What to Look for in Illinois Homeowners Insurance

Illinois Homeowners Insurance

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Homeowners insurance is not something you want to go without. In fact, if you have a mortgage on your home, you are most likely required by your lender to have homeowners insurance coverage. Your home is almost certainly the most valuable thing you own, so it’s foolish to not want it protected in the event of damage. If your home in Illinois is damaged, whether it’s relatively minor or catastrophic, you will be grateful to have a homeowners insurance policy. Without it, significant home damage could lead to financial ruin.

Check out these tips for finding the perfect homeowners insurance coverage policy for your unique circumstances. Have questions about Illinois homeowners insurance? Contact a specialist at the Illinois Insurance Center. We offer affordable homeowners insurance coverage throughout Illinois in locations such as Chicago.

Sufficient Coverage

An Illinois homeowners insurance coverage policy should be able to cover the worst-case scenario cost of rebuilding your entire home. This is important. If disaster strikes, you want to know that your insurance policy will be there to fully help you out. The amount needed for a full rebuild of your home will often be significantly higher than your home’s market value to account for factors such as material transportation and inflation. It’s certainly better to be safe than sorry when it comes to homeowners insurance.

Want to learn more about home insurance in Illinois? Contact a representative. We offer homeowners insurance coverage in Chicago, Illinois and a large variety of other locations.

Know What’s Covered

The typical Illinois homeowners insurance policy covers four categories of claims. First, your house is protected in the event of several kinds of damage, such as fire, lightning, or hail. Some home insurance policies are “named peril,” meaning there is a list of several specific types of damage you’re covered for. Other homeowners insurance policies, more expensive but offering coverage for more types of incidents, are called “open peril.” Hotel and restaurant costs incurred while your home is being repaired or rebuilt are also covered.

Next, damage to other structures on your property, such as your fence or garage, is covered by Illinois home insurance. Many types of personal property stored in your house are also covered, such as televisions and furniture. Some expensive items, such as jewelry, may be excluded unless you add them separately to your insurance policy. Finally, homeowners insurance policies also include liability coverage in the event of someone being injured on your property.

Be aware that not all types of damage are covered by the typical home insurance policy. Earthquakes and floods generally require separate policies. Since policies can vary quite a bit, make sure you’re aware of everything that’s covered and how expansive the coverage is. If you feel you need additional coverage for various types of damage, or you feel the amount is insufficient to cover certain situations, you can pay extra to add to your Illinois home insurance policy.

A Reputable Insurer

We’ve all heard the horror stories of people dealing with insurance companies that won’t pay out for something that clearly sounds like it’s covered under a policy. Fortunately, in this Internet age, we can research insurance companies and compare notes. Generally, the prices of similar homeowners insurance policies aren’t going to be vastly different. But it’s still a good idea to get quotes from many different companies. This can easily save you hundreds of dollars a year.

Also be aware of how your deductible will impact your monthly premium. If you have a low deductible, your monthly premium will be higher. On the other hand, if you choose a high deductible, your monthly premium will be lower. It’s a good rule of thumb to decide on a deductible that’s about as high as you could reasonably afford if you needed to pay it. Additionally, read up on the speed with which insurers process claims. Even if you’re getting a great rate on a policy, it won’t be worth it if the company takes forever to pay out on a claim when you need the money promptly.

Look Beyond the Premium

Simply comparing premiums of various homeowners insurance companies is not a good way to decide on a policy. Insurance policies are complicated, and there is a lot of fine print. Make sure you know every important detail of each policy you’re considering. One policy may have a high premium but cover a lot of different circumstances, while another policy might have a low premium and cover very little. This is very important to know in advance. When you’re reviewing all the different Illinois insurance companies and their policies, make sure to compare apples to apples.

Take Advantage of Discounts

Naturally, insurers don’t want to have to pay out a huge sum of money in the event of damage to your home. Because of this, insurance companies will often offer discounts for taking certain measures to reduce the likelihood of an incident involving your home. Living in a newer home, strengthening your roof to withstand hail or strong winds, or installing an alarm system: these are all associated with monthly discounts from insurers. Bundling may also be smart. Some Illinois insurance companies offer discounts if you have multiple insurance policies with them.

Know the Fine Print

People often make the mistake of not completely understanding what their home insurance policy covers. For example, if you need your home rebuilt, and it isn’t up to code, you may be responsible for covering the costs to bring it up to code, unless you pay the additional monthly cost to have your insurer cover it. Be aware of these various details, and calculate whether it’s worth it for you to pay additional monthly costs to have extra coverage later on.

Have any questions about Illinois homeowners insurance or want to get started on a policy? Contact Illinois Insurance Center to talk with an expert. We offer affordable home insurance coverage plans throughout Illinois in areas such as Chicago.

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