Buffalo Grove, IL Home Insurance Quotes!

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Buffalo Grove is a beautiful little Illinois town that 41,533 people are calling home. While Buffalo Grove is not a huge population center, there are many advantages to living in one of the many beautiful homes that make up our community.

There are currently 16,221 households per zip code in the Buffalo Grove area with the average number of people in each household coming in at 3 although that number will vary depending on the type of housing.

One of the biggest advantages to living in Illinois and especially Buffalo Grove is the average household income, which in the latest study came in at $116,050.

Housing is another bright spot of the Buffalo Grove area with the average house price being an extremely affordable $332,300.

Cheap Buffalo Grove Home Insurance is Another Bonus

Along with affordable housing, Buffalo Grove also has cheaper homeowners insurance prices. According to a recent nationwide study, Buffalo Grove average premium costing is around $1,144 per year. We help homeowners shop the best rates with the highest quality in coverage options. Homeowners of Buffalo Grove are seeing rates as low as $559 a year for a standard homeowners policy. Average rates are in the $809/yr. range, and the larger homes with square footage above 2,300 are only paying around $1,109 a year for an HO-3 policy. Rates are higher for larger homes due to the price of replacement cost coverage and the amount of risk involved in rebuilding a much larger home with higher end upgrades like kitchens and bathrooms. Our home insurance shopping process allows you to review the best rates and we can help you apply all discounts available for your home.

Something that many Buffalo Grove homeowners are unaware of is the fact that homeowner policies come in a variety of different types and are categorized by the type of housing you are living in or purchasing.

This quick rundown of housing types will help you understand the various types of homeowners insurance in Illinois:

  • HO-3: If you have a normal single-family house, this is the type of insurance coverage you need. It is the most common homeowner policy available today and protects you from all perils unless they are specifically excluded in the wording of the homeowner policy.
  • HO-6: Living in a co-op or condo building is easy and convenient and if you have this type of home, you need a HO-4 policy. It not only protects your personal property in your condo but also provides coverage for the parts of the condo building that you actually own, like the walls and mechanical systems in your unit.
  • HO-8: Historical homes dot the landscape of Buffalo Grove and if you and your family are living in an older home, you may need an HO-8 policy. In most cases, a HO-8 policy is put in place because the house doesn't qualify for a HO-3 policy.
    Basically an HO-8 policy is necessary if your home is worth less than the cost to replace it. The major disadvantage to these policies is that they only cover 11 specific perils.
  • HO-4: Renters need protection too and if you are living in an apartment, an HO-4 policy is tailor made for your needs. It will pay to replace your personal property if it is damaged, destroyed or stolen.

In addition, these policies come with liability coverage, which protects you in the event someone is hurt in your apartment. If they decide to sue you, an HO-4 policy will also pay for your legal defense and any resulting settlements or judgments, up to your policy limits.

Compare Homeowners Insurance Rates in Buffalo Grove, IL!

Enter your Zip Code:    

Get up to 12 competitive Buffalo Grove, IL homeowners insurance rates all in one place!

Enter your Zip Code:    
Easily compare up to 12 competitive Buffalo Grove, IL rates all in one place!

Average Rates Nearby Buffalo Grove

Are you looking for homeowners insurance in a city near Buffalo Grove? 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 Buffalo Grove, IL

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

60089,     

Buffalo Grove, IL Home Insurance Average Premiums

Local Buffalo Grove, IL home insurance quotes comparison

$559 /yr.

Shows Buffalo Grove's lowest average rates with discounts applied.

For the city of Buffalo Grove, 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)		$559 /yr.
Average Coverage:$809 /yr.
2600 sq. ft. or higher
(all discounts applied)		$1109 /yr.

What is the average home insurance cost for a home in Buffalo Grove, IL?

  • • The average homeowners insurance premium paid annually for a home in Buffalo Grove is around $809 per year.

What does it cost on average per month for home insurance in Buffalo Grove, IL?

  • • Homeowners in Buffalo Grove pay an average cost per month around $67.00 for insurance coverage.

Buffalo Grove, IL Coastal Wind, Hail & Flood Information

Buffalo Grove is located in a coastal county which greatly increases the risk of hurricanes and windstorms. Our quoting process will include wind and hail coverage options to give you the best protection you need against high winds and storm damage.

Flood Zone Notice: The beautiful coastal city of Buffalo Grove is know for it's beautiful beaches and waterways. Because Lake County (FIPS: 17097) has a shoreline and is in a coastal area it is important to purchase flood insurance. The risk is very high in this area and we will work with you to provide the best flood insurance coverage you need for your home in Buffalo Grove, IL.

Buffalo Grove, IL - 2023 Housing Information

Month Current Home Value (2023) Last Year Home Value (2022)
January $358,300 $341,084
February $358,949 $344,346
March $360,917 $348,245
April $363,233 $352,424

Homeowners insurance will help cover the cost to repair or replace your Buffalo Grove 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 Buffalo Grove
  • 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.
Enter your Zip Code:    

Get up to 12 competitive Buffalo Grove, IL homeowners insurance rates all in one place!

Enter your Zip Code:    
Easily compare up to 12 competitive Buffalo Grove, IL rates all in one place!

Saving Money Tips on Buffalo Grove Home Insurance

A great way to save money on Buffalo Grove 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 Buffalo Grove area? Check out what homeowners are paying on average for Illinois homeowners insurance.

Elevation Review for Coastal Wind or Flooding Risk

Elevation Details Homeowners Tips
679 ft. This is the average home elevation in Buffalo Grove, IL

» Elevation is crucial to a homeowners insurance policy because it determines the risk of your home being in a flood zone which is particularly important in a coastal state such as Buffalo Grove, Illinois.

A standard homeowners policy does not cover flood damage. If you live in a flood prone area, you will need to purchase a separate flood to fully protect your home.

Call Now for Flood Insurance Quotes: 888-620-1954!

Flood insurance can be purchased via the National Flood Insurance Program (NFIP) or in the private market. NFIP policies come with coverage caps and other restrictions so you may need to supplement your flood insurance coverage with a private market policy.

It's important to remember that flooding occurs in low and moderate risk areas as well. According to FEMA data, almost 25% of all flood claims come from low to moderate-risk areas.

To get online quotes on your home and compare rates on home insurance premiums in Buffalo Grove, 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 Lake County.

Illinois Homeowners Insurance News & Information

  • Homeowners Below a 580 Credit Score Pay 35% More for Home Insurance Posted on Monday 15th April, 2024

    While the odds of a major disaster hitting a specific home is the same regardless of whether the owner has a great credit score or one that puts them in a subprime category, their credit score will impact their rate in many states.  In most states, insurers are allowed to consider credit scores when setting […]

  • The Best Way to Check the Financial Strength of Home Insurance Companies Posted on Wednesday 3rd April, 2024

    If you are switching insurance companies, you should always check the financial strength of any insurer you are seriously considering. While an affordable premium is always a plus, if your insurance company cannot afford to pay when you file a claim, the savings will certainly not be worth it.  A.M. Best is a credit rating […]

  • Florida’s Broward Commissioner is Asking Congress to Lower Insurance Rates Posted on Monday 1st April, 2024

    A bill in the U.S. House called the Natural Disaster Reinsurance Plan, hopes to lower insurance costs for policyholders in states that opt-in to the program which will scale back the requirements regarding the amount of reinsurance that insurance companies need to purchase.  Currently, a Broward commissioner is asking Congress to pass legislation he claims […]

  • North Carolina Coastal Home Insurance Rates Posted on Friday 29th March, 2024

    North Carolina is a fantastic place to live with plenty of cultural activities, beautiful beaches, world-class cities as well as great restaurants and shopping. The only disadvantage to living in North Carolina, particularly if your home is located in coastal area is the cost of homeowners insurance. The average premium for a standard homeowners insurance […]

  • How Do Renovations Impact Home Insurance? (2024 Guide) Posted on Friday 15th March, 2024

    Making renovations to your home can have a major impact on your insurance coverages as your risk profile changes. Adding square footage, putting in a swimming pool, outbuilding or upgrading your electrical may change the value of your home which could leave your underinsured.  Major upgrades such as adding square footage to your home or […]

Buffalo Grove, IL Dwelling Coverage Estimate

It is important to calculate your dwelling coverage for your home in Buffalo Grove 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 Buffalo Grove, IL?

- The average square footage in Buffalo Grove is around 2,158 Sq. Ft. which would cost you around $332,300 to replace the home if you base the home on the price to build per square foot of $154.

Minimum Replacement Cost Total: $332,300

Location: Buffalo Grove, Illinois (Lake County)

Average Building Cost Per Square Foot in Buffalo Grove: $154 (low end)

Average Square Footage in Buffalo Grove: 2,158 Sq. Ft.

Home Improvement StatusPrice per Sq. Ft.Dwelling Coverage
None or Very Minor Improvements$154$332,300
Some Additional Upgrades$193$415,375
Major Home Updates or Advancements$231$498,450

The dwelling coverage is calculated by the average cost per square foot ($154) in Buffalo Grove, Illinois 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 $481,250 (Media price to build of $193 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.