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Laura Berry

Former Insurance Agent

Former Insurance Agent

Joshua Adamson

Joshua is a copywriter at Obrella who for more than 10 years has been creating content about insurance, health care, and more. He helps companies explain complex insurance subjects in simple ways so that customers can make smart buying decisions. He spends way too much time binge-watching Netflix, loves the outdoors and has a cat who tolerates him.

UPDATED: Mar 6, 2024

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Buying a home is a huge investment, so it’s important to give your home the best protection you can. Choose the right home insurance policy for your needs with Obrella, an online platform that allows you to connect with Illinois home insurance experts quickly and easily. A licensed agent can take care of everything over the phone—explaining your options, answering your questions, and even binding your policy once you’ve made your selection. You’ll enjoy an easier way to shop for home insurance when you use Obrella.

What are the homeowners insurance rates in Illinois?

The average cost of homeowners insurance in America $1,034 annually, but, in Illinois, the typical premium is $153 less per year. Compared to other states, Illinois has the 28th most affordable home insurance premiums in the country.

  • Median Home Value: 194,800
  • Household Income: 54,916
  • Percent of Income on Home Ownership: 32.60%

Most Illinois homeowners pay more for their home than the typical U.S. resident, but the household income in Illinois is also greater than what it is nationally. To note, the median value of owner occupied housing in the state is $182,300, compared to the national median of $176,700. Household income is $56,210, which is about $4,000 more than most American households. In Illinois, 65.9% of homes are occupied by their owners, which is slightly more than the percentage across the nation.

At 32.6%, Illinois homeowners spend a greater percentage of their income on home ownership costs than residents of most other states, so finding a home insurance policy that’s affordable is especially important. If you want to get the best policy for your money, contact an insurance professional and ask them to run a comparison of home insurance policies.

Getting home insurance quotes in Illinois is only a call away. Call [mapi-phone-link /] today to get started.

How are Illinois home insurance premiums determined?

There are many factors at play when an insurance company calculates the cost of your homeowners insurance premium. These factors include everything from the size and age of your home to neighborhood housing prices and crime rates. If you live in an area that has a history of natural disasters like earthquakes, floods, or tornadoes, this will impact your rates as well. A range of other factors can also impact your insurance premiums—like your credit score or home add-ons such as a swimming pool, guest house, or private deck.

Why do these aspects matter? They all relate to risk. If your insurance provider determines that these factors make your home riskier to insure, you’re likely to wind up paying more for your homeowners insurance policy. You have the ability to reduce these risks, however. Making your home more secure is a good start. Installing a complete home security system, for example, can lower the likelihood that your insurance company will need to pay up in the event of a burglary. Even installing motion-sensitive lights and surveillance cameras can lower your risk—and therefore your premium.

Read More: Cost of Homeowners Insurance in Your State

About homeowners insurance in Illinois

Most Illinois homeowners insurance companies offer a range of insurance coverage options; some of which are defined below:

  • HO-1: Limited Coverage
    • An HO-1 policy provides protection against any of the first 10 classified disasters: fire or lighting, windstorms or hail, explosions, riots, damage caused by aircraft, damage caused by vehicles, smoke, vandalism, theft, and volcanic eruption. However, this basic policy is no longer available in most states.
  • HO-2: Basic Policy
    • In the event of any of the 16 classified disasters, an HO-2 policy will give you basic protection.
  • HO-3: Standard, most popular
    • With very few exceptions, this policy offers comprehensive coverage, making it pretty much standard among Illinoiscustomers.
  • HO-8: Older Home
    • This policy guards against declining home values by reimbursing homeowners on an actual cash value basis. However, some more aged homes may not qualify for complete replacement cost policies.

What will standard Illinois homeowners insurance cover?

Home insurance policies usually dictate specific situations that grant you coverage for damages. If a situation is not explicitly covered in your policy, your homeowners insurance will not reimburse you for damages resulting from that situation. So, if your home were destroyed by an earthquake, you’d only be covered if your policy specifies that you have earthquake coverage. Here are some common homeowners insurance coverage definitions to help you figure out your current coverage and determine how much you actually need:

  • Coverage A – Dwelling
    • Protects against damage to the home and attached structures. This includes damage to the home’s plumbing, wiring, and permanent air-conditioning and heating systems.
  • Coverage B – Other Structures
    • Structures not physically connected to the house are protected under Other Structures coverage. This includes free-standing sheds, fences, guest homes, and detached garages.
  • Coverage C – Personal Property
    • If the homeowner loses personal belongings due to theft or other damage, Personal Property coverage will compensate the homeowner for the value of the item—be it clothing, furniture, electronics, or jewelry. Personal Property coverage also extends to personal possessions that are damaged or lost outside the home, such as items in a storage unit.
  • Coverage D – Loss of Use
    • During an extensive home repair, Loss of Use coverage will pay for living expenses.
  • Coverage E – Personal Liability
    • Personal Liability covers the homeowner’s financial loss in the event of a lawsuit in which the homeowner is found legally liable for another’s injuries or damages.
  • Coverage F – Medical Payments to Others
    • Covers medical costs for anyone hurt on a homeowner’s property or by the homeowner’s pet.

Read more: Understanding Homeowners Insurance Coverage For Items In Storage

What are some Illinois insurance resources?

The Illinois Department of Insurance: an excellent resource for you if you have questions or concerns about your homeowners insurance or want to check on insurance company licensing in Illinois. If you have an insurance related issue, you can file a request for assistance online through the Department’s Message Center.

Illinois Chapter of the Community Associations Institute: A not for profit organization dedicated to developing responsible community associations throughout the state. The Alabama Chapter of the Community Associations Institute is located at:

1821 Walden Office Square Suite 100
Schaumburg, Illinois 60173

Shopping for home insurance can be overwhelming. Fortunately, there’s Obrella. A simple phone call to an insurance agent can get you started on finding the perfect policy for your needs. Not only will you have an opportunity to get all of your home insurance questions answered, but insurance professionals will work with you to determine your coverage needs and go over your options.

Get all the information you need about Illinois home insurance policy options by contacting an insurance expert today at [mapi-phone-link /].

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