Spencer, NY Home Insurance Quotes!

It's not uncommon to hear that homeowners living in Spencer are paying too much for homeowners insurance. At GetHomeInsuranceQuotes.com, we can help you reduce your annual home insurance cost! Did you know that the average New York homeowner is paying round $1,356 per year? Let us help you shop multiple rates and consider every home insurance discount available to help you get better coverage for a lower price. Spencer homeowners that shop with us can see annual premiums for homeowners insurance for an HO-3 policy as low as $744 per year.

Spencer Demographics

In the town of Spencer New York, roughly 8,272 are living in families that average 3 in size. There are 1,657 housing units in the city of Spencer, but currently only of them are occupied.

One of the things that makes living in Spencer fabulous is the fact that most households are earning roughly $55,023, which is the average household income in our area. House prices are also extremely affordable in our little slice of paradise with the average home being priced around $151,000.

Very Affordable Homeowners Insurance in Spencer

Within Spencer, we are very lucky to offer extremely affordable homeowners insurance rates and coverage options. The average premium for homeowners insurance in Spencer, NY is around $744 per year. Homeowners living in homes in the 2,000 square foot range are paying around $994 for a standard HO-3 policy. Larger homes with more replacement cost coverage because they are larger in heated square footage and cost more to replace are paying around $1294 per year. Request quotes online now or Call us now for free quotes: 855-976-2656! We look forward to working with you!

What are the different policy types for homes in Spencer?

There are a number of different homeowners insurance policy types for homeowners living in Spencer. Each different policy type is designed especially for a certain kind of home. This will give you a great overview of the different types of policies that are available:

HO-3: The most common type of homeowners insurance being sold in Spencer is the HO-3 policy. This is the policy that most people purchase for their home. It will protect you if your home is damaged by any peril, except ones that are specifically excluded by the policy details. All HO-3 policies exclude flooding and earthquake damage, other exclusions usually apply so read the policy carefully.
HO-4: This policy was designed with renters in mind. It covers all of the personal property that you have in your apartment, it also offers liability coverage to protect you if someone is injured in your apartment. Liability protection will cover the cost of a person's medical bills if they are injured in your apartment. If they decide to sue you, this coverage will pay for the cost of your legal defense as well as any settlements or judgments that come out of the lawsuit.
HO-5: This is an upgrade from the HO-3 policy and tends to offer more comprehensive coverage but it also costs more. These policies are usually available on newer, more upscale houses.

The big difference is that your personal property is covered from all perils except those excluded in the policy while an HO-3 only covers personal property against the perils named in the policy. It also offers replacement cost coverage as standard while an HO-3 will usually have fair market value as standard coverage.

Compare Homeowners Insurance Rates in Spencer, NY!

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Average Rates Nearby Spencer

Are you looking for homeowners insurance in a city near Spencer? Review coverage options and average rates in your area by clicking your city below. We can help you shop home insurance rates!

Home Insurance Rates by Zipcode in Spencer, NY

Easily review average rates and get multiple homeowners insurance quotes by clicking your zip code below located in Spencer.

14883,

Spencer, NY Home Insurance Average Premiums

Local Spencer, NY home insurance quotes comparison

$744 /yr.

Shows Spencer's lowest average rates with discounts applied.

For the city of Spencer, homeowners insurance rates may vary on deductible, coverage amount and property details. Below is a list of the averages based on the cost of an annual home insurance premium.

Coverage Amount:	Annual Premium
1800 sq. ft. or below (discounts applied)	$744 /yr.
Average Coverage:	$994 /yr.
2600 sq. ft. or higher (all discounts applied)	$1294 /yr.

What is the average home insurance cost for a home in Spencer, NY?

• The average homeowners insurance premium paid annually for a home in Spencer is around $994 per year.

What does it cost on average per month for home insurance in Spencer, NY?

• Homeowners in Spencer pay an average cost per month around $83.00 for insurance coverage.

Spencer, NY - 2023 Housing Information

Month	Current Home Value (2023)	Last Year Home Value (2022)
January	$0	$0
February	$0	$0
March	$0	$0
April	$0	$0

Homeowners insurance will help cover the cost to repair or replace your Spencer home if it is damaged or destroyed by a covered peril, up to your coverage limits. A homeowners policy is made up of a few different coverages. Here are the most common coverages:

Dwelling: This coverage will pay to repair or replace the structure of your home if it is damaged or destroyed. Review and Calculate Replacement Cost Coverage in Spencer
Liability: This coverage will help cover medical and legal bills if someone is injured in your home, slipping on an icy sidewalk for example. It also offers protection if you damage another person’s property, your child hitting a baseball through a neighbor’s window for example.
Contents: This covers the cost to replace your personal possessions that are destroyed by a covered peril. Furniture, electronics, clothing and household goods are excellent examples. Contents coverage is often capped at 50% to 70% of your dwelling coverage.
Other Structures: This coverage protects other structures on your property such as detached garages, outbuildings, barns, and sheds.
Loss of use: This covers everyday costs that you incur if you cannot live in your home while it is being repaired due to a claim. It will pay hotel and restaurant bills and even the cost of dry cleaning.

Get up to 12 competitive Spencer, NY homeowners insurance rates all in one place!

Saving Money Tips on Spencer Home Insurance

A great way to save money on Spencer homeowners insurance is to make sure you are getting all the discounts you are qualified to receive. Here are just a few of the most common discount’s insurers offer:

Bundling: If you purchase your home and auto (or any other insurance coverage) from the same insurer, you should get a bundling discount. Expect to save 20%-25%.
Secure your home: Adding a monitored security system, water leak sensors, deadbolts, and smoke detectors should result in a discount.
Impact resistant roof: If you are replacing your roof, consider impact resistant roofing materials which help prevent hail and impact damage as well as resulting in a significant discount.
Stay claim free: If you have been claim free for a number of years (five is a common requirement) your insurer should offer a claim free discount.

Are you shopping for the best rate near or wihin the Spencer area? Check out what homeowners are paying on average for New York homeowners insurance.

Elevation Review for Coastal Wind or Flooding Risk

Elevation	Details	Homeowners Tips
1048 ft.	This is the average home elevation in Spencer, NY	Did you know that the elevation in which your home resides is crucial to a home insurance policy because it determines the risk factor related to your home being in a flood zone. It is important to understand that your home is not covered for floods under a standard homeowners policy. You will need to speak with a local New York flood insurance agent about a flood insurance policy, please give us a call now at 888-620-1954.

To get online quotes on your home and compare rates on home insurance premiums in Spencer, enter your zip code above and easily complete our online quoting application. Remember, it's important to speak with us about additional home insurance discounts so you can get the best rate for your home in Tioga County.

New York Homeowners Insurance News & Information

2025 – Study Shows Home Insurance Market Stabilizing Posted on Wednesday 11th December, 2024
According to a new report from Matic, the homeowner’s insurance market has shown signs of stabilizing roughly two years after major premium hikes and coverage challenges. Even though premiums are high, trends in the insurance industry show that a slowdown in premium growth may be coming. Here is a brief overview of the report and […]
What’s the average home insurance rate for a $300K home in 2024? Posted on Monday 9th December, 2024
A recent report from Insurance.com found that the average homeowners insurance rate for a $300,000 in homeowners coverage hit $2,777 per year which breaks down to $231 monthly. The cost of homeowners insurance in some states can be extremely expensive, for years Florida has been know to have the highest premiums in the nation. When […]
$4.5B Estimated In Insured Losses After 2024 Florida Hurricanes Posted on Wednesday 13th November, 2024
According to the Florida Office of Insurance Regulation, the three hurricanes that made landfall this year have caused more than $4.5 billion in estimated insured losses. Hurricane Debby, Helene and Milton all hit the state within two months of each other Helene and Milton struck just two weeks apart. State data show that over 269,000 […]
I can’t afford my home insurance, what do I do? Posted on Saturday 9th November, 2024
According to data from the National Association of Realtors (NAR), the average U.S. insurance rate is $2,377 a year. The data also suggest that homeowners could see a 6% rise in rates by the end of the year which is in addition to the 20% increase over the two previous years. As climate change pushes […]
How to Get the Best Homeowners Insurance Policy for Your Needs Posted on Wednesday 6th November, 2024
Having the proper insurance coverages in place is a critical part of owning a home, it protects your investment and finances in the event your home is destroyed by an unexpected disaster such as a fire, flood or severe storm. Understanding the different coverages that are available to homeowners is key to making sure you […]

Spencer, NY Dwelling Coverage Estimate

It is important to calculate your dwelling coverage for your home in Spencer so you know what type of homeowners insurance coverage you need to cover your replacement cost. It is recommended to have enough dwelling coverage to rebuild your home if it was destroyed by a covered peril.

Please remember that replacement cost coverage does not include the cost of the land, only the price to rebuild your home, which is why we like to help customers by answering a few questions that you may have.

What is the average replacement cost coverage in Spencer, NY?

- The average square footage in Spencer is around 737 Sq. Ft. which would cost you around $151,000 to replace the home if you base the home on the price to build per square foot of $205.

Minimum Replacement Cost Total: $151,000

Location: Spencer, New York (Tioga County)

Average Building Cost Per Square Foot in Spencer: $205 (low end)

Average Square Footage in Spencer: 737 Sq. Ft.

Home Improvement Status	Price per Sq. Ft.	Dwelling Coverage
None or Very Minor Improvements	$205	$151,000
Some Additional Upgrades	$256	$188,750
Major Home Updates or Advancements	$308	$226,500

Calculate Your Spencer, NY Dwelling Coverage

The dwelling coverage is calculated by the average cost per square foot ($205) in Spencer, New York times your heated square footage. Which would equal the cost to rebuild your home minus the cost of the property or land. Some homes will have a higher replacement cost due to home improvements like updated kitchens and bathrooms. Other upgrades may include: granite countertops, hardwood floors and stainless steel appliances. The national square foot average to build a brand new home is around 2500 square feet. So if you are looking to build, and your square footage of your new home is 2500, you are looking at a dwelling coverage premium of around $640,625 (Media price to build of $256 x 2500 sq. ft.) to cover the cost to rebuild your new home.

What is the difference between actual cash value and replacement cost value?

Homeowners insurance is available in both actual cash value (ACV) and replacement cost value (RCV). Knowing the difference is important:

Actual cash value: When valuing your personal possessions, an actual cash value policy will take depreciation into account. This means that your 10-year-old TV will be basically worthless according to your insurance company. While an ACV policy tends to be cheaper, if you have to make a claim you may be disappointed in your claim payout.

Replacement cost value: A RCV policy will replace your possessions with brand new items of similar quality regardless of how old they were at the time they were destroyed. While RCV policies are slightly more expensive, they are well worth the cost if you have to make a claim.