Illinois Homeowners Insurance

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Buying a home can be a big, intimidating step to undertake, especially if it’s your first time. After all, for most of us, our home is arguably one of the most valuable financial assets that we will have in our life. Nobody wants to make a mess of their first home – and their finances.
In this article, Magnum Insurance will help you demystify the home buying process. From before you even make an offer to after you complete the purchase, this short guide will tell you the basics of buying a home.

Common Homeowners Insurance Coverage in Illinois

The State of Illinois is a landlocked state with most of its area (about 80%) dedicated to farming.
Its crime rate is slightly lower than the national average, mainly due to its relatively lower population density compared to similarly-sized states like Florida. It also doesn’t suffer from extreme weather conditions such as those in other coastal states.
Indeed, Illinois remains to be a relatively peaceful state, at least where homeowners are concerned. The typical HO-3 insurance type will usually do the job, perhaps with additional coverage for flooding and ice damage.

Factors Affecting Insurance Coverage in Illinois

Illinois is one of those states where insurance is a little bit below the national median. This is because of a few key factors, which we will be discussing below.

Crime Rates

According to Crimegrade, Illinois scores a B- in the overall crime grade. This means that it’s within to below the national average in terms of overall crime safety.
This is also corroborated by data from NeighborhoodScout, which displays that the state falls within the national average for violent crime (4.07 in Illinois compared to the 4.00 of the national median) and below the national average for property crime (18.46 in Illinois compared to the national median of 21).

Natural disasters

Illinois is a landlocked state, so it’s practically shielded from the harsh weather conditions that befall the coastal states, such as Alabama or Florida. This means that the Prairie State doesn’t suffer much from hurricanes and tropical storms.
However, the residents of Illinois do have their fair share of problems. For one, they are more susceptible to tornadoes. Lake Michigan also floods from time to time, and it contributes to the winter season through lake-effect snow, which makes winter in Illinois particularly harsh.

House Type

The type of house that you own is a no-brainer when it comes to homeowners insurance. Higher-value homes and assets tend to bump up insurance premiums. If your home is expensive enough, you might even be advised to go for higher coverage.
In addition to that, using your home for a business can also significantly affect your premiums in Illinois. Since the state has plenty of area for agriculture, it’s not uncommon for homeowners to have a farm business or the like operating out of their homes. If this is the case for you, expect higher premiums.


How Much is the Typical Homeowners Insurance in Illinois?

As previously mentioned, the average home insurance rates in Illinois are more affordable than the national average.
According to Nerdwallet, the average homeowners insurance premium in the US is $1,585 annually. In Illinois, however, the average annual premium is a little lower, at $1,481, with an average monthly premium of $123.
And it’s even cheaper in its most populous city, Chicago, where it’s only about $1,361 annually and $113 monthly.
Of course, these numbers probably won’t be the same prices that you will encounter on the ground. It may even be a little challenging to find the most suitable premiums for your needs at a rate most preferable to you.
That’s why you need to pick the right insurance provider who will put your needs above everything else and get you the best rates possible.


Illinois Home Insurance with Magnum Insurance

Homeowners insurance can vary a lot depending on which state you live in. In the case of peaceful Illinois, you can enjoy premium rates that are below the national average.
If you live in Illinois, you should take advantage of this by making sure that your home is always protected with the right insurance policy. Remember, if you’re in the market for homeowners insurance, then there’s no better company to trust than Magnum Insurance.

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