If you’re among the two thirds of Illinois residents who own their homes, chances are you need an Illinois homeowners insurance policy. The average annual cost of homeowners insurance is $1,477 per year, based on a home with a dwelling coverage amount of $250k.
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.
Best homeowners insurance companies in Illinois
Several factors went into our analysis of the best Illinois homeowners insurance providers. First, we compared average 2021 dates from Quadrant Information Services. Cost is an important part of determining the best homeowners insurance companies, but it’s far from the only one. We also looked at the range of coverage options, discounts, other types of policies available through the same provider and customer satisfaction ratings.
|Home insurance company||Average annual premium for $250K dwelling||J.D. Power customer satisfaction score|
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 might help you save money in multiple ways from installing safety devices to simply switching from another provider to Allstate.
American Family offers all of the standard homeowners insurance protections. Policyholders who opt for certain coverages may benefit from extra protections, such as equipment breakdown, sump pump and water backup coverage, matching siding protection and credit theft protection and monitoring. If you would like help figuring out exactly what you need, American Family has a Personalized Coverage Assistant that can help advise on standard and additional coverages for your Illinois home insurance policy.
Farmers Insurance provides flexible policies that are easy to customize when you have specific needs for your homeowners insurance policy in Illinois. You may want to look into the available home insurance discounts that might apply to your policy, such as home safety, nonsmoker, multi-policy, public safety and professional discounts. There is office, phone and online support for quotes and claims to keep things simple and convenient.
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 insurance, life insurance, health insurance, disability insurance, small business insurance, 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.
USAA provides military and veteran insurance, including expanded home insurance Illinois homeowners need with coverage that’s generally affordable. Coverage options include loss of use, home sharing, and earthquake insurance. USAA is also known for superior customer service, receiving top scores from JD Power and an A++ (Superior) score from AM Best.
Average homeowners insurance cost in Illinois
The average cost of homeowners insurance in Illinois is $1,437 per year. This makes it on par with the national average cost of home insurance which is just a little bit more at $1,477 per year.
Illinois is more expensive than its northern neighbors, with the average home insurance cost for Indiana costing $1,252 per year and Wisconsin much cheaper at $1,042 per year. It gets a little more expensive from there, with home insurance in Missouri averaging $1,961 and Kentucky averaging about $1,888 per year.
Home insurance considerations in Illinois
To help you find the best home insurance in Illinois for your property, there are a few factors to consider.
Illinois common causes of loss
In 2018, homeowners insurance companies in the state of Illinois had $2.4 billion in losses. According to the Insurance Information Institute, these most common causes of home insurance losses are especially prevalent in Illinois, the second worst state for wind and hail losses in the U.S.:
Common coverage options in Illinois
There are many types of home insurance coverage available in Illinois. Here are a few to consider, 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 or in a category of their own. Some people also get additional coverage for identity theft.
Frequently asked questions
What is the best homeowners insurance in Illinois?
The best homeowners insurance Illinois has to offer comes from Allstate, American Family, Farmers, State Farm and USAA. Insurance experts recommend receiving several home insurance quotes to evaluate coverage options so you can 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.
Bankrate utilizes Quadrant Information Services to analyze rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on 40-year-old male and female homeowners with a clean claim history, good credit and the following coverage limits:
- Coverage A, Dwelling: $250,000
- Coverage B, Other Structures: $25,000
- Coverage C, Personal Property: $125,000
- Coverage D, Loss of Use: $50,000
- Coverage E, Liability: $300,000
- Coverage F, Medical Payments: $1,000
The homeowners also have a $1,000 deductible and a separate wind and hail deductible (if required).
These are sample rates and should be used for comparative purposes only. Your quotes may be different.
Rates are determined based on 2021 Quadrant Information Services data.