Colchester, IL Homeowners Insurance Rate Quotes!
For Colchester homeowners, the average premium per year for a standard homeowners policy is around $71 per month or around $847 per year. . The national average is estimated at $1,311 per year for a basic HO-3 homeowners policy. At GetHomeInsuranceQuotes.com, we shop up to 12 companies for you all in one place. We evaluate the lowest price, the best coverage and include any discounts or credits that can be applied to help provide the cheapest home insurance rate for your home and family in Colchester. Our online quoting process is hassle free, we are able to compare the most competitive companies which helps Colchester homeowners easily finalize a new homeowners policy quickly and easily online or over the phone.
Getting Affordable Rates in Colchester
If your homeowners insurance rate in Colchester has increased, it may be due to your claims history. Or the location of your Colchester home is in a higher risk area due to flood damage, wind or hail claims or crime rates. Other reasons may be that your current home insurance carrier has saturated the market and is now increasing premiums throughout the state of Illinois. All of these reasons are great for you to explore other options and shop local rates online at GetHomeInsuranceQuotes.com. Thousands of homeowners like you use our quoting process to help find the best rate or coverage. Enter your zip code for your home in Colchester, IL and we can get started on compare coverage. If you prefer to call us, please call 1-855-976-2656.
| Avg. IL Rate | Discounts | Savings | Shop Rates |
|---|---|---|---|
| $1,144 | up to 40% off | $458 |
Compare Homeowners Insurance Rates in Colchester, IL!
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Average Rates Nearby Colchester
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Home Insurance Rates by Zipcode in Colchester, IL
Easily review average rates and get multiple homeowners insurance quotes by clicking your zip code below located in Colchester.
Colchester, IL Home Insurance Average Premiums
$597 /yr.
For the city of Colchester, 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) | $597 /yr. |
| Average Coverage: | $847 /yr. |
| 2600 sq. ft. or higher (all discounts applied) | $1147 /yr. |
What is the average home insurance cost for a home in Colchester, IL?
- • The average homeowners insurance premium paid annually for a home in Colchester is around $847 per year.
What does it cost on average per month for home insurance in Colchester, IL?
- • Homeowners in Colchester pay an average cost per month around $71.00 for insurance coverage.
Colchester, IL - 2023 Housing Information
| Month | Current Home Value (2023) | Last Year Home Value (2022) |
|---|---|---|
| January | $72,018 | $66,488 |
| February | $72,719 | $68,281 |
| March | $73,893 | $69,865 |
| April | $74,824 | $70,246 |
Homeowners insurance will help cover the cost to repair or replace your Colchester 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 Colchester
- 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 Colchester, IL homeowners insurance rates all in one place! |
Saving Money Tips on Colchester Home Insurance
A great way to save money on Colchester 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 Colchester 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 |
|---|---|---|
| 614 ft. | This is the average home elevation in Colchester, 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 Colchester, 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 Mcdonough County.
Illinois Homeowners Insurance News & Information
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$4.5B Estimated In Insured Losses After 2024 Florida Hurricanes Posted on Wednesday 13th November, 2024
According to the Florida Office of Insurance Regulation, the three hurricanes that made landfall this year have caused more than $4.5 billion in estimated insured losses. Hurricane Debby, Helene and Milton all hit the state within two months of each other Helene and Milton struck just two weeks apart. State data show that over 269,000 […]
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I can’t afford my home insurance, what do I do? Posted on Saturday 9th November, 2024
According to data from the National Association of Realtors (NAR), the average U.S. insurance rate is $2,377 a year. The data also suggest that homeowners could see a 6% rise in rates by the end of the year which is in addition to the 20% increase over the two previous years. As climate change pushes […]
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How to Get the Best Homeowners Insurance Policy for Your Needs Posted on Wednesday 6th November, 2024
Having the proper insurance coverages in place is a critical part of owning a home, it protects your investment and finances in the event your home is destroyed by an unexpected disaster such as a fire, flood or severe storm. Understanding the different coverages that are available to homeowners is key to making sure you […]
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Homeowners Shopping Rates Due to Rise in Premiums Posted on Monday 23rd September, 2024
According to the recently released J.D. Power 2024 U.S. Home Insurance Study a nationwide rise in premiums has driven many customers to shop for new policies as their rates are now too high. “’The average shopping rate among home insurance customers has climbed to a record high of 6.8% through the second quarter of 2024, […]
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Where is it cheaper to rent than to buy a home in the United States? Posted on Thursday 5th September, 2024
According to a new study from Clever Real Estate, a St. Louis-based real estate company, monthly rent costs are actually cheaper than a monthly mortgage payment in 48 of the 50 most populous cities in the United States. Their analysis looked at mortgage principals, interest, taxes as well as homeowners insurance and they found that […]
Colchester, IL Dwelling Coverage Estimate
It is important to calculate your dwelling coverage for your home in Colchester 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 Colchester, IL?
- The average square footage in Colchester is around 538 Sq. Ft. which would cost you around $82,800 to replace the home if you base the home on the price to build per square foot of $154.
Minimum Replacement Cost Total: $82,800
Location: Colchester, Illinois (Mcdonough County)
Average Building Cost Per Square Foot in Colchester: $154 (low end)
Average Square Footage in Colchester: 538 Sq. Ft.
| Home Improvement Status | Price per Sq. Ft. | Dwelling Coverage |
|---|---|---|
| None or Very Minor Improvements | $154 | $82,800 |
| Some Additional Upgrades | $193 | $103,500 |
| Major Home Updates or Advancements | $231 | $124,200 |
The dwelling coverage is calculated by the average cost per square foot ($154) in Colchester, 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.