Romeoville, IL Homeowners Insurance Rate Quotes!

Homeowners like you living in Romeoville are shopping rates online to find cheaper home insurance rates because rates have increased or the policy does not offer the coverage you need. At GetHomeInsuranceQuotes.com, we help customers shop multiple home insurance rates all-in-one place. Rates in Romeoville are starting around $819 per year or only $68 per month. A home in Romeoville with an average square footage of 1,700 are seeing rates as low as $569 per year because the price to rebuild the home is cheaper than a larger home that requires more building supplies to rebuild. Large homes in this area cost homeowners around $1,119 per year. According to industry data, the average premium price in the state of Illinois is $1,144 per year. The national home insurance average price is $1,311. Let us help you shop the best Romeoville, IL homeowners insurance rates available, we are able to shop around 12 different insurance companies. This helps compare price and coverage to pick out the best rated home insurance company for you!

It is important to know that there are a variety of different policy types and each one is written for a certain type of house or apartment. Having the correct policy type is key to having the proper coverage on your home.

Here is a little information about some of the most common insurance types for homeowners in the city of Romeoville:

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 Romeoville 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	Romeoville is lucky to have a fair number of historical homes and if you own one, you may need a 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.

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Average Rates Nearby Romeoville

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Home Insurance Rates by Zipcode in Romeoville, IL

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

60446,

Romeoville, IL Home Insurance Average Premiums

Local Romeoville, IL home insurance quotes comparison

$569 /yr.

Shows Romeoville's lowest average rates with discounts applied.

For the city of Romeoville, 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)	$569 /yr.
Average Coverage:	$819 /yr.
2600 sq. ft. or higher (all discounts applied)	$1119 /yr.

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

• The average homeowners insurance premium paid annually for a home in Romeoville is around $819 per year.

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

• Homeowners in Romeoville pay an average cost per month around $68.00 for insurance coverage.

Romeoville, IL - 2023 Housing Information

Month	Current Home Value (2023)	Last Year Home Value (2022)
January	$264,375	$247,772
February	$265,666	$251,574
March	$267,677	$256,124
April	$268,623	$260,831

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

Saving Money Tips on Romeoville Home Insurance

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

Romeoville, IL Dwelling Coverage Estimate

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

- The average square footage in Romeoville is around 1,213 Sq. Ft. which would cost you around $186,800 to replace the home if you base the home on the price to build per square foot of $154.

Minimum Replacement Cost Total: $186,800

Location: Romeoville, Illinois (Will County)

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

Average Square Footage in Romeoville: 1,213 Sq. Ft.

Home Improvement Status	Price per Sq. Ft.	Dwelling Coverage
None or Very Minor Improvements	$154	$186,800
Some Additional Upgrades	$193	$233,500
Major Home Updates or Advancements	$231	$280,200

Calculate Your Romeoville, IL Dwelling Coverage

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