Illinois Homeowners Insurance
Illinois homeowners insurance can cover a home and the owner’s personal belongings in case of a natural catastrophe. In the event the home is under mortgage, the mortgage company may require the home be covered with a homeowners policy and may require specific limits to what is covered. If you are a homeowner in IL, you should consider covering your residence with Illinois homeowners insurance.
Types of Illinois Policies
There are several different policies offered by IL insurers for homeowners coverage. These include a broad, special, comprehensive, or modified. Which one you choose depends on what you would like to cover and the budget you have to work with. The following information will outline the basic Illinois homeowners insurance policies and tell you how to increase what is covered in accordance to the requirements you have.
Broad policies will only cover what is specifically listed in the policy. Not all insurers offer this type because it is very limited. Special coverage is a much better policy because it will cover items such as the dwelling, personal belongings on the property, outbuildings, and other natural disaster risks such as fire, hail, lightening, and windstorm. This coverage is the most common policy chosen by homeowners.
Comprehensive is the broadest Illinois homeowners insurance policy available, and will cover everything that does not have an exclusion in the policy. This coverage is not available from all Illinois insurers and can be the most costly one available. A modified policy will cover an older home that has a replacement cost which exceeds its worth.
Exclusions in Homeowners Policies
All Illinois homeowners insurance policies have exclusions. Exclusions are items that the policy will not cover. Most of the time exclusions include war, nuclear disaster, flood, and earthquake. Exclusions always include general wear and tear on a home and damages that result from a lack of maintenance. Many insurers are increasingly excluding damages from items such as swimming pools, vicious animals, trampolines, or other items that can cause common damage or personal injury.
For items that are excluded in Illinois homeowners insurance, you can add endorsements to the policy that will increase what is covered to include these items. Endorsements increase the premiums of the policy but can be worth it if there is a specific peril that could damage the home or property. Examples of endorsements that are offered are personal belongings replacement, refrigerated items, earthquake insurance, and flood coverage.
Personal belongings replacement will pay the insured to replace personal belongings damaged or lost at the cost it would be to purchase a new item of the same kind today in Illinois. This means that even if your television were 10 years old, the insurer would not subtract depreciation from it, but would pay you the full price to replace it at today’s market cost. This is an excellent endorsement for those who have extensive personal belongings stored at the residence.
A refrigerated items endorsement is an endorsement that will cover the loss of the food stored in the refrigerator or freezer that is damaged in the event of a disaster that affects the power to the home. If you consider the cost to replace all of the meat and other refrigerated foods in the home, you will see the benefit of this endorsement.
Earthquake and flood insurance are probably two of the most popular insurance endorsements used today. This type of hazard insurance will cover the residence and belongings in case of damage from earthquakes or floods. Flood endorsements are especially important if you live in a residence that is in a flood zone or if you live near a river or lake.
Saving on Illinois Insurance
There are many ways you can save on premiums for Illinois homeowners insurance. The easiest is to combine all of your Illinois policies under one insurer. This will provide you savings on not only the homeowners insurance rates, but the rates for the automobile, boat, and business insurance as well. Another great way to save is to increase the safety and security of the house by adding features such as security alarms, fire alarms, fencing, and deadbolt locks. All of these items will not only increase the homeowners premium savings but will increase your safety as well.
Illinois homeowners insurance is the best way to ensure your residence is protected in the event of a disaster. Choose the type that fits the coverage needs and budgetary considerations you have. Add endorsements for anything that you feel is necessary. Compare quotes from several different licensed providers in Illinois, and choose one with excellent claims service. By following these simple steps, you will find Illinois homeowners insurance that will fit your needs and provide you with peace of mind.
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