Homeowners Insurance in Illinois

If you are shopping for a home to buy or are already a homeowner doing some comparison shopping, you would likely want to know how much homeowners insurance in Illinois. Figuring out how much you will be spending each month can help with your overall household budget, so let’s look at some homeowner insurance rates in Illinois. It is good to note that the average cost of homeowner insurance in Illinois is slightly less than the national average at $2201 annually, or approximately $183 per month. This is for a dwelling worth $300,000, with a $1000 deductible and $300,000 in liability coverage. Illinois rates 26th of 50 states for homeowners insurance overall at $1405 annually or $117. We have a glimpse already at the wide range of factors that contribute to the cost of homeowners insurance in Illinois. It also is variable based on where you live, with the most expensive city being Chicago at an average of $1672 annually and the least expensive city being Elmhurst at an average of $1158 annually. Importantly and proudly, Illinois rates well in affordability in housing costs where the national average housing cost as a percentage of income is considered quite high at 37%, while Illinois, at its most expensive, in Cicero, has 26% of household income going to housing costs and the least expensive, in Decatur, has 14% of household income dedicated to housing costs. Another consideration for homeowners insurance costs in Illinois is wind and hail, with Illinois being the second-worst state for losses due to wind and hail. This is followed by losses from fire and lightning.

There are many aspects to homeowner insurance in Illinois and, as discussed above, many variables to consider. Finding out exactly what homeowners insurance cover in Illinois depends on the individual policy offered by different carriers. In general, a homeowners insurance policy would cover aspects of the dwelling itself, its fixtures, plumbing, electrical, and structures attached to the main building. There may be aspects in a policy for other structures such as storage sheds, garages, detached cottages, and fences. A policy might cover loss of use if there is damage to the main living areas and you and your family have out-of-pocket expenses to live elsewhere while the residence is being repaired. A policy may incorporate a degree of your personal property to include furniture, appliances, clothing, electronics, and some policies may cover these types of items even if they are not on the insured premises. There may be options to ensure you are financially protected with liability insurance which would ensure you have personal liability insurance to help protect you in an accident that results in bodily injury or property damage. Each homeowners insurance policy has variations of what is covered along with different options when it comes to the causes of the damage; for example, even the most basic policy will cover fire, but almost all policies will not cover flooding, so that you may need extra coverage for flood damage.

There will be many options to consider about what your homeowner's insurance covers in Illinois, from basic protection that would include just your main dwelling from fire, storm damage, explosions, or civil unrest, all the way to coverage from all perils, a peril being the term used for a specific risk or loss. We have put together a list of the companies offering homeowners insurance in Illinois and examined what they offer so that we can provide you with a comprehensive Illinois homeowners insurance companies list to help you decide which company may meet your specific criteria. Of the top-rated homeowner's insurance companies in Illinois, we include Allstate, Amica Mutual, and Farm Bureau, all with A+ on the BBB, and Amica Mutual standing out with 5 out of 5 on J.D. Power. State Farm is running as top rates as well, with 4 out of 5 on J.D. Power rating, A on the BBB, and A++ on AM Best rating. Of the best homeowners insurance companies in Illinois, Country Financial wins in the area of customer service when compared with seven other providers. In the number three position, Geico homeowners insurance in Illinois is included on the top-rated list, although it is not the main underwriter, so it is not rated by J.D. Power, so it is often excluded from top-rated lists.