The State of Illinois offers a variety of interesting and varied places to live, from rolling farmland to fast-paced Chicago. It’s also quite affordable — homeowners insurance in Illinois costs $1,322 per year, or $110 per month for $250,000 of dwelling coverage according to Bankrate 2021 study.
It is crucial to understand how to compare companies when you’re looking for the best homeowners policy in Illinois. Bankrate’s insurance specialists have examined the top insurance companies in Illinois by market share. They can help you to understand the factors that should be considered when looking for Illinois home insurance.
The best homeowners insurance companies of Illinois
Bankrate’s insurance editorial staff compared Illinois homeowners insurance providers using average premiums from Quadrant Information Services. They also compared policy features, available coverages and customer satisfaction scores.
These companies may be a good choice if you are looking for the best Illinois homeowners’ insurance.
Allstate is a good choice if you are looking for Illinois home insurance that can be tailored to your needs. There are many options available to the company, including electronic data recovery, yard coverage, and coverage for sports equipment and musical instruments. Even though the average premium is less than the state average, there are many discounts that can help you save even further.
American Family provides all the standard homeowners insurance coverages. You might be able to add additional coverages such as equipment breakdown, sump pumps and water backup coverage, matching siding protection, credit theft protection, and monitoring. American Family offers a Personal Coverage Assistant to help you determine what coverage you need for your Illinois home insurance policy.
Illinois homeowners insurance is offered by Farmers in three levels: enhanced, standard and premier. These packages are a starting point, but each package can be customized with optional coverages like claim forgiveness or cosmetic damage coverage. Farmers doesn’t advertise discounts, but you might be able save money by purchasing a home security system or not smoking.
State Farm may be the right choice for you if you want to consolidate all your insurance policies with one company. The provider provides homeowners insurance as well as other insurance lines like auto insurance, life insurance, and disability insurance. This allows you to save money and bundle your policies. Ting , the company’s partner, has also provided policyholders with an electronic device that monitors and alerts you to any potential electrical problems.
USAA has the lowest coverage, but it only sells policies for current and retired military personnel and their immediate family. USAA does not qualify for J.D.’s official ranking. The company still receives the highest scores, however. USAA is a solid provider of home insurance, with military-focused protections such as uniform coverage.
What is the cost of homeowners insurance in Illinois?
For $250,000 of dwelling coverage, the average cost for homeowners insurance in Illinois is $1322. This is comparable to the $1,322 per year national average home insurance cost which is slightly lower at $1,312/year. Illinois homeowners pay slightly more for coverage than homeowners in other states. The average policy in Indiana costs $1,150 per annum, while Wisconsin homeowners spend only $986 per annum. The average premium for homeowners insurance in Missouri is $1,558.
It is home to both winter and summer storms. However, Illinois weather is relatively safe. Missouri, however, is the worst state for tornadoes. This may explain why there is a higher premium.
Home insurance in Illinois
Here are some factors that will help you choose the right Illinois home insurance for your property. Knowing the most common causes of damage in Illinois can help you select coverages that will better protect your finances.
Common Loss Causes in Illinois
In 2019, Illinois homeowners insurance companies suffered losses exceeding $2.8 billion. Although Illinois is less susceptible to strong summer storms than other states along the “Tornado Alley” line, weather events still account for the majority of state-wide damage.
- Wind: Illinois is home to strong summer storms, similar to many Midwestern states. Wind can cause damage to your roof, siding, windows, and interior.
- Hail – Hail can cause damage on the exterior of your house, and allow rain to enter.
- Flooding – Many Illinois counties have a higher than average risk of flooding.
- Burglary and theft : Break-ins are more common in the Chicago area due to its high population density.
Knowing what Illinois losses are typical may help you make a decision about coverage.
Options for home insurance in Illinois
Illinois homeowners might want to look beyond standard home insurance coverages such as dwelling coverage, liability, and personal property coverage.
- Flood insurance. Damage from floods is not covered under a standard home policy. You will typically need to buy a separate flood insurance policy. However, some companies offer flood insurance endorsements.
- Water backup coverage During heavy rains, it is quite common for water to back-up into the drain and sewer lines in this region of the country. If your home has a crawl space or basement, this can be a problem. To cover this type of damage, most companies offer water backup endorsements.
- Insurance for earthquakes: The New Madrid fault is located in the southern part of Illinois, making it a high-risk area for earthquakes. Although earthquake damage is not typically covered by home insurance, you might be able add it to your policy by endorsement. You may need earthquake insurance if you live in an area with high risk.
- Identity theft coverage As the world is increasingly dependent on digital technology, identity fraud is more common. This endorsement covers the costs of restoring your stolen identity.
A licensed agent can help you select the right coverage. An agent can assist you in the insurance process and help you select coverages that best suit your needs.
Questions frequently asked
What is the best Illinois homeowners insurance?
Your specific rating factors and your expectations of a company will determine the best homeowners’ insurance in Illinois. First, decide what is important to you about a company. Are you looking for the lowest prices, specific coverages, or a mobile application? Once you have this information, you can request quotes from multiple companies to help you find the best option for you.
How can I obtain homeowners insurance in Illinois
Get quotes to get Illinois homeowners insurance. Depending on which company you choose, you can get quotes online, over the phone, or in person. You will need your address, date, Social Security number, and details about your home like its age, roof age, and any special features. After you agree to accept a quote, a representative from the company may send you an application for you to sign. You might also need to pay a fee.
Are I required to have homeowners insurance if I reside in Illinois?
Illinois law does not require homeowners insurance. Your lender may require that you have insurance if you have a home mortgage or another type of loan. You may be able to opt out of home insurance if your home isn’t financed. However, most financial advisors don’t recommend it. If your home is destroyed or damaged, you can get financial protection through home insurance.
What type of homeowners’ insurance should I purchase in Illinois?
There are many different forms of homeowner’s insurance that cover different things. The majority of standard policies include HO-3 forms. However, an HO-5 form is recommended for specific circumstances. It provides greater coverage. You might consider water backup, identity theft, and earthquake coverage. It all depends on where you are located in the state. Additionally, you might want to purchase a separate flood insurance policy.
Does homeowners insurance cover dogs?
It all depends on what happens. Your policy may provide coverage for liability related to owning a dog. This could include medical costs if the dog bites or knocks down someone and causes injury. Some breeds may be more likely to be excluded. If you own a dog, talk to your agent about what your policy covers. Home insurance does not cover medical expenses or vet bills for your dog. Pet insurance is required.