A++

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

Bundle home & auto

Offers extended replacement cost

Offers flood insurance

Offers earthquake insurance

Wind/hail deductible

Offers wildfire insurance

Why we chose itchevron icon

State Farm home insurance is one of the best home insurance companies in Albany thanks to its large selection of policy options for most home types, high customer service marks, and industry-best financial stability ratings.

Pros and conschevron icon

Pros

  • High customer satisfaction and financial strength ratings

  • Top-tier coverage add-ons, including extended replacement cost coverage

  • Offers large discounts when you bundle your home and auto insurance

Cons

  • 20% more complaints filed with the NAIC than other companies of its size

  • No discounts for first-time homebuyers

More detailschevron icon

Why we chose State Farm

State Farm offers its relatively affordable and highly rated home insurance to homeowners in Albany. We also like State Farm's robust coverage and that it offers flood protection.

Plus, while many competitors don't have the financial strength to pay out claims after multiple natural disasters in the same year, State Farm isn't one of them. It earns the highest rating possible from AM Best for financial strength and stability — only six insurance companies out of nearly 70 we reviewed hold this title.

How much does State Farm home insurance cost?

The average cost of State Farm home insurance in Albany is $966 per year or $81 a month. That's 6% cheaper than the citywide average of $1,025 per year.

How to get a quote

Online through State Farm

award icon

2024 Policygenius award winner

Farmers

Farmers Insurance logo

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starHalf orange star

4.5

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

Offers extended replacement cost

Bundle home & auto

Smart home discounts

Why we chose itchevron icon

Along with saving around 20% when you bundle your home and car insurance, Farmers also gives you access to its extensive suite of discounts, unique policy credits, and claim-free incentives that help put money back in your pocket.

Pros and conschevron icon

Pros

  • 12+ discounts to save on rates

  • Optional extended or guaranteed replacement cost dwelling coverage

  • Shave $50 off your deductible each year you’re with Farmers

Cons

  • Below-average scores on J.D. Power’s overall customer satisfaction and digital experience surveys

More detailschevron icon

Why we chose Farmers

Depending on where you live, you could save up to 45% on your auto insurance and up to 34% on your home insurance when you bundle policies with Farmers, according to the company website.

Even more, Farmers has up to 16 additional discounts and money-saving policy perks. For context, Farmers competitors offer an average of around seven discounts total.

How do Farmers home insurance rates compare to the average in Albany?

The average cost of Farmers home insurance in Albany is $1,131 per year, which is 10% more expensive than the average annual premium in Albany of $1,025.

How to get a quote

Online through Farmers

award icon

2024 Policygenius award winner

Allstate

Allstate logo

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starHalf orange star

4.5

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A+

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

Bundle home & auto

Smart home discounts

Why we chose itchevron icon

Whether you’re looking for basic or comprehensive home insurance coverage, Allstate is a standout option. And homeowners who rent their home on Airbnb will like Allstate's short-term rental coverage that can easily be added to any policy.

Pros and conschevron icon

Pros

  • Offers HostAdvantage — an excellent short-term rental coverage add-on that can be seamlessly added to any policy

  • Extensive list of discounts and policy features to lower your bill and out-of-pocket costs

  • A+ credit rating with AM Best

Cons

  • Beginning to pull back coverage in high-risk areas

  • Customer experience scores with J.D. Power are below the segment average

More detailschevron icon

Why we chose Allstate

If you rent out your property through a short-term rental service like Airbnb and a guest destroys or steals your property, Allstate’s HostAdvantage will pay up to $10,000 per rental host period to replace or repair your property.

And the best part? This coverage can be seamlessly added onto your policy for just a small additional fee. Only around a third of the nearly 70 home insurance companies we reviewed offer any type of home-sharing coverage, making Allstate a great option for Airbnb hosts who also need home insurance of their own.

How do Allstate home insurance rates compare to the Albany average?

The average cost of an Allstate home insurance policy in Albany is $1,156 per year or $96 a month. This is around 13% more expensive than the citywide average of $1,025 per year.

How to get a quote

Online through Policygenius or Allstate, or by contacting a local Allstate agent.

award icon

2024 Policygenius award winner

Travelers

Travelers home insurance logo

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starHalf orange star

4.4

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A++

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

Bundle home & auto

New homebuyer discount

Mobile app

Offers extended replacement cost

Offers flood insurance

Why we chose itchevron icon

Travelers offers some of the best homeowners insurance in Albany thanks to industry-best financial ratings and flexible policy options for most home types.

Pros and conschevron icon

Pros

  • Green home coverage and discounts

  • Offers short-term rental coverage for Airbnb hosts

  • Doesn’t require prior insurance on the home

Cons

  • Subpar customer service ratings with J.D. Power

  • Underwhelming number of available discounts

More detailschevron icon

Why we chose Travelers

Travelers is a reputable home insurance provider that offers comprehensive policy options. One of Travelers's benefits is its willingness to cover risks that other insurance companies won't. These risks include no prior insurance coverage, coverage for short-term rentals, and liability protection for trampoline injuries if its fitted with protective netting.

How do Travelers home insurance rates compare to the Albany average?

The average cost of Travelers home insurance in Albany is $1,025 per year, which is 8% more expensive than the average annual premium in New York of $1,114.

How to get a quote

Online through Policygenius or Travelers

Compare home insurance rates in Albany

How much is homeowners insurance in Albany?

The average cost of homeowners insurance in Albany is $1,025 per year, or $85 per month, according to our analysis of quoted premiums in every ZIP code in the city.

This makes home insurance in Albany around 8% cheaper than the New York state average of $1,114 per year, and almost 42% less pricey than the national annual average of $1,754.

Albany home insurance rates by ZIP code

Home insurance rates can vary substantially depending on which ZIP code your home is located in, as homes in certain Albany areas may be more prone to vandalism and break-ins than others.

To help you find out how much home insurance costs where you live, we calculated average home insurance rates for the 10 most highly populated ZIP codes in Albany.

ZIP code

Average annual cost

Difference from state average (%)

12203

$1,025

-8%

12205

$1,026

-8%

12208

$1,017

-9%

12206

$1,022

-8%

12211

$1,003

-10%

12210

$1,032

-7%

12209

$1,018

-9%

12202

$1,024

-8%

12222

$1,034

-7%

12207

$1,031

-7%

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Cheapest ZIP codes for home insurance in Albany

With an average home insurance rate of $1,003 per year, the 12211 ZIP code is the most affordable area for home insurance in Albany.

ZIP code

Average annual cost

Difference from state average (%)

12211

$1,003

-10%

12208

$1,017

-9%

12209

$1,018

-9%

12206

$1,022

-8%

12223

$1,023

-8%

12202

$1,024

-8%

12203

$1,025

-8%

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Most expensive areas for homeowners insurance in Albany

With an average home insurance rate of $1,034, the 12222 ZIP code is the most expensive area for home insurance in Albany.

ZIP code

Average annual cost

Difference from state average (%)

12222

$1,034

-7%

12260

$1,034

-7%

12210

$1,032

-7%

12207

$1,031

-7%

12226

$1,031

-7%

12205

$1,026

-8%

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Learn more >> Home insurance rates by ZIP code

Albany home insurance costs by coverage amount

Dwelling coverage is the part of your home insurance that pays for physical damage to the structure of your home in the event of a covered loss. Your dwelling coverage limit should be based on the replacement cost of your home, or the amount it would take to rebuild your house from the ground up — not its market value or purchase price.

As seen in the table below, more dwelling coverage usually means higher home insurance rates.

Dwelling coverage limit

Average annual cost

$100,000

$492

$200,000

$752

$300,000

$1,025

$400,000

$1,318

$500,000

$1,633

Albany home insurance costs by deductible amount

Your home insurance deductible is the amount you’re responsible for paying on each claim before insurance helps cover the remainder of the loss.

As shown in the table below, Albany residents can save around $200 on home insurance per year by choosing a $2,000 deductible over a $500 one.

Deductible

Average annual cost

$500

$1,024

$1,000

$899

$2,000

$831

Cheapest homeowners insurance companies in Albany

Based on our analysis, NYCM, National General, Kingstone, Travelers, and Nationwide are the five cheapest home insurance companies in Albany, with average citywide premiums ranging from $702 to $955 per year.

State Farm, Farmers, and Preferred Mutual Insurance are also among the most affordable home insurance carrier options for Albany residents in 2023, as detailed in the table below.

Company

Average annual cost

NYCM Insurance

$702

National General

$729

Kingstone Insurance

$865

Travelers

$923

Nationwide

$955

State Farm

$966

Farmers

$1,131

Preferred Mutual Insurance

$1,131

Allstate

$1,156

Narragansett Bay

$1,181

AIG

$1,234

Chubb

$1,475

Pure Insurance

$1,594

Collapse table

Compare home insurance rates in Albany

Cheapest home insurance in Albany if you have poor credit

bad credit score does more than just cost you a few dollars in late payment fees — it can also make your auto and home insurance rates thousands of dollars higher.

With an average annual premium of $729, National General has the cheapest home insurance rates in Albany for a homeowner with poor credit, while Farmers' average of $2,175 per year is the most expensive. 

Company

Average annual cost

National General

$729

Kingstone Insurance

$1,094

Preferred Mutual Insurance

$1,131

NYCM Insurance

$1,217

Nationwide

$1,320

State Farm

$1,439

Chubb

$1,475

Travelers

$1,506

Narragansett Bay

$1,612

AIG

$1,655

Allstate

$1,898

Pure Insurance

$2,049

Farmers

$2,175

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Cheapest home insurance in Albany if you have an older home

Insurance carriers consider older homes to have a higher risk of damage or loss compared to newer homes since they're constructed with older and more difficult to replace materials. Additionally, certain structural components in older homes, like the roof or plumbing systems, may not be up to code.

Looking at average quotes for a 50-year-old home, NYCM Insurance is the cheapest home insurance option for Albany homeowners, while Pure Insurance is the most expensive.

Company

Average annual cost

NYCM Insurance

$727

National General

$740

Kingstone Insurance

$848

Travelers

$923

State Farm

$964

Allstate

$1,115

Preferred Mutual Insurance

$1,131

Nationwide

$1,163

Farmers

$1,168

Narragansett Bay

$1,196

AIG

$1,262

Chubb

$1,475

Pure Insurance

$1,594

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Cheapest homeowners insurance in Albany if you have a history of claims

Your claims history is one of the biggest factors insurers will consider when determining home insurance premiums.

If you've file one or multiple claims in the last five years, insurers will likely consider you to be more of a risk for future claims compared to if you had none on your record. And they'll likely charge you higher rates as a result.

According to our analysis, homeowners with three claims within a five-year period will likely find Kingstone Insurance to be their cheapest option, while Farmers is among the priciest.

Company

Average annual cost

Kingstone Insurance

$848

National General

$865

State Farm

$1,014

Preferred Mutual Insurance

$1,131

Narragansett Bay

$1,181

NYCM Insurance

$1,202

Allstate

$1,437

Nationwide

$1,437

Travelers

$1,564

Pure Insurance

$2,027

AIG

$2,078

Chubb

$2,222

Farmers

$2,931

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Coverage options in Albany

When you're looking for home insurance in Albany, you should be aware of what your policy will and won't cover.

In Albany, you may need to consider additional coverage when buying homeowners insurance to protect against possible flooding, especially if you're in a low-lying part of the city.

Flood insurance

Most homeowners insurance policies don’t cover flood damage, so residents of Albany who live in at-risk areas will want to consider flood insurance on top of their regular home insurance policies.

In addition to comparing home insurance quotes, Albany homeowners can also compare private flood insurance rates with Policygenius, or choose a policy through a government entity like the National Flood Insurance Program.

Learn more >> Flood insurance in New York: Coverage & costs

How to get homeowners insurance quotes in Albany

Now that you're familiar with the best and cheapest home insurance options available in Albany, it's time to start shopping for homeowners insurance. Here are some things you should keep in mind as you compare home insurance quotes in Albany.

5 simple steps to buying home insurance in Albany

  1. Shop with an independent insurance marketplace like Policygenius. Our team of licensed insurance experts are at the ready to help you figure out how much coverage you need and what company offers it at the best price — all for free with no impact to your credit score.

  2. Ask about purchasing flood coverage. If you live in an area at high risk of flooding in Albany, consider purchasing a separate flood insurance policy through your home insurance provider (if it offers it) or the National Flood Insurance Program.

  3. Compare quotes. Once you’ve identified your coverage needs, a Policygenius agent will send over quotes from top companies so you can review your options.

  4. Figure out how high of a deductible you can afford. A higher deductible means you’ll pay a lower home insurance premium, but it also means you'll have pay more out of pocket on each claim.

  5. Choose your policy, sign it, and pay your first premium. Once you choose a policy, all you need to do is sign on the dotted line and pay your first premium. We’ll cancel your old policy on your behalf if it hasn't expired yet.

Compare home insurance rates in Albany

Frequently asked questions

How much is home insurance in Albany?

Homeowners insurance in Albany costs an average of $1,025 per year or $85 a month.

How does the cost of home insurance in Albany compare to the rest of the state?

The cost of home insurance in Albany is around $100 cheaper than the rest of New York — $1,025 per year compared to the statewide average of $1,114 per year.

What’s the cheapest homeowners insurance in Albany?

NYCM Insurance has some of the cheapest rates on our list for Albany homeowners, with home insurance costing an average of $702 per year. National General is also pretty affordable, with an average rate of $729 per year. Keep in mind that homeowners insurance rates vary according to how much coverage you need, your home’s location, age, build, and more.