Mount Prospect, IL Homeowners Insurance Rate Quotes!

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If you are shopping for a new homeowners insurance policy in Mount Prospect, IL we are here to help.

GetHomeInsuranceQuotes.com makes shopping your coverage quick and easy, best of all, you never have to leave the comfort of your own home. 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 licensed homeowners insurance professionals will help you compare multiple options and review your coverage levels to make sure you are fully protected and not paying for coverages you no longer need. We pull rates from up to 12 different carriers so you have plenty of choice when it comes to cost and coverages. All of our insurers are highly rated by A.M Best and we will walk you through the entire process and answer any questions that pop up.

Mount Prospect, Illinois has 110,438 residents calling it home. This number translates into 20,917 households with the median household income coming in at $79,204. The median home price in Mount Prospect is $328,900 making it a very affordable city to buy a house. When it comes to the cost of homeowners insurance, Mount Prospect residents are pretty lucky, the average premium in Illinois is $1,144 well below the national median, making Illinois a bargain.

Homeowners insurance comes in a variety of different policy types and each one is designed to protect a specific type of house. Here are just a few policy examples:

HO-3: This policy type is the most common homeowner policy and is considered the standard for most houses. It protects against damage from all perils except those specifically excluded in the policy wording. All standard homeowner policies exclude flood and earthquake damage so if you live in a high-risk area for flooding you will need a flood insurance policy, which we can help you find.

HO-5: An HO-5 is considered a more upscale policy that offers broader coverage than an HO-3. These policies are usually only available on newer, high-end homes. One of the major differences is the fact that your personal property (your possessions) are covered against all perils while an HO-3 does limit damage (to your posssessions) to specially named perils. In most cases, an HO-5 policy is significantly more expensive.

H0-6: If you live in a condo or co-op building, this is the type of policy you will need. It protects the structural portions of your unit that you actually own as well as your personal belongings. It also provides liability insurance in the event someone is injured in your condo or co-op. This type of policy only protects against the perils listed in the policy.

If your homeowners insurance premium has increased recently, it may be time to shop your premium around. We have helped thousands of homeowners find a new policy and our quoting process lets you compare rates and coverage levels from the comfort of your own home. We will also make sure that all available discounts are being applied to your policy.

For additional help, please visit our homeowners insurance blog for helpful articles, tips and customer related questions. If you are ready to start shopping for a new policy, simply enter your zip code and we can get started on compare coverage. If you prefer to call us, please call 1-855-976-2656

Compare Homeowners Insurance Rates in Mount Prospect, IL!

Enter your Zip Code:    

Get up to 12 competitive Mount Prospect, IL homeowners insurance rates all in one place!

Enter your Zip Code:    
Easily compare up to 12 competitive Mount Prospect, IL rates all in one place!

Average Rates Nearby Mount Prospect

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

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

60056,     

Mount Prospect, IL Home Insurance Average Premiums

Local Mount Prospect, IL home insurance quotes comparison

$551 /yr.

Shows Mount Prospect's lowest average rates with discounts applied.

For the city of Mount Prospect, 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)		$551 /yr.
Average Coverage:$801 /yr.
2600 sq. ft. or higher
(all discounts applied)		$1101 /yr.

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

  • • The average homeowners insurance premium paid annually for a home in Mount Prospect is around $801 per year.

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

  • • Homeowners in Mount Prospect pay an average cost per month around $67.00 for insurance coverage.

Mount Prospect, IL Coastal Wind, Hail & Flood Information

Mount Prospect is located in a coastal county which greatly increases the risk of hurricanes and windstorms. Our quoting process will include wind and hail coverage options to give you the best protection you need against high winds and storm damage.

Flood Zone Notice: The beautiful coastal city of Mount Prospect is know for it's beautiful beaches and waterways. Because Cook County (FIPS: 17031) has a shoreline and is in a coastal area it is important to purchase flood insurance. The risk is very high in this area and we will work with you to provide the best flood insurance coverage you need for your home in Mount Prospect, IL.

Mount Prospect, IL - 2023 Housing Information

Month Current Home Value (2023) Last Year Home Value (2022)
January $353,951 $345,616
February $355,574 $349,016
March $358,153 $353,364
April $360,151 $357,914

Homeowners insurance will help cover the cost to repair or replace your Mount Prospect 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 Mount Prospect
  • 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.
Enter your Zip Code:    

Get up to 12 competitive Mount Prospect, IL homeowners insurance rates all in one place!

Enter your Zip Code:    
Easily compare up to 12 competitive Mount Prospect, IL rates all in one place!

Saving Money Tips on Mount Prospect Home Insurance

A great way to save money on Mount Prospect 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 Mount Prospect 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
664 ft. This is the average home elevation in Mount Prospect, IL

» Elevation is crucial to a homeowners insurance policy because it determines the risk of your home being in a flood zone which is particularly important in a coastal state such as Mount Prospect, Illinois.

A standard homeowners policy does not cover flood damage. If you live in a flood prone area, you will need to purchase a separate flood to fully protect your home.

Call Now for Flood Insurance Quotes: 888-620-1954!

Flood insurance can be purchased via the National Flood Insurance Program (NFIP) or in the private market. NFIP policies come with coverage caps and other restrictions so you may need to supplement your flood insurance coverage with a private market policy.

It's important to remember that flooding occurs in low and moderate risk areas as well. According to FEMA data, almost 25% of all flood claims come from low to moderate-risk areas.

To get online quotes on your home and compare rates on home insurance premiums in Mount Prospect, 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 Cook County.

Illinois Homeowners Insurance News & Information

  • $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 […]

  • 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 […]

  • 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 […]

  • 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, […]

  • 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 […]

Mount Prospect, IL Dwelling Coverage Estimate

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

- The average square footage in Mount Prospect is around 2,136 Sq. Ft. which would cost you around $328,900 to replace the home if you base the home on the price to build per square foot of $154.

Minimum Replacement Cost Total: $328,900

Location: Mount Prospect, Illinois (Cook County)

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

Average Square Footage in Mount Prospect: 2,136 Sq. Ft.

Home Improvement StatusPrice per Sq. Ft.Dwelling Coverage
None or Very Minor Improvements$154$328,900
Some Additional Upgrades$193$411,125
Major Home Updates or Advancements$231$493,350

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