Home Insurance in Milford, Illinois
The median home value in Milford is $74,600, 46% lower than the Iroquois County median.
The typical home in Milford was built around 1964. Because older housing stock often has aging wiring, roofing or plumbing, it can cost more to insure or rebuild. About 46% of homes were built before 1960, about 4 points below Iroquois County's 50%.
In Milford, the housing stock is 86% single-family homes, 7% apartments in buildings with 5+ units and 3% mobile or manufactured homes.
In Milford, about 61% of owner-occupied homes have a mortgage - lenders require hazard insurance on every mortgaged home.
The vacancy rate is 12%; vacant or unoccupied homes typically need a different coverage form than an owner-occupied policy. About 79% of occupied homes in Milford are owner-occupied.
78% of homes in Milford are primarily heated with natural gas.
Iroquois County's top FEMA-rated hazard is inland flooding (Relatively Moderate), per FEMA's National Risk Index. Iroquois County had 255 active NFIP flood policies as of September 2026. See the full Iroquois County home insurance overview for all FEMA hazard ratings and flood coverage details. Flood damage is excluded from a standard homeowners policy.
In Illinois, the statewide average premium for a standard HO-3 homeowners policy is $1,480 per year (NAIC, 2023 data).
Key figures
| Median home value | $74,600 |
|---|---|
| Median year built | 1964 |
| Owner-occupied share | 79% |
| Share of owner-occupied homes with a mortgage | 61% |
| Top county hazard | Inland Flooding (Relatively Moderate) |
| Active NFIP policies in Iroquois County | 255 |
| 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)