Illinois Home Insurance

Like Lincoln’s log cabin, a good home is worth preserving and maintaining. While you may not be able to keep your home safe from disaster or vandalism, you can protect it with a good homeowners insurance policy. The Simple Dollar has made it easy for Illinois residents to reach the resources needed to understand homeowners insurance, and to make sure they are up to speed on the regulations and rules around their policy.

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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.

Homes Built

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 Rules

ARTICLE 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.

Illinois Department of Insurance
320 W Washington St,
Springfield, IL ‎
(217) 782-4515
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Secretary of State
213 State Capitol
Springfield, IL 62756
Toll Free in Illinois: (800) 252-8980
Outside of Illinois: (217) 785-3000
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Consumer Information
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
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.