Illinois Homeowners Insurance

Last Updated on September 29, 2020 by Andrew Lee

Once you become a homeowner, you definitely will feel the joy and satisfaction of seeing that your hard work has paid off. However, along with this comes huge responsibilities, as well. This is particularly true since your house is one of, if not the biggest of all investments you may have ever made.

Since you want to protect the results of all your hard work, you should purchase an Illinois homeowners insurance policy and make sure to keep it updated. This way, you don’t have to worry about sky-high out of pocket expenses in the event that something disastrous happens to your home that may result in property damage/loss. To learn more, read this article.

It pays to be fully prepared for the worst as one will never know when a disaster will hit. Purchasing an Idaho homeowners insurance policy is one way to protect your home and its contents at all times.

Average premiums for homeowners and renters insurance in Illinois

The National Association of Insurance Commissioners (NAIC) recently released a report detailing the yearly average homeowners and renters insurance premium in the United States. According to the organization, this amounts to $1,096.

Homeowners paid an average of $938 putting Illinois at the 29th spot with the highest insurance premiums

Renters, on the other hand, had a median expenditure of $155 putting the state at the 38th spot in the same ranking

Another similar study, this one from the financial resource firm ValuePenguin, revealed that the average monthly homeowners insurance premium in Idaho amounts to $44.47.

In comparison with the national average, there is quite a considerable difference of .51%.

The whys behind purchasing this insurance for your Illinois home

As the Illinois Department of Insurance stated, homeowners insurance plays many different and critical roles in the lives of people. The two most important reasons people need this type of insurance is to protect their home and its contents, and because most mortgage lenders usually require their borrowers to get it.

Key Facts and Market Trends in Illinois: In another study from the NAIC, it took a closer look at the total number of insurance companies in all of the states. As for Idaho, the count for domestic insurers reached 14. The total for both domestic licensed foreign companies is 1,453.

What homeowners insurance policy forms Illinois residents can purchase

There are many different types of insurance policy forms that Illinois homeowners can purchase and maintain. Insurers in the state typically offer seven form types, including the following:

  • Dwelling Fire Form – The most basic of all policies, as it only covers the dwelling itself.
  • Basic Form – It covers your home and its contents from damages caused by fire and smoke, hail, windstorm, explosion, lightning, vehicles, vandalism, and theft.
  • Modified Coverage Form – It covers the same perils as the Basic Form. The main difference between the two is that this one applies for older homes, wherein rebuilding cost exceeds the actual market value of the house or the item.
  • Broad Form – It includes the same coverage as those in the Basic Form, plus damages caused by falling objects, trees, ice, snow, sleet, as well as malfunctioning HVAC and plumbing systems (for both the dwelling and its contents).
  • Special Form – This provides coverage for the same perils covered by the Broad Form, however; you’ll also receive protection for your house from several other types of perils except nuclear accidents, earthquakes, and flooding.
  • Tenants Form – This provides the same coverage as the Broad Form, but only for the contents of the home.
  • Condominium Unit Owners Form – This covers everything that the Tenants Form does.

You never know when a disaster will hit, so it pays to be fully prepared for the worst. Purchase an Idaho homeowners insurance policy now to protect your home and its contents at all times.