Home Insurance in Colfax, Illinois
The median home value in Colfax is $136,300, 35% lower than the McLean County median.
The typical home in Colfax was built around 1952. About 63% of homes were built before 1960, about 40 points above McLean County's 23%. Aging wiring, roofing and plumbing in older homes can push up the cost to insure or rebuild them.
In Colfax, the housing stock is 93% single-family homes, 3% apartments in buildings with 5+ units and 2% mobile or manufactured homes.
61% of owner-occupied homes in Colfax carry a mortgage, and mortgage lenders require hazard insurance for as long as the loan is active.
Colfax has an owner-occupancy rate of 72% and a vacancy rate of 6%; unoccupied homes typically need a different coverage form.
82% of homes in Colfax are primarily heated with natural gas.
FEMA rates McLean County's overall risk as Relatively Moderate, led by tornado (Relatively Moderate). McLean County had 141 active NFIP flood policies as of September 2026. See the full McLean 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 | $136,300 |
|---|---|
| Median year built | 1952 |
| Owner-occupied share | 72% |
| Share of owner-occupied homes with a mortgage | 61% |
| Top county hazard | Tornado (Relatively Moderate) |
| Active NFIP policies in McLean County | 141 |
| 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)