Home Insurance in Panama, Illinois
With a median home value of $54,700, Panama is 51% lower than the Montgomery County median.
The typical home in Panama was built around 1943. About 58% of homes were built before 1960, about 12 points above Montgomery County's 46%. Aging wiring, roofing and plumbing in older homes can push up the cost to insure or rebuild them.
In Panama, the housing stock is 85% single-family homes and 15% mobile or manufactured homes. Mobile and manufactured homes typically need a manufactured-home (HO-7) policy rather than a standard homeowners policy.
About 40% of owner-occupied homes in Panama have a mortgage. Lenders require hazard (homeowners) insurance on any home carrying a mortgage.
Panama has an owner-occupancy rate of 92% and a vacancy rate of 8%; unoccupied homes typically need a different coverage form.
Most homes in Panama - 86% - are primarily heated with natural gas.
Montgomery County had 3 active NFIP flood policies as of September 2026. Its top FEMA-rated hazard is earthquake (Relatively Moderate). See the full Montgomery County home insurance overview for all FEMA hazard ratings and flood coverage details. Earthquake damage is excluded from a standard homeowners policy.
According to the NAIC homeowners insurance report (2023 data), a standard HO-3 homeowners policy in Illinois carries a statewide average premium of $1,480 per year.
Key figures
| Median home value | $54,700 |
|---|---|
| Median year built | 1943 |
| Owner-occupied share | 92% |
| Share of owner-occupied homes with a mortgage | 40% |
| Top county hazard | Earthquake (Relatively Moderate) |
| Active NFIP policies in Montgomery County | 3 |
| 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)