If you’re among the two thirds of Illinois residents who own their homes, chances are you need an Illinois homeowners insurance policy. While home insurance isn’t required by law in Illinois, most lenders in the state require you to have a policy to finance your home. Looking for the best Illinois homeowners insurance? This guide will help you find the top homeowners insurance companies in the state.
The purpose of an Illinois homeowners insurance policy is to protect you financially in circumstances such as theft or damage to your home or belongings or if you are found liable for injury or property damage. A home insurance policy only covers you as a homeowner, however; if you rent your property out, your tenant should have a separate renters insurance policy in their name.
The Illinois Department of Insurance provides a set of guidelines for how to choose the best Illinois homeowners insurance company. It’s important to find a reliable company and agent, which can be done using the agency’s online resources. Use the department’s website to look up complaint history and licensing status for any insurance providers you intend to do business with. The agency suggests shopping around and comparing policies to make sure you understand the terms of the home insurance policy you’re purchasing.
The top Illinois homeowners insurance companies
The best four Illinois home insurance companies are:
- Allstate: Allstate is among the top-rated home insurance providers according to J.D. Power, and the company also receives stellar ratings from AM Best and the BBB. We particularly chose Allstate for its excellent range of available discounts, which help you save money in multiple ways from installing safety devices to simply switching from another provider to Allstate.
- Amica Mutual: Winner of both the U.S. Property Claims Satisfaction Study and the U.S. Home Insurance Study by J.D. Power, we chose Amica Mutual for its dedication to customer service and satisfaction. This Illinois homeowners insurance provider gets raving reviews in just about every area from policy offerings to claims servicing. The only potential drawback is price; you certainly get what you pay for, and Amica Mutual charges a bit more than competitors for its outstanding service. However, you might be able to save by bundling auto or life insurance.
- Farm Bureau: If you want tailored service from a knowledgeable local insurance agent, Farm Bureau will give you that. This Illinois homeowners insurance provider works with a network of field agents through which you can get quotes and submit claims. You can also get an auto insurance policy through Farm Bureau.
- State Farm: State Farm is one of the best Illinois homeowners insurance providers for its wide range of policy offerings and stellar ratings from J.D. Power. In addition to homeowners insurance, the provider offers auto, life, health, disability, small business and liability insurance policies, creating ample opportunity to bundle and save. We also love State Farm’s easy online quote process, which uses AI to help you calculate your home’s replacement cost.
Several factors went into our analysis of the best Illinois homeowners insurance providers. Cost is an important part of determining the top homeowners insurance companies, but it’s far from the only one. We also looked at the range of coverage options and other types of policies available through the same provider. Customer experience is also an invaluable source of data. For this, we used analysis by J.D. Power, AM Best and the Better Business Bureau (BBB).
|J.D. Power Rating||AM Best Rating||BBB Rating|
|Allstate||3 out of 5||A+||A+|
|Amica Mutual||5 out of 5||A+||A+|
|Farm Bureau||Not rated||A||A+|
|State Farm||4 out of 5||A++||A|
Average homeowners insurance cost in Illinois
The average annual cost of homeowners insurance in Illinois is $1,053. This is significantly lower than the national average of $1,228. Let’s take a look at how Illinois stacks up compared to neighboring states’ average insurance premiums:
The best Illinois homeowners insurance provider will be different for everyone since each company gives a different weight to the various factors that go into determining your home insurance quote. For example, here’s the estimated cost of insuring a $200,000 home in Illinois through each of the providers we listed:
- Allstate: Not available
- Amica Mutual: $1,669
- State Farm: $1,612
- Farm Bureau: Not available
Home insurance coverage options in Illinois
There are many types of home insurance coverage available in Illinois. Here are a few to look out for per the Illinois Department of Insurance:
- Dwelling and other structures: This type covers damage to your property, including your home and any other structures that are not attached to the house like fences and detached garages.
- Personal property: This insurance provides replacement costs for property that is damaged or stolen, from your laptop to your furniture.
- Loss of use: If your home becomes uninhabitable, this coverage will pay for your living expenses while you stay elsewhere.
- Personal liability: This covers you financially if you are found responsible for causing damage to someone else’s property or if you injure another person.
- Medical payments: This insurance pays for the medical treatment of anyone injured on your property or by your pets.
Note that most standard Illinois homeowners insurance policies don’t cover damage caused by floods, earthquakes or landslides, which typically fall under separate hazard insurance. You’ll also need to purchase additional coverage if you want protection from identity theft.
Common causes of home insurance losses in Illinois
In 2018, homeowners insurance companies in the state of Illinois had $2.4 billion in losses. According to the Insurance Information Institute, the most common cause of home insurance losses is wind and hail, followed by fire and lightning. These are especially prevalent in Illinois, which is the second worst state for wind and hail losses in the U.S.
Frequently asked questions
What is the best homeowners insurance in Illinois?
The best Illinois homeowners insurance comes from Amica Mutual, State Farm, Farm Bureau and Allstate. Get several quotes and evaluate coverage options to see which one is the best for you.
How do I get homeowners insurance in Illinois?
To get an Illinois homeowners insurance policy, get quotes online or in person from multiple providers and compare policies to find the best coverage and price.
Do I need homeowners insurance if I live in Illinois?
While Illinois doesn’t require homeowners insurance by law, most lenders in the state require proof of an insurance policy before they’ll finance your home.
What type of homeowners insurance should I get in Illinois?
Your Illinois homeowners insurance coverage should include dwelling and other structures, personal property, loss of use, personal liability and medical payments. You might also want to consider hazard insurance for protection from damage caused by natural disasters.