Illinois home insurance
Compare, shop and customize quotes from top-rated insurance carriers.
Protecting your castle
You’ll often hear people describe a home as a castle. As well as being the place where you sleep, eat and live your life with family and friends, your personal "castle" is also a major financial investment. For many people, a house is the largest asset they own. It’s important to protect that investment from certain perils with a plan for Illinois home insurance. VIU by HUB helps you find a homeowners insurance policy that makes sense for you.
Residing in the Prairie State
Illinois was the 21st state admitted to the United States. Known as the Prairie State, it stands as the economic center of the American Midwest. Illinois is home also to a climate that varies dramatically, thanks to its proximity to major bodies of water and its north-to-south length of almost 400 miles. Consider these other facts about living in this state:
• State population: 12,582,032, making it the sixth largest in the nation.
• State area: 57,915 square miles, or 25th largest in the nation.
• Housing units: 5,440,401, almost two-thirds of which are owner-occupied.
• Number of households: 4,930,255.
Nearly 88% of Illinois residents stay in their homes for a year or longer. As a homeowner in Illinois, it’s important to be aware of the typical weather patterns that impact the function and maintenance of your property. Northern Illinois has a humid continental climate marked by cold winters and hot, humid summers. Southern Illinois has a more humid subtropical climate, which includes milder winters and hotter summers. On average, Illinoisans experience almost 51 days of thunderstorms annually, which is higher than in most other places. Residences in the Prairie State are also vulnerable to tornadoes.
Getting the scoop on Illinois home insurance
While you’re not required to carry Illinois home insurance by law, you may have to do so if you’re paying a mortgage. Your lienholder expects you to have coverage to protect their investment from common perils, such as fire, theft and tornadoes among others. According to Zillow, the median home price in Illinois is around $270,000. You likely don’t have that kind of money available on hand to replace your home if it’s destroyed.
Because homeowners insurance can cover the full cost of rebuilding or replacing your home, it’s a great idea to have coverage for your property. Typically, Illinois home insurance quotes also include the contents of your dwelling, personal liability and even medical bills for others injured on your home's premises. There’s a lot to consider when seeking home insurance and VIU by HUB is here to help you sort through the details.
Exploring Illinois home insurance
Before analyzing Illinois home insurance quotes, it’s essential to know the types of property coverage options are available for Illinois homeowners. Your insurance needs are unique to you, and you may require special coverage for your home and its belongings. A principal feature of your policy will be the replacement of your home. Pay special attention to these valuation options from which to choose:
• Replacement Cost: This is the cost to replace or rebuild your dwelling with similar materials, not accounting for the depreciation of your home. It does not include the price of the land. You’ll want a policy with limits high enough to cover this or you’ll have to pay the difference out-of-pocket.
• Actual Cash Value: The Actual Cash Value of your home is equal to the Replacement Cost, minus depreciation from age or wear and tear. The Actual Cash Value may be significantly lower than the Replacement Cost.
• Guaranteed replacement cost: This type of valuation enables you to rebuild your home if it’s destroyed by a covered peril, even if this cost exceeds your policy limits.
• Extended replacement cost: This is similar to guaranteed replacement coverage, but the replacement cost is limited to a certain percentage above your policy limits.
Guaranteed and extended replacement policies are usually only available to newer homes.
Examining optional coverages
Illinois home insurance quotes should identify the endorsements or optional coverages that are included. In addition to guaranteed replacement and extended replacement coverage options, consider these endorsements for your Illinois home insurance policy:
• Earthquake: Most homeowners policies don’t cover damage from earthquakes. Illinois is one of the most active seismic areas east of the Rocky Mountains.
• Flooding: Flood Insurance is generally available as a separate policy from insurance companies or the National Flood Insurance Program.
• Home Business: Most policies don’t cover losses related to equipment, tools or personal liability for home businesses. If you work independently or operate a business from home, this is important coverage to have.
• Scheduled Personal Property: This covers damage to expensive or difficult-to-replace items such as antiques, artwork, jewelry and heirlooms that typically have limited coverage in a homeowners policy.
• Sewer Backup: This endorsement could cover damage to a basement resulting from a sewer backup or overflow of a sump pump.
• Watercraft: Extend your coverage for Personal Liability and Medical Payments for watercraft that you may own.
Analyzing your damage
For an Illinois homeowner, the average annual premium is approximately $1,375 to cover a dwelling with a Replacement Cost value of $250,000. This is almost identical to the national average of $1,385 annually. Local factors include the range of extreme weather in the Prairie State, including summer storms, windstorms, hail and tornadoes.
What you’ll pay for insurance is affected by the following factors:
• Age of building.
• Construction type.
• Condition of building.
• Coverage limit.
• Credit history.
• History of claims.
You can lower your premium by agreeing to pay a higher deductible, which is your out-of-pocket cost for damages before the insurance kicks in. Security features such as fire extinguishers, deadbolt locks and alarm systems may reduce your premium.
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.