Finding homeowners insurance can feel like a hassle, especially when most insurance commercials tell you they are the best option. We’ve selected five of the best home insurance in Illinois options to compare. To help you find the best Illinois home insurance, we use the SimpleScore. Read on to find the best home insurance in Illinois that meets your needs.
We follow a rigorous editorial policy designed to keep our writers and editors independent. Articles may reference products from our partners, so here’s more information on
How we make money
The Simple Dollar is an independent, advertising-supported publisher and comparison service. The Simple Dollar is compensated in exchange for featured placement of sponsored products and services, or your clicking on links posted on this website. This compensation may impact how, where and in what order products appear. The Simple Dollar does not include all companies or all available products.
The best home insurance in Illinois
- Best for Home Business Insurance — American Family
- Best for Customizable Insurance Tiers — COUNTRY Financial
- Best for Numerous Discounts — Nationwide
- Best for Customer Service — Progressive
- Best for Wide Range of Coverage — State Farm
Best for Home Business Insurance – American Family
American Family insurance has strong financial stability ratings and high levels of reported customer satisfaction. It’s also one of the largest providers of affordable homeowners insurance in Illinois.
A standard policy covers property damage from fire, lightning, windstorms, hails, smoke, vandalism, and theft and also helps pay for any additional living expenses you may incur if your home is unlivable after a covered loss. Add-on options from American Family are extensive and include personal property replacement, identity theft coverage and personal injury. If you own a home office or studio, or operate a daycare out of your home, American Family also provides additional coverage to protect these assets.
Best for Customizable Insurance Tiers – Country Financial
If you want a customizable package based on basic coverage and premier coverage, this company is a solid choice.
COUNTRY Financial operates under basic coverage, premier coverage and a combined coverage that utilizes those first two options. The basic coverage protects against events like fire or lightning, windstorm or hail, theft, smoke damage, vehicle collisions, glass breakage, falling objects, weight or ice, snow or sleet and electrical damage. The premier coverage includes things like countertop burns, paint spillage and power surge damage to appliances. You can also choose from different levels of replacement coverage when your home needs to be rebuilt, such as actual cash value or replacement cost. You can also choose liability and medical payments coverage.
Best for Numerous Discounts – Nationwide
Nationwide is a popular choice for homeowners insurance in Illinois because of the unique coverage options, numerous discounts and superior claims services available to customers.
Nationwide’s Brand New Belongings coverage can be added to a standard policy to ensure that your damaged or destroyed personal property will be replaced with brand-new versions in the event of a covered loss. Nationwide also helps you save by offering discounts on top of their already affordable policies. These price breaks range from standard offerings like 20% off for bundling your policies and 15% off for installing protective devices, to less common ones: You can get up to a 30% discount based on the age of your home, 15% if you’re over the age of 60 and 5% just for being married.
Best for Customer Service – Progressive
In addition to solid coverage options, Progressive also has a well-rated customer service department, which is a major plus when the time comes to file a claim.
A standard homeowners insurance policy from Progressive offers comprehensive coverage for your dwelling and personal property. The company also provides liability protection, covering medical payments and paying for any additional living expenses incurred as a result of the covered loss. Progressive has a host of add-on coverage options, including those to hedge against windstorms and flooding that may damage a Midwestern state like Illinois.
Best for Wide Range of Coverage – State Farm
State Farm dominates the Illinois homeowners insurance market because the company boasts wide coverage options at competitive prices, efficient and reliable claims management, as well as quality online tools and resources.
A standard policy from State Farm covers any damage made to your dwelling or other structures on your property, with optional add-on protection available to insure things like your personal belongings or your home business.
How much does home insurance cost in Illinois?
In 2017, the average premium for homeowners insurance was $ 1,211, according to the Insurance Information Institute. In the same year, Illinois was slightly below the national average, at $ 1,056 for Illinois home insurance.
Insurance rates are often affected by the location where you have the policy. Variables can even relate to the city you are in and include the number of claims filed nearby. Other considerations include how much coverage you purchase on your home, which will increase with your home’s value. You might also add additional coverage, like liability and medical coverage.
Choosing your provider
When shopping around for home insurance, you’ll have to choose between going with a national provider or a local one. Below are some pros and cons of choosing a local or national homeowners insurance provider in Illinois.
Local carrier
Pros
- Local companies may not have the same workload and can give your claim more individualized attention.
- Local policies might be made with the local risks in mind, like certain natural disasters that are more common in the area.
Cons
- Local companies may not have as many resources and ability to payout as much.
- Few employees at smaller firms can mean longer time with claims.
National carrier
Pros
- The purchase and claims process is often more updated with the latest tech.
- National carriers may have more diverse product offering or coverage types.
Cons
- You’re likely to speak to a different person every time you call, reducing that one-on-one agent relationship if the carrier does not use local agents in offices.
Things to know about home insurance in Illinois
A special consideration for people shopping for Illinois home insurance is that if you cannot find a homeowners insurance policy, look into the FAIR Plan. According to the Illinois Department of Insurance, all property and casualty companies that sell basic property insurance in the state fund that plan. However, your property must have failed to get coverage three times while also meeting basic loss prevention, fire and safety standards.
Also, make sure to find a reliable company licensed in Illinois so that they meet basic state requirements and participate in the Insurance Guaranty Fund that protects consumers if the insurer goes bankrupt.
You can also buy different types of coverage to find the best home insurance in Illinois for you. Assess what types make sense for your area. For instance, you can buy earthquake insurance, but those aren’t too common in the Midwest so it might not warrant the increased premiums. On the other hand, flood insurance might be a good idea if you live along a river or a wetland.
Illinois home insurance requirements
The state of Illinois does not have requirements regarding homeowners insurance. However, it can still be essential if you are looking to get a mortgage or simply make sure you’re not financially ruined in the event of a major disaster.
It’s important to talk to an agent about which coverage amounts work for you. You will need a sufficient amount of coverage to make sure your home’s value and everything inside is covered in the case of a disaster. The Illinois Department of Insurance recommends that you take an inventory of your home’s contents before disaster strikes so that you can make accurate claims for if something is damaged, lost or stolen. You might also want to keep in mind that it could cost more to rebuild, which extended replacement cost coverage can help with.
Keep in mind that property coverage can pay for covered perils that most people think of, like fire or windstorms. The best policies also cover for additional living expenses, such as when you are forced to live in a motel for an extended period.
Illinois home insurance FAQs
Base the amount of the coverage you need on your current mortgage, local construction costs in the case of rebuilding, square footage of your home, the contents in your home and additional living expenses you will need. According to the Insurance Information Institute, minimum liability insurance on a homeowners policy is typically $ 100,000.
A hallmark of Illinois homeowners insurance is that it tends to spike drastically in the cities, especially in Chicago. Your ZIP code can affect your rate quite directly, since insurance companies take into account how many claims were made in the area. More tightly-packed populations can mean a greater chance of disasters, like break-ins or accidents.
If you don’t want the added cost, you open yourself up to the risk of being destitute if your home undergoes a disaster. While the Midwest isn’t exactly known for its wildfires and earthquakes, you can still sustain damage from common events like flooding or even too much snow being on your roof. It might be worth the average $ 1,056 per year in homeowners insurance coverage for peace of mind.
Too long, didn’t read?
The best insurers that we could find for Illinois home insurance included American Family, COUNTRY Financial, Nationwide, Progressive and State Farm. There aren’t any hard and fast homeowners insurance requirements in Illinois like there are for auto insurance, but you will still want to make sure you have enough coverage in the case of a disaster. Make sure you talk to an agent about your needs and make an accurate assessment of what local housing, building and possession costs are.
Last updated November 2, 2020
We welcome your feedback on this article and would love to hear about your experience with the home insurers we recommend. Contact us at inquiries@thesimpledollar.com with comments or questions.
