Whether you’re a homeowner or renter, you need
Illinois home insurance. Homeowners and
renters insurance will pay the cost to repair any damage to
your property and personal possessions in case something
happens. But just because you’re insuring your most valuable
possession doesn’t mean you have to pay a lot for homeowners insurance –
we’ll help you determine what you need, then find the best
deal around. It’s fast, easy, and best of all free.
What
Illinois Home Insurance Covers
Virtually all Illinois home
insurance policies include the same basic
coverage:
Property Coverage – This is the
part that pays to repair your home if there’s a fire,
windstorm, hail, etc. It usually includes detached
buildings like garages or tool sheds. If your personal
property gets stolen, whether from your house or anywhere
in the world, this is what covers it, within the limits of
the policy.
Liability – if you or someone in
your family accidentally injures another person or causes
property damage, this will pay the associated medical or
repair expenses. It also pays lawyer fees
Medical Payments – if someone is
accidentally injured on your property or by you or a member
of your family, this covers the medical bills. It doesn’t
cover your family’s medical expenses if something happens
to them (that would be covered by health insurance).
Additional Living Expenses – if
damage to your home means you can’t live there during the
repairs, this will pay at least a portion of your motel and
restaurant expenses.
Mine Subsidence – when you live
in a county that has mines under more than 1% of the land,
this coverage is automatically included. If you don’t want
it, you actually have to sign a rejection form to exclude
it.
Usually specific things are
not covered in most Illinois homeowners insurance policies,
including:
Wear and tear
Rotting
Lack of maintenance
Intentional acts
Catastrophic events (earthquakes, flood, war)
Sewer backup
Sump pump overflow
Trampoline injuries
Animal injuries
You can buy extra policy
endorsements to add additional home insurance coverage in case
you need it. The most popular endorsements
are:
Personal property replacement cost –
so you’ll receive the actual cost to buy new items instead
of getting the depreciated amount
Building guaranteed replacement cost –
pays any extra amount needed to rebuild your home, even if
it costs more to replace than the limit of your home
insurance policy.
Inflation guard – automatically raises
the policy coverage limits each year to match increased
costs for building materials and labor.
Business insurance – if you have a
home business, this covers machines, tools and
liability.
Scheduled personal property – for
people with lots of stuff, or very expensive stuff, which
exceeds the normal limits of the policy. It’s important to
have buy this coverage if you have expensive cameras,
computers, antiques, jewelry, or collectibles.
Types
of Illinois Homeowners Insurance
Coverage
It’s important to choose the
right level of coverage to fit your needs and budget. Basically
there are three different levels.
Actual Cash Value – pays out the
replacement cost of the property, minus depreciation.
Though this is the least expensive coverage available, if
something happens you’ll have to make up the difference
between what your property costs to replace and its value
after depreciation.
Replacement cost – this home
insurance coverage pays to rebuild or replace your
residence at today’s costs. Though this costs more, it’s
still much less expensive than having to pay the difference
between the depreciated value and the replacement
cost.
Guaranteed Replacement Cost –
This is the most comprehensive type of coverage, and will
cover the complete cost to replace your home, even if it’s
more than the actual limit of your policy.
Time to
Shop for Illinois Home Insurance
Now that we’ve covered the basics, you’re ready to start
shopping for the best deal on Illinois homeowners insurance.
It’s easy to begin the process. Just enter your zip code below
and you’ll be instantly matched with excellent insurance
companies offering coverage in your area. Click on the three or
four which sound the best to you, and request a free quote.
Then you’ll be able to compare coverage and premiums, and
choose the one that best fits your needs and budget. What are
you waiting for? Start saving on Illinois home insurance right
now!
have to pay a lot for