Best Home Insurance Rates In Illinois

On average, your neighbors pay $86 a month.

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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.

Average Illinois Homeowners Insurance Rates

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 Average Annual Homeowners Insurance Rates
  2013 2014 2015
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
National Rank 29 29 28
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.

Illinois average homeowners insurance rates

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.

Most Popular Illinois Home Insurance 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.

  1. Allstate
  2. Farmers
  3. American Family
  4. Country Financial
  5. Geico
  6. Liberty Mutual
  7. Progressive
  8. AAA Insurance
  9. Nationwide
  10. 21st Century
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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
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Illinois Home Insurance Company Market Share

Source: Illinois Dept. of Insurance 2013 Annual Report
Rank Company Financial Strength Market Share
1 Country Mutual Insurance A+ 8.6%
2 Allstate A+ 7.1%
3 American Family A 5.0%
4 Allstate Indemnity A+ 4.5%
5 Farmers Insurance A 3.0%
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%
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Illinois Home Insurance Rate Factors

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.

Your Personal Rate Factors

Your House

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:

  • Your home’s age. As a house ages, home insurance prices also rise. That’s because major repair issues can arise as a home gets older. Those issues make older homes more prone to needing an insurance claim. 1 percent of Illinois homes 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 minor repairs. Maintaining your roof with region-appropriate material is an easy way to drastically cut your insurance costs. In central Illinois, for example, try using asphalt or metal shingles that offer more protection in case of a tornado or snowstorm.
  • 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 leads to higher premiums. But replacement cost isn’t based off your home’s market value. Instead, it depends on 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 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.

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. 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.

Credit Score

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.

Illinois Rate Factors

Weather

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:

  • Tornadoes
  • Flooding
  • Severe storms
  • Severe snow storms

According to the Illinois Department of Insurance, you can prepare your home for a natural disaster.

  • Take a complete household inventory.
  • Consider a video recording or photos of your home.
  • Board up windows in preparation for a severe storm.
  • Buy flood insurance.

Property Crime

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.

Types of Home Insurance Policies

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:

  • HO-1: Normal damages are covered under this policy. It is the most basic policy.
  • HO-2: This broad level of coverage includes everything in HO-1, and falling objects and damages to AC units, pipes, and other home systems
  • HO-3: This offers coverage for all damages unless specifically excluded. It is the most popular homeowners policy type and covers unattached structures.
  • HO-5: Like HO-3, this is a comprehensive policy. But it comes with more coverage and less property claim limitations. It’s considered a premium policy.
  • HO-6: Do you own a condo? If so, this is probably the best policy for you. It covers possessions and provides liability for condo owners.
  • HO-7: If you own a mobile home, this may be the best policy for you. It offers similar coverage as HO-3, but for mobile homeowners.
  • HO-8: Older homeowners know their vintage abodes need special attention. This policy is like HO-3, but specifically for older homes.<//li>

Illinois Office of the Insurance Commissioner

Website:
Homepage
Insurance Commissioner:
Anne Melissa Dowling
Insurance Hotline:
(217) 782 – 4515
Office Hours:
Monday - Friday
9:00 am to 5:00 pm
File a Consumer Insurance Complaint
Complaint Page

Sources:

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