Homeowners Insurance in Ithaca, New York

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  • Homeowners Insurance in Ithaca, New York

As a college town, Ithaca, New York, is flooded with renters. This keeps the home inventory rather low compared to most cities, making buying and owning a house in Ithaca that much more special.

Every homeowner needs insurance to protect their properties. Without the right coverage, you risk financial ruin from unexpected disasters. 

This guide explains the pertinent information you should know before buying homeowners insurance in Ithaca so you can protect your property, family, and finances sufficiently.

How Much Is Homeowners Insurance in Ithaca, New York?

The average cost of homeowners insurance in Ithaca is about $1,259 annually, although rates can range from $920 to $1,840 for most people. Many factors affect rates, and it’s hard to determine an exact number until you get quotes.

New York state regularly ranks near the middle of the pack nationwide for home insurance premiums, with an average rate of $1,489 annually. Ithaca premiums are about 15% below the state average, so home insurance in the city is a relative bargain.

However, many factors affect rates, and you may pay more due to several factors, including your home’s value. Insurers calculate your home’s replacement cost to help determine how much coverage you need. Larger, more expensive homes need more coverage, which you can see below.

Average Cost of Homeowners Insurance in Ithaca
Dwelling Coverage $200,000 $300,000 $400,000
Annual Premium $920 $1,380 $1,840

Bigger houses need more insurance coverage because they cost more to potentially rebuild after damage. The more coverage you need, the more you’ll pay for home insurance.

Due to the number of variables affecting premiums, you won’t know exactly how much you’ll pay until you get quotes, but insurance rates will always rise as the home value increases.

Ithaca Homeowners Insurance Coverages

Homeowners insurance policies are generally divided into six coverage areas. Each section protects your home, property, or liability differently.

Ithaca Homeowners Insurance Coverages
Coverage Definition
Dwelling Coverage Dwelling coverage guards your home financially by protecting its structure and components, like the roof, walls, flooring, installations, pipes, and more.
Other Structures Coverage Other structures coverage protects features on your property that aren’t attached to the main house, such as fences, sheds, detached garages, and carports.
Personal Property Coverage Personal property coverage safeguards your possessions, including furniture, electronics, clothes, bicycles, jewelry, art, and more.
Loss of Use Coverage Loss of use coverage helps cover temporary living expenses if you must move out of your house after it suffers damage. Your insurer can cover hotel stays, lodging, and fuel. 
Liability Coverage Liability coverage comes to your aid if you’ve been sued for causing injuries or property damage to someone else. Your insurer can cover legal fees, medical bills, and more.
Medical Payments Coverage Medical payments coverage is designed to cover minor medical expenses if someone gets hurt around your property, regardless of fault.

Policies protect your property from possible sources of damage, formally called perils. The most commonly covered perils include fire, theft, and wind damage, although plans usually cover over a dozen perils.

It’s Time to Switch Your Homeowners Insurance

We partner with the nation’s top homeowners insurance companies so you can get a custom policy at an affordable price.

How to Get the Best Homeowners Insurance in Ithaca

The best homeowners insurance in Ithaca covers your home, property, and liability at a price you can afford. No one best company or policy coverage combination is the outright “best” since every person has different budgetary and coverage needs.

To secure the best home insurance in Ithaca, you may need to customize your policy by adjusting coverage limits or adding endorsements. You should also always shop around before confirming a policy to find the best rates.

Customize Your Coverage

You can change many parts of your policy when quoting. Sometimes, the suggestions from your provider won’t be sufficient for your property, and you’ll need to adjust some areas to suit your property.

Adjusting Policy Limits

You’re responsible for setting your policy limits. Every coverage section has a limit, which is the maximum amount your insurer can pay for that damage. For ideal personal property limits, we recommend creating a home inventory to value your belongings. The grand total of your possessions is the exact number at which you can set your personal property limit.

You should also consider raising your liability limits, as it has a minimum effect on your premiums. Most insurers require at least $100,000 in coverage, but we suggest increasing your liability coverage limits to guard all your assets. For most people, this is between $300,000 and $500,000 in coverage, but most carriers let you increase your liability limits to $1 million if needed.

Considering Endorsements

You may need to add endorsements to make your coverage the best for your property. These are optional coverage packages for certain items or perils that aren’t included in default coverage. Some common endorsements include:

Scheduled Personal Property Coverage: Increases protection for valuables like jewelry, art, and memorabilia, which are typically limited to $2,500 or $5,000 in value under standard personal property coverage. So, if you have especially expensive possessions, you can schedule them for complete coverage.

Water Backup Coverage: Adds coverage for property damage resulting from water that backs up from a sewer, drain, or sump pump, which is normally excluded under default policy coverage. This may be especially relevant in Ithaca, where flooding is fairly common. Basements flood more easily than other rooms.

Ordinance or Law Coverage: Adds financial protection if undamaged areas of your home need to be brought up to code during rebuilding or repairs to match the new construction. During repairs, certain aspects of older homes may need further renovations, even if they weren’t damaged, to comply with modern building codes. Ordinance or law coverage helps with these costs.

Find the Cheapest Homeowners Insurance in Ithaca

Once you address your coverage needs, you can start looking for savings. Two easy ways to help get the cheapest home insurance in Ithaca are raising your deductible and shopping around for a plan.

Raising Your Deductible

Every home insurance policy has a deductible, which you must pay during a claim before your provider picks up the rest of the damage bill. It serves as a deterrent for people to not file claims for every minor property damage incident.

You choose your deductible when quoting. They typically range from $500 to $2,000. Picking a higher deductible makes you more financially responsible for your property damage and your provider less so. This decreases your risk to the insurer, which earns you lower premiums. Selecting a higher deductible directly lowers your home insurance rates.

Shopping Around

Shopping around is also guaranteed to find savings. Every company has a slightly different way of calculating rates, producing differing costs for the same coverage. You should compare quotes from several companies to find the one with your desired coverage at the best price. You can also consult an Ithaca insurance agency for help finding an affordable provider.

What to Know About Flood Insurance in Ithaca, New York

Although homeowners insurance covers damage from several natural perils, it always excludes flooding. You need a separate policy for flood insurance in Ithaca.

Heavy rainfall can cause flooding in several neighborhoods in Ithaca, especially around downtown and near the Cayuga Inlet. The Federal Emergency Management Agency (FEMA) designs and maintains flood risk maps for the country, and new Ithaca maps have expanded flood risk for several areas.

If you’re concerned about flood damage, you should consider flood insurance in Ithaca. The nation’s largest flood insurer is the National Flood Insurance Program, administered by FEMA at subsidized rates. Private flood insurance is also growing in popularity, and we can help you explore your options from both public and private-backed flood insurance today.

Stay Above Water With Flood Insurance

Do you want to pay for costly and common flood damage yourself or have an insurance policy pick up the tab?

Cost Factors of Home Insurance in Ithaca, New York

Insurance companies must balance mitigating risk with offering coverage to many policyholders to make a profit. They analyze several factors to determine fiscally responsible premiums. Some of the most important considerations are:

Home Location: Your house’s location influences its likelihood of suffering property damage. Homes in damage-prone areas like flood zones or high-crime neighborhoods usually have higher premiums. Conversely, living in a gated community or near a fire hydrant can reduce rates.

Home Age: insurers use property records and provided information to understand your home’s age. Older houses tend to have higher premiums than newer ones because the dated components in older homes are more likely to fail or lead to property damage. For instance, old roofs are more likely to fail in high winds, and dated pipes are more likely to leak and cause water damage. Carriers charge higher premiums to offset the financial risk of these components.

Home Features: Companies assess several of your home’s characteristics. Houses with attractive nuisances, such as pools, trampolines, or playground equipment, are more likely to generate a liability claim and often have higher premiums. On the other hand, homes with deadbolt locks or burglar alarms usually receive discounts.

Claims History: Someone who has filed several home insurance claims will often have higher premiums than someone who has never filed one. Carriers ask about your claims history when quoting, and they believe someone who has filed multiple claims in the recent past is more of a financial risk, so they charge higher premiums for people with claims histories.

Is Home Insurance Required in Ithaca?

The only entity requiring Ithaca home insurance is a mortgage lender. No law mandates home insurance.

Mortgage lenders require borrowers to carry insurance coverage to protect their investments. Usually, lenders put down the bulk of the money when funding a home purchase, oftentimes fronting hundreds of thousands of dollars.

Lenders wouldn’t put down such large amounts without some protection for their investment. Otherwise, if your house gets destroyed by an unexpected event, your lender risks losing it all. So, lenders mandate homeowners insurance as a condition of their loans.

If you don’t acquire your own coverage during your mortgage, your lender will force place insurance on you, which is unnecessarily expensive and isn’t in your best interest. Avoid force-placed insurance by securing your own policy and making your payments on time.

How to Get Homeowners Insurance Quotes in Ithaca

Comparing multiple home insurance quotes in Ithaca before you bind coverage is critical in saving money and ensuring your policy contains the coverage you need. You can turn to our team of independent agents at Clovered for help finding coverage and guaranteeing a good deal.

Our agency’s goal is to simplify the insurance process. We partner with some of New York’s top carriers, and we strive to bring you the coverage you need at the price you want. 

Quote online with us through our proprietary engine. All you must do is provide some information about yourself and your property, and you can compare rates in minutes.

You can also get an Ithaca homeowners insurance quote through one of our agents by calling our team at 833-255-4117 during business hours. We’re available to answer any questions you may have. You can also reach out by email at agent@clovered.com.

It's Time to Switch Your Homeowners Insurance

We partner with the nation's top homeowners insurance companies so you can get a custom policy at an affordable price.

The editorial content on Clovered’s website is meant to be informational material and should not be considered legal advice.

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