Shopping for Illinois insurance quotes is not most people's idea of a good time. If you've recently had a major home repair bill or paid property taxes, it's likely a considerable thorn in your side. But there's no way around it. Your house is one of your most important personal and financial assets, and it must be insured to protect yourself from financial ruin. With a few tips about home insurance, you can find the best, most affordable Illinois home insurance quotes for your home.
Average Cost of Illinois Home Insurance Quotes
According to the National Association of Insurance Commissioners, the average cost of Illinois home insurance was $674 in 2006, the last year for which comprehensive data is available, compared to $804 nationwide. Despite being lower than the national average, many homeowners will still feel the pinch of these insurance costs. If you're suffering from sticker shock, keep in mind this average is for an insurance plan that covers all perils that aren't explicitly excluded in the policy. You can probably buy more basic home insurance coverage for cheaper, although it will leave your home and pocketbook vulnerable to certain types of damage.
Moreover, there are several individual factors that will influence the cost of your Illinois home insurance quotes. The cost of your home has a natural and direct impact on the cost of your insurance premiums: Insurance is more expensive when there's more to insure. Like auto insurance, if you've made claims in the past, your Illinois home insurance is likely to be higher than homeowners who have never made a claim.
Location and Home Perils
Although many Illinois homes face the same perils, your exact location within the state will influence not only the cost of your home insurance, but what you should make sure is covered. If you live in southern Illinois, you're significantly closer to tornado alley. If you live in the Chicago-area, you're likely to see heavier snowfalls and colder temperatures. If you live along the western border of Illinois, your house is very likely susceptible to flooding. Thus, you should make sure your home insurance policy covers the most common likely risks to your home, even if this means buying an insurance rider for supplemental coverage.
Home Insurance Coverage Limits
Another thing to watch out for is lower coverage limits. You might have the right type of perils covered, but certain policies will only pay a portion of the damage. If your home were to burn down, for example, your policy may allow for reimbursement of the home's market value, rather than its replacement costs. Some policies also find a middle ground by offering "actual cash value," which is the replacement costs minus depreciation from wear and tear. You should also make sure your home insurance has an accurate account of your home's contents if you want this type of comprehensive home insurance.
Shopping for Illinois Home Insurance Quotes
It's not terribly hard to find homeowners insurance quotes in Illinois, but it can be stressful trying to choose the best company and policy for you, especially if this is your first time shopping for home insurance. Fortunately, NetQuote can help in your search. By filling out a quick online form, you can review different policies from several companies in the comfort of your own home. Rather than contact insurance companies on their home turf, they will come to you and know that other companies are competing for your business. Best of all, this no-hassle way of shopping for insurance allows you to compare premium costs every year. Due to complicated and constantly revised pricing methods, the best company for your home insurance this year may not be the best company next year.