Syracuse Homeowners Insurance

Your Complete Guide to Syracuse, NY Homeowners Insurance

Find the right homeowners insurance policy for you.

More than 143,000 people live in Syracuse. With its 26 distinctive neighborhoods, this city has something for everyone. Residents are attracted to Syracuse because of its affordable housing, diverse arts and culture, and many parks and recreational facilities. If you own a home here, you will want to be sure to protect your investment with a suitable home insurance policy.

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

How Much Does Homeowners Insurance Cost in Syracuse, NY?

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. However, in Syracuse, where overall property values are low and severe weather risks are rare, 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
  • Syracuse yearly premium average: $609

Of course, depending on a variety of details that will be taken into consideration by insurance companies, your rates may be higher or lower than this average. Insurance companies calculate rates individually according to factors such as the age, size and value of your home, the crime rate and weather risks common in your ZIP code, your claims history, and your credit score. 

In many cases, if you bundle your home insurance with another policy like car insurance or life insurance, you will be able to get all of your coverage at reduced rates. An independent insurance agent in Syracuse can help you find the best price for a comprehensive home insurance policy that is right for you.

Burglary Rate in Syracuse, NY

The burglary rate in New York is lower than the national average, but in Syracuse, the rate is much higher. There are more than 1,500 burglaries reported in this city in a typical year. The good news is, your homeowners insurance can reimburse you for damage and loss 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 Syracuse: 7.36

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

Home security systems are very effective at deterring theft. In fact, many insurance companies offer discounts to policyholders who have burglar alarms in their houses. Talk to your independent insurance agent to learn more about this and other potential discounts you may qualify for when purchasing a home insurance policy.

Catastrophic Events That Affect Syracuse Homeowners

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

  • 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.

Syracuse residents are most at risk for damage caused by severe storms, heavy snow, and freezing temperatures. Strong winds can topple trees, heavy snow can damage roofs and gutters, and freezing temperatures can cause pipes to burst. Each of these disasters can mean thousands of dollars’ worth of damage to area homes.

Though you can expect your home insurance to cover risks like windstorms, hail, and accidental fires, it will not cover you against flood damage. Heavy rains in the area can lead to excessive runoff and flash-flooding, particularly in low-lying areas, and near creeks, streams, and drainage areas. Fortunately, your agent can also help you secure a flood insurance policy through the NFIP.

Liability Coverage for Syracuse Homeowners

Property coverage isn’t the only thing you get with homeowners insurance. Your policy also provides you with personal liability insurance. This coverage can absorb the costs associated with most of the liability lawsuits you could potentially face as a property owner in Syracuse. 

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

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

Some homeowners in Syracuse want higher liability limits than their home insurance can provide. If you are among them, you can talk to your independent insurance agent about umbrella insurance. An umbrella insurance policy is an affordable way to significantly boost your overall liability coverage. 

Second Home and Vacation Home Insurance

Perhaps you have a second home on University Hill that you rent out to students at SUNY or Syracuse University. Or maybe you own a vacation property further upstate in the Adirondack Mountains. When you are insuring a home that is not your primary residence, insurance companies will take additional risk factors into consideration. 

When you have a house that is occupied by tenants, you have lower contents coverage needs since your tenants will be responsible for covering their own property with renters insurance.  However, such properties have much higher liability risks. As the homeowner, you will need to cover your rental property with landlord insurance

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

Your local 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 Syracuse home, an independent agent can help. These local agents make comparison shopping easy by acquiring customized quotes on your behalf. Your agent can provide trustworthy advice, answers to your insurance-related questions, and assistance with all of your coverage needs. 

Contact an insurance agent in or near Syracuse to get started.

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