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The Land of Lincoln is home to the Windy City, three presidents, and the Chicago Bulls, just to name a few. But The Prairie State also presents some serious homeowners insurance risks.
How much is home insurance in Illinois? Homeowners insurance premiums in Illinois are less expensive than the national average. The average cost of homeowners insurance in the state of Illinois was $1,033. This was slightly lower than the national average of $1,173. There are 23 states with lower average home insurance rates than Illinois.
|Illinois Annual Average||$938||$987||$1,033|
|Illinois Price Per Month||$78||$82||$86|
|US Annual Average||$1,096||$1,132||$1,173|
|US Cost Per Month||$91||$94||$97|
|Source: Facts + Statistics: Homeowners insurance|
The graph below shows the change in average Illinois home insurance rates from 2011 to 2015, the most recent year the data is available. According to the III, Illinois homeowners insurance rates increased from $822 in 2011 to $1,033 in 2015, a jump of $211 dollars, or 25.67 percent.
Choosing a homeowners insurance company in Illinois should be easier. Actually, it’s already easy. The key to finding the best homeowners rates is to compare homeowners insurance in Illinois from multiple companies.
Last year, these were the 10 most common home insurance companies reported by QuoteWizard users living in the state of Illinois. Out of the 33,678 Illinois homeowners that used QuoteWizard to request insurance quotes last year, 954 had no home insurance.
The above list shows the most popular home insurers in Illinois according to our users. But popular doesn’t always mean best.
Our study on the Best Homeowners Insurance Companies focuses on top of the line companies. In no particular order, these companies stand out among the rest:
|Rank||Company||Financial Strength||Market Share|
|1||Country Mutual Insurance||A+||8.6%|
|6||Travelers Home & Marine Insurance Co.||A++||2.3%|
|7||Allstate Property & Casualty||A+||2.2%|
|8||Illinois Farmers Insurance||A-||2.2%|
|9||Metropolitan Casualty Insurance||A||1.6%|
There are several factors that play a role in the cost of your homeowners insurance. Some, like the upkeep of your home, are unique to each person. Others, like natural disasters, affect all Illinois residents.
All homes are unique and therefore come with their own insurance risks and rates. These are the main factors that affect your homeowners insurance rates in Illinois:
Claims usually stay on your record for five to seven years. Why is that time frame important? If you have file claims within that time, you’re probably paying more for home insurance. If you file additional claims with some still on your record, your rates will skyrocket. That’s why homeowners will refrain from filing claims whenever possible.
As cute as your furry family member can be, they can also raise your homeowners rates. If you own a specific dog breed, you may have a difficult time finding a company to insure your home. But that shouldn’t be a problem for most Illinois homeowners. According to a study by the American Veterinary Medical Association, IL has the fewest dog owners in the country.
It’s a controversial practice, but insurance companies will look at your credit score while pricing your policy. People with bad credit pay more for homeowners insurance. Fortunately, Illinois has a better-than-average credit score, ranking as the 25th best average credit score in America.
IL ranks as America’s 23rd most natural disaster prone state. Although your state isn’t exceptionally prone to stormy weather, it’s important for residents to be prepared. Few natural disasters mean lower homeowners insurance rates. Homeowners can rest easy knowing that IL is ranked as the fifth most prepared state for natural disasters.
Insurance risks can also depend on where in the state you live. If you live in the Windy City, you may have a higher chance of flooding, so make sure you buy flood insurance. IL has a high risk of flooding, and homeowners insurance doesn’t cover damages caused by flooding. If you’re in rural Illinois, prepare your home in case of a tornado. Luckily, tornado damage is covered in most homeowners insurance policies.
No matter where in IL you live, you may face one of these natural disasters at some point:
Home burglaries are property crimes that impact your safety, possessions, and insurance rates. Areas with high property crime rates have higher homeowners insurance premiums. IL has the 35th highest property crime rate in America. In 2017, Illinois had an average property crime rate of 2,011.4 per 100,000 people.
The chance of you falling victim to property crime depends on where in the state you live. For example, Chicago has an average of 32.56 property crimes annually per 1,000 residents. Whereas Galena has an average of 12.29 property crimes annually per 1,000 residents.
There are steps you can take to protect your home from a burglary. These include: deadbolt locks, security cameras, alarms, and more. Not only do they protect your home, but they can also earn you an insurance discount.
Are you ready for a home insurance policy, but unsure of where to start? There are several options for homeowners insurance policies. In IL, you can choose from these insurance types:
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