Although New York’s boroughs may have higher insurance rates than Buffalo, homeowners with $250,000 coverage pay $841 per year on average for homeowners insurance. In Buffalo, homeowners insurance is significantly cheaper than elsewhere in the state.
It may seem difficult to believe that homeowners could find insurance at lower rates with rates this low. But they can. Bankrate’s editorial team evaluated the most affordable homeowners’ insurance providers in Buffalo on the basis of market share. They evaluated them on affordability, coverage and customer satisfaction.
Buffalo’s best home insurance company
Below is a table that highlights the top home insurance companies in Buffalo based on their average annual premiums and customer satisfaction ratings. We also looked at the available discounts and add-on coverages offered by each company to help us determine the best insurance providers.
MetLife
Homeowners insurance coverage via MetLife, which was recently acquired by farmers, offers another affordable option for Buffalo residents. Customers have greater flexibility in creating policies thanks to the customizable coverage options. You can choose from a variety of coverage options to cover your home and contents, as well as legal fees for guests who inflict personal injuries on your property.
MetLife continues to offer its own premiums, independent of Farmers. Customers can further reduce the cost of their home insurance premiums if they take advantage of MetLife discounts. These discounts include multi-policy home safety, employment, or group affiliations. Customers who are Buffalo policyholders will find that the company has a higher than average customer satisfaction rating. This may give them additional peace of mind.
Nationwide
Nationwide is likely to have the right coverage for Buffalo residents looking for a wide range of additional coverage options. Nationwide offers homeowners insurance that covers identity theft, water backup, and earthquakes. Standard policies also include ordinance insurance and credit card coverage.
Your premium will increase if you add more options. Nationwide offers many discounts that will allow you to get more from your policy and save money. You can get discounts for living in a gated community or renovating your home’s systems. Nationwide has a lower customer satisfaction rating than the average company. Buffalo homeowners might want to think about Nationwide. It ranks higher than eight competitors in the sector.
State Farm
State Farm is the best-rated home insurance provider in Buffalo. This company offers standard homeowners’ insurance but does not offer any additional coverages. It does offer policyholders the ability to add personal articles and identity restoration to their policies. State Farm provides protection for jewelry and collectibles. It also protects sports equipment, appliances, and other items against certain events and threats.
State Farm coverage is affordable at $615 per year on average. However, the company offers additional savings through its discounts. You can save on multiple policies, home alarm protection, and impact-resistant roofing products by taking advantage of these discounts. This provider also boasts an above-average J.D. Power customer satisfaction rating.
Travelers
Although Travelers is the most expensive provider, at $771 per year, the added benefits it offers may be worth the investment. Customers can also choose from the many add-on options that the company offers, such as extended personal property, contents replacement costs, and coverage for high-value objects.
Applying Travelers’ discounts could help customers reduce their annual premium. You could get significant savings on your Buffalo homeowners insurance if you have multiple policies, purchased a home in the last 12 months, are clean of claims, and have eco-friendly home upgrades. With a score of only 803 points out of 1,000, Travelers is not able to satisfy customers despite these benefits.
USAA
USAA may be an affordable option for veterans, active military personnel, and family members of military personnel. The company offers standard coverage but also offers optional add-ons such as home sharing, earthquakes, and military uniforms. Additional savings are available through multi-policy protection and claims-free discounts.
J.D. is unable to provide USAA to all Buffalo residents. It only applies to current or former military personnel. Power doesn’t consider the company “rank eligible” because it doesn’t meet its study award criteria. J.D. J.D. Power recognizes that USAA has a customer satisfaction rating of 889 points out 1000 points. This makes it the highest-scored company on our list.
Buffalo home insurance options
Although homeowners’ insurance is not required by law, your mortgage lender might require you to have one before you are approved for a loan. A homeowners’ policy is a good idea, even if your home was purchased outright.
Insurance policies that are standard do not often cover flood or identity theft. It is therefore important to know which company offers the additional coverages you require to protect your home. These are some other coverages Buffalo residents might want to consider:
- Replacement cost value: Your chances of becoming a victim of property crime in Buffalo are three times higher than elsewhere in New York. A replacement cost value policy (RCV) could be a good option to cover high-ticket items that have been taken from your home or depreciated over time due to the high level of theft and burglary in the area.
- Water backup coverage: Buffalo 63% homes were built over 72 years ago. This means that it is possible your home’s plumbing system is outdated if it hasn’t been updated since then. Homeowners insurance does not typically cover flooding due to your plumbing system. If you are concerned about your plumbing system’s age, it might be worth adding this add-on.
- In 2020, more than 42,000 identity theft cases were reported to Federal Trade Commision. Many providers offer identity theft insurance, which can offer credit monitoring and expert fraud assistance, as an additional service.
Buffalo Home Insurance Discounts
Although home insurance rates are typically more affordable in Buffalo than elsewhere in New York, there are still many ways for customers to save money through discounts. Here are some discounts available from your Buffalo homeowner’s insurance provider.
- Multi-policy: Bundling your homeowners’ and auto insurance policies with one provider can often save you a lot on your premiums.
- Protective devices: You may be eligible to get a discount on your premium if you have smoke detectors or fire alarms, as well as home security systems and any other qualified protective devices.
- Green home: You may be able save money on your home insurance with certain providers if you make green home improvements.
Multi-policy discounts are more advantageous than single-digit savings on discounts such as having an eco-friendly house. It may be worthwhile to look into the possibility of having all your assets covered by one provider. To avoid paying too much for coverage, consult your agent.
Most Frequently Asked Questions
Which is the best company for home insurance?
Your personal needs, budget, home and location will determine the best home insurer. Experts strongly recommend that customers compare rates, coverage options and discounts before making a decision about their insurance provider.
What is the cost of Buffalo’s home insurance?
$841 per year is the average cost for homeowners’ insurance in Buffalo, for $250,000 of dwelling coverage. Policyholders may be able find cheaper options by researching and taking advantage any discounts.
What amount of home insurance do you need in Buffalo
Buffalo does not have a legal requirement regarding the amount of your home insurance coverage. Your lender might require you to purchase insurance to cover your mortgage. Customers can determine their coverage requirements by determining how much it will cost to replace their home. Then, they can get a policy that covers this amount.