Save on home insurance

Compare multiple homeowners insurance quotes and find the best insurer near you.

Illinois Homeowners Insurance

cheapest-homeowners-insurance1-300x200We often hear people say they’re “insurance poor”, meaning insurance is taking up a lot of their income. Homeowners insurance may seem expensive, but it’s a necessity if you’re a homeowner. It’s actually not that expensive when you consider what protection it offers. This is particularly true for Illinois homeowners. Here are some facts and statistics on Illinois home insurance.

Why Homeowners Insurance is a Necessity

Buying or building a new home is probably the biggest investment you’ll make in your lifetime. Doesn’t it make sense that you’re going to want to protect it from loss? Homeowners who have mortgages on their homes are required to carry homeowners insurance so they’re guaranteed paid in case the home is loss due to fire, storms or other disasters.

Even if you don’t have a mortgage, could you afford to rebuild your home or buy a new home if your current home was destroyed? With the average homeowners insurance costing Illinois residents around $1,000 annually, it’s not only a necessary investment but also a smart one.

Ways to Save on Your Homeowners Insurance in IL

insurance-for-homeWith economy as it is, we’re all looking for ways to save money. Here are some ways you can save on your Illinois homeowners insurance.

  • Increase your deductible. The deductible is the amount you have to pay for each occurrence before the insurance company will pay anything.
  • Base insurance on cost to rebuild. Regardless of what your home is worth, you want to know you will have enough to rebuild the home if it’s destroyed.
  • Bundle insurance policies. Insurance companies give discounts if you have more than one policy with them. Consider insuring your home and car with the same company.
  • Maintain a good credit score. Some insurance companies give discounts for good credit scores.
  • Take safety precautions in your home. Installing things like smoke detectors, alarms, carbon monoxide detectors or deadbolts can often mean discounts on your premiums.
  • Avoid high-cost additions. Things like trampolines, swimming pools or certain dog breeds increase your premiums.
  • Check for discounts periodically. You may be eligible for discounts such as loyalty, so don’t be afraid to check with your agent from time to time.

If you’re soon to be a homeowner and are concerned about the cost of your homeowners insurance, there is a simple formula you can use to estimate your costs. Take the value of your home, divide it by 1,000 and multiply that answer by $3.50. Some factors may affect the premiums, such as age of home, condition of home and geographical location.

How Illinois Home Insurance Rates Compare to National Average

The Insurance Information Institute reports that the average yearly premium for Illinois homeowners insurance was $987 in 2014. While this may seem like a high price, it’s definitely lower than many other states and is below the national average of $1,132.

The lowest premiums for homeowners insurance can be found in Utah, Idaho and Oregon, which include rates of $634, $590 and $574, respectively. The highest annual premiums are in Florida, Texas and Louisiana. The averages from these states are $2,055, $1,947 and $1,847.