Finding the Best Homeowners Insurance in Illinois
We are here to help you find the best homeowners insurance in Illinois. In Illinois, almost two-thirds of our residents are homeowners and as a result, there are many options and many things to consider when choosing the perfect homeowners insurance that is right for you. Whether your goal is to find cheap homeowners insurance Illinois or to find the best value, we will help you get started by going over some of the important factors that may differentiate your Illinois homeowner insurance quotes. There are many companies to chose from when looking for homeowners insurance and we will look at the pros and cons of several of them based on how much they cost, what they cover, how to access discounts as well as some of the top-rated homeowners insurance companies in the state. Obtaining homeowners insurance in Illinois is not mandatory by law but is beneficial in protecting your financial security as well as the investment in your home, belongings, and loved ones. It is important to note that most mortgage lenders do require some level of homeowners insurance. Our goal is to make your search for homeowners insurance in Illinois a simpler and more straightforward mission so that you are financially protected.
| Illinois Homeowners Insurance Cost Broken Down | Price |
|---|---|
| Yearly Cost of Homeowners Insurance in Illinois | $825.00 |
| Costs Per Month for Homeowners Insurance in Illinois | $68.75 |
How Much is Homeowners Insurance in Illinois
If you are shopping for a home to buy or you are already a homeowner doing some comparison shopping, you would likely want to know how much is homeowners insurance in Illinois. Figuring out how much you will be spending each month can help with your overall household budget so let’s take a look at some homeowners insurance rates in Illinois. It is good to note that the average cost of homeowners insurance in Illinois is just 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 it’s 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.
| City in Illinois | Monthly Costs | Yearly Costs |
|---|---|---|
| Chicago, IL | $139.33 | $1,672.00 |
| Aurora, IL | $103.75 | $1,245.00 |
| Naperville, IL | $103.17 | $1,238.00 |
| Joliet, IL | $109.17 | $1,310.00 |
| Rockford, IL | $108.58 | $1,303.00 |
| Springfield, IL | $111.58 | $1,339.00 |
| Elgin, IL | $101.17 | $1,214.00 |
| Peoria, IL | $112.08 | $1,345.00 |
| Champaign, IL | $100.50 | $1,206.00 |
| Waukegan, IL | $111.67 | $1,340.00 |
| Cicero, IL | $111.75 | $1,341.00 |
| Bloomington, IL | $103.92 | $1,247.00 |
| Arlington Heights, IL | $107.33 | $1,288.00 |
| Bolingbrook, IL | $106.50 | $1,278.00 |
| Evanston, IL | $110.50 | $1,326.00 |
| Schaumburg, IL | $109.42 | $1,313.00 |
| Decatur, IL | $112.00 | $1,344.00 |
| Palatine, IL | $107.83 | $1,294.00 |
| Skokie, IL | $109.33 | $1,312.00 |
| Des Plaines, IL | $108.75 | $1,305.00 |
| Orland Park, IL | $100.08 | $1,201.00 |
| Tinley Park, IL | $101.33 | $1,216.00 |
| Oak Lawn, IL | $107.42 | $1,289.00 |
| Berwyn, IL | $109.17 | $1,310.00 |
| Normal, IL | $105.92 | $1,271.00 |
| Mount Prospect, IL | $106.92 | $1,283.00 |
| Wheaton, IL | $98.83 | $1,186.00 |
| Oak Park, IL | $106.67 | $1,280.00 |
| Hoffman Estates, IL | $111.17 | $1,334.00 |
| Downers Grove, IL | $98.42 | $1,181.00 |
| Glenview, IL | $107.25 | $1,287.00 |
| Elmhurst, IL | $96.50 | $1,158.00 |
| Lombard, IL | $99.58 | $1,195.00 |
| Plainfield, IL | $105.75 | $1,269.00 |
| DeKalb, IL | $97.33 | $1,168.00 |
| Urbana, IL | $100.75 | $1,209.00 |
| Moline, IL | $114.33 | $1,372.00 |
| Belleville, IL | $126.83 | $1,522.00 |
| Bartlett, IL | $103.08 | $1,237.00 |
| Buffalo Grove, IL | $112.92 | $1,355.00 |
| Quincy, IL | $119.17 | $1,430.00 |
| Crystal Lake, IL | $107.25 | $1,287.00 |
| Romeoville, IL | $108.17 | $1,298.00 |
| Carol Stream, IL | $103.33 | $1,240.00 |
| Streamwood, IL | $108.83 | $1,306.00 |
| Wheeling, IL | $108.42 | $1,301.00 |
| Hanover Park, IL | $105.67 | $1,268.00 |
| Carpentersville, IL | $102.33 | $1,228.00 |
| Rock Island, IL | $116.92 | $1,403.00 |
| Park Ridge, IL | $107.75 | $1,293.00 |
Illinois Homeowners Insurance Laws
Even though you are not legally required to carry a homeowners insurance policy in Illinois, your mortgage or home equity lender will have Illinois homeowners insurance requirements that you will need to meet. Illinois does have laws covering many aspects which insurance companies need to follow when it comes to Illinois homeowners insurance laws. That being said, it is in your best interest to have at least a basic homeowners insurance policy in Illinois and the Illinois Department of Insurance has a lot of information to help you find out what types of insurance are available and beneficial in your specific situation. There are two main reasons to get a homeowners insurance policy. First off, protecting your investment, so having insurance that will financially protect your structure, your personal property, and to provide you with liability insurance in case of an injury of a guest or damage to their personal property. The second reason for having a homeowners insurance policy is to satisfy the requirements of a mortgage or home equity lender. In this scenario, they need to protect their investment in you. If you let your insurance lapse, your lender may provide insurance, generally for the structure only, and tends to be more expensive for you than a policy you would obtain yourself.
What Does Homeowners Insurance Cover in Illinois
There are many aspects to homeowner insurance in Illinois and as discussed above, many variables to consider. Finding out exactly what does 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 the event of 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 you may need extra coverage for flood damage.
| Costs of Home Insurance in Illinois by County | Monthly Average Costs | Yearly Average Costs |
|---|---|---|
| 0 County, IL | $- | $- |
Top Rated Homeowners Insurance Companies in Illinois Based on Ratings
There will be many options to consider about what your homeowners 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 for you a comprehensive Illinois homeowners insurance companies list to help you decide which company may meet your specific criteria. Of the top rated homeowners 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 in the 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 list of top rated, although is not the main underwriter so is not rated by J.D. Power so it is often excluded from top rated lists.
| Illinois Home Insurance Company | JD Power Rating | NAIC Rating |
|---|---|---|
| Country Financial Ratings for Homeowners Insurance in Illinois | 4/5 | 0.13 |
| State Farm Ratings for Homeowners Insurance in Illinois | 3/5 | 0.2 |
| USAA Ratings for Homeowners Insurance in Illinois | 5/5 | 0.24 |
| Travelers Ratings for Homeowners Insurance in Illinois | 2/5 | 0.3 |
| Allstate Ratings for Homeowners Insurance in Illinois | 3/5 | 0.31 |
| Auto Club (AAA) Ratings for Homeowners Insurance in Illinois | N/A | 0.36 |
| Farmers Ratings for Homeowners Insurance in Illinois | 3/5 | 0.39 |
| Metropolitan Ratings for Homeowners Insurance in Illinois | 3/5 | 0.43 |
How to Lower Homeowners Insurance in Illinois
In Illinois, there are many reasons to make sure you have great homeowners insurance but that is no reason to not take advantage of Illinois homeowners insurance discounts. Here we will explore different ways of how to lower homeowners insurance in Illinois. One of the first ways to do this is by increasing your deductible. A deductible is the amount that you would pay in the event of a settlement usually before the insurance contributes the rest of the funds. If you are able to set aside a higher amount, for example, $1000 instead of the recommended $500 deductible, you may be able to save up to 25% on your premiums. Often there may be options to bundle your insurance if you have other insurances with the same company. As an example, often an insurance firm will provide a discount on auto insurance when you have multiple policies with the same company. It is worth talking to your agent to see what discounts are available as this will be variable from company to company. Homeowner insurance rates in the USA have increased by 59% over the past decade and it is expected that we will see Illinois homeowners insurance rates increasing in 2020 along with a few other states.
Compare Homeowners Insurance in Illinois Before Buying
No matter what you are shopping for it always makes sense to compare before you buy and this is certainly no different. When you compare homeowners insurance in Illinois, you not only are comparing the best deal but also making sure you are covered financially in case of an unfortunate event. Having affordable homeowner insurance in Illinois that you are well informed about will give you peace of mind when you are shopping for homeowners insurance in Illinois. Comparing homeowner insurance companies might be the second step after making informed decisions on what you specifically want covered. This can make shopping for the insurance provider easier, in that you can exclude ones that do not meet your needs right from the start. For example, if you think you may move in the near future, perhaps a company that is a little more expensive but has moving insurance included in their basic package could be right at the top of your list.