Illinois is a calm Midwestern state and proves to be a great place settle down with a family or start a career. But while Illinois is fairly peaceful and remote, there are a number of natural disasters that can occur in the area. Earthquakes, tornadoes, and severe flooding can all take place in this state.
Proper coverage will ensure your security if your home falls victim to any of these occurrences. Additionally, keep in mind that your location determines your premiums. You will pay much more if you decide to move to an area notorious for tornadoes. Try to keep this in mind when looking for a home in the state.
As long as you make sure to get insurance quotes from multiple reliable sources, you are covered. Make sure to get the opinion of an independent agent not connected to any particular company to ensure there is no bias.
Comparing Illinois Home Insurance Rates
Home insurance in Illinois is crucial considering the chance of natural disasters and even human error. However, there are a number of other factors to keep in mind when deciding which coverage is right for you. Here are a few things to consider:
- Your premium is lower if you choose a higher deductible.
- You may pay more if your home is far from a fire department or hydrant.
- The condition of your house is just as important as the location (older homes are more prone to fires).
- Specific tornado coverage is a smart choice for Illinois residents.
- Look over the "loss of use" aspect of your coverage (this coverage kicks in if your home is unlivable).
It's difficult to decide whether you need a high deductible or a high monthly premium. You can discuss this with an independent agent who has had a chance to survey the land and condition of the house. The more opinions you have, the better equipped you are to make a smart choice. Otherwise, you may be spending more money than necessary.
The "loss of use" portion of your coverage is very important, especially in a Midwestern state like Illinois. Essentially, this area of coverage will provide you with a place to stay if your home is destroyed completely due to blizzard, wind, flooding, or any other natural disaster. The last thing you want to worry about after a tornado damages your home is where you're going to sleep as you repair your home. "Loss of use" coverage does cost a bit more, but you'll have peace of mind.
Be Prepared for Thunderstorm and Tornado Winds
Wind is no stranger to the State of Illinois, whose capital city of Chicago is known for being the "Windy City." While no one likes to think about a natural disaster striking their home, it is better to be prepared than to be stuck. Many insurance companies in the State of Illinois will require you to provide proof of the wind speeds that hit your house. While 20 MPH winds may hit your neighbor's house, you may not feel a thing, or you may have winds in excess of 20 MPH.
Wind can knock over electrical poles, trees, and even detached garages. Furthermore, it can relocate exterior items from gardens and sheds to locations outside of the property line. So, while your items may be safely tucked away, your neighbor's items might land on your house or come through your window. If it seems like you're in any danger, it may be best to go with a higher premium and lower deductible.
Frequently Asked Questions about Illinois Home Insurance
1. What if you don't qualify for home insurance in Illinois?
There are still options, even if you don't qualify. The FAIR plan offers insurance for people who do not otherwise qualify. Three separate insurance agencies need to turn you down before it considers you.
2. Can your insurance company view your credit information?
Yes, the State of Illinois gives your insurance company permission to view your credit information without your consent.
3. Does using credit information discriminate against minorities or low-income consumers?
No, there are just as many low-income consumers with good credit scores as there are high-income consumers. As of 2003, Illinois law prohibits insurers from using a model that contains income, gender, religion, marital status, ethnic group, or nationality of the applicant.
4. Why would an insurance company cancel a policy?
There are many reasons why your insurance company would cancel your contract. Your insurance company can cancel your coverage if you fail to make payments, if there is an increased risk of damage to your home, or if you're found guilty of fraud.
5. Will the State of Illinois cover any damage as the result of a flood?
No, you need to purchase insurance through the National Flood Insurance Program. If you live in an area classified as a flooding area, your insurance company may require you to purchase additional flood insurance since homeowners insurance won't cover flood damage.
How to Get Great Rates on Illinois Home Insurance
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Illinois Home Insurance Resources
Illinois State Division of Insurance
Provides information and assistance to those seeking insurance in Illinois