Stats in Your State
Curious as to how your Illinois homeowners insurance premiums compare with those across the midwest? Wonder no more, because The Simple Dollar has compiled rate comparisons with four other midwestern states and the national average.
Homeowner Insurance Premiums
Illinois residents enjoy low home insurance premiums when compared with the national average.
Renter Insurance Premiums
While the graph below may look dramatic, Illinois renters insurance premiums during the mid-2000’s have stayed relatively close to, but consistently below, the national average.
Existing Home Sales
Similar to the rest of the U.S., Illinois home sales hit a decade high in 2005 on the crest of the housing market bubble before taking a sharp and steady dive through the second half of the decade.
Flood Insurance in Region
Despite its wide expanses of prairie, Illinois still suffers from significant flooding each year, resulting in over a thousand claims on a yearly basis, putting it higher in terms of flood risk than most of its midwestern neighbors save for Ohio.
Older cities like Chicago contribute to the state’s aging housing market. Nearly half of Illinois residential buildings were constructed prior to 1960, with roughly three quarters built before 1980.
Rules in Your State
While homeowners insurance is primarily dictated by your insurance policy, the Department of Insurance does regulate some aspects of homeowners insurance, including the Urban Property Insurance Article.
Illinois Urban Property RulesARTICLE XXXIII. URBAN PROPERTY INSURANCE: Illinois has included this legislation as part of their insurance code in order to guarantee that residents in all parts of the state can obtain homeowners insurance. This was added in response to insurers creating geographical “redlines” past which they would not offer coverage, effectively limiting urban residents’ options for homeowners insurance
Representatives & Resources in Your State
Consumer advocacy is strong in Illinois, with the Secretary of State and Department of Insurance acting as strong consumer resources. Below are links to their offices, along with a consumer fact sheet on homeowners insurance and renters insurance.
Secretary of State
213 State Capitol
Springfield, IL 62756
Toll Free in Illinois: (800) 252-8980
Outside of Illinois: (217) 785-3000
Consumer Fact Sheet
The consumer information fact sheet is a general resource for data, statistics, information, definitions, lists, and other basic details around insurance in the state of Illinois. The guide covers auto, home, health, and life insurance, as well as disasters.
Renters Insurance FAQ and Guide
This brief rundown of renter’s insurance basics is a great primer for those who are new to the idea but want to make sure they understand the essentials of renter’s insurance.
Illinois Disaster Relief and Claims
FEMA Region 5 Contact Information
The Federal Emergency Management Administration, or FEMA, is a government organization whose mission it is to help Americans prepare and react to disasters.