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