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Time to shop around again for a homeowner insurance quote in Illinois. Homeowner insurance coverage for a condo or home in Illinois falls along the mid-range of average insurance rates in the United States. Annual insurance premiums in the state fall within the range of $647 to $674.

Illinois is among the few states in the U.S. that requires every resident to acquire homeowner insurance. However, it is important to mention that state law grants permission to insurance companies to use credit scores to determine if the applicant for a policy should be accepted. Credit scores also guide insurance providers if the rates in the policy should be changed or if the policy should even be renewed.

Thankfully, Illinois has its own Fair Access to Insurance Requirements (FAIR Plan), which assists consumers who have been rejected three times by private companies in getting an insurance.

There are three basic types of coverage in homeowner insurance in Illinois. Mortgage lenders would have requirements that the homeowner should meet in the basic policy before their loan could be approved. It is advisable to get a policy whose coverage is greater than the basic requirements in order to be assured of protection for the home.

These three basic coverage are…

Broad Form (HO-2) – Provides coverage for specifically listed perils and hazards

Special Form (HO-3) – Aside from the basic coverage listed in HO-2, HO-3 also includes Property and Liability Coverage, Loss of Use Coverage and Personal Property Protection.

Comprehensive Form (HO-3/HO-5) – This is the broadest form of coverage which provides protection for every hazard except floods.

Depending upon the terms of the homeowner insurance policy, there are four ways by which claims are settled by Illinois insurance companies…

· Actual Cash Value – Payment is limited to the actual value of the property before it was damaged or destroyed in a disaster, regardless of the current cost of the home. This is the most common type of insurance coverage, which takes into account the current value of any item that is stolen or lost or destroyed in the home. This coverage offers a payment or settlement equivalent to the current depreciated value of the item regardless of whether or not the item could be repaired or bought at the current price levels.

· Replacement Cost – This ensures payment for rebuilding or replacement of property at current costs of building materials. This level of insurance pays for the costs of replacing damaged property without taking into account the depreciation in value of the damaged item/s. This insurance has a maximum dollar amount limit.

· Guaranteed Replacement/Extended Replacement Cost – This will cover extra expenses for rebuilding the home if the policy limit is exceeded. The limit for this coverage is set by the insurance company, and is usually at 20% above the policy limit. Although similar to Replacement Cost, this level of insurance does not have a limit to it. Having this type of insurance means that you could be able to complete repairs or even totally replace your home without worrying about exceeding insurance maximums. This type of insurance, however, is the most expensive and you need to inquire with your local insurance agencies for its availability and cost.

· Personal Property – Coverage for personal belongings at half the value of the home’s limit. If the home is insured for $100,000, the personal property limit is $50,000.

As mentioned earlier, flood coverage is not included in the basic policy, so the homeowners should pay extra for this coverage or get a separate policy from the National Flood Insurance Program.

Of great concern for Illinois residents is mold damage. Because molds only grow in a wet environment, it is obviously tied in to water damage.

Some insurance companies offer water and mold damage coverage as long as the cause of the water damage is…

· Unexpected, accidental water damage (such as sewer back-up)

· Covered fire or lightning loss (such as when firemen put out a blaze in an intact home)

Excluded from this coverage is water damage due to…

· Frequent leaks or constant seepage

· Flood

· Humidity or condensation problems

· Drainage or landscaping problems

For concerns on homeowner insurance in Illinois, one could make inquiries with the Illinois Department of Insurance.

Find  homeowner insurance rates in each of these Illinois cities or counties
Addison – Algonquin – Alsip – Alton – Antioch – Arlington Heights – Aurora – Barrington – Bartlett – Bartonville – Batavia – Beach Park – Belleville – Bellwood – Belvidere – Bensenville – Benton – Berwyn – Bethalto – Bloomingdale – Bloomington – Blue Island – Bolingbrook – Boulder Hill – Bourbonnais – Bradley – Bridgeview – Broadview – Brookfield – Buffalo Grove – Burbank – Burr Ridge – Cahokia – Calumet City – Calumet Park – Canton – Carbondale – Carol Stream – Carpentersville – Cary – Centralia – Champaign – Channahon – Charleston – Chatham – Chicago – Chicago Heights – Chicago Ridge – Cicero – Clarendon Hills – Clinton – Collinsville – Columbia – Country Club Hills – Crest Hill – Crestwood – Crete – Crystal Lake – Danville – Darien – DeKalb – Decatur – Deerfield – Des Plaines – Dixon – Dolton – Downers Grove – Du Quoin – East Alton – East Moline – East Peoria – East St. Louis – Edwardsville – Effingham – Elgin – Elk Grove Village – Elmhurst – Elmwood Park – Evanston – Evergreen Park – Fairview Heights – Flossmoor – Forest Park – Fox Lake – Frankfort – Frankfort Square – Franklin Park – Freeport – Gages Lake – Galesburg – Geneseo – Geneva – Glen Carbon – Glen Ellyn – Glencoe – Glendale Heights – Glenview – Glenwood – Godfrey – Goodings Grove – Granite City – Grayslake – Greenville – Gurnee – Hanover Park – Harrisburg – Harvard – Harvey – Harwood Heights – Hawthorn Woods – Hazel Crest – Herrin – Hickory Hills – Highland – Highland Park – Hillside – Hinsdale – Hoffman Estates – Homewood – Inverness – Island Lake – Itasca – Jacksonville – Jerseyville – Joliet – Justice – Kankakee – Kewanee – La Grange – La Grange Park – La Salle – Lake Bluff – Lake Forest – Lake Zurich – Lake in the Hills – Lansing – Lemont – Libertyville – Lincoln – Lincolnshire – Lincolnwood – Lindenhurst – Lisle – Litchfield – Lockport – Lombard – Long Grove – Loves Park – Lynwood – Lyons – Machesney Park – Macomb – Manteno – Marengo – Marion – Markham – Matteson – Mattoon – Maywood – McHenry – Melrose Park – Mendota – Metropolis – Midlothian – Mokena – Moline – Monmouth – Morris – Morton – Morton Grove – Mount Carmel – Mount Prospect – Mount Vernon – Mundelein – Murphysboro – Naperville – New Lenox – Niles – Normal – Norridge – North Aurora – North Chicago – North Riverside – Northbrook – Northlake – O’Fallon – Oak Brook – Oak Forest – Oak Lawn – Oak Park – Olney – Orland Hills – Orland Park – Oswego – Ottawa – Palatine – Palos Heights – Palos Hills – Paris – Park City – Park Forest – Park Ridge – Pekin – Peoria – Peoria Heights – Peru – Plainfield – Pontiac – Princeton – Prospect Heights – Quincy – Rantoul – Richton Park – River Forest – River Grove – Riverdale – Riverside – Robbins – Robinson – Rochelle – Rock Falls – Rock Island – Rockford – Rolling Meadows – Romeoville – Roscoe – Roselle – Round Lake Beach – Round Lake Park – Salem – Sandwich – Sauk Village – Schaumburg – Schiller Park – Shiloh – Shorewood – Silvis – Skokie – South Elgin – South Holland – Springfield – St. Charles – Steger – Sterling – Stickney – Streamwood – Streator – Summit – Swansea – Sycamore – Taylorville – Tinley Park – Troy – University Park – Urbana – Vandalia – Vernon Hills – Villa Park – Warrenville – Washington – Waterloo – Wauconda – Waukegan – West Chicago – West Frankfort – Westchester – Western Springs – Westmont – Wheaton – Wheeling – Willowbrook – Wilmette – Winfield – Winnetka – Winthrop Harbor – Wonder Lake – Wood Dale – Wood River – Woodridge – Woodstock – Worth – Yorkville – Zion – 

Homeowner insurance in Illinois provides coverage in the event of damage to your property from theft, fire, floods, and natural disasters as well as protects you from liability for injuries or damage caused to people on your property. The right homeowner insurance plan  can help you make the best choices about this important protection for you and your family. Get free quotes on homeowner insurance in Illinois above.

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