Albany, IL Homeowners Insurance Rate Quotes!

In Albany there are over 2,464 people living in a variety of different styles of construction type housing and require different types of homeowners insurance coverage. While there are roughly 519 housing units in the Albany area, many of the ones that are currently occupied are in need of cheaper or lower rates. In the majority of these Albany neighborhoods, the average family size is around 3 residents living per house.

The average household income in Albany is about $58,571. While this is a fairly high number, it is slightly below the national median. Luckily, the cost of housing in Albany is fairly reasonable, the average listing price is around $130,500.

Finding Cheaper Home Insurance Rates in Albany

In Albany, homeowners are finding affordable home insurance rates in the range of $890 per year. With discounts applied and the right coverage options, homes around the 1,800 square footage size are seeing rates around $640 per year. More expensive homes that require high replacement cost value are seeing rates around the $1,190 per year range. It is important to know which coverage type you need for your home. Let us shop the best rates and coverages while appling all the discounts needed to help you save the most on your new homeowners insurance policy.

Below are some of the most common insurance types for homeowners in the city of Albany:

What is an HO-3 policy include if you live in Albany?

The most common of homeowners coverage is the HO-3. The majority of homeowners carry this type of policy and it covers damage that is caused by all perils unless they are excluded in the body of the policy. Damage that is caused by floods or earthquakes is always excluded on an HO-3 policy but there can be other exclusions as well.

Do I need an HO-6 policy for my condo in Albany, IL?

Yes, HO-6 policies are fitted for covering condos. Condos are becoming a popular housing option in Albany and if you have one, then you need an HO-6 coverage type. In addition to covering your condo, this type of policy also protects co-ops. This insurance offers coverage for your personal belongings as well as the components of the building that you actually own.

I live in the historical district of downtown Albany, what type of coverage do I need?

Albany is lucky to have a fair number of historical homes and if you own one, you may need a HO-8 policy. These policy types are specific to older homes where the replacement cost of the house may actually exceed the cash value of the home. The replacement cost may be higher because of the additional work and material needed to restore the home to it's historical detail and value.

These policies are affordable because the payout levels are less than the actual replacement cost of the house. In most cases, the need for an HO-8 policy arises when the house is more than 40 years old and doesn’t qualify for a HO-3 policy. These policies only cover 11 perils.

I am renting a home in Albany, what type of coverage do I need?

An HO-4 policy type was designed for people that rent an apartment. It is often referred to as renters insurance. An HO-4 policy will pay out for damage to your personal property in your apartment and it also offers liability protection in the event that someone is injured in your apartment.

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Average Rates Nearby Albany

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Home Insurance Rates by Zipcode in Albany, IL

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

61230,     

Albany, IL Home Insurance Average Premiums

$640 /yr.

For the city of Albany, 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.

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

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

Albany, IL - 2023 Housing Information

Homeowners insurance will help cover the cost to repair or replace your Albany 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:

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Saving Money Tips on Albany Home Insurance

A great way to save money on Albany 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:

Are you shopping for the best rate near or wihin the Albany area? Check out what homeowners are paying on average for Illinois homeowners insurance.

Elevation Review for Coastal Wind or Flooding Risk

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 Albany, 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 Whiteside County.

Illinois Homeowners Insurance News & Information

According to industry reports, homeowners are raising their deductibles to $5,000 to $10,000 to help offset the cost of rising premiums.  While raising a deductible into the stratosphere will absolutely lower your homeowner insurance premium, it does mean that you will have to cover your deductible amount in the event you have to make a […]

As homeowner insurance rates rise across the country, some homeowners are opting for policies that offer minimal coverage to keep their premiums affordable. Unfortunately, this choice will leave them at higher risk and in a position where they may have to pay more out of pocket if they have to make a claim on their […]

Like much of the rest of the country, Texas is seeing major increases in the cost of homeowners insurance. According to an article in Austin American-Stateman, residents of Texas have seen their insurance rates go up 50.9% on average which is the largest increase in the country for that time period. Unfortunately, experts are predicting […]

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 […]

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 […]

Albany, IL Dwelling Coverage Estimate

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

- The average square footage in Albany is around 847 Sq. Ft. which would cost you around $130,500 to replace the home if you base the home on the price to build per square foot of $154.

Minimum Replacement Cost Total: $130,500

Location: Albany, Illinois (Whiteside County)

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

Average Square Footage in Albany: 847 Sq. Ft.

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

Albany, IL Home Insurance Quotes!

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