UPDATED: SEPTEMBER 29, 2022 | 3 MIN READ
Whether you’ve just moved to Illinois or you’re looking to renew your homeowners insurance, we’ve put together a guide for all you need to know about home insurance in the state.
Best Illinois Home Insurance Companies
Different Illinois homeowners insurance companies excel at different things, and so we’ve put together a handy guide to help you choose the best insurance for your Illinois home.
Overall Best Illinois Home Insurance Company
Farmers is the best Illinois home insurance company overall, with three simple tiers to base your policy on. Choose one of these tiers and personalize with optional coverage types.
Best Value Illinois Homeowners Insurance Company
The best value Illinois home insurance company is only available to those with a military background. USAA only sells policies to members (or veterans) of the military and their qualifying family members.
Illinois Home Insurance Company With the Best Customer Service
The homeowners insurance company with the best customer service in Illinois is State Farm. The National Association of Insurance Commissioners (NAIC) suggests that State Farm has a lot fewer complaints logged against it compared to what would be expected based on its size.
Illinois Homeowners Insurance Company Best For Bundling
If you purchase more than one type of insurance from the same provider, often they’ll offer you a discount. State Farm is an excellent option for bundling policies, as they offer many types of insurance.
Illinois Home Insurance Company With the Best Coverage Options
The coverage you need is as unique as you are, so finding a company that offers a variety of endorsements may be important to you. Allstate has a great number of coverage options, including coverage for musical instruments or electronic data recovery.
Local and Regional Home Insurance Carriers In Illinois
Midwest carrier Hastings Mutual offers home insurance for Illinois residents throughout the state’s biggest cities, such as Chicago. Homeowners insurance ranges from Dwelling and its Contents to coverage for RVs, watercraft, and other vehicles kept at your home. Hastings Mutual also features coverage for apartment renters and condo owners. Each claim-free year features a $75 deductible on your policy, plus Hastings Mutual offers discounts for auto insurance customers, mature homeowners, increased deductible, and fire alarm systems.
Headquartered in Pekin, Illinois, Pekin Insurance is a long-standing home insurance carrier. Illinois homeowners trust Pekin Insurance for Dwelling coverage and Liability protection. Affordable enhancements broaden Illinois homeowner’s coverages, with options for Equipment Breakdown, Identity Theft, Pets, and Replacement Cost Coverage. Pekin Insurance products include coverage for condos, manufactured homes, and tenants. Valuable discounts from Pekin Insurance include auto/home, new home/roof, protection devices, EFT payment, and more.
Secura Insurance is a Midwest regional carrier for Illinois residents. Highly rated by AM Best and Ward Group for quality performance, Secora offers a range of home insurance products for your needs, no matter where you live in Illinois. Their coverage options include Dwelling, Contents, Liability, and other options. Secura Insurance also has a special package, MILE-STONE®, for home and auto insurance. This package offers one premium payment and features only one deductible for your home and auto if damaged in the same event. You may receive a discount for a new home, select pay, early quotes, EFT payment, and by adding an umbrella policy.
Before insurance providers offer you a quote, they consider the historical claim data of people similar to you.
- Average Home Value: The average home value in Illinois is $253,661.
- Crime Rates: The crime rate is lower than the national average, with your chance of becoming a victim of a property crime being 1 in 65.
- Average Household Income: The median household income in Illinois is $68,428, slightly higher than the national average.
- Median Age Range: The median age in Illinois is 37.4 years of age.
- Education: More than a third of people in Illinois have a college degree, with a further 5% currently attending college. 89.7% of people in Illinois have graduated high school.
Is Illinois Home Insurance Required?
Home insurance is not required by law in Illinois, but most mortgage lenders will insist people purchase some level of home insurance as a condition of them extending credit.
What Does Illinois Home Insurance Cover?
Home insurance in Illinois is typical of homeowners insurance throughout the United States. Most policies cover:
- your home from property damage
- damaged belongings when a specific peril occurs
- any claims that you’re liable for bodily injury or property damage to others
Common Home Risk Factors In Illinois
Some of the common home risk factors in Illinois include:
- storm damage
Water damage and liability claims are other risk factors that are not specific to the state but still common.
What Type of Homeowners Insurance Coverages Are Recommended?
There are various endorsements available to add to your Illinois homeowners insurance.
Flooding typically isn’t covered in a basic insurance policy, so anyone living near flood plains should opt for this additional coverage to protect their homes and property.
New for Old Protection
Most insurance policies will only offer the current value of your property, which may not be enough to replace them like for like. This endorsement will ensure your insurance provider gives you the actual cost to replace your items.
How Much Does Home Insurance In Illinois Cost?
The average cost of homeowners insurance in Illinois varies depending on the value and age of your home, the amount and type of coverage you need, and your claims history, among other factors.
The average amount that home insurance in Illinois costs is $1,376. Aurora is the cheapest city in Illinois.
Cost of Home Insurance In Illinois By City
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What’s the average cost of home insurance in Illinois?
The average cost of homeowners insurance in Illinois is $1,376.
Is homeowner’s insurance required in Illinois?
No, homeowner’s insurance is not required by law in Illinois.
How much is homeowner’s insurance in Chicago?
In Chicago, the average cost of homeowners insurance is $1,728 per year, which is higher than the state average.
How much is condo insurance in Illinois?
The average cost of condo insurance in Illinois is $576 per year, but this varies depending on the level of coverage you need and many other factors.
How long do you have to file a homeowners insurance claim in Illinois?
Insurance policies usually require notification of a claim as soon as reasonably possible. Depending on the insurance company, this is typically no later than 30 days to one year.
How To Purchase Illinois Home Insurance
Now that you understand the basics of home insurance in Illinois, it’s time to find a policy that fits your needs. Compare rates and coverage options from top providers in minutes by completing our simple form. We can help you find the right policy for your home today.