Home Insurance in Olean, New York
Homes in Olean carry a median value of $86,100 - 24% lower than the Cattaraugus County median.
Because older housing stock often has aging wiring, roofing or plumbing, it can cost more to insure or rebuild. The median home in Olean was built in 1939 or earlier. About 79% of homes were built before 1960, about 29 points above Cattaraugus County's 50%.
Housing in Olean breaks down to 60% single-family homes, 14% apartments in buildings with 5+ units and 1% mobile or manufactured homes. The rest are 2-4 unit or other housing types.
In Olean, about 41% of owner-occupied homes have a mortgage - lenders require hazard insurance on every mortgaged home.
About 55% of occupied homes in Olean are owner-occupied. The vacancy rate is 11%; vacant or unoccupied homes typically need a different coverage form than an owner-occupied policy.
In Olean, 86% of homes are primarily heated with natural gas.
Cattaraugus County had 449 active NFIP flood policies as of September 2026. Its top FEMA-rated hazard is inland flooding (Relatively Moderate). See the full Cattaraugus County home insurance overview for all FEMA hazard ratings and flood coverage details. Flood damage is excluded from a standard homeowners policy.
In New York, the statewide average premium for a standard HO-3 homeowners policy is $1,801 per year (NAIC, 2023 data).
Key figures
| Median home value | $86,100 |
|---|---|
| Median year built | 1939 or earlier |
| Owner-occupied share | 55% |
| Share of owner-occupied homes with a mortgage | 41% |
| Top county hazard | Inland Flooding (Relatively Moderate) |
| Active NFIP policies in Cattaraugus County | 449 |
| Home insurance premium | $1,801 - statewide average (NAIC, 2023 data) |
Nearby towns
Sources
Data last updated: 2026-09-29
- U.S. Census Bureau Gazetteer Files (2024)
- U.S. Census Bureau, American Community Survey 2020-2024 5-Year Estimates (2024)
- FEMA National Risk Index (December 2025)
- FEMA OpenFEMA NFIP Redacted Policies v3 (2026)
- NAIC Dwelling Fire, Homeowners Owner-Occupied, and Homeowners Tenant and Condominium/Cooperative Unit Owners Insurance: Data for 2023 (published 2026) (2023)