Best & Cheapest Homeowners Insurance in Buffalo, NY June, 2024

Nationwide provides the most affordable homeowners insurance for homeowners in Buffalo, offering an average annual quote of $691.

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Updated: 05 May 2024
Written by
Bob Phillips
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In our thorough examination of homeowners insurance providers in Buffalo, NY, Nationwide stands out as the most affordable option, with average annual rates of $691. However, it’s important to note that the best insurer for you may vary depending on your specific circumstances and needs.

For example, if your credit score is lower, State Farm offers the most economical choice with an average annual premium of $1,290. If you own an older home, State Farm provides competitive rates of $1,198 per year along with comprehensive coverage.

On the flip side, if you have a newly constructed home, Nationwide offers the most cost-effective solution at $481 per year. For individuals with a history of claims, Nationwide provides an understanding and affordable solution at $1,321 annually.

Furthermore, if you have valuable personal property requiring protection, State Farm once again proves to be the top choice, offering extensive coverage at a reasonable rate of $819 per year.

Our detailed analysis at Insuranceopedia aims to assist you in finding the ideal homeowners insurance coverage. Through comparing customer ratings, analyzing personal experiences, and presenting comparison charts, we provide all the necessary information for you to make a well-informed decision.

How much is homeowners insurance in Buffalo, NY?

Nationwide provides the most affordable homeowners insurance rate in Buffalo, NY, at an annual premium of $691.

As indicated below, the homeowners insurance rates in Buffalo are lower than both the national average and the average rate for the state of New York.

Area Average Monthly Rate
National $1,820
New York $1,409
Buffalo $915

Understanding insurance rates is crucial because they are not uniform and can vary significantly based on various factors.

Cheapest Homeowners Insurance in Buffalo, NY

Our Methodology

To determine the most affordable home insurance rates in Buffalo, we conducted a thorough analysis using data from various home insurance review sites. Some of these sites sourced rates from public filings obtained from Quadrant Information Services. We have averaged these rates for this review, but it's important to note that each company's rates can fluctuate frequently and will be influenced by your specific circumstances. Our overall rating also considers my subjective opinion, drawing from fifteen years of experience as a licensed insurance agent and over three decades of purchasing home insurance policies. This blend of objective data and personal expertise ensures a comprehensive assessment of the available options.

66

Quotes Analyzed

15+

Years Of Industry Experience

24

Brands Reviewed

40+

Research Hours

Cheapest homeowners insurance in Buffalo, NY

Nationwide stands out as the most affordable overall option for homeowners insurance in Buffalo, NY, offering an average annual rate of $691.

Company Annual Premium
Nationwide $691
State Farm $754
Allstate $1,118
Chubb $1,167
USSA $1,230

The price of your homeowners insurance policy is influenced by several factors, such as your location, the value of your home, and your claims history. Nationwide provides a balanced combination of affordability and comprehensive coverage, making it a suitable choice for many homeowners.

Cheapest Homeowners Insurance In Buffalo If You Have an Older Home

For homeowners with older homes, State Farm provides the most affordable rates, averaging $1,198 per year.

Insurance Company Average Annual Premium
State Farm $1,198
Nationwide $1,361
AIG $1,462
Allstate $1,510
Chubb $1,796

Older homes often carry unique risks and maintenance challenges that can result in higher insurance costs. However, State Farm offers competitive rates and comprehensive coverage specifically tailored to address the needs of older homes, making it a reliable choice for homeowners seeking affordable and effective insurance solutions.

Cheapest Homeowners Insurance for Newly Constructed Homes

For homeowners who own newly constructed homes, Nationwide provides the most cost-effective solution, with an average annual rate of $481.

Insurance Company Average Annual Premium
Nationwide $481
State Farm $560
Allstate $798
Chubb $834
USAA $892

Newly constructed homes often have different insurance coverage needs compared to older homes, and Nationwide is known for offering affordable policies specifically tailored to address these requirements.

Cheapest Homeowners Insurance If You Have Poor Credit

If you have a poor credit score, Chubb offers the most affordable solution, with an average annual rate of $1,290.

Insurance Company Average Annual Premium
Chubb $1,290
State Farm $1,399
MetLife $2,196
Allstate $2,240
USAA $3,139

Your credit score plays a significant role in determining your insurance rates, as it is a crucial factor that insurers consider when assessing risk. Chubb recognizes the importance of providing fair coverage to everyone, regardless of their financial history or credit score.

Cheapest Home Insurance In Buffalo for a History of Claims

Homeowners with a history of claims can find an affordable solution with Nationwide, which offers an average annual rate of $1,321.

Insurance Company Average Annual Premium
Nationwide $1,321
Travelers $1,892
Allstate $1,907
AIG $2,348
Chubb $2,730

Having a history of claims can indeed raise concerns for insurers and often result in higher premiums. However, Nationwide believes in providing second chances and offers reasonable rates for homeowners with past claims, ensuring they can still access quality coverage without facing exorbitant costs.

Cheapest Home Insurance Rates for Lots of Personal Property

For homeowners with a significant amount of personal property, State farm provides the most affordable rates, with an average annual rate of $819.

Insurance Company Average Annual Premium
State Farm $819
Metlife $940
Nationwide $1,234
Allstate $1,268
Chubb $1,327

As your personal property increases, so do your coverage needs, which can lead to higher premiums. State Farm addresses this by offering extensive coverage at reasonable rates, ensuring that all your belongings are adequately protected without breaking the bank.

Best Homeowners Insurance Companies in Buffalo, NY

Selecting the appropriate homeowners insurance is not just a requirement; it’s a strategic choice. Buffalo’s homes have a diverse history, mirroring its residents’ uniqueness. Hence, finding an insurance provider that offers comprehensive coverage at competitive rates becomes crucial.

To simplify your decision-making process, we’ve curated a list of the top homeowners insurance companies in Buffalo, NY. These companies were evaluated based on their annual premiums, coverage options, customer satisfaction ratings, and overall reliability. Refer to our comparison chart below to find the ideal match for your home insurance requirements.

Company Annual Premium
Nationwide $691
State Farm $754
Allstate $1,118
Chubb $1,167
USSA $1,230
MetLife $954
Travelers $1,179
AIG $1,267

Average Home Insurance Rates by Zip Codes

The cost of homeowners insurance in Buffalo, NY can vary significantly based on the zip code. Below are tables showcasing rates for different zip codes in Buffalo, along with the the cheapest and most expensive zip codes in the area for annual home insurance premiums.

ZIP Code Average Insurance Premium (Annual)
14225 $1,060
14221 $1,057
14219 $1,063
14222 $1,121
14213 $1,122
14209 $1,120

Cheapest Zip Codes

ZIP Code Average Insurance Premium (Annual)
14225 $1,060
14221 $1,057
14219 $1,063

Most Expensive Zip Codes

ZIP Code Average Insurance Premium (Annual)
14222 $1,121
14213 $1,122
14209 $1,120

Average Home Insurance Rates in Buffalo, NY by Deductible Amount

The deductible you select for your homeowners insurance policy has a notable impact on the premium rates in Buffalo, NY. Here’s a breakdown of how the average rates for home insurance vary based on different deductible amounts:

Deductible Amount Annual Rate
$500 $1,036
$1,000 $926
$1,500 $892
$2,000 $815

Average Home Insurance Rates in Buffalo, NY By Coverage Amount

One critical factor that impacts your insurance premium is the amount of dwelling coverage you choose. This represents the maximum amount your insurance company will pay to rebuild or repair your home in case of damage or destruction.

Let’s delve into a comparison chart that illustrates the average annual homeowners insurance premiums for various dwelling coverage amounts.

Dwelling Coverage Amount Average Annual Premium
$200,000 $779
$250,000 $928
$300,000 $1,160
$350,000 $1,298
$400,000 $1,434

Average Home Insurance Rates in Buffalo, NY by Company

Here’s a comparison table showcasing annual premiums from some of the top providers in Buffalo:

Company Annual Premium
Nationwide $691
State Farm $754
Allstate $1,118
Chubb $1,167
USSA $1,230
MetLife $954
Travelers $1,179
AIG $1,267

How Much is Homeowners Insurance for Other Cities in New York?

The following is a  detailed comparison chart that showcases the cheapest companies and their annual premiums across various cities in New York.

City Annual Premium
Albany $968
Rochester $960
Yonkers $1,240
Syracruse $990

Getting Online Homeowners Insurance Quotes in New York

Informative platforms such as Insuranceopedia make it easy to find the best coverage for your specific needs with just a few clicks. By offering quick online quotes from a range of top-rated insurers, Insuranceopedia allows you to compare rates easily.

Simply input your details, and let us handle the heavy lifting by presenting you with a selection of options tailored to your requirements. This enables you to confidently select a policy that offers the best value, balancing cost with comprehensive coverage.

FAQs

Who has the cheapest home insurance in Buffalo, NY ?

Nationwide offers the most affordable home insurance in Buffalo, New York, with an annual premium of $691.

What is the average cost of home insurance in Buffalo, NY?

The typical expense for homeowners insurance in Buffalo, New York, is around $915 per year.

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