Home Insurance in Franklin Grove, Illinois
Homes in Franklin Grove carry a median value of $124,400 - 20% lower than the Lee County median.
Older homes can cost more to insure or rebuild because of aging wiring, roofing and plumbing. The typical home in Franklin Grove was built around 1943. About 67% of homes were built before 1960, about 17 points above Lee County's 50%.
Housing in Franklin Grove breaks down to 79% single-family homes and 12% apartments in buildings with 5+ units.
60% of owner-occupied homes in Franklin Grove carry a mortgage, and mortgage lenders require hazard insurance for as long as the loan is active.
Franklin Grove has an owner-occupancy rate of 74% and a vacancy rate of 7%; unoccupied homes typically need a different coverage form.
Most homes in Franklin Grove - 79% - are primarily heated with natural gas.
Lee County's top FEMA-rated hazard is strong wind (Relatively High), per FEMA's National Risk Index. Lee County had 104 active NFIP flood policies as of September 2026. See the full Lee County home insurance overview for all FEMA hazard ratings and flood coverage details.
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 | $124,400 |
|---|---|
| Median year built | 1943 |
| Owner-occupied share | 74% |
| Share of owner-occupied homes with a mortgage | 60% |
| Top county hazard | Strong Wind (Relatively High) |
| Active NFIP policies in Lee County | 104 |
| 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)