Illinois Homeowners Insurance

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Homeowners Insurance in Illinois: Complete Consumer Guide

Ready to move to Illinois? Here are some interesting facts about your new home state. Illinois became the 21st state on December 3, 1818. The capital of Illinois is Springfield. The state bird of Illinois is the northern cardinal. The state flower of Illinois is the violet. And the state tree of Illinois is the white oak. Much of Illinois was once covered in prairie grass, earning the state its nickname of the Prairie State. Black bears, bobcats and white-tailed deer all can be found in Illinois. The top crops of Illinois are corn, soybeans and apples. The slogan of Illinois is the land of Lincoln because Abraham Lincoln lived here for 31 years. The first modern skyscraper was built in Chicago in 1885.

Types of Homeowners Insurance policies in Illinois

What kind of homeowners insurance would you like to buy for your home? Unsure of the type of policy that you need? Here is a look at the different types of homeowners insurance policies.

HO-1 This “basic form” insurance policy covers the 10 most common perils. But you won’t find these policies everywhere. Some insurance companies do not offer HO-1 forms.

HO-2 This “broad form” insurance policy provides more limited coverage. But the HO-2 form still provides more insurance coverage than the HO-1 basic form.

HO-3 This form of insurance policy is the most commonly used and widely purchased type of homeowners insurance. The HO-3 form provides coverage for named perils and personal property. With a HO-3 form, your insurance company will pay to repair or replace belongings damaged by 16 covered perils. These perils include fire, smoke, lightning, windstorm, theft, falling objects, the weight of snow, ice and sleet, water damage, hail, explosions and vandalism.

HO-6 This form of insurance is for condominium units. This type of coverage is typically “walls-in” coverage and may protect the condo unit’s walls, floors and ceilings from 16 covered perils. The HO-6 form also includes coverage for the condo owner’s personal belongings.

HO-8 The HO-8 form of insurance is for older houses and covers 10 perils. The HO-8 form is paid on an actual cash value basis, which is the cost of the house items minus depreciation.

What factors affect rates on homeowners insurance in Illinois?

A number of different factors affect the rate on a homeowner's insurance policy. Let’s look at a few, like the construction materials on your home, which are a big factor. So are some other things such as how much it will cost to rebuild your home and replace all your belongings. Whether you have a swimming pool or trampoline on your home property also affects homeowners insurance rates. If you own a dog, you should know that you’re liable for dog bites and any injuries caused by your pet and this affects homeowners insurance rates. Your credit also is a factor. If you have good or excellent credit you will pay a lower homeowners insurance rate than a homeowner with bad credit. There are many factors in addition to these so it’s important that you compare rates before you buy.

Top 5 Disasters in the State of Illinois

Illinois federally declared Severe Storms as the most common disaster, with 25 counts since 1953, followed by Flood, Tornado, Snow, and Biological disasters. Here are the top 5 federally declared disasters in the state of Illinois:

Rank Declaration Title Disaster Number
1 Severe Storms 25
2 Flood 16
3 Tornado 10
4 Snow 7
5 Biological 2

Source: Federal Emergency Management Agency (FEMA)

How much is homeowners insurance in Illinois?

The average cost of homeowners insurance in Illinois is $924 per year.

Source: The average cost of homeowners insurance by state, Business Insider.

Crime Rate: Is Illinois a safe state?

2019 Crime in Illinois Crime Number Crime Rate*
Property Crime 233,984 1,846.5
Burglary 34,433 271.7
Larceny-Theft 180,776 1,426.6

*Rate per 100,000 inhabitants

Safest Cities in Illinois by Property Crime*

  • Campton Hills, IL has a population of 11,202 with a Property Crime rate of 0.6 per 1k. The city average home value is approximately $426,111.
  • Lindenhurst, IL has a population of 14,296 with a Property Crime rate of 2.9 per 1k. The average home value there is about $212,089.
  • Lake in the Hills, IL came in third as the safest city in the state of Illinois and has a population of 28,811 with a Property Crime rate of 3.6 per 1k. Its home value averaged at about $230,548.
  • Charleston, IL has a population of 19,987 with a Property Crime rate of 4.2 per 1k. Its average home value is $94,135.
  • South Elgin, IL has a population of 23,634 with a Property Crime rate of 4.4 per 1k. The city home value averaged $239,017.

*Based on FBI Uniform Crime Reporting 2019, some cities have been eliminated because of changes in the state/local agency's reporting practices and cities with populations under 10,000. Zillow’s State/Cities average home value for a single family home or a condo as of Sept. 2020.

Compare Home Insurance Rates in Illinois

Top homeowners insurance companies in Illinois

American Family has an interactive website with calculators and worksheets to help customers choose the right home insurance policies. American Family’s claim center is open 24 hours a day, seven days a week. Discounts include a smart home discount, a generational discount if your parents are policyholders and a renovated home discount.

State Farm has a strong web presence with lots of home insurance information for customers. State Farm is known for the accuracy of its insurance quotes and for speedy claims payments. At State Farm, you can customize your policy with a number of add-on coverages. Discounts include a multiple policy discount, a fire, smoke and burglar alarm discount and an impact-resistant roof discount.

Farmers is well-known for its three tiers of home insurance coverage. Add-on coverages also are available. Discounts are available if you bundle a homeowners insurance policy with Farmers with another insurance policy with Farmers such as an auto policy. Additional discounts include a non smokers discount, a multiple policies discount and a professional group member discount.

Illinois Home Insurance FAQs

How to get insurance to pay for roof replacement

Review your insurance policy. Insurance payments for roof replacements usually depend on the type of roof covering that has been used such as shingles, tiles, slate, metal and other materials and the type of damage done to the roof. Insurance companies require documentation for roof replacements so be sure to take lots of photos of the damaged roof and submit them when you make your insurance claim.

How long do I have to file a home insurance claim in Illinois?

The time limit to file a home insurance claim is anywhere from 30 days up to one year. Check with your insurance company for more specific details.

Can homeowners insurance waive a deductible?

Yes, a deductible may be waived when there is a major loss and the home needs to be rebuilt. Check for a waiver of deductible clause in your homeowners insurance policy and speak with your agent if this is something you’d like to have on your policy.

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