Home Insurance in Oakland, Illinois
With a median home value of $98,100, Oakland is 23% lower than the Coles County median.
The typical home in Oakland was built around 1963. Aging wiring, roofing and plumbing in older homes can push up the cost to insure or rebuild them. About 46% of homes were built before 1960, about 6 points above Coles County's 40%.
The housing stock in Oakland is 83% single-family homes and 6% mobile or manufactured homes. The rest are 2-4 unit or other housing types. Mobile and manufactured homes typically need a manufactured-home (HO-7) policy rather than a standard homeowners policy.
In Oakland, about 52% of owner-occupied homes have a mortgage - lenders require hazard insurance on every mortgaged home.
About 78% of occupied homes in Oakland are owner-occupied. The vacancy rate is 13%; vacant or unoccupied homes typically need a different coverage form than an owner-occupied policy.
In Oakland, 70% of homes are primarily heated with natural gas.
What's the biggest home insurance risk near Oakland? FEMA's National Risk Index points to earthquake (Relatively Low) in Coles County and Coles County had 59 active NFIP flood policies as of September 2026. See the full Coles County home insurance overview for all FEMA hazard ratings and flood coverage details. Earthquake damage is excluded from a standard homeowners policy.
The statewide average premium for a standard HO-3 homeowners policy in Illinois is $1,480 per year, according to the NAIC homeowners insurance report (2023 data).
Key figures
| Median home value | $98,100 |
|---|---|
| Median year built | 1963 |
| Owner-occupied share | 78% |
| Share of owner-occupied homes with a mortgage | 52% |
| Top county hazard | Earthquake (Relatively Low) |
| Active NFIP policies in Coles County | 59 |
| Home insurance premium | $1,480 - statewide average (NAIC, 2023 data) |
Nearby towns
Sources
Data last updated: 2026-09-29
- U.S. Census Bureau Gazetteer Files (2024)
- U.S. Census Bureau, American Community Survey 2020-2024 5-Year Estimates (2024)
- FEMA National Risk Index (December 2025)
- FEMA OpenFEMA NFIP Redacted Policies v3 (2026)
- NAIC Dwelling Fire, Homeowners Owner-Occupied, and Homeowners Tenant and Condominium/Cooperative Unit Owners Insurance: Data for 2023 (published 2026) (2023)