The Best Cheap Homeowners Insurance in Buffalo, New York for 2022: Quotes and Reviews
In Buffalo, New York, homeowners insurance costs an average of $909 a year, or $76 per month. However, the insurance premiums quoted by each company can vary greatly. Travelers offer the cheapest home insurance in Buffalo for about $635 per year, while USAA offers the most costly coverage for around $1,213 per year. If you go with the most affordable insurance plan, you may save up to $578 each year. MoneyGeek analyzed the best homeowners insurance companies in Buffalo to assist you in obtaining the best rate and quality service.
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The Cheapest and Best Homeowners Insurance in Buffalo
The Cheapest Home Insurance Companies in Buffalo
When comparing Buffalo's home insurance companies, you'll find that the core coverages they offer are similar. This is one good reason to prioritize costs while looking for a home insurance policy.
The following are the cheapest companies for Buffalo homeowners, on average, based on a policy providing $250,000 in basic dwelling coverage:
- Travelers: $635 per year
- Nationwide: $660 per year
And, the cheapest homeowners insurance companies in Buffalo for luxury homes needing a dwelling coverage of $2 million are:
- Nationwide: $4,604 per year
- Travelers: $4,647 per year
The cost of your home insurance policy changes based on the level of coverage you select. The table below shows how Buffalo's home insurance rates vary for various dwelling coverages.
The Cheapest Home Insurance in Buffalo, Ranked
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MoneyGeek's sample home insurance plans provide base dwelling coverage of $250,000 and personal property limits of $100,000. For a $2,000,000 policy, personal property limits rise to $800,000. Liability coverage remains $100,000 for each policy. Even if you live in a different state, you may find home insurance rates in New York from various insurance companies.
The Average Cost of Homeowners Insurance in Buffalo for 2021
The average annual homeowner’s insurance rate in Buffalo is around $909 per year or $76 per month. This is only slightly higher than New York's average homeowner’s insurance cost of $906 and much lower than the national average of $2,103 per year.
Calculate the Cost of Home Insurance in Buffalo
The location of your home in Buffalo is another factor that influences the cost of your home insurance policy. Additionally, the cost is affected by your credit score, the amount of dwelling coverage and personal property coverage you purchase. The MoneyGeek home insurance calculator can assist you in comparing rates from various insurers in your state.
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These are annual estimates. Get a personalized quote to determine your costs.
The Best Home Insurance Companies in Buffalo
When choosing a homeowners insurance policy, price is important, but you should also consider the customer service experience and financial soundness of the companies you're evaluating. Although you are more likely to file a claim during a difficult time, a financially sound insurer will be able to cover a genuine claim fairly and quickly.
The following two companies are the top-rated alternatives for individuals seeking the best homeowners insurance in Buffalo:
- Best Overall: Nationwide
- Runner-up: Travelers
MoneyGeek evaluated the best homeowners insurance companies based on customer satisfaction, affordability and financial stability.
Nationwide's add-on flood insurance covers the costs incurred by flood-related damages. And, with its water backup coverage, your home will be protected against water-related perils. In addition, by adding Nationwide's earthquake damage coverage to your insurance policy, you can cover your home against earthquake-related damages, as well.
Nationwide is MoneyGeek’s top pick for Buffalo and scored high across multiple categories. The company's Better Roof Replacement coverage replaces your damaged roof with improved protective materials.Read MoneyGeek's Nationwide home Insurance Review
Travelers’ identity fraud expense coverage offers up to $25,000 in restoring your identity. In addition, with its added replacement cost, you can cover the cost of repairs incurred to restore your home to its original state, even if it's higher than your dwelling coverage.
Travelers ranked well in affordability ratings and is rated Buffalo's second-best company for home insurance. The company offers extra coverage to restore your home with eco-friendly materials.Read MoneyGeek's Travelers home Insurance Review
Cheapest Home Insurance Companies in Buffalo for Newly Constructed Homes
In Buffalo, newer homes are less expensive to insure than older ones. Because new houses are constructed with modern materials, they can resist a great deal of damage. This lowers the likelihood of new homeowners filing a claim. Insurers also find it easier to replace new building materials and lower insurance rates to homeowners who own newly constructed homes.
A newly built home in Buffalo will cost an average of $649 per year to insure, compared to about $909 yearly for a house built in 2000.
On average, the two cheapest homeowners insurance companies in Buffalo that offer $250,000 in dwelling coverage for newly constructed homes are:
- Travelers: $453 per year
- Nationwide: $471 per year
The Cheapest Home Insurance in Buffalo for New Homes, Ranked
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Cheapest Home Insurance Companies in Buffalo if You Have a Lot of Personal Property
Your homeowner’s insurance covers the personal property you choose to protect in addition to the structure of your home. As you opt to insure more personal property, your insurance premiums rise.
A standard home insurance policy with personal property limits of $250,000 costs $985 per year on average in Buffalo. In contrast, a policy with a personal property coverage limit of $100,000 costs about $909 per year.
On average, the two cheapest home insurance companies in Buffalo for properties with a $250,000 dwelling coverage and high personal property limits are:
- Travelers: $688 per year
- Nationwide: $715 per year
Cheap Companies in Buffalo for Extra Personal Property Coverage
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Cheapest Home Insurance Companies in Buffalo for High Deductibles
Every homeowner’s insurance policy has a deductible, which is the amount you must pay out of pocket when filing a claim. Your insurance provider will deduct the deductible amount before delivering you the claim amount. Therefore, if you pick a higher deductible, your insurance costs will be lower, and vice versa.
In Buffalo, a home insurance policy with a $2,000 deductible costs $804 per year on average, whereas a policy with a $1,000 deductible costs around $909, a $105 difference.
On average, for homes with a $2,000 deductible, the following two companies offer the cheapest homeowners insurance in Buffalo:
- Travelers: $561 per year
- Nationwide: $584 per year
The Cheapest Companies in Buffalo for High Deductibles, Ranked
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Cheapest Home Insurance Companies in Buffalo if You Have Poor Credit
Insurance companies may request your credit score to provide you with a more exact home insurance quote in Buffalo. Unfortunately, a person with a poor credit score is more likely to file a claim. As a result, insurance firms charge higher rates to Buffalo residents with poor credit scores.
A standard home insurance policy in Buffalo will cost an average of $1,784 per year for individuals with a poor credit score. However, those with good credit scores will spend around $909 per year for comparable insurance coverage, saving them about $875 per year.
If you have a poor credit score and require homeowners insurance in Buffalo, the following two companies have the most affordable rates:
- Nationwide: $1,112 per year
- Chubb: $1,155 per year
The Cheapest Companies in Buffalo for Poor Credit, Ranked
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Getting Online Homeowners Insurance Quotes in Buffalo
You will need to give a lot of information to the insurance companies, including the following, for them to provide you with a more accurate insurance quote:
- Home replacement cost: The cost of restoring your home to its original state following damage caused by a covered occurrence. The replacement cost of your home is considered while evaluating your home insurance dwelling coverage. This cost can be estimated by a construction specialist, appraiser or building contractor.
- Personal property value: The personal property coverage limit in your home insurance policy is determined by the estimated worth of the personal property you want to protect.
- Personal information: To receive a more accurate quote, you must provide personal information, such as your home address, insurance claim history, credit score and the number of people living in your home.
- Details about your home: This category of information includes additional details on your property, such as its age, size and any built-in security systems.
Homeowners Insurance in Buffalo Analysis: Methodology
MoneyGeek performed this analysis on nine insurance companies in Buffalo using data provided by Quadrant. For the affordability ratings, we considered different levels of coverage for the sample home. We also used J.D. Power surveys to evaluate the level of customer satisfaction of each company.
The baseline profile for this study is that of an average homeowner with a 2,500 square-foot house built in 2000. The standard home insurance covers the home for $250,000 in dwelling coverage, personal property for $100,000 and liabilities for $100,000. Regardless, all of the plans being considered have a $1,000 deductible.
The study also evaluated homeowner profiles with newly built homes, increased dwelling or personal property coverage, higher deductibles and low credit scores.
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