Get Elwood, IL Home Insurance Rates!

If you have watched your Elwood home insurance rates increase year over year, you are not alone. Homeowners insurance in Illinois has gotten more expensive over the last decade and Illinois is now the #31 in country when it comes to the cost of homeowners coverage.

The average cost of homeowners insurance in Illinois is currently $1144 which makes Illinois the #31 most expensive state in the country for home insurance. Local residents of Elwood need to be aware that the national average is $1311.

The insurance coverages you need in Elwood

Homeowners in Elwood (or just about anywhere for that matter) should be aware of the different types of protection offered by a homeowners policy. Here is a quick overview:

Dwelling: This portion of your policy will help repair or rebuild your home’s structure if it is damaged or destroyed by a covered peril. Your dwelling coverage levels should be enough to cover the cost of rebuilding your home.

Liability: The liability portion of the policy will help cover any liability issues that come up at your home. It will help pay medical as well as legal bills for any injuries that happen to guests at your home. This can be the result of someone being injured at your home, falling down your stairs for example or if your pet bites someone the liability portion of your policy will step up.

A standard homeowners policy comes with $100,000 in liability coverage but most experts recommend carrying at least $300,000 in coverage. Medical and legal bills can quickly add up so make sure you are carrying enough liability protection.

Personal Property: This coverage will repair or replace your personal possessions if they are damaged or destroyed by a covered peril. The coverage amount for your personal property is 50 percent of your dwelling coverage which means that if you are carrying $300,000 in homeowners insurance on your home, your coverage level for your personal property is $150,000.

Other Structures: This covers other structures on your property such as outbuildings, sheds, barns, detached garages and other structures. This coverage is 10 percent of your coverage levels on most policies so if you are carrying $200,000 on your home, your other structures are protected by $20,000 in coverage. This is all structures combined.

Loss of Use: If your home is so damaged that you can’t live in it while it is being repaired the loss of use portion of your policy will step up. This coverage will help cover expenses you incur due to being out of your home. It will pay hotel bills, restaurant tabs as well as other expenses such as dry cleaning.

Tips for lowering your insurance costs in Illinois

While the cost of homeowners insurance has gone up in recent years, there are ways to save a bit of money on your premium. Regardless of whether you live on the coast or inland, these tips can help put some money back in your pocket:

Shop your coverage: If you are reading this, you are probably already shopping your coverage. Shopping your policy is the best way to lower your insurance costs. Insurers rate risk differently and this can lead to dramatic differences in premium quotes.

We can help make the shopping process quick and easy. Simply enter you zip code at the top of the page, fill out our short form and Click "Get Home Insurance Quotes". We will shop your coverage with at least 12 insurance companies that best respresent the city of Elwood and we ensure you will find a great policy without having to leave the comfort of your own home.
Discounts: Insurers offer numerous discounts and making sure that every discount you qualify for is applied to your policy is a great way to lower your premium. We make sure all available discounts are being applied to your policy.
Upgrade your home: This can result in big savings, particularly if your home is located on the coast. Replacing your roof with wind and hail resistant shingles, adding storm shutters and getting your mechanicals off the ground can result in big savings.
Up your deductible: This is another great way to lower your premium. Doubling your deductible can result in a major discount. Always make sure you choose a deductible that you can easily afford in the event you have to make a claim.

It's time to save some money

If you are ready to save a bit of coin on your insurance bill, we are here to help. We offer a quick and easy solution to shop and compare Elwood home insurance rates online, with our quick online quoting application, we can help you review rates from up to 12 home insurance companies to find the best policy for your particular home.

If you are looking for a new policy that comes with great coverage and a low premium for your home in Elwood, let us help you save up to 40% or more on your new home insurance policy. Start a quote online now or give us a call at 1-855-976-2656..

Compare Homeowners Insurance Rates in Elwood, IL!

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Average Rates Nearby Elwood

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

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

60421,

Elwood, IL Home Insurance Average Premiums

Local Elwood, IL home insurance quotes comparison

$589 /yr.

Shows Elwood's lowest average rates with discounts applied.

For the city of Elwood, 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)	$589 /yr.
Average Coverage:	$839 /yr.
2600 sq. ft. or higher (all discounts applied)	$1139 /yr.

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

• The average homeowners insurance premium paid annually for a home in Elwood is around $839 per year.

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

• Homeowners in Elwood pay an average cost per month around $70.00 for insurance coverage.

Elwood, IL - 2023 Housing Information

Month	Current Home Value (2023)	Last Year Home Value (2022)
January	$258,506	$244,758
February	$259,523	$247,659
March	$260,741	$251,252
April	$261,145	$255,416

Homeowners insurance will help cover the cost to repair or replace your Elwood 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 Elwood
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 Elwood, IL homeowners insurance rates all in one place!

Saving Money Tips on Elwood Home Insurance

A great way to save money on Elwood 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 Elwood 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
636 ft.	This is the average home elevation in Elwood, IL	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 Illinois 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 Elwood, 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 Will 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 […]

Elwood, IL Dwelling Coverage Estimate

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

- The average square footage in Elwood is around 1,244 Sq. Ft. which would cost you around $191,500 to replace the home if you base the home on the price to build per square foot of $154.

Minimum Replacement Cost Total: $191,500

Location: Elwood, Illinois (Will County)

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

Average Square Footage in Elwood: 1,244 Sq. Ft.

Home Improvement Status	Price per Sq. Ft.	Dwelling Coverage
None or Very Minor Improvements	$154	$191,500
Some Additional Upgrades	$193	$239,375
Major Home Updates or Advancements	$231	$287,250

Calculate Your Elwood, IL Dwelling Coverage

The dwelling coverage is calculated by the average cost per square foot ($154) in Elwood, 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.