Homeowners Insurance in Illinois

From Home Alone to Groundhog Day, there are a lot of classic films set in the great state of Illinois. The state is also famous for being home to a slew of significant figures, including Abraham Lincoln, Bill Murray and Betty White. But the state is much more than just a hub for entertainment; in fact, it’s the sixth most populated state in the nation.

If you’ve lived in the state for some time, you also know Illinois can experience some pretty severe weather. While the pros of living in the Prairie State definitely outweigh the cons, that doesn’t mean you shouldn’t take the necessary steps to protect yourself and your home. Below, we’ve outlined what you need to know about getting a home insurance policy in Illinois.

How much is Illinois home insurance?

Illinois home insurance costs an average of $1,187 per year, making it the 29th most expensive state in the nation (it’s also the same price of six tickets to see the Chicago Bears play in person). This is slightly less than the national home insurance average of $1,200 per year, meaning it’s an excellent place for those looking to save a few bucks.

What factors influence my home insurance rate?

Though state-wide costs can vary, your individual home insurance rate will depend on a variety of factors like your home’s location, the average age of your home and the natural disasters most common in your area.

What does Illinois home insurance cover?

Standard homeowners policies offer coverage in the event of perils like fires, windstorms and theft. Though home insurers can cover Illinois residents for most potential accidents,policies don’t protect homeowners against some of the state’s most considerable risks (without supplemental coverage, that is).

Luckily, there are insurance riders that homeowners can add to their policies to help protect their homes against common insurance exclusions like floods and earthquakes. No matter where you live in Illinois, it’s essential to find out which disasters you might be susceptible to in order to ensure you’re properly covered.

Mine subsidence

One unique challenge Illinois residents need to keep in mind is the potential for earth movements from underground mine collapses (this is an issue in other states, like Ohio, as well). Over 76 counties in Illinois have been mined for coal since 1810, and at least 36 of those counties legally require insurance companies to provide mine subsidence protection.

If mine subsidence insurance isn’t mandatory in your county, you can add this coverage to your policy by contacting your insurance provider. Given that mine collapses can damage your home’s structure as well as water, gas, sewer, telephone and electrical lines, it’s worth considering this for extra peace of mind.

Illinois Insurance Coverage Options

Traditional coverage

Supplemental coverage

Tips for lowering home insurance rates

Are you looking to pay less on your annual home insurance premium? Switching to Hippo is a great first step. Other ways to reduce fees include installing smart home devices and keeping up with regular home maintenance to ensure your home runs smoothly.

If you are wanting to take saving money to the next level, consider adding solar panels to your roof to pay less on your monthly utility bills (the state gets 198 sunny days a year, after all). You can even get solar panel insurance to protect your new investment.

Insurance resources for Illinois

Shopping around for the best home insurance policy and rate is always a good idea. While we recommend checking out Hippo first thing, you should know you also have other options to get the protection you need. Below are several state and national programs available to Illinois residents seeking coverage. For more information, head to the Illinois Department of Insurance.

National Flood Insurance Program

Flood insurance is available through a variety of insurance companies, but it can get pretty expensive. That doesn’t mean you should start stockpiling your savings just yet, because the NFIP is a government program that helps cover uninsured flooding repairs and reconstruction costs. You can learn more about your NFIP options through the Department of Natural Resources, which coordinates the NFIP for the state of Illinois.

Fair Access to Insurance Requirements Plan

While uncommon, some Illinois residents may find themselves having trouble securing the proper coverage for their homes. This could be due to living in a high-risk area, missing several payments on a previous policy or having a long history of claims. In this case, you can always turn to the Illinois Fair Access to Insurance Requirements (FAIR) Plan Association.

FAIR is a non-profit insurance association that provides affordable homeowners insurance to Illinois residents who are otherwise unable to purchase coverage. To qualify, you must have had three unsuccessful attempts to buy insurance from other companies. But because it’s less comprehensive than other insurance options, a FAIR Plan should be considered as a last resort. Most people can find a better deal with a modern insurance provider (like us).

No matter if you live in Chicago, Marion or Springfield, homeowners insurance is always a good idea. When it comes to getting the best protection for your home, our Hippo insurance agents will make sure you get a customized policy for a fair price. It’s just what we do.

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