Best Home Insurance Rates In Illinois

On average, your neighbors pay $87 a month.

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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 Average Annual Homeowners Insurance Rates
  2016 2015 2014
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
National Rank 28 28 29
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%.

Illinois average homeowners insurance rates

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:

  1. State Farm
  2. Allstate
  3. Liberty Mutual
  4. Geico
  5. Farmers
  6. Progressive
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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:

  1. Amica: Best Overall
  2. MetLife: Best for Bundling
  3. Allstate: Best for Local Agents
  4. Hartford: Best for Seniors
  5. State Farm: Best for Pet Owners
  6. Travelers: Best for Flexible Policies
  7. Nationwide: Best Replacement Coverage
  8. Farmers: Best for Eco-Friendly Homes
  9. Liberty Mutual: Best for Quick and Easy Quotes
  10. Auto Owners Insurance: Best Claims Experience

Illinois Home Insurance Company Market Share

Rank Company Financial Strength Market Share
1 State Farm 32.8% A++
2 Allstate 10.3% A+
3 Country Financial 8.4% A+
4 Farmers 4.2% A
5 American Family 4.1% A
6 Travelers 2.3% A++
7 Liberty Mutual 2.1% A
8 Safeco 1.7% A
Source: National Association of Insurance Commissioners
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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

Weather

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:

  • Tornadoes
  • Flooding
  • 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

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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