Home Insurance in Olney, Illinois
Homes in Olney carry a median value of $99,800 - 11% lower than the Richland County median.
Aging wiring, roofing and plumbing in older homes can push up the cost to insure or rebuild them. The typical home in Olney was built around 1968. About 38% of homes were built before 1960, about 5 points above Richland County's 33%.
In Olney, the housing stock is 81% single-family homes, 7% apartments in buildings with 5+ units and 6% mobile or manufactured homes. Mobile and manufactured homes typically need a manufactured-home (HO-7) policy rather than a standard homeowners policy.
About 46% of owner-occupied homes in Olney have a mortgage. Lenders require hazard (homeowners) insurance on any home carrying a mortgage.
The vacancy rate is 13%; vacant or unoccupied homes typically need a different coverage form than an owner-occupied policy. About 65% of occupied homes in Olney are owner-occupied.
In Olney, 72% of homes are primarily heated with natural gas.
FEMA rates Richland County's overall risk as Relatively Low, led by earthquake (Relatively Low). Richland County had 6 active NFIP flood policies as of September 2026. See the full Richland County home insurance overview for all FEMA hazard ratings and flood coverage details. Earthquake damage is excluded from a standard homeowners policy.
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 | $99,800 |
|---|---|
| Median year built | 1968 |
| Owner-occupied share | 65% |
| Share of owner-occupied homes with a mortgage | 46% |
| Top county hazard | Earthquake (Relatively Low) |
| Active NFIP policies in Richland County | 6 |
| 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)