Joliet, IL Home Insurance Quotes!

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In the great city of Joliet, there are a total of 147,433 people living in a variety of different styles of properties from single-family homes, duplexes, condos and apartments. While there are roughly 10,893 housing units in the city of Joliet, many of the ones that are currently occupied are in need of lower home insurance rates. In the majority of these Joliet neighborhoods, the average family size is around 3 residents per house.

In Joliet, the average household income is about $61,014. While this is a fairly high number, it is slightly below the national median. Luckily, the cost to purchase a home in Joliet is affordable, the average real estate market price is $147,573, although home prices in this area continue to rise. An increase in home prices results in more risk for the insure to cover. Plus, the cost of living increases with the property taxes due to the cost of home prices going up. Saving money on your home insurance premium can help with your monthly budget and even lower your monthly mortgage payment. Let us help you shop and compare rates in Joliet, IL today!

Joliet, IL Home Facts

The city of Joliet is roughly around 147,433 residents in population size with 48019 currently livable homes being occupied. The average family household in Joliet is 34900 per house.

DemographicValues
Population147,433
Total Occupied Households48019
Family Households (families)34900
Average Owner Occupied Household Size3.11
Average Family Size3.56
Total Housing Units51285

Lower Home Insurance Rates in Joliet Helps with Savings

In addition to affordable housing, Joliet homeowners insurance also has some great rates to help you save more money. Our average home insurance rates for Joliet is around $862 per year, for smaller homes with less replacement value coverage and discounts, you can get rates for as low as $612. For larger homes over 1,800 sq. ft in Joliet, you may see higher rates in the $1162 range due to increased dwelling coverage.

Joliet Home Insurance By Policy Type

When it comes to Joliet homeowners insurance policies, there are a few different policy types and each one is written for a certain type of structure. Having the correct policy type is essential to having the proper coverage on your home for added protection when you need it most.

Below we have featured the most common insurance types for homeowners living in or nearby Joliet:

 Type Description
HO-3

The most common of homeowners coverage is the HO-3. The majority of homeowners carry this type of policy and it covers damage that is caused by all perils unless they are excluded in the body of the policy. Damage that is caused by floods or earthquakes is always excluded on an HO-3 policy but there can be other exclusions as well.

HO-6

Condos are becoming a popular housing option in Joliet and if you have one, this is the policy type you need. In addition to condos, it also protects co-ops. This insurance offers coverage for your personal belongings as well as the components of the building that you actually own.

HO-8

Joliet is lucky to have a fair number of historical homes and if you own one, you may need an HO-8 policy. These policy types are specific to older homes where the replacement cost of the house may actually exceed the cash value of the home.

These policies are affordable because the payout levels are less than the actual replacement cost of the house. In most cases, the need for an HO-8 policy arises when the house is more than 40 years old and doesn’t qualify for a HO-3 policy. These policies only cover 11 perils.

HO-4

This policy type was designed for people that rent an apartment. It is often referred to as renters insurance. An HO-4 policy will pay out for damage to your personal property in your apartment and it also offers liability protection in the event that someone is injured in your apartment.

Compare Homeowners Insurance Rates in Joliet, IL!

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

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Easily compare up to 12 competitive Joliet, IL rates all in one place!

Average Rates Nearby Joliet

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

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

60431,     60432,     60433,     60435,     60436,     

Joliet, IL Home Insurance Average Premiums

Local Joliet, IL home insurance quotes comparison

$612 /yr.

Shows Joliet's lowest average rates with discounts applied.

For the city of Joliet, 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)
$612 /yr.
Average Coverage:$862 /yr.
2600 sq. ft. or higher
(all discounts applied)
$1162 /yr.

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

  • • The average homeowners insurance premium paid annually for a home in Joliet is around $862 per year.

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

  • • Homeowners in Joliet pay an average cost per month around $72.00 for insurance coverage.

Joliet, IL - 2023 Housing Information

Month Current Home Value (2023) Last Year Home Value (2022)
January $208,748 $195,849
February $210,184 $198,762
March $211,733 $201,891
April $211,945 $205,018

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

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

Saving Money Tips on Joliet Home Insurance

A great way to save money on Joliet 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 Joliet 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
584 ft. This is the average home elevation in Joliet, 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 Joliet, 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

  • 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 […]

  • Florida Lawmakers May Allow Takeout Offers to Citizens’ Policyholders Posted on Wednesday 13th March, 2024

    Lawmakers in Florida are moving closer to allowing specific insurer types to make offers to policyholders currently with Citizen’s Property to insure their vacation or second home.  SB 1716 this week cleared the Senate’s Fiscal Policy Committee for the takeout offers after the Senate’s Banking and Insurance Committee approved the measure earlier this month.  This […]

  • Florida has 7 New Home Insurance Companies Entering the Market Posted on Friday 1st March, 2024

    Recently, Florida has seen seven new insurance companies enter the market for homeowners coverage. Currently, the average premium for homeowners coverage is $6,000 a year in the Sunshine state compared to a nationwide average of just $1,700 a year, according to the Insurance Information Institute.  The Insurance Information Institute is hopeful that the new insurance […]

  • 2024 Average Homeowners Insurance Rate at $2,777 per year  Posted on Tuesday 20th February, 2024

    A recent report by Insurance.com, found that the average homeowners insurance rate in the U.S. came in at $2,777 per year which breaks down to $231 a month. The average was based on coverage levels of $300,000 in dwelling and liability and a $1,000 deductible. When Insurance.com ran the numbers, Oklahoma was the most expensive […]

  • NC Residents Speak Against 42% Rate Increase Requested by Rate Bureau Posted on Tuesday 13th February, 2024

    During a recent public comment session held by the North Carolina Department of Insurance, dozens of North Carolina residents spoke out against an average rate increase of 42% that the North Carolina Rate Bureau is requesting.  The Rate Bureau represents insurance companies in the state and earlier this year requested average rate increases of 42%. […]

Joliet, IL Dwelling Coverage Estimate

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

- The average square footage in Joliet is around 958 Sq. Ft. which would cost you around $147,573 to replace the home if you base the home on the price to build per square foot of $154.

Minimum Replacement Cost Total: $147,573

Location: Joliet, Illinois (Will County)

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

Average Square Footage in Joliet: 958 Sq. Ft.

Home Improvement StatusPrice per Sq. Ft.Dwelling Coverage
None or Very Minor Improvements$154$147,573
Some Additional Upgrades$193$184,466
Major Home Updates or Advancements$231$221,359

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