Home Insurance in Franklin, Illinois
With a median home value of $116,400, Franklin is 11% lower than the Morgan County median.
Because older housing stock often has aging wiring, roofing or plumbing, it can cost more to insure or rebuild. The typical home in Franklin was built around 1962. About 47% of homes were built before 1960, about 5 points above Morgan County's 42%.
The housing stock in Franklin is 89% single-family homes and 2% mobile or manufactured homes.
51% of owner-occupied homes in Franklin carry a mortgage, and mortgage lenders require hazard insurance for as long as the loan is active.
About 66% of occupied homes in Franklin are owner-occupied. The vacancy rate is 10%; vacant or unoccupied homes typically need a different coverage form than an owner-occupied policy.
Most homes in Franklin - 78% - are primarily heated with natural gas.
Morgan County had 85 active NFIP flood policies as of September 2026. Its top FEMA-rated hazard is strong wind (Relatively High). See the full Morgan County home insurance overview for all FEMA hazard ratings and flood coverage details.
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 | $116,400 |
|---|---|
| Median year built | 1962 |
| Owner-occupied share | 66% |
| Share of owner-occupied homes with a mortgage | 51% |
| Top county hazard | Strong Wind (Relatively High) |
| Active NFIP policies in Morgan County | 85 |
| 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)