Home Insurance in Chicago, IL

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Chicago, Illinois, (IL) Home Insurance

Chicago, like all great cities, is a collection of diverse neighborhoods. Whether you live in the northside neighborhood of Rogers Park, the southside neighborhood of Hyde Park, or anywhere in between, your home deserves the protection that home insurance provides. Even though it’s not a legal requirement, your mortgage company may ask you to carry a Chicago home insurance policy as a condition for lending to you. Regardless, the right Chicago, Illinois, (IL) home insurance can offer peace of mind for your personal property, and VIU by HUB can help you find the right coverage for your needs. 

The Risks of Homeownership 

Homeownership carries a tremendous amount of risk. This is especially true in Chicago, IL, a city that’s known for experiencing all four seasons – often on the same day. While you may not have to face some of the threats that homes in other parts of the country do, such as earthquakes or hurricanes, there are other risks your home may face: 

  • Fire – While the Great Chicago Fire occurred well over 100 years ago, fires can happen in any nearly any home at any time. Even if the fire is put out quickly, smoke and water damage can leave a home in disrepair. 
  • Frigid weather – There’s a reason that Chicago has been referred to as Chi-beria. The extreme cold that Chicago faces almost every winter can cause burst pipes and make it difficult for steam radiators to keep up. 
  • Theft – Theft can be an issue in Chicago. If you live in an unsafe neighborhood or own property in the pricier parts of town, your home could be a target. 
  • Tornadoes – Tornadoes don’t usually make their way to the Loop, but they can hit the city’s outer limits. 
  • Wind – Chicago is known as the Windy City – a nickname that is political in nature. Still, strong winds are known to occur from time-to-time, and they can damage your home’s roof or exterior walls. 

The Benefits of Customized Coverage 

Chicago, IL home insurance policies differ on what they cover. This makes it essential to know what your policy entails. Generally, though, most Chicago home insurance policies should cover most of the basics: 

  • Broken windows 
  • Fire and smoke damage 
  • Hail and lightning damage 
  • Personal property damage or loss 
  • Personal injury 
  • Theft and vandalism 
  • Wind damage 

Still, you need to double-check with your insurance policy to ensure these things are covered. You’ll also want to make your Chicago home insurance will cover expenses should your home be rendered unlivable and you need to relocate. 

If you’re concerned about flood damage or coverage that extends beyond the basics, you will likely need to purchase an additional policy. This way you can be protected from all likely threats. 

Types of Home Insurance 

Like we stated above, Chicago, IL home insurance isn’t usually a legal requirement. However, your mortgage lender may ask you to carry some sort of coverage to help reduce their risk should your home become damaged before you’re able to pay off your home loan.

So, when choosing from the coverage options, you should make sure that it meets the standards set by your mortgage company. Generally, you’ll have four coverage options from which to choose: 

  • No Frills – Basic coverage that usually doesn’t meet the requirements set by mortgage companies. 
  • Basic – Protects your home from damage incurred by “named perils” listed specifically in your policy. 
  • Broad – Protects your home from physical damage and loss, unless the cause of the damage is excluded in your policy. Personal property, such as appliances, furniture, and consumer electronics, is only protected against named perils. 
  • Comprehensives – The most extensive and expensive coverage typically available.

This information is intended for general informational purposes only and is not intended to constitute legal advice.

Home insurance in Illinois by city

Understand risks, minimum state coverage requirements, average costs and other specifics that can impact home insurance policies and premium rates in your city.