You are not required by law to have homeowners insurance in Illinois. However, if you are currently paying on a mortgage or a home equity loan, you will most likely be required by your lender to have this coverage. Whether you need to carry it, homeowners insurance is the best way to protect the investment you have made in your house. A solid home insurance policy can protect your finances by covering against hazards ranging from severe weather events, like tornadoes and hailstorms, to accidental fires and burglaries. It can even shield you from losses related to liability lawsuits.
The average cost of home insurance in Illinois is $1,033 a year. This is lower than the national average rate of $1,173. Premiums are calculated on a case-by-case basis according to several factors such as the size, age, and value of your house, how many stories your house has, whether your house includes a basement, the weather risks and crime rate in your ZIP code, your claims history, and even your credit score. Every insurance company has a different method for calculating rates, so comparing quotes is a good way to make sure you are getting your policy at a competitive price.
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Home insurance is designed to cover you against most of the risks you are likely to face as a property owner in Illinois. If you own any particularly valuable property such as fine art or family heirlooms, or if you have an excessive amount of expensive electronics or jewelry, your insurance agent can advise you about whether additional endorsements are necessary for these items to be fully covered. You can expect your homeowners insurance to provide you with the following:
Be aware that flood damage is not covered by homeowners insurance. Many residents of Illinois are at risk for experiencing flooding, so be sure to talk to your insurance agent about the benefits of supplementing your home insurance policy with federally backed flood insurance through the National Flood Insurance Program (NFIP).
There are currently 1,184 independent insurance agencies in Illinois that are ready to help you find the best home insurance policy. These agents are free to work with a variety of insurance companies, so they can provide you with a selection of customized homeowners insurance quotes that you can review and compare together. Let a local independent agent help you find the best policy to meet your coverage and budgetary needs.