Compare Homeowners Insurance In Illinois
Illinois is home to diverse landscapes and environments, offering busy cities and rural farmland. However, Midwestern weather can change in the blink of an eye, presenting potential home insurance concerns. Here’s what you should know about the cost of home insurance in the Prairie State.
Average Illinois Homeowners Insurance Rates
Homeowners insurance premiums in Illinois averaged $1,042 in 2016 – lower than the national average of $1,192. Illinois is in the middle of the pack nationally, as there are 23 states with a lower average home insurance premium.
|Illinois Annual Average||$1,042||$1,033||$987|
|Illinois Price Per Month||$87||$86||$82|
|US Annual Average||$1,192||$1,173||$1,132|
|US Cost Per Month||$99||$98||$94|
|Source: National Association of Insurance Commissioners|
Home insurance rates in Illinois rose steadily between 2012 and 2016. Rates climbed from $881 in 2012 to $1,042 in 2016, a jump of $161, or 18%.
Especially with rising premiums state-wide, it is more important than ever to compare homeowners insurance quotes from multiple companies. Insurers price their policies differently, meaning some policies are below the state average and some above.
Most Popular Illinois Home Insurance Companies
In 2018, these were the six most common home insurance companies reported by QuoteWizard users living in the state of Illinois:
- State Farm
- Liberty Mutual
Best Homeowners Insurance Companies in Illinois
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:
- Amica: Best Overall
- MetLife: Best for Bundling
- Allstate: Best for Local Agents
- Hartford: Best for Seniors
- State Farm: Best for Pet Owners
- Travelers: Best for Flexible Policies
- Nationwide: Best Replacement Coverage
- Farmers: Best for Eco-Friendly Homes
- Liberty Mutual: Best for Quick and Easy Quotes
- Auto Owners Insurance: Best Claims Experience
Illinois Home Insurance Company Market Share
|Rank||Company||Financial Strength||Market Share|
|Source: National Association of Insurance Commissioners|
Illinois Home Insurance Rate Factors
There are several factors that play a role in the cost of your homeowners insurance, including the characteristics of your home and its location. Although you can save money on your insurance by updating your house to make it less prone to damage, it is impossible to prevent natural disasters and environmental factors.
Your Personal Rate Factors
All homes are unique and therefore come with their own insurance risks and rates. Here are the primary factors that affect your homeowners insurance rates in Illinois:
Your home's age: As a house ages, home insurance prices typically also rise. That’s because major repair issues can arise as a home gets older, making it more prone to needing an insurance claim. Almost 22% of homes in Illinois were built in or before 1939, which is pretty old. If your house is older than average, prepare yourself for higher rates.
The quality of your roof: The quality of your roof can impact whether a disaster causes serious damage or requires only minor repairs. Maintaining your roof with region-appropriate material can be an easy way to drastically cut your insurance costs.
Your home's replacement cost: Replacement cost is how much money it will take to rebuild your home from the ground up. Your dwelling/structure coverage should match your home’s replacement cost. A higher replacement cost means higher premiums. However, replacement cost isn’t based off your home’s market value, but its style and size. For example, a $1 million home in Chicago could have a lower replacement cost than a $500,000 house in Springfield.
Claims History: Claims stay on your record for up to seven years. After making a claim, your premium will probably increase, and it could skyrocket if you make additional claims. That’s why homeowners should refrain from filing claims whenever possible.
Pets: 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.
Credit Score: It’s a controversial practice, but insurance companies will look at your credit score while pricing your policy, and people with bad credit might pay more for homeowners insurance. Illinoisans are in the middle of U.S. credit scores, ranking as the 24th best average credit score in America, according to Experian.
Illinois Rate Factors
Insurance risks depend on where you live in Illinois. For example, Chicago has a higher flood risk than cities in central counties, so you may want to consider flood insurance if you are in a high-risk area. However, remember that homeowners insurance does not cover floods. 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 Illinois you live, you may face one of these natural disasters at some point:
- Severe storms
- Severe snow storms
According to the Illinois Department of Insurance, you can prepare your home for a natural disaster by:
- Taking a complete household inventory
- Taking a video recording or photos of your home
- Boarding up windows in preparation for a severe storm
- Purchasing flood insurance
Property crime rates can impact your insurance premiums, as most home insurance policies cover theft. Illinois has the 34th highest property crime rate in America, with an average property crime rate of 2,011.4 per 100,000 people in 2017.
However, you can earn an insurance discount by taking these steps to protect your home from burglary. Measures include deadbolt locks, security cameras, alarms and more.
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