Illinois Homeowners Insurance Calculator: Estimate Your Policy Cost
You can use MoneyGeek's Illinois homeowners insurance calculator to determine how much your insurance will cost. Our estimate factors in the market value of your home, the deductible and your coverage level.
An insurance policy in Illinois averages $2,238 per year for $250,000 in dwelling coverage. Illinois’ homeowners insurance is 7% cheaper than the national average of $2,417 and ranks 31st among other states.
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These are annual estimates. Get a personalized quote to determine your costs.
A MoneyGeek comparison of homeowners insurance quotes showed several Illinois providers offer competitive pricing for $250,000 in dwelling coverage. Of those surveyed, the cheapest policy in Illinois is offered by Allstate.
Furthermore, MoneyGeek evaluated the quality of service, financial stability and cost when determining the best homeowners insurance in Illinois.
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How to Estimate the Cost of Your Homeowners Insurance Policy in Illinois
In Illinois, home insurance costs vary based on your profile and specific needs. Different rates will apply depending on the coverage level, the policy type and the deductible you choose. Moreover, your credit score and location will also impact your insurance rates.
Get a personalized quote with MoneyGeek's Illinois home insurance calculator.
The location of your home and the risk associated with the area affects your insurance rate significantly. In areas prone to crime or natural disasters, premiums are usually higher. Likewise, homeowners in low-risk areas typically pay lower rates.
The physical structure of your home can be repaired or rebuilt using your dwelling coverage in the event of a covered loss. Your homeowner's policy's cost is affected by the amount of dwelling coverage you select.
The amount of dwelling coverage you choose is up to you, but the average amount in Illinois is $250,000. You can determine what dwelling coverage is right for you with the help of your insurance company or a professional home appraiser.
Before your insurance pays for covered services, you pay a deductible. If you increase your deductible, your monthly payment will be lower.
Consider a scenario where you have a $3,000 deductible, but your claim is $25,000. The $3,000 will come out of your pocket, but fortunately, the remaining $22,000 will be paid by your insurance provider.
Liability insurance aims to protect an insured party from claims for injuries or property damage suffered by third parties.
This policy covers legal fees, replacement costs, medical expenses, and, at worst, compensation to the deceased’s family.
Your liability limits can be increased by tens of thousands of dollars, offering you more protection for only a few extra monthly dollars. MoneyGeek recommends that every homeowner buy enough coverage relative to the value of their home.
You can protect your belongings by having personal property coverage. Covered losses may include theft, fire and natural disasters.
You can use the Illinois homeowners insurance calculator below to determine how much personal property coverage is adequate.
Your credit score will affect the cost of your Illinois home insurance. A homeowner with a low credit score is typically considered riskier because they are more likely to file multiple claims. As a result, they usually pay higher premiums.
Average Cost of Home Insurance in Illinois
The average annual premium for $250,000 in dwelling coverage in Illinois is $2,238, which is only 7% less than the national average of $2,417. Among the states with the lowest homeowners insurance rates, Illinois ranks fairly low as number thirty-one on the list.
The following table shows how much coverage you need based on Illinois's average home insurance cost. You will then be able to estimate how much you need to budget each month.
Average Annual Premium in Illinois for Homeowners Insurance
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- Dwelling Coverage AmountAverage Annual Premium
Considering how much it would cost to rebuild your home if damaged to the point of “total loss” is the first step in determining how much dwelling coverage you should purchase. When a natural disaster strikes or a fire breaks out, rebuilding costs are high. The peace of mind that comes with adequate dwelling coverage will allow you to face any unfortunate circumstance with preparedness.
An overly comprehensive or under-inclusive dwelling policy can prove disastrous for you. Therefore, it is a good idea to get a homeowners insurance estimate before you make a purchase. You should consult an appraiser or your insurance company for an accurate estimate.
Frequently Asked Questions About Home Insurance in Illinois
MoneyGeek answered some FAQs about homeowners insurance in Illinois so you can find the right coverage for your needs.
To determine the average cost of homeowners insurance in Illinois, MoneyGeek sourced pricing data from Quadrant Information Services.
MoneyGeek chose a standard home profile to provide the most reliable and relevant data for developing a thorough analysis of homeowners insurance.
This standard home profile consists of the following attributes:
- Construction year: 2000
- Construction type: Frame
- Composition roof
- Three-mile radius from the fire department
- Assumed value of other structures on the property: 10% of the dwelling coverage
- Personal property coverage: 40% of the dwelling coverage
- Liability limit: $100,000
- Deductible: $1,000
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