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Getting the Right Coverage
Illinois home insurance protects you from financial loss due to damage, theft and many other hazards. And since your home is most likely your largest single investment, it is important to acquire the right coverage in the right amounts. But how can you know what you need?
There are three methods for valuing homes in Illinois, and the method used determines how much money you receive if you ever have to file a claim.
One technique is insuring for your home's actual cash value. This pays you for the replacement cost of your home minus its depreciation. If you suffer a loss under this valuation method, your insurer reimburses you what your property was worth immediately before your loss.
Another technique is insuring against your home's replacement cost. In this case, you are paid what it would cost to rebuild or replace your home using similar materials, up to the limits of your policy. This method pays you more because there is no deduction for depreciation.
Finally, you may insure for your home's guaranteed replacement cost, which pays you its total replacement cost value—even if this cost exceeds your policy limit. However, your Illinois homeowners insurance company may limit this to a certain percentage above your policy's limit.
Factors Affecting Premiums
Illinois homeowners insurance premiums can vary greatly, so comparison shop to find the best policy with the greatest value for the lowest cost.
Some of the factors which may affect your home insurance premium include:
Depending on the history of your home and your own history, your house insurance may cost more or less than you expect. Talk to a licensed Illinois home insurance agent to see how you rate when examining these factors.
If you have questions or need more information about Illinois homeowners insurance, call the Illinois Division of Insurance's Consumer Assistance Hotline toll free at 866-445-5364.
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We hope this information helps you in the insurance buying process.
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