If you are buying a home in Illinois, don’t forget to buy homeowners insurance. Illinois homeowners are not required to have insurance, but individual lenders may have different rules. As homes from the 50s and 60s start to get older and more erratic weather hits the country, homeowners insurance is more important than ever.
Illinois plans cost about the same as the average plan in the country. Expect to pay around $1,103 for coverage. (The national average is $1,173.)
Do a little shopping before you choose an insurance company. Consider the discounts you may be eligible for and what deductibles are most important to you. Most of the following insurance companies offer online quotes, so it won’t take long to compare your options and find the best plan for you and your home.
Top 5 Homeowners Insurance Providers in Illinois
State Farm is a great place to start and assess what type of homeowners insurance you need. The 360Value tool asks homeowners about the home and what it would take to rebuild after a natural disaster. Use this information as you continue to shop.
State Farm is one of the most affordable options on our list and can become even more affordable with a little bit of effort. Updating utilities or fire alarms can help you save on your premium. If you go claim-free, you can also save a little bit of money. Read the terms carefully before you buy; Illinois residents will have to get separate coverage if they want wind or hail protection.
Liberty Mutual offers a great number of discounts that you might not be able to find anywhere else. Illinois homeowners do not have to sacrifice decent service for a cheap price with Liberty Mutual. J.D. Power gave Liberty Mutual a ⅗ overall satisfaction rate and AM Best gave Liberty Mutual an A financial rating. Homeowners can also take advantage of endorsements like Home Protection Plus, which helps homeowners find alternative housing after a disaster. Liberty also has great policies on replacing personal belongings after an accident or disaster.
Allstate also offers a variety of discounts and options for Illinois homeowners. If you have experienced damage from wind and hail in the past, you may feel most comfortable with Allstate. Homeowners can get wind and hail protection - and if you’ve installed an impact-resistant roof in the past, you can qualify for a discount. Allstate has a ⅗ overall satisfaction rating from J.D Power and an A+ from AM Best.
Travelers is one of the most expensive options on this list, but it comes with a higher confidence in your insurance. AM Best gave Travelers an A++ rating.
If you prioritize living as an eco-friendly homeowner, this may be the best plan for you. LEED-certified homes qualify for a discount (which are few and far between for Travelers insurance holders.) Travelers also offers an endorsement that guarantees that your house is re-built with eco-friendly materials.
If you want a more local option, consider Country Financial. J.D. Power gave Country Financial a ⅘ overall satisfaction rating that beats many of the companies we mentioned above. You will have to fill out a form online and talk to a representative on the phone in order to get a quote, but the plans are easy to explain. Plans come in three tiers and all are pretty affordable. Country Financial is definitely worth a call; homeowners should explore a few different options before they decide on the right coverage for them.
Additional Considerations Before You Commit to a Homeowners Insurance Carrier
What inclement weather do Illinois residents have to worry about the most? It’s frozen and falls from the sky at high speeds. Hail and wind can wreak more havoc than you might think. Most homeowners insurance policies will include coverage for hail and wind damage, but not all. Be sure to ask before you purchase a policy. Extra coverage or no coverage at add a surprise dent in your budget.
If you’re currently evaluating your options for homeowners insurance on your next property in Illinois, a good first step is to connect with an experienced local real estate agent.
Agents can provide valuable guidance and advice on what kind of coverage you should be looking for, how much you’ll need given your property type and location, and make recommendations that can help you save on your monthly premium. They can also point you in the direction of quality insurance carriers and trustworthy local agencies or independent agents.
Fill out our online form to connect with a top-rated buyer's agent near you for a no-obligation, introductory call.