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What you are hearing is called power line hum. There are several possible causes.
1. The most likely cause is that the AC power adapter for the phone is bad. If you have another phone, try it in place of the one with the buzzing.
2. Have you recently had any electrical work done? That could be power line interference. It can come from many sources, like anything with a motor (ac,fan,dishwasher,etc...), a flourescent light, even a crt style tv. Trace the phone wire and see if it comes close to any ac lines (if you can). If it does, try moving it, even if slightly.
Check your network interface device (NID) outside the house where the line connects. You need an old fashioned phone that runs off the power in the line. If that is buzzing, the problem is outside the house, which means it is Verizon's problem. Sometime the customer svc rep will test the line, but can't really tell the diff. If you tell them it is at the NID, it is their problem and they have to come fix it. However, I caution you. I asked them to fix this same problem.
I'm having the same problem. It's on all phones in the house, corded and cordless, and at the NID. It's so bad the phone is barely usable. Had a tech come out a couple weeks ago who said there was water getting into the line, and the buzzing sound was a little better after whatever he did, though still very noticable. Now it's terrible again and I hope they can figure out the problem when they come out this time.