Home Insurance in Springfield, IL

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Living in Springfield, Illinois, (IL) 

Approximately 116,000 people currently call Springfield, Illinois, (IL) home. The city boasts a rich history as the home of President Abraham Lincoln and a significant stop along the historic Route 66. With a median household income of $54,648, 61% of residents own their own home, and the median property value is around $138,000. VIU by HUB is happy to assist the residents of Springfield with their home insurance needs, protecting their properties and providing peace of mind.

Why You Need Home Insurance in Springfield

With all the costs associated with home ownership in the city of Springfield, IL, many people wonder if home insurance is an expense that can be skipped. The answer is no. Homeowners insurance is not a luxury, it's a necessity. Approximately 1 out of every 20 homeowners file an insurance claim each year, and most of those are for damaged property. Here are the biggest reasons you need home insurance in Springfield.

  • Liability claims protection: If someone is injured on your property, your home insurance liability coverage will protect you from a potential lawsuit. This coverage can also protect you from liability in the event of an accident away from your home or vehicle.
  • Mortgage lender requirement: The state of Illinois does not require home insurance the way it requires auto insurance. However, your mortgage lender will require it to protect the investment while you are making payments. Many people choose to pay their home insurance through escrow with their mortgage, which enables the bank to hold the premiums in an account and pay them for you.
  • Personal belongings coverage: Your home insurance policy will cover the cost of your personal items (including appliances, clothing, electronics, and furniture) if they are stolen, vandalized, or lost in a natural disaster.
  • Property damage coverage: Home insurance in Springfield, IL provides a sense of security and assists with the cost of damages to your house and other property structures (such as deck, fence, garage, or shed) in the event of a disaster such as fire, hail, thunderstorm, tornado, or vandalism. If your home is rendered inhabitable, your insurance policy will help fund your temporary living situation.
  • Theft protection: If someone breaks into your home, your home insurance policy will cover damages and replace the stolen contents. Your policy also protects against thefts that occur away from your home.

Factors That Affect Premiums

The cost of home insurance in Springfield, IL varies due to the personal factors involved in the calculation of insurance rates. Insurance providers take note of specific factors to create a risk profile for you as a homeowner, which indicates your likelihood of filing a claim. The higher that likelihood, the higher your insurance premiums will be. Here are some of the risk factors involved in pricing insurance policies:

  • Claims history: a pattern of previous insurance filings may indicate the likelihood of future claims, resulting in increased rates.
  • Credit history: a good credit score is usually equated to lower insurance risk and likelihood of paying premiums in a timely manner; this often results in lower insurance rates.
  • Marital status: married couples statistically file fewer claims and are seen as lower risk, so their rates are generally lower than individuals.
  • Replacement cost: the higher the cost to replace your home, the more you'll be required to pay to insure it.
  • Condition of home: older homes or homes that will need significant improvements in a rebuild will cost more to insure.

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.