What to Know about Homeowners Insurance


Facts about Homeowners Insurance in Illinois

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.

More Illinois home insurance facts

  • IL ranks 3rd in the nation for hail insurance claims, with about 24,000 claims a year at an average of $13,750 per claim.
  • Residents in this state collect nearly $2 billion in homeowners insurance claims each year.
  • On average, 54 tornadoes touch down in the Land of Lincoln every year.
  • The property crime rate in IL has been steadily decreasing over the last 20 years, with 81,913 burglaries reported in 2000 and just 39,080 reported last year.

What is the Average Cost of Homeowners Insurance in Illinois?

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.

Average Price of Homeowners Insurance around Illinois

Average Price of Homeowners Insurance in Illinois

Why Choose an Independent Insurance Agent?

  • Independent insurance agents live and work in your community.
  • These agents can shop around to help you find the best policies.
  • Your agent can provide one-stop shopping for all your insurance needs.

Find an independent agent in Illinois

A friend of mine referred me to an agent from TrustedChoice.com and I got a homeowners insurance quote for an investment property. I've also done business with them before and so far it has been a great experience.

Homeowners insurance five star review Luis of Joliet, IL Consumer Affairs

What Does an Illinois Homeowners Insurance Policy Cover?

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:

  1. Coverage against damage to your house: The dwelling coverage portion of your policy is designed to cover damage to the structure of your house, including built-in appliances and attached structures like decks and porches. You will want to have enough dwelling coverage to enable you to rebuild your home if it is destroyed by a major event like a fire or tornado.
  2. Coverage against damage to your property: The contents coverage portion of your policy is designed to cover the cost of repairing or replacing the personal property you keep in your house if it is lost or damaged by a covered event like a fire or burst pipes.  You will want to be sure that your contents coverage is sufficient to cover your most valuable property.
  3. Coverage for temporary living expenses, when needed: The loss-of-use portion of your policy is designed to cover the costs that go beyond your normal living expenses if you must seek temporary living arrangements, like a hotel, while your home is being repaired following a covered event. 
  4. Coverage against property crimes: If burglars or vandals target your home, your insurance can cover the cost to replace your stolen items as well as to repair any damage the criminals may have caused. Many home insurance companies offer policy discounts to homeowners who have burglar alarms or other active theft deterrents.
  5. Coverage against liability lawsuits: Homeowners insurance policies include personal liability coverage. This can help pay for your legal expenses and damages if you are sued for negligent actions that cause others to suffer property damage, injuries, or financial harm. This can include damage and injuries that occur both on and off your property.

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).

Top Insurance Companies that Support Independent Agents in Illinois

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.

Why go Independent

Why Go Independent When Looking for Homeowners Insurance?

  • Agents research for you
  • Insurance you can understand
  • Multiple quotes