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Illinois Homeowners Insurance Quotes - Best and Cheapest (2022)
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Last Updated February 25, 2022
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Illinois Average Cost of Homeowners Insurance Rates (2022)
According to 2021 rates, the average cost of homeowners insurance in Illinois is $1284 per year and $107 per month. Illinois homeowners insurance rates are $114 per year less then the national average and about 8% less annually. When compared to the other US states that makes the cost of homeowners insurance in Illinois the 25th most expensive in the country, based on 2021 data.
For shoppers, the best way to find a homeowners insurance policy in Illinois is to evaluate all of the quotes from individual insurance providers and then decide on the policy that fits your requirements and budget level. Fortunately finding the right homeowners insurance coverage is easy with a tool like Insurify.
Insurify provides easy and fast home insurance quote comparisons for all kinds of homeowners nationwide. Insurify has helped thousands of customers receive accurate homeowners quotes for your property in Illinois in minutes.
| Illinois Average Homeowners Insurance Rates | |
|---|---|
| Average Cost Per Month | $107 |
| Average Annual Premium | $1284 |
| State Rank (Most Expensive) | 25th |
Cheapest Insurance Companies for Homeowners in Illinois (2022)
For homeowners in Illinois, it's important that you evaluate all of your potential insurance options to ensure you are finding the best rate. Comparing the right insurance companies will allow you to get the best possible insurance rate for your home.
To simplify comparing companies, Insurify has analyzed rates from top insurance providers in Illinois. The following are the best insurance rates from carriers that offer homeowners insurance in Illinois.
| Cheapest Companies | Quotes |
|---|---|
| Allstate | $990 |
| Nationwide | $1,108 |
| Travelers | $1,509 |
| State Farm | $1,889 |
| American Family | $2,278 |
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How to Get Affordable Home Insurance in Illinois
Affordable home insurance is the goal of every homeowner. After all, why pay more than you have to? You want to make sure your coverage is enough to protect against risk and property damage since your home is usually the biggest financial investment you’ll make in your lifetime.
There are strategies to help you save on the overall cost of owning a home. Performing regular maintenance is one way to lower costs. However, many homeowners overlook the potential savings of comparing home insurance rates from different companies.
To get the best rate on Illinois home insurance, keep reading.
Homeowners Insurance Quotes in Illinois by Company
Homeowners insurance rates aren’t always designed with savings in mind. That’s where Insurify comes in.
As of 2021, the average home insurance premium in Illinois costs $2,093 annually, and the median home value is $195,300.
As you can see, owning property in Illinois is a significant financial investment. Whether you’re buying a home or shopping around for a better rate on an existing policy, Insurify can help you save money on home insurance.
Average Annual Homeowners Insurance Premium in Illinois by Company
Average prices for standard homeowners insurance for a 7-15 year old home, $200,000 in coverage
Allstate$990
Nationwide$1,108
Travelers$1,509
State Farm$1,889
American Family$2,278
Farmers$2,535
Country Financial$2,618
Erie$2,945
Home Insurance Rates in Illinois by City
Like property costs, home insurance varies in price from city to city. Pricing is determined by ZIP code–specific variables, such as the volume of claims filed nearby, crime rates, and property costs, and risk variables, such as natural disaster frequency. Even your specific neighborhood may determine if you pay more or less on our annual premiums.
Rates in Illinois can be relatively high or low compared to the national average; it all depends on which town you live in. Here are the most and least expensive ZIP codes in Illinois for home insurance.
| City | Median Home Price |
|---|---|
| Lincolnshire | $458,668 |
| Lincolnwood | $378,275 |
| Highwood | $292,136 |
| Panna | $70,764 |
| Hillsboro | $68,955 |
| Walshville | $62,809 |
What Does Home Insurance Cover in Illinois?
There are several types of home insurance. Specific terms of insurance policies may vary by state, but in general, the standard policy types are as follows:
The simplest and least comprehensive type of homeowners insurance.
Provides coverage for a handful of potential problems including:
- Natural disasters (storms, fires, wind lightning, volcanic eruption)
- Explosions
- Theft
- Damage from vehicles
- Civil commotion
Broad form homeowners insurance policies include all basic form coverage, plus:
- Protection from falling objects
- Damage from the weight of ice, snow, or sleet
- Freezing of household systems including HVAC and pipes
- Sudden and accidental damage to pipes and other household systems from artificially generated electrical current
- Accidental discharge or overflow of water or steam
- HO-2 policies typically cover both dwelling protection and personal property.
- In some cases, broad form coverage may also include liability coverage. However, it still only covers the specific damages listed in the policy.
- The most common form of homeowners insurance is known as a “special form” policy.
- While HO-1 and HO-2 policies are “named peril” policies (meaning they only cover dangers that are specifically listed in the policy), HO-3 policies are “open peril” policies meaning they’ll cover all dangers except those specifically excluded in the policy documents.
- HO-4 policies, also known as renters insurance, are for people who lease rather than own their homes.
- Tenant’s form policies typically cover all the same dangers as HO-2 policies.
- Tenant’s form policies typically cover all the same dangers as HO-2 policies.
- These policies include personal property coverage and liability coverage but don’t cover the physical structure of the house.
- Some HO-4 policies may also include loss of use coverage for the tenants.
- Comprehensive form policies are usually the broadest and provide the highest level of coverage; not surprisingly, they also tend to be the most expensive type of homeowners insurance policies.
- The biggest difference between HO-3 and HO-5 policies is that most HO-3 policies are “actual cash value” policies, whereas typically HO-5 policies are “replacement cost value” policies.
- An actual cash value policy will only reimburse you for the actual value of a damaged or destroyed item, while a replacement cost value policy will reimburse you for however much it would cost to completely replace or repair the damaged or destroyed item (up to the coverage limits on the policy).
- HO-5 policies also provide personal property coverage against a wider range of dangers than the typical HO-3 policy. Many HO-5 policies also have extra coverage for high-value personal property such as jewelry and artwork.
- Not surprisingly, condo form insurance is for condominium owners. HO-6 policies generally protect against the same types of dangers as HO-3 policies.
- They provide dwelling protection coverage with a twist: HO-6 policies cover the walls, floors, and ceiling of the condo unit but not the rest of the building.
- These policies also include personal property and liability coverage and may include loss of use coverage.
- If you own a mobile home or manufactured home, you likely have an HO-7 policy.
- Mobile home form policies are typically identical to HO-3 policies, except they’re designed specifically for mobile and manufactured homes.
- Like HO-3 policies, they provide dwelling protection coverage, other structures coverage, personal property coverage, liability coverage, and possibly loss of use coverage as well.
- HO-7 policies generally only protect the home when it’s stationary; if you plan to move your mobile or manufactured home, you’ll need to get a special policy to cover it while it’s in transit.
- Older homes have generally been built to less stringent code standards than recently built homes, and so insurers have designed a specialized type of homeowners insurance policy for them.
- HO-8 policies often only cover the basic perils listed in HO-1 policies and generally apply to homes that are registered landmarks or otherwise deemed historic homes.
- Owners of registered landmarks are typically forbidden from making the updates to HVAC, electrical, and other parts of the home to enable them to qualify for a standard HO-3 policy, so an HO-8 policy is often the only option for them.
For more detailed Illinois city level guides, check out these below.
Natural Disasters and Home Insurance Coverage in Illinois
There’s a significant difference in terrain across the Land of Lincoln, leading to various types of natural disasters. Heat waves are common during the hot Illinois summers, while cold snaps and snowstorms are hazards during the winter months.
Common natural disasters you might experience in Illinois are severe thunderstorms, winter storms, and flooding. It’s crucial to know how to protect your home against damage from the different weather events and whether you need additional coverage for certain types of natural disasters.
Severe Storms and Tornadoes
Natural disasters can occur throughout the United States. Your best defense is to prepare for what could happen, which includes understanding your home insurance coverage options.
Illinois experiences about 29 tornadoes each year. Usually, they occur in April, May, and June, but they have been seen in all months. Tornado damage can be devastating. You may need additional auto insurance coverage for damage to your vehicle, but most homeowners policies generally cover tornadoes.
Winter Storms
Illinois is no stranger to winter storms, although the amount of snowfall depends on climate conditions. You might only see nine inches of snow for an entire season, but snowfall up to 44 inches or more is possible.
Your home may experience several types of threats during a winter storm. Trees falling on roofs, roof collapse from heavy snow accumulation, wind damage from a blizzard, and frozen or broken pipes from extreme cold are common.
Luckily, home insurance companies should cover each one of those scenarios. There may be a few exceptions, such as if you leave your home vacant, so it’s best to check with your insurance agent to find out what your policy includes.
Flooding
Flooding is the most common natural disaster in Illinois and poses a considerable threat to nearly every homeowner. Because the state is home to one of the largest systems of rivers, lakes, and streams in the nation, almost 15 percent of Illinois is subject to flooding.
Unfortunately, flooding isn’t a covered loss under most homeowners insurance policies. According to FEMA, your home could suffer up to $25,000 in damage from just one inch of floodwater. If your home is in an area where flooding is expected, a separate flood insurance policy can protect your property.
Mobile Home Insurance in Illinois
Mobile homes are a popular dwelling choice, with over 20 million people living in them throughout the US. Traditional home insurance isn’t an option for mobile or manufactured homes. Instead, you need a different type of insurance policy to protect your investment from damage or loss.
Mobile home insurance policies are available in Illinois, and nearly every insurer will offer one. Keep in mind that some policies limit coverage in certain situations. For instance, your policy may cover water damage due to a broken or leaky pipe under normal circumstances. But if you left your home vacant or did not properly maintain it, mobile home insurance might not cover the damage.
Special Home Insurance Situations in Illinois
Unique elements of your home may affect homeowners insurance prices. Check out these quotes for some special situations that may impact your home insurance in Illinois.
Cheapest Home Insurance for Houses Near Fire Department in Illinois
If your home is within a certain distance from a fire department or fire hydrant your rates may decrease. The same applies for the opposite. If your home is far from fire safety, you may pay more for homeowners insurance.
| Insurance Company | Average Annual Premium |
|---|---|
| Allstate | $990 |
| American Family | $1,982 |
| Auto Club Group | $1,389 |
| Country | $2,617 |
Cheapest Home Insurance for Houses Less Than 20 Years Old in Illinois
The age of your home and its major systems may affect the policy rate you're quoted by insurance companies
| Insurance Company | Average Annual Premium |
|---|---|
| Metropolitan | $2,562 |
| Nationwide | $930 |
| State Farm | $1,643 |
| USAA | $1,237 |
Save more pennies in the Land of Lincoln. Protect your Illinois property with homeowners insurance.
How to Find the Cheapest Home Insurance in Illinois
Affordable home insurance is a goal for every homeowner. If you live in Illinois or are considering buying a home in the Land of Lincoln, protecting your property from damage should be at the top of your to-do list. Thankfully, saving on Illinois home insurance is easy. When you have the right information and tools, you can get the coverage you need at a price you can afford.
Use Insurify to compare home insurance quotes for your property in Illinois. Our comparison tools make homeowners insurance shopping (and saving) simple so you can be on your way to enjoying your newly insured home in no time.
Illinois Homeowners Insurance FAQ
Depending on where you live, the average cost of home insurance can be high or low compared to other parts of the state. However, many insurers throughout the state offer bundling discounts when you combine multiple policies. Ask your insurance carrier to compare prices to see if bundling your home insurance with auto insurance or life insurance can save you money. It’s a simple strategy that can help you pay less, reducing the overall cost of homeownership.
Home insurance policies generally have exclusions against covering certain types of damage if your home is vacant or unoccupied. Contact your insurance provider right away if your home will sit empty for any length of time. Vacant property insurance is available from most insurers, and the coverage can protect your investment from fire, theft, or other property damage.
Finding the best homeowners insurance can depend on several factors, including cost, coverage type, customer service, and financial strength rating. AM Best is one company that evaluates and provides ratings of insurance providers, and you can visit the site to determine the stability of an insurance company. You can also compare rates and coverage types using Insurify to find the best home policy for your needs and budget.
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Methodology
The car insurance quotes displayed are based on an analysis of Insurify’s database of over 40 million quotes from 500 ZIP codes nationwide. To obtain representative rates, Insurify’s data science team performs frequent comprehensive analyses of the factors car insurance providers weigh to calculate rates including driver demographics, driving record, credit score, desired coverage level, and more.
Insurify’s analysis also incorporates the Insurify Composite Score (ICS) assigned to each insurance provider. The ICS is a proprietary rating that weighs multiple factors reflecting the quality, reliability, and health of an insurance company. Ratings used to calculate the ICS include Financial Strength Ratings from A.M. Best, Standard & Poor’s, Moody’s, and Fitch; J.D. Power ratings; Consumer Reports customer satisfaction surveys and customer complaints; mobile app reviews; and user-generated company reviews.
With the above insights and ranking methods, Insurify is able to offer car insurance shoppers insight into how various insurance providers compare to one another in terms of both cost and quality. Note, actual quotes will vary based on unique attributes including the policyholder’s driver history and their garaging address.
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