Home Insurance in Panama, New York
The median home value in Panama is $105,400, 18% lower than the Chautauqua County median.
The typical home in Panama was built around 1965. Because older housing stock often has aging wiring, roofing or plumbing, it can cost more to insure or rebuild. About 48% of homes were built before 1960, about 11 points below Chautauqua County's 59%.
Mobile and manufactured homes typically need a manufactured-home (HO-7) policy rather than a standard homeowners policy. The housing stock in Panama is 48% single-family homes and 8% mobile or manufactured homes. The rest are 2-4 unit or other housing types.
In Panama, about 37% of owner-occupied homes have a mortgage - lenders require hazard insurance on every mortgaged home.
Panama has an owner-occupancy rate of 55% and a vacancy rate of 8%; unoccupied homes typically need a different coverage form.
Most homes in Panama - 65% - are primarily heated with natural gas. Homes heated with propane can carry added fire risk. Fuel-tank leaks and spills are often excluded from standard homeowners policies.
Chautauqua County had 415 active NFIP flood policies as of September 2026. Its top FEMA-rated hazard is inland flooding (Relatively Moderate). See the full Chautauqua 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 | $105,400 |
|---|---|
| Median year built | 1965 |
| Owner-occupied share | 55% |
| Share of owner-occupied homes with a mortgage | 37% |
| Top county hazard | Inland Flooding (Relatively Moderate) |
| Active NFIP policies in Chautauqua County | 415 |
| 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)