Get Lake Zurich, IL Home Insurance Rates!
Affordable homeowners insurance quotes near you within the city of Lake Zurich, IL has never been easier with our comparitive rating system. We strive to help you save time and money by offering the most competitive rates for your home in Lake Zurich. Let us help you shop up to 12 of the best rate quotes for homeowners insurance, plus we can help you review which coverage option is best. Our Illinois home insurance agents are ready to help you discover better rates with companies you trust. Get your Lake Zurich home insurance rate quotes online today or Call 855-976-2656.
Popular Lake Zurich Home Insurance Questions:
What is the total Lake Zurich popluation?
The city limit population in Lake Zurich, IL is around 333,352.
How many homes are in this location?
The total homes in the city of Lake Zurich is 13,629 housing units.
What is the average Lake Zurich income per family?
The average income in the Lake Zurich area is around $141,285.
How much do the homes in Lake Zurich cost?
The average value of a home in Lake Zurich is estimated to be around $447,800.
What do Lake Zurich homeowners pay on average for homeowners coverage?
Home insurance cost around $1,144 per year on average in the Lake Zurich area, this average is based on a $200K real estate value with a standard HO-3 policy. We help you compare rates and coverage options so you can review the best rate and policy for your home.
What is a standard homeowners insurance policy in Lake Zurich cover?
A standard home insurance polciy in Lake Zurich, IL is commonly known as an HO-3 policy that covers damage from all perils except those that are not covered or excluded from your coverage, exclusions are clearly documented within your policy. For example, earthquake or flood insurance coverage is not part of a standard HO-3 policy. There are other types of policies that cover condos, landlord (rentals), tenant (renters) and historical home policies known as HO-8 policy.
From our most common questions above, you have read that a Lake Zurich homeowners insurance policy can sound complicated, but the process of getting the right coverage does not have to be. We are here to help you shop the best homeowners insurance rates and answer any questions you have about which home insurance policy is best for you. Click to review Lake Zurich, IL home insurance quotes today!
Compare Homeowners Insurance Rates in Lake Zurich, IL!
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Average Rates Nearby Lake Zurich
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Home Insurance Rates by Zipcode in Lake Zurich, IL
Easily review average rates and get multiple homeowners insurance quotes by clicking your zip code below located in Lake Zurich.
Lake Zurich, IL Home Insurance Average Premiums
$622 /yr.
For the city of Lake Zurich, 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) | $622 /yr. |
| Average Coverage: | $872 /yr. |
| 2600 sq. ft. or higher (all discounts applied) | $1172 /yr. |
What is the average home insurance cost for a home in Lake Zurich, IL?
- • The average homeowners insurance premium paid annually for a home in Lake Zurich is around $872 per year.
What does it cost on average per month for home insurance in Lake Zurich, IL?
- • Homeowners in Lake Zurich pay an average cost per month around $73.00 for insurance coverage.
Lake Zurich, IL Coastal Wind, Hail & Flood Information
Lake Zurich 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 Zurich 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 Zurich, IL.
Lake Zurich, IL - 2023 Housing Information
| Month | Current Home Value (2023) | Last Year Home Value (2022) |
|---|---|---|
| January | $399,234 | $381,159 |
| February | $400,079 | $384,810 |
| March | $402,163 | $389,097 |
| April | $403,832 | $393,128 |
Homeowners insurance will help cover the cost to repair or replace your Lake Zurich 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 Zurich
- 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 Lake Zurich, IL homeowners insurance rates all in one place! |
Saving Money Tips on Lake Zurich Home Insurance
A great way to save money on Lake Zurich 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 Zurich 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 |
|---|---|---|
| 783 ft. | This is the average home elevation in Lake Zurich, 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 Zurich, 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. 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 Zurich, 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
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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 […]
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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 […]
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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 […]
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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 […]
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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 Zurich, IL Dwelling Coverage Estimate
It is important to calculate your dwelling coverage for your home in Lake Zurich 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 Zurich, IL?
- The average square footage in Lake Zurich is around 2,908 Sq. Ft. which would cost you around $447,800 to replace the home if you base the home on the price to build per square foot of $154.
Minimum Replacement Cost Total: $447,800
Location: Lake Zurich, Illinois (Lake County)
Average Building Cost Per Square Foot in Lake Zurich: $154 (low end)
Average Square Footage in Lake Zurich: 2,908 Sq. Ft.
| Home Improvement Status | Price per Sq. Ft. | Dwelling Coverage |
|---|---|---|
| None or Very Minor Improvements | $154 | $447,800 |
| Some Additional Upgrades | $193 | $559,750 |
| Major Home Updates or Advancements | $231 | $671,700 |
The dwelling coverage is calculated by the average cost per square foot ($154) in Lake Zurich, 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.