Lake Forest, IL Homeowners Insurance Rate Quotes!

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Are you looking for the best home insurance rates in Lake Forest, IL? Although price is the #1 factor for homeowners when it comes to shopping for a new home insurance policy, the most important is having the right coverage and protection for your home and family. If you want to save more money on your Lake Forest home insurance premium, try applying the following homeowners insurance discounts and credits when comparing multiple rates, you may realize that there are additional discounts available other than the common deadbolt, smoke detector or security alarm. All of these possible discount items can help you save up to 40% on your home insurance policy. For fast quotes, please call us at 1-855-976-2656 or get quotes online for free and let our local Lake Forest home insurance professional help you find the affordable rates you are looking for!

Buying a Lake Forest, IL Homeowners Policy

Many homeowners in Lake Forest are not sure what is covered under a basic homeowners (HO-3) policy. Here are the most important coverage details that you need when a standard policy. Also below we have included some coverage options that may be required in addition to your policy for that added protection.

Standard Coverage

  1. Fire and Lightning - home fires or weather related claims due to thunderstorms
  2. Water Damage and Freezing Temperatures - plumbing issues or harsh cold winters
  3. Theft
  4. Bodily Injury

Additional Protection

  1. Wind and Hail - high winds and hail damage account for the majority of claims every year.
  2. Earthquake - some mortgage providers require you to purchase earthquake insurance.
  3. Flooding - if your home is in a flood zone, your mortgage lender will require you to purchase a flood insurance policy.

When shopping and comparing homeowners insurance quotes online, it's also very important to have all your questions answered before purchasing a policy. This is why our quoting service provides the highest quality in customer care and free insurance consulting services. We want to help you discover affordable rates, but also help you find the protection you need for your Lake Forest home.

How much is home insurance in Lake Forest, IL?

Finding cheaper premiums in Lake Forest is now much easier for local residents thanks to GetHomeInsuranceQuotes.com. Many homeowners often ask how their current premium ranks compared to other homeowners throughout the state. Lake Forest homeowners are seeing rates as low as $556.00 per year. Average home insurance rates with good coverage and a 1800 square foot home are seeing rates around the $806.00 per year which is only $67.00 per month. Higher-end homes that are much larger than 2800 square feet require more replacement cost coverage, so those rates are in the $1,106.00 range per year. It's important to know that these average homeowners insurance rates reflect the cost of a standard HO-3 home insurance policy which includes the coverage of your home, your contents, loss of use, medical payments and homeowner liability coverage. As mentioned above, please understand that a basic homeowners insurance policy does not include flood or earthquake protection.

The best home insurance coverage includes an affordable rate with the protection you need. At GetHomeInsuranceQuotes.com, our licensed agents can provide up to 12 competitive home insurance quotes for you to review. And our free consulting service allows us to answer any questions that you may have about which policy is best for your family and home located in Lake Forest.

Lake Forest City Demographics

Location of Lake Forest, IL (LAKE County)

  • Total Population: 19,375
  • Occupied Residents: 29,112
  • Average Price of a Home Per Zip Code: $827,800

Compare Homeowners Insurance Rates in Lake Forest, IL!

Enter your Zip Code:    

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

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

Average Rates Nearby Lake Forest

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

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

60045,     

Lake Forest, IL Home Insurance Average Premiums

Local Lake Forest, IL home insurance quotes comparison

$556 /yr.

Shows Lake Forest's lowest average rates with discounts applied.

For the city of Lake Forest, 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)		$556 /yr.
Average Coverage:$806 /yr.
2600 sq. ft. or higher
(all discounts applied)		$1106 /yr.

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

  • • The average homeowners insurance premium paid annually for a home in Lake Forest is around $806 per year.

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

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

Lake Forest, IL Coastal Wind, Hail & Flood Information

Lake Forest 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 Lake Forest 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 Lake Forest, IL.

Lake Forest, IL - 2023 Housing Information

Month Current Home Value (2023) Last Year Home Value (2022)
January $955,415 $868,712
February $953,443 $880,553
March $956,257 $896,746
April $962,740 $911,798

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

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

Saving Money Tips on Lake Forest Home Insurance

A great way to save money on Lake Forest 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 Lake Forest 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
672 ft. This is the average home elevation in Lake Forest, 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 Lake Forest, 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 Lake Forest, 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 […]

Lake Forest, IL Dwelling Coverage Estimate

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

- The average square footage in Lake Forest is around 2,338 Sq. Ft. which would cost you around $827,800 to replace the home if you base the home on the price to build per square foot of $354.

Minimum Replacement Cost Total: $827,800

Location: Lake Forest, Illinois (Lake County)

Average Building Cost Per Square Foot in Lake Forest: $354 (low end)

Average Square Footage in Lake Forest: 2,338 Sq. Ft.

Home Improvement StatusPrice per Sq. Ft.Dwelling Coverage
None or Very Minor Improvements$354$827,800
Some Additional Upgrades$443$1,034,750
Major Home Updates or Advancements$531$1,241,700

The dwelling coverage is calculated by the average cost per square foot ($354) in Lake Forest, 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 $1,106,250 (Media price to build of $443 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.