Mokena, IL Home Insurance Quotes!

If you move to Mokena, IL, you will join the already 24,423 people that call this beautiful town home. Families in Mokena have an average of 3 people and they live in one of the 8,247 housing units that line the streets of Mokena.

In our fair city, the majority of households are earning about $107,204, which is the median income in Mokena. One of the very best things about calling Mokena home is the fact that you can buy a house for the average price of $310,400, which makes it a very affordable community.

How much does home insurance cost in Mokena?

Once you have purchased a home, you will need to protect it with a homeowners policy. Lucky for you, Mokena is a very affordable town with an average homeowners insurance premium of $657 per year compared to the city average of $907/yr. Mokena homeowners in more expensive homes with a heated square footage of more than 2,500 sq. ft. are paying around $1,207 a year because the dwelling coverage is more expensive to replace.

Coverage Guide for Mokena Homeowners

One thing to consider when buying home insurance is the type of policy you need. There are different policy types that are each designed for the specific type of home that you may own. For example do you own or rent the home? Is the home a single family home, duplex or condo? These are all imporant questions that change the coverage level of the policy you may need to get the right coverage. Here is a brief description of each of the different homeowner policy types that are available to you:

Homeowners 3 (HO-3): The most common of all homeowner insurance types is the HO-3 policy. The majority of homeowners in Mokena are most likely carrying this policy type. It protects your home against every peril except ones that are excluded specifically in the policy.
It should be noted that all HO-3 policies exclude earthquake and flooding damage.
Homeowners 4 (HO-4): You probably know this policy type by its more familiar name, “renters insurance.” This will cover the personal property in the apartment as well as offering liability coverage for you in the event that some trips and fall or is otherwise injured in your apartment.
Homeowners 5 (HO-5): This policy type is an upgraded HO-3. While more expensive than an HO-3 policy it also offers more coverage. These policies are not available on all homes, they are usually reserved for newer houses that fall in higher price brackets.

One of the major differences with this policy type is that your personal property is covered by all perils that are not named as exclusions. An HO-3 policy on the other hand only protects your personal property against a certain list of perils.

The majority of these policies also offer replacement value as standard coverage on personal property compared to fair market value which takes deprecation into account when calculating the value of your damaged or destroyed property.

Compare Homeowners Insurance Rates in Mokena, IL!

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

Average Rates Nearby Mokena

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

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

60448,

Mokena, IL Home Insurance Average Premiums

Local Mokena, IL home insurance quotes comparison

$657 /yr.

Shows Mokena's lowest average rates with discounts applied.

For the city of Mokena, 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)	$657 /yr.
Average Coverage:	$907 /yr.
2600 sq. ft. or higher (all discounts applied)	$1207 /yr.

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

• The average homeowners insurance premium paid annually for a home in Mokena is around $907 per year.

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

• Homeowners in Mokena pay an average cost per month around $76.00 for insurance coverage.

Mokena, IL - 2023 Housing Information

Month	Current Home Value (2023)	Last Year Home Value (2022)
January	$381,612	$360,131
February	$382,077	$364,574
March	$383,893	$370,213
April	$385,650	$375,953

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

Saving Money Tips on Mokena Home Insurance

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

Mokena, IL Dwelling Coverage Estimate

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

- The average square footage in Mokena is around 2,016 Sq. Ft. which would cost you around $310,400 to replace the home if you base the home on the price to build per square foot of $154.

Minimum Replacement Cost Total: $310,400

Location: Mokena, Illinois (Will County)

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

Average Square Footage in Mokena: 2,016 Sq. Ft.

Home Improvement Status	Price per Sq. Ft.	Dwelling Coverage
None or Very Minor Improvements	$154	$310,400
Some Additional Upgrades	$193	$388,000
Major Home Updates or Advancements	$231	$465,600

Calculate Your Mokena, IL Dwelling Coverage

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