Shorewood, IL Homeowners Insurance Rate Quotes!

Are you looking for affordable home insurance rates in Shorewood, IL? Although price is a common factor for Shorewood homeowners when it comes to looking for a new homeowners policy, we also strive to help you find dependable coverage for your home and family. It's important to make sure your homeowners insurance provides the protection you need for home related damages due to home fires, theft, loss or weather damage. Not a bad deal for only around $73 a month! Better coverage options doesn't always have to be expensive, that is why we like to work with you to apply all the following home insurance discounts when comparing companies and the cost of each policy. You may not realize that there are additional discounts available other than the common smoke detectors, burglar alarm (security), and deadbolts. All of these possible discount items can help you save up to 40% or more on your homeowners insurance policy. Call 855-976-2656 or get quotes online and let our local Shorewood home insurance agent help you today!

Location	Premium	Per Month	Shop Rates
Shorewood	$881 /yr.	$73 /mo.	Get Shorewood Rates!

Facts About Shorewood, IL

There are 34,790 people that happily call the great city of Shorewood home. Did you know, there are 6,147 housing units in town, making the average owner occupied household size roughly 3?

The average household income in Shorewood is around $104,286. One more great fact about Shorewood is the average cost of a house, which is $258,400 so housing is very affordable.

Average Shorewood Home Insurance Rates

Shorewood homeowners have the advantage of finding very affordable home insurance rates when you compare quotes from different companies. For a basis HO-3 homeowners insurance policy, you can find rates as low as $631 per year, this would cover a home around 1,500 square feet. Higher-end homes with much larger square footage size will cost more around $1,181 per year. Most of the time, your home insurance cost is due to the replacement cost value or dwelling coverage needed to rebuild your home.

You may not know that home insurance in Shorewood comes in a variety of types. The following types are just a few of the specific homeowners insurance types that are available:

HO-3: An HO-3 home insurance policy is the most common policy being sold and most likely the one you already have or will be getting when you purchase your new home. It will cover damages from everything except the perils that are excluded in the policy. Flood and earthquake damage are always excluded on a HO-3 policy. If your home is required to have a flood or earthquake policy, you will need to purchase a separate policy for this additional coverage.
HO-8: If you own an older home or looking to purchase one, the HO-8 policy is the correct coverage type for you. This type of policy is specially designed for older home and pays out on an actual cash value which means depreciation is subtracted from the replacement costs. Because the cost of original building materials, and fixing issues such as ancient wiring can be extremely expensive, a standard HO-3 policy may not be available for older homes.
H0-4: This is more commonly referred to as renter's insurance and offers protection for all of the personal property that you keep in your apartment. A renter's policy also offers liability insurance, which will cover the medical costs if a person is injured in your apartment. Renters insurance is extremely affordable and if you live in an apartment you should absolutely have this coverage.

Compare Homeowners Insurance Rates in Shorewood, IL!

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Average Rates Nearby Shorewood

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

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

60404,

Shorewood, IL Home Insurance Average Premiums

Local Shorewood, IL home insurance quotes comparison

$631 /yr.

Shows Shorewood's lowest average rates with discounts applied.

For the city of Shorewood, 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)	$631 /yr.
Average Coverage:	$881 /yr.
2600 sq. ft. or higher (all discounts applied)	$1181 /yr.

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

• The average homeowners insurance premium paid annually for a home in Shorewood is around $881 per year.

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

• Homeowners in Shorewood pay an average cost per month around $73.00 for insurance coverage.

Shorewood, IL - 2023 Housing Information

Month	Current Home Value (2023)	Last Year Home Value (2022)
January	$339,198	$321,668
February	$339,820	$325,099
March	$341,425	$329,113
April	$342,226	$333,623

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

Saving Money Tips on Shorewood Home Insurance

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

Shorewood, IL Dwelling Coverage Estimate

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

- The average square footage in Shorewood is around 1,678 Sq. Ft. which would cost you around $258,400 to replace the home if you base the home on the price to build per square foot of $154.

Minimum Replacement Cost Total: $258,400

Location: Shorewood, Illinois (Will County)

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

Average Square Footage in Shorewood: 1,678 Sq. Ft.

Home Improvement Status	Price per Sq. Ft.	Dwelling Coverage
None or Very Minor Improvements	$154	$258,400
Some Additional Upgrades	$193	$323,000
Major Home Updates or Advancements	$231	$387,600

Calculate Your Shorewood, IL Dwelling Coverage

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