Albion, IL Home Insurance Quotes!
Did you know Albion, IL homeowners are now finding easier ways to compare home insurance rates online. At GetHomeInsuranceQuotes.com, we provide superior serice when it comes to taking care of your insurance needs. Our online quoting application process has been trusted by thousands of homeowners like you who want a quick way to review and compare rates without any hassle. Our Illinois licensed homeowners insurance professionals are here to help you compare multiple options and our convenient service allows us to answer the questions that you need to get the right coverage at the most affordable price. We provide the best rates from up to 12 different carriers that are all highly rated by A.M Best and we shop the policy with you so you know which Albion insurance policy is best for you. Start your quote today by entering your Albion zip code for the home you would like to insure!
Facts About Albion Illinois
The city of Albion Illinois currently has 1,988 residents that call it home. This number translates into 1,444 households in the area and each household has about 3 people. The median household income is $51,322, which is very close to the national median and home prices in Albion average $87,600 making it a very affordable city to buy a house.
Homeowners Insurance Rates in Albion
Average Albion home insurance rates is around $853 per year, for homes smaller than 1,800 square feet in replacement cost value coverage you could see rates as low as $603 /yr. with discounts applied. For up scale homes this area over 1,800 sq. ft in Albion, you may see higher rates in the $1153 range due to much higher dwelling coverage.
When it comes to homeowners insurance there are a number of different types that are designed to cover the specific type of housing you call home. The following insurance types are available in Albion and across the country:
- HO-3: A HO-3 policy is the most common type of homeowners insurance being written today. It offers coverage for all perils, excepting those that are specifically named in the policy as exclusions. Most policies for the city of Albion have a number of exclusions but the most common ones are flooding and earthquake damage.
- HO-5: The HO-5 is considered a premium policy and offers broader coverage than the HO-3. It covers your home, other structures, loss of use and your personal belongings as an “all perils” policy, which means that you are covered from everything except exclusions listed in the policy. The big difference is that all of your personal property is covered under the all perils coverage while a HO-3 limits property damage coverage to specially named perils. HO-5 policies can be significantly more expensive.
- H0-6: This type of policy is specifically written to cover people who live in a condo or a co-op building. This policy type will protect your belongings as well as any structural components of the building that you actually own. The walls of your condo or apartment are examples. HO-6 policies are listed perils policies which means they only cover the perils listed on the policy.
Albion, IL Housing Demographics
The city of Albion in Illinois is roughly around 1,988 residents in population size with 884 occupied homes within the city of Albion. The average family household in Albion is 528.
| Demographic | Values |
|---|---|
| Population | 1,988 |
| Total Occupied Households | 884 |
| Family Households (families) | 528 |
| Average Owner Occupied Household Size | 2.32 |
| Average Family Size | 2.87 |
| Total Housing Units | 977 |
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Average Rates Nearby Albion
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Home Insurance Rates by Zipcode in Albion, IL
Easily review average rates and get multiple homeowners insurance quotes by clicking your zip code below located in Albion.
Albion, IL Home Insurance Average Premiums
$603 /yr.
For the city of Albion, 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) | $603 /yr. |
| Average Coverage: | $853 /yr. |
| 2600 sq. ft. or higher (all discounts applied) | $1153 /yr. |
What is the average home insurance cost for a home in Albion, IL?
- • The average homeowners insurance premium paid annually for a home in Albion is around $853 per year.
What does it cost on average per month for home insurance in Albion, IL?
- • Homeowners in Albion pay an average cost per month around $71.00 for insurance coverage.
Albion, IL - 2023 Housing Information
| Month | Current Home Value (2023) | Last Year Home Value (2022) |
|---|---|---|
| January | $56,297 | $57,811 |
| February | $58,484 | $58,016 |
| March | $60,890 | $57,997 |
| April | $62,102 | $57,858 |
Homeowners insurance will help cover the cost to repair or replace your Albion 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 Albion
- 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.
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Saving Money Tips on Albion Home Insurance
A great way to save money on Albion 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 Albion 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 |
|---|---|---|
| 402 ft. | This is the average home elevation in Albion, 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 Albion, 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 Edwards County.
Illinois Homeowners Insurance News & Information
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North Carolina Homeowners’ Insurance Premiums May See a 15% Increase Posted on Thursday 23rd January, 2025
The base rate for North Carolina homeowners insurance will be headed up by an average of 15% by the middle of 2026. The rate increases are part of a settlement that was reached with the insurance industry by the North Carolina Insurance Department. The state Insurance Commissioner Mike Causey recently announced the rate increase agreement […]
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2025 Florida Home Insurance Rates Could Increase Posted on Tuesday 14th January, 2025
While many state legislators, industry leaders and insurance regulators have been claiming that the insurance market in Florida has stabilized, it looks like premiums may be headed up again in the near future. According to an analysis by the South Florida Sun Sentinel, the average statewide premium, being paid for an all-perils single-family home policy […]
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Economists Top 5 Housing Predictions for 2025 Posted on Monday 6th January, 2025
Housing costs are currently sky-high, regardless of whether you are renting or in the market to buy a home. According to the latest data from the U.S Cenus, the median sales price for a single-family home was $437,300, which is up from $426,800 a month prior. On the rental front, the median price for rent […]
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Do homeowners insurance policies have loopholes? Posted on Monday 30th December, 2024
Homeowners insurance is a necessity to help protect your home, but there can be coverage gaps that you may not be aware of which can leave you unprotected. Flood and earthquake damage along with mold and other issues are excluded from most standard homeowners insurance policies. Here are some common exclusions that could leave you […]
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2025 – Study Shows Home Insurance Market Stabilizing Posted on Wednesday 11th December, 2024
According to a new report from Matic, the homeowner’s insurance market has shown signs of stabilizing roughly two years after major premium hikes and coverage challenges. Even though premiums are high, trends in the insurance industry show that a slowdown in premium growth may be coming. Here is a brief overview of the report and […]
Albion, IL Dwelling Coverage Estimate
It is important to calculate your dwelling coverage for your home in Albion 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 Albion, IL?
- The average square footage in Albion is around 569 Sq. Ft. which would cost you around $87,600 to replace the home if you base the home on the price to build per square foot of $154.
Minimum Replacement Cost Total: $87,600
Location: Albion, Illinois (Edwards County)
Average Building Cost Per Square Foot in Albion: $154 (low end)
Average Square Footage in Albion: 569 Sq. Ft.
| Home Improvement Status | Price per Sq. Ft. | Dwelling Coverage |
|---|---|---|
| None or Very Minor Improvements | $154 | $87,600 |
| Some Additional Upgrades | $193 | $109,500 |
| Major Home Updates or Advancements | $231 | $131,400 |
The dwelling coverage is calculated by the average cost per square foot ($154) in Albion, 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.