Illinois Homeowners Insurance

homeowners insurance illinois

Protect your home and most valuable belongings from disaster. Get a quote from Insurance Navy today for affordable Illinois homeowners insurance so you can enjoy peace of mind knowing your property is protected. We offer the lowest home insurance rates and best service from highly knowledgeable and friendly agents prepared to help you customize your policy.

Protect Your Most Valuable Belongings With Customized Homeowners Insurance Coverage

Homeowners insurance offers financial protection against various disasters that could strike your home or property at any time. Home insurance covers the dwellings on your land and includes personal liability coverage in case someone gets injured on your property and takes legal action against you. In this scenario, your insurance policy kicks in and covers their medical expenses and related losses.

Beyond personal liability coverage, standard home insurance policies offer financial remediation in many situations where you would otherwise suffer severe losses. If a tornado hits your home or a burglar breaks in and steals your valuable sports equipment, you can file an insurance claim to recoup the full or partial value of your losses and get back on your feet.

Customize your home insurance policy by adding riders, limitations, and policy protection levels. Standard coverages for average Illinois homeowners are listed below.

  • Liability protection
  • Wind and tornado damage
  • Hurricane damage
  • Hail damage
  • Theft and vandalism
  • Living expenses (due to damage to property)
  • Dwelling coverage

You can choose from numerous insurance products and coverage types to customize your homeowners insurance policy. From upgrading your plan to provide brand-new replacement items to adding on flood coverage, the home insurance options can feel overwhelming. Some of the most common coverages for Illinois homeowners insurance are listed below.

Standard Homeowners Policy

A standard homeowners insurance policy will cover simply the base level, such as tornadoes, theft, property liabilities, hail damage, etc. This will include structures coverage on your property but may not provide financial remediation for items inside your home, such as a stolen TV, depending on your terms.

You can choose from numerous levels of standard coverage options, ranging from HO-1 to HO-8. HO-1 offers baseline protection against natural disasters, while the upper-level policies offer enhanced inclusions for unique property types, such as rental condos or older homes. Your insurance agent can recommend the right level for your needs.

Standard home policies usually come with additional living expenses and medical payments coverage. While your regular homeowners policy can provide excellent peace of mind for many of the state’s weather risks, consider that it will not cover any of the perils listed below.

  • Flood damage
  • Water damage from hurricanes
  • Any damage to your personal property
  • Earthquake damage
  • Mold growth
  • Pest damage
  • Wear and tear
  • Accidental property damage

These additional coverage options can help protect yourself from these risks. Popular add on coverages are listed below.

Flood Insurance

Flood insurance protects your home from water damage caused by floods, hurricanes, and related disasters. This additional insurance coverage is often required by mortgage lenders for properties in flood-prone areas.

Even if you don’t live in a flood zone in Chicago, these insurance policies are a smart idea for many local homeowners. Illinois contains one of the largest systems of inland rivers in the U.S., with stream flows averaging 25 billion gallons of water per day. Over 7,400 square miles of Illinois are in low-lying flood zones.

If you’re worried about the risk of flood damage in Illinois, don’t leave your home unprotected. Water intrusion can cause some of the most significant destruction to homes in our region. With a storm damage insurance policy, you can enjoy heightened peace of mind knowing the financial burden will not fall on you.

Umbrella Coverage

Liability insurance policies have set caps. For example, your home insurance policy might be set at $100,000. So what happens if you’re sued for $500,000?

If you don’t have that kind of cash lying around to cover the gap, your personal assets would be at risk, including your home.

Umbrella coverage offers an extra layer of liability protection, covering your assets in case you’re sued and your liability policy does not cover the full extent of damages. This insurance policy pays the medical bills and expenses that your liability policy cannot, typically with high limits of around $1 million.

Personal Property Coverage

Personal property insurance policies cover your jewelry, electronics, furniture, and everything else from theft, fire, and similar types of damage. While standard insurance policies usually cover your physical structure, including your walls, flooring, and foundation, this add-on coverage ensures financial protection for the valuable items inside your home. You can protect your belongings against flood damage as well by combining this coverage with a storm damage policy.

Is Illinois Home Insurance Required by Law?

No, unlike vehicle coverage, homeowners insurance in Illinois is not legally required by the state. Still, your mortgage lender will likely require you to obtain a minimum level of coverage for your loan.

What Is the Average Cost of Illinois Homeowners Insurance?

NerdWallet data shows that the average cost of homeowners insurance in Illinois is $2,060 per year, which is above the national average. While this average premium may seem high, you can get lower rates by bundling products, lowering your coverage limits, and increasing your credit score. Frugal homeowners even install burglar alarms and sprinkler systems and follow other incentives set by their insurance company to get the cheapest home insurance rates possible.

Factors That Impact Your Homeowners Insurance Rate in Illinois

Numerous factors impact individual homeowners insurance rates. Understanding these common factors helps you know whether you’re receiving a fair quote for your Illinois home insurance policy. Common cost factors for home insurance that an insurance company considers are listed below.

  • Property location: Your zip code, street address, and claims history affect your rates. For example, if you live in a flood zone or in a part of the city with increased crime, your premium may be higher.
  • Home construction: Your home’s building materials impact its durability and potential replacement costs. Custom-built homes may receive higher insurance rates because of their premium materials.
  • Property age: Homeowners insurance companies consider the home’s age and any recent upgrades when calculating replacement costs and determining safety features.
  • Replacement cost: A professional appraiser can calculate a determined replacement cost for the entire house and all items inside. This sets the foundation for the policy limit.
  • Swimming pool presence or other hazards: Property hazards like swimming pools often increase liability coverage premiums as they may cause injury to guests.
  • Whether or not you have a home-based business: Running a business out of your home may involve storing equipment and supplies that require extra coverage, which can raise your insurance premium.
  • Type of coverage: Your policy limit and the inclusions, like any riders you choose to add on, will impact total costs. For example, a standard home insurance policy with a low maximum offers cheaper rates, while comprehensive umbrella policies with flood coverage will require higher premiums.

Save Money by Bundling Insurance Policies

At Insurance Navy, we offer the cheapest home insurance rates in Illinois. We help you apply for homeowners insurance discounts so you can lower your premium while still enjoying robust protection. You can also save money with a bundle discount. By bundling your homeowners policy with other insurance products, like auto insurance, you can save on your premiums with a multi - policy discount. Some other insurance products you can bundle are listed below.

  • Auto policies
  • Life insurance
  • Disability insurance
  • Identity theft coverage
  • And more

Work with a knowledgeable, licensed, and helpful insurance agent today to secure the lowest rate possible for your property with a variety of discounts.

How To Get Your Homeowners Insurance Quote Online Today

Getting your free online homeowners insurance quote with Insurance Navy is simple. Simply walk through our quick questionnaire online to let us know a few details about your home and coverage preferences.

You’ll receive an instant home insurance quote with coverage options to customize your policy however you please.

Get Your Instant, Free Quote Today

Start your free home insurance quote today. Insurance Navy operates in over 25 Illinois locations, offering premier customer service when you need us most. Our independent agents are standing by to answer all your questions and provide you with all the information you need.

Get instant proof of insurance today. Start your quote online for homeowners insurance in Illinois, or call us at (888) 949-6289 to speak with an insurance agent or customer service representative.

Frequently Asked Questions

Do you still have questions? No problem! Read through the answers below:

What Is the 80% Rule for a Homeowners Insurance Policy?

The 80% rule is set by many homeowners insurance companies to protect homeowners from inadequate coverage after a disaster. This states that your policy maximum must be at least 80% of your home’s total replacement cost. For example, if your home’s total replacement value is $350,000 (including any recent renovations), your coverage should be set to $280,000.

What Are the Three Main Levels of Homeowners Insurance in Illinois?

The three levels cover the home’s actual cash value, replacement costs, or extended replacement value. The actual cash value gives you money for the items lost minus depreciation, while replacement cost coverage pays to replace items lost from damage instead. Extended replacement policies provide an extra layer of protection in case construction costs have increased past your policy limit.

How Can You Find the Cheapest Homeowners Insurance Rates?

You can find the cheapest homeowners insurance rates in Illinois by comparing quotes from insurance providers and choosing a premium that reflects your coverage needs and budget. At Insurance Navy, we point you toward the lowest rates in the state, helping you cover your belongings affordably. Get your quote for homeowners insurance in Illinois today by starting a quote online or by calling us at (888) 949-6289.