Best cheap homeowners insurance in Buffalo

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While the boroughs of New York might be home to more expensive insurance rates, Buffalo residents pay an average $841 annually for homeowners’ insurance with $250,000 in dwelling coverage. Compared to the state average of $987 annually, insuring a home in Buffalo is considerably more affordable than in other regions of the state.

With rates this low already, it may be hard to believe that homeowners can find insurance at even better rates — but they can. Bankrate’s insurance editorial team looked into the best cheap homeowners’ insurance providers in Buffalo based on market share and evaluated them based on affordability, breadth of coverage, customer satisfaction and available discounts to help simplify your insurance shopping experience.

Best cheap home insurance companies in Buffalo

The following table highlights some of the best cheap home insurance companies in Buffalo according to their average annual premium and customer satisfaction rating. In addition to these factors, we also considered available add-on coverages and discounts that each company provides to determine which insurance providers offered the most robust options.

Home insurance company Average annual premium for $250K dwelling J.D. Power score
MetLife $712 824 / 1,000
Nationwide $689 808 / 1,000
State Farm $615 829 / 1,000
Travelers $771 803 / 1,000
*USAA $681 *889 / 1,000

*Due to membership eligibility restrictions, USAA is considered rank-ineligible by J.D. Power.

MetLife

Homeowners’ insurance coverage through MetLife, recently acquired by Farmers, is yet another affordable option for Buffalo residents. The customizable coverage options allow customers to have more flexibility when creating their policies. Depending on which options you select, you could cover the full cost to rebuild your home, contents in your home, legal fees for personal injuries guests experience on your property and identity theft expenses.

As of May, MetLife still features its own premiums separate from the Farmers company. Customers could further bring down the cost of their home insurance premiums by taking advantage of MetLife’s available discounts, including for home safety systems, multi-policy, and employment or group affiliations. The company also features a slightly above-average customer satisfaction rating, so Buffalo policyholders may have added peace of mind knowing their policy is in good hands.

Nationwide

Buffalo homeowners seeking a large variety of add-on coverage options are likely to find what they need at Nationwide. Featuring a broad range of available coverages, the company offers optional homeowners’ insurance coverages for identity theft, water backup and earthquakes. Additionally, standard policies include credit card coverage and ordinance insurance.

Of course, the more add-ons you select, the higher your premium will be. Luckily, Nationwide also offers plenty of available discounts to help you get more out of your policy while saving money. Discounts are offered for living in a gated community, renovating your home’s systems and having prior insurance. Buffalo homeowners may want to consider that Nationwide features a below-average customer satisfaction rating. However, it ranks above eight other competitors in the industry.

State Farm

Of the home insurance providers available in Buffalo, State Farm features the lowest average rate on our list. Offering standard homeowners’ insurance, this company does not offer much in the way of add-on coverages. However, it does provide policyholders the option to add things like identity restoration and personal articles insurance to further bolster their policies. But even with a basic policy, State Farm protects jewelry, collectibles, musical instruments, sports equipment, appliances and more for qualifying threats and events.

While coverage through State Farm is already affordable at just $615 annually on average, the company offers further savings through its available discounts. These discounts include having multiple policies, home alert protection and impact-resistant roofing products. Additionally, this provider features an above-average J.D. Power customer satisfaction rating.

Travelers

While Travelers might be the most expensive provider on our list at $771 annually, the added benefits the company offers might be worth the spend. For even more protection, customers can choose from the company’s many available add-on options, including extended personal property, contents replacement cost, additional replacement cost protection and coverage for high-value items.

Customers could further reduce their annual premium by applying Travelers’ available discounts. If you hold multiple policies, have bought a home within the past 12 months, have a claims-free history, or have eco-friendly upgrades in your home, you could save significantly on your Buffalo homeowners’ insurance. Despite these advantages, Travelers falls short in customer satisfaction with a score of just 803 out of 1,000 points.

USAA

If you are an active military service member, veteran or the family member of someone serving in the military, USAA might be another affordable option. Not only does the company offer standard coverage, but it also provides optional add-on coverages for home sharing, earthquakes and military uniforms. The company also provides additional ways to save through its multi-policy, protective device and claims-free discounts.

Because USAA is not available to all Buffalo residents and only to those who are currently or who have previously served in the U.S. military, J.D. Power does not recognize the company as “rank eligible” since it does not meet its study award criteria. However, J.D. Power still recognizes that USAA features a customer satisfaction index rating of 889 out 1,000 points, making it the most highly scored company on our list.

Home insurance coverage options in Buffalo

Homeowners’ insurance is not legally required; however, your mortgage lender may mandate that you obtain a policy before being approved for a loan. Even if you purchased your home outright, it is generally a good idea to protect your investment by getting a homeowners’ insurance policy.

Standard insurance policies often do not cover things like identity theft or flooding, so it is important to understand which company provides the add-on coverages you need to protect your home. The following are just some additional coverages that Buffalo residents may wish to consider:

  • Replacement cost value: The chances of being the victim of a property crime in Buffalo is nearly three times greater than anywhere else in New York. With such a high rate of burglary and theft in the area, having a replacement cost value (RCV) policy could help cover the cost of high-ticket items that may have been stolen from your home and depreciated in value over time.
  • Water backup coverage: In Buffalo, 63% of homes were built more than 72 years ago, meaning it is likely that your home’s plumbing is out-of-date if it has not been upgraded since the property was built. Homeowners’ insurance typically does not cover flooding caused by your plumbing system, so it may be a good idea to elect this add-on if you suspect your plumbing system is dangerously old.
  • Identity theft insurance: More than 42,000 cases of identity theft in New York were reported to the Federal Trade Commision in 2020. Because restoring your identity can be costly, many providers will offer identity theft insurance as an add-on, which could offer expert fraud assistance and credit monitoring.

Home insurance discounts in Buffalo

While home insurance rates in Buffalo are generally more affordable than in other areas of New York, customers still have plenty of opportunities to capitalize on savings through available discounts. The following are just some of the discounts that may be available through your Buffalo homeowners’ insurance provider:

  • Multi-policy: Bundling your auto insurance and homeowners’ insurance policies with one provider will typically save you significantly on both your premiums.
  • Protective devices: If you have smoke detectors, fire alarms, home security systems or any other qualifying protective devices, you may be able to save on your premium.
  • Green home: By choosing to make eco-friendly upgrades to your home, you may be able to save on your home insurance policy with some providers.

The most advantageous discounts tend to be multi-policy discounts, which may offer double-digit savings compared to single-digit savings for discounts like having an eco-friendly home. it may be worth it to explore the possibility of covering all your assets under one provider. Consider consulting with your insurance agent first to see what additional discounts may be available to you so you can avoid overpaying for coverage.

Frequently Asked Questions

What is the best home insurance company?

The best home insurance company depends on your personal needs, budget, location and home condition. Many experts strongly recommended that customers shop around to compare rates, coverage options, available discounts and customer satisfaction before making a final decision on their insurance provider.

How much does home insurance in Buffalo cost?

The average cost of homeowners’ insurance in Buffalo for $250,000 in dwelling coverage is $841 annually. However, policyholders might be able to find more affordable options by doing their research and taking advantage of available discounts.

How much home insurance do I need in Buffalo?

There is no legal requirement for the amount of home insurance coverage you need in Buffalo. However, if you have a mortgage, your lender may require that you purchase insurance to protect the loan. In general, customers can assess their coverage needs by determining the total cost to replace their home and obtaining a policy that covers that amount.

Methodology

Bankrate utilizes Quadrant Information Services to analyze 2021 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on 40-year-old male and female homeowners with a clean claim history, good credit and the following coverage limits:

  • Coverage A, Dwelling: $250,000
  • Coverage B, Other Structures: $25,000
  • Coverage C, Personal Property: $125,000
  • Coverage D, Loss of Use: $50,000
  • Coverage E, Liability: $300,000
  • Coverage F, Medical Payments: $1,000

The homeowners also have a $1,000 deductible and a separate wind and hail deductible (if required).

These are sample rates and should be used for comparative purposes only. Your quotes will differ.

Written by
Carly Severino
Insurance Contributor
Carly Severino has two years of experience in writing for insurance domains such as Bankrate.com, Coverage.com, Reviews.com and TheSimpleDollar.com. She has experience covering a broad range of insurance products, including homeowners, life, auto, and medical insurance. Her expertise has also been called upon in the development of various websites for insurance companies, including Birtwhistle & Livingston, Inc., GovTech Insurance and Tax Title Services.
Edited by
Insurance Editor