Buffalo Homeowners Insurance

Your Complete Guide to Buffalo, NY Homeowners Insurance

Find the right homeowners insurance policy for you.

More than a quarter of a million people live in Buffalo, New York’s second largest city. Just a few miles south of Niagara Falls, this city offers its residents much in the way of entertainment, shopping, cultural attractions, and affordable housing. If you are among Buffalo’s proud homeowners, you will want to be sure you have a reliable home insurance policy protecting your investment.

When you are shopping for insurance for your house in Buffalo, an independent agent can help you find the best and most affordable coverage. Contact an insurance agent with an office near you to start comparing homeowners insurance quotes.

How Much Does Homeowners Insurance Cost in Buffalo?

New York is the 15th most expensive state for home insurance. The average cost of homeowners insurance in this state is higher than the national rate; but in Buffalo, rates tend to be much lower. This is great news if you are in the market for an affordable policy.

  • National average yearly premium: $1,173
  • New York average yearly premium: $1,287
  • Buffalo yearly premium average: $630

Of course, depending on details about you and your house, your rates may be higher or lower than this average. Insurance companies calculate rates according to several factors, such as the age, size and value of your home, the crime rate and weather risks in your ZIP code, your claims history, and, often, even your credit score. In many cases, if you bundle your home insurance with another policy like car insurance or life insurance, you can get all of your policies at reduced rates. An independent insurance agent in Buffalo can help you find comprehensive home insurance at the most competitive price.

Burglary Rate in Buffalo, NY

The burglary rate in New York is lower than the national average, but in Buffalo, the rate is much higher. There are more than 3,000 burglaries reported in this city every year. Fortunately, your homeowners insurance can reimburse you for losses caused by property crimes.

  • Number of burglaries per 1,000 homes in the US: 4.69
  • Number of burglaries per 1,000 homes in New York: 1.66
  • Number of burglaries per 1,000 homes in Buffalo: 10.41

There are a few preventive measures you can take to lower your risk of a robbery, such as keeping a radio or television on when you are not home, using motion sensitive outdoor lights, and keeping doors and windows securely locked. 

Home security systems are highly effective theft deterrents. In fact, many insurance companies offer discounts to policyholders who have installed burglar alarms in their houses. Talk to your independent insurance agent to learn more about this and other potential discounts you may qualify for.

Catastrophic Events in New York

Your homeowners insurance is designed to cover you against many of the hazards you are likely to face as a property owner in Buffalo.

  • Number of declared disasters in New York: 58
  • Most common reasons for disasters in the state: Hurricanes and Floods
  • Average number of tornadoes per year in New York: 9.6
  • Average amount of property damage per year in NY: $2,170,228,000
  • 1 in 15 insured homes has a claim each year.

Buffalo residents are most at risk for damage caused by severe storms, heavy snows, and freezing temperatures. While rare, tornadoes are also a potential threat. In 1987, an F2 twister struck the Buffalo suburb of Cheektowaga and severely damaged 47 homes.

Though you can expect your home insurance to cover risks like tornadoes, winds, hail, and fire, it will not cover you against flood damage. Given the high precipitation caused by this city’s proximity to Lake Erie, it is particularly important that you consider also purchasing a flood insurance policy. Your independent insurance agent can help you get coverage through the NFIP.

Liability Coverage for Buffalo Homeowners

In addition to property coverage, your homeowners insurance also provides you with personal liability insurance. This coverage absorbs the costs associated with most of the liability lawsuits you are likely to face as a property owner in Buffalo. 

Examples of times your homeowners liability insurance may be of use include:

  • If your pet gets loose and damages property or bites someone.
  • If a visitor to your home slips on an icy walkway and suffers a back injury.
  • If your child accidentally breaks a neighbor’s windshield while playing ball.
  • If you are charged with libel or slander after posting on your blog.

Some homeowners in Buffalo want higher liability limits than their home insurance can provide. If you are among them, talk to your independent insurance to learn how an umbrella insurance policy can significantly and affordably increase your overall liability coverage. 

Second Home and Vacation Home Insurance

Perhaps you have a second home that you rent out to students at SUNY Buffalo. Or maybe you own a vacation property in the Adirondack Mountains. Regardless of your reasons for owning more than one house, when you are insuring a home that is not your primary residence, insurance companies will take additional risk factors into consideration. 

A house that is occupied by tenants presents higher liability risks, but you have lower contents coverage needs, since your tenants will be responsible for covering their property with renters insurance. As the property owner, you will need to cover a rental home with landlord insurance. 

If you have a vacation home that is left unoccupied for several months out of the year, it will have a higher risk of property damage. In this case, the house may need to be covered by vacant home insurance when it is not in use.

Your insurance agent can identify the various coverage needs associated with all of your properties and can help you find the best and most affordable insurance policies to cover them.

Why Work with an Independent Insurance Agent?

When you are looking for the best coverage for your Buffalo home, local independent agents can help. These agents make comparison shopping easy by doing the legwork for you.  An agent near you can provide answers to your insurance-related questions, trustworthy advice, and assistance with all of your insurance coverage needs. 

Contact an independent insurance agent in Buffalo to get started.

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http://www.naic.org/prod_serv/AUT-PB-14.pdf
https://www.census.gov
http://www.city-data.com