University Park, IL Home Insurance Quotes!

University Park is a great town to live with only 20,487 people living within the city limits. While the popluation size may be consider small, University Park packs a big punch with roughly 2,313 households per zip code making this area very competitive for home insurance companies. The average number of residents living within the occupied homes is around 3, but that number can vary depending on the housing construction and property type.

University Park really shines when it comes to the average household income, our median income recently hit the $53,973 mark, which puts it pretty close to the national average. This amount of income goes a long way in the University Park housing market since the median house price is $124,100.

We Also Have Cheap Homeowners Insurance in University Park

The residents of University Park are very lucky when it comes to the cost of homeowners insurance. Recent data indicates that the average policy cost homeowners in University Park, $1,144 per year. Did you know the national average is $1,311. At GetHomeInsuranceQuotes.com, we shop the best rates and coverage options, homeowners in University Park pay a much cheaper rate as low as $596 per year. Average rates for homeowners living in a 1,850 square foot home or bigger usually pay around $846 for a standard HO-3 policy. Large homes with much higher heated square footage pay around $1146 per year. Enter your zip code to start shopping quotes with us or give us a call now at 855-976-2656!

What are the insurance coverage types for homes in University Park?

The thing about University Park homeowners insurance that many people don't know is that it comes in a variety of different types, each one designed for the type of housing unit it protects.

Here is the information you need to know about the different homeowner insurance types in University Park, IL:

HO-3: The majority of homeowners policies that are in force in University Park, and most other places, are HO-3 type policies. The policies cover damage from any peril that is not specifically excluded in the policy details. HO-3 policies only protect your personal property from specific perils that are listed in the policy. As with most homeowner policies, flooding and earthquake damage are excluded.

Be sure to read your policy in full and understand any other exclusions that apply to your coverage.

HO-6: These policies are written especially for condos and co-op buildings. They provide protection for all of your personal property as well as the parts of the building that are your property, such as the walls and mechanicals of your particular unit.

HO-8: If you love older homes, this type of policy is for you. It protects older, historical homes where the cost to rebuild or replace the home exceeds the value of the house.

The fact that these policies will have a payout that is lower than the cost to replace the house makes them affordable. These policies are usually written because the home is too old to qualify for a traditional HO-3 policy. The main disadvantage is the fact that these policies only cover damage from 11 specific perils.

HO-4: If you are renting an apartment, you still need protection for your personal property and liability protection in the event that someone is injured in your apartment.

A HO-4 policy offers the protection that you need when living in an apartment. If your personal property is damaged or destroyed, you will be covered and it will also cover the medical bills and any legal bills if someone is injured while visiting you.

Compare Homeowners Insurance Rates in University Park, IL!

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

Average Rates Nearby University Park

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

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

60484,

University Park, IL Home Insurance Average Premiums

Local University Park, IL home insurance quotes comparison

$596 /yr.

Shows University Park's lowest average rates with discounts applied.

For the city of University Park, 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)	$596 /yr.
Average Coverage:	$846 /yr.
2600 sq. ft. or higher (all discounts applied)	$1146 /yr.

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

• The average homeowners insurance premium paid annually for a home in University Park is around $846 per year.

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

• Homeowners in University Park pay an average cost per month around $71.00 for insurance coverage.

University Park, IL - 2023 Housing Information

Month	Current Home Value (2023)	Last Year Home Value (2022)
January	$158,869	$148,976
February	$161,656	$152,215
March	$163,878	$155,906
April	$162,968	$159,130

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

Saving Money Tips on University Park Home Insurance

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

University Park, IL Dwelling Coverage Estimate

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

- The average square footage in University Park is around 806 Sq. Ft. which would cost you around $124,100 to replace the home if you base the home on the price to build per square foot of $154.

Minimum Replacement Cost Total: $124,100

Location: University Park, Illinois (Will County)

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

Average Square Footage in University Park: 806 Sq. Ft.

Home Improvement Status	Price per Sq. Ft.	Dwelling Coverage
None or Very Minor Improvements	$154	$124,100
Some Additional Upgrades	$193	$155,125
Major Home Updates or Advancements	$231	$186,150

Calculate Your University Park, IL Dwelling Coverage

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