7 Things You Should Know About Homeowners Insurance

Having your own home is exciting, yet home ownership is filled with responsibility and challenges. From meeting the mortgage payments each month to making sure your insurance coverage is up to par with what you own are just a couple of the responsibilities. A proper understanding of Chicago, IL homeowner’s insurance will guide you in making the best decision for coverage. As we look into the life of several fictional characters, let’s examine 7 things you should know about homeowner’s insurance.

Homeowner’s insurance covers all external structure(s) on your property.

Jon and Sue owned six acres of land on the outskirts of Chicago, Illinois. Jon, a retiree, decided now was the perfect time to follow his passion for restoring old cars. It had been a hobby of his in his younger days. A nice-sized poll building was erected on the premises; this would be where all of the transformations to his old cars would take place. Monday started out as just another typical day with Jon grinding, spreading bondo, and preparing to paint, but that night while he slept a small fire started on the property and spread to the building before he awoke. By the time the firefighters arrived, several sections of the building had been badly damaged, as well as the car. However, he knew his homeowner’s insurance, through Illinois Insurance Center, had him covered. All of the buildings on the property, including his shed, poll building, and garage were covered under the policy. What type of damage does insurance cover? This is referred to as “covered perils” and includes coverage for unusual situations such as fires, strong storms, or thefts.

Homeowner’s insurance can help if you are displaced due to severe damage.

Ray had recently moved into a small two bedroom home in the suburbs of Chicago. One summer day, a strong storm blew in a tornado while Ray was at work. When he arrived home from work, he saw that the roof was completely blown off in several spots and part of one wall had collapsed. His home was not only badly damaged, it was unlivable. Ray was glad he had decided to purchase additional coverage that helped in times like this. While his house was getting repaired, Illinois Insurance Center would set him up with comfortable living arrangements in a hotel near his work. This feature of the policy fell under additional living costs.

Homeowner’s insurance can be modified to include additional coverage(s).

Other individuals discover the benefits of a homeowner’s insurance that is flexible and customizable. Other add on features include:

Personal property replacement cost: Chloe was glad she had invested in this add-on, which didn’t really cost much extra at all. When a flooded basement destroyed a room full of furniture, coverage paid her what it cost to buy the items brand new that day, not what she paid for them originally.

Building guaranteed replacement cost: Daniel’s house was destroyed in a fire. After assessing the damage it was determined it could not be rebuilt. Daniel had added the building guarantee replacement cost feature from Illinois Insurance Center; the insurance would exceed his current policy by up to 20 % in order to guarantee replacement of his home.

Refrigerated products: Ben and Shannon were so excited to spend a week at Niagara Falls for their anniversary. Their joy, however, deflated when they returned home to find that a powerful storm had knocked out the power in the area for several days spoiling all their refrigerated goods. Adding refrigerated products coverage, ensures your items are replaced in an event of damaged goods.

Homeowner’s insurance covers medical and/or legal expenses if others are injured on your property.

Rick enjoyed entertaining guests at his large home with a pool. But that came swiftly to an end when one of his guest’s child slipped while running on the deck of the pool and fell. The injuries were moderate but costly. Rick’s homeowner’s insurance would cover the child’s medical costs, and in the event the parents chose to sue him, he could count on his policy to help him out with liability insurance.

Homeowner’s insurance covers personal possessions inside or outside the home.

Jack is a regular guy living in a suburban area with a typical 8 – 5 pm job. He also happens to enjoy golfing; he once used the clubs while working towards the pro-tour. Now, with life going in a different direction, the prized set of golf clubs hold sentimental as well as monetary value. One day while off work, he decides to head to the greens with his clubs in the trunk; on the way, work called with an emergency, and he had to go in. Imagine his shock when he later discovered his vehicle broken into and his clubs stolen. Thankfully, his homeowner’s policy covered his personal possessions wherever he took them.

Homeowner’s insurance works best with the aid of personalized service.

Sarah and Bob looked online and found a quick insurance quote and signed up without actually speaking to or meeting anyone. But they found out the hard way that they should have taken the time for an appointment and personalized service. They called Illinois Insurance Center and a friendly agent assisted them with getting the best coverage to fit their particular needs.

Homeowner’s insurance prepares you for the unexpected so you won’t be caught off guard.

We all like to think that the worst won’t happen to our home or our possessions, but if it does, having the proper coverage on your policy is essential. Illinois Insurance Center has been a trusted insurance name in the Chicago area since 1973. If you would like to discuss how we can provide you the best homeowner’s insurance, please contact us today!