Illinois Home Owners Insurance Quotes
While no one expects to have a fire, break-in, or devastating accident, these situations impact thousands of Illinois residents each year. Fortunately, Illinois home owners insurance is available to protect consumers financially, satisfy mortgage requirements, and provide peace of mind. The information below helps homeowners choose the best policies and obtain the lowest quotes.
Determining the Premium
The first detail most homeowners want to know is how much will they owe. The premium is the amount paid monthly or annually to keep in the insurance coverage active. Insurers in Illinois use several factors to determine the premium:
Home characteristics. Illinois home owners insurance costs more for homes that are likely to burn down, incur water damage, need new roofs, or otherwise have a substantial claims history. An insurance application typically contains the cost to rebuild a home, the distance from fire hydrants and fire departments, framing type, age and condition of the home, and claims history for both the home in question and the surrounding area.
Other characteristics. Since most Illinois home owners insurance policies also protect against theft and accidents, details outside of the home construction also affect the premium. Factors that raise the premium include having a wood furnace or wood stove, a swimming pool or trampoline, or dangerous animal breeds. Factors that decrease the premium include having working smoke detectors, fire extinguishers, sprinkler systems, burglar alarms, deadbolts, and window security devices.
Policy choices. Outside of moving to a new home, consumers can affect their policy cost in multiple ways. Maintaining a good credit history, limiting Illinois insurance claims, and staying with the same insurer usually result in a discount. Consumers can also reduce the premium by avoiding "extras" (optional policy endorsements) and increasing the deductible. Consumers should only raise the deductible when they can afford that out-of-pocket expense in the case of a claim.
Insurance Basics
Illinois home owners insurance coverage can be broken down into six coverage categories:
1. Dwelling. This includes damage to the house and any structures attached to the house. Plumbing, electrical wiring, and permanent air conditioning and heating systems are included.
2. Other structures. This portion pays for structures not attached to the home, such as fences, sheds, detached garages, and guest homes on the property.
3. Personal property. This coverage pays for either the current value or the replacement value of damaged possessions.
4. Loss of use. Homeowners receive additional living expenses while their home is unusable and being repaired.
5. Personal liability. Homeowners in Illinois are liable (responsible) for injuries or damages that occur on their property. This coverage helps with those costs in the case of a lawsuit.
6. Medical payments. The insurance company will pay the medical bills of individuals hurt on the property or hurt by the homeowner’s pets.
Shopping for Illinois Home Owners Insurance Quotes
When shopping for insurance quotes, first ensure that the company is licensed with the Illinois Department of Insurance. The insurer should be reliable, have a low complaints ratio, and be financially able to pay claims.
Second, consumers must provide the same information and policy limits to each insurance company for a fair comparison.
Finally, homeowners should not discount the value of customer service. Insurance agents should be willing to explain how a claim will affect policy premiums, what the policy does and does not cover, how to calculate the amount of personal property and liability coverage needed, and the extent to which the policy covers water and mold damage. Agents should also address the issue of earthquake and flood insurance, since Illinois home owners insurance covers neither.
