Illinois Homeowners Insurance Calculator: Free Cost Estimator (2024)


ByMark Fitzpatrick
Edited byAliha Strange
ByMark Fitzpatrick
Edited byAliha Strange

Updated: May 22, 2024

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Home Insurance Calculator

MoneyGeek's home insurance calculator will give you a customized estimate of your home insurance costs. It's free to use, requires no personal information and we won't send you any spam.

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Rates updated:

Jun 13, 2024

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California
26-29
Excellent (750-850)
Home
$500,000
$500
$150,000
$100,000
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User Info
California
26-29
Excellent (750-850)
Home
$500,000
$500
$150,000
$100,000
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MONEYGEEK EXPERT TIP

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.

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.

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    Illinois

    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.

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    Dwelling Coverage

    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.

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    Deductible

    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.

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    Liability

    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.

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    Personal Property

    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.

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    Credit Score

    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.

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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
$100,000Average Annual Premium$1,688
$250,000Average Annual Premium$2,238
$500,000Average Annual Premium$5,005
$750,000Average Annual Premium$6,936
$1,000,000Average Annual Premium$8,747
$2,000,000Average Annual Premium$16,552
$3,000,000Average Annual Premium$24,155
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MONEYGEEK EXPERT TIP

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.

How much does homeowners insurance cost in Illinois?
How do I know how much dwelling coverage to get?

Methodology

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

About Mark Fitzpatrick


Mark Fitzpatrick headshot

Mark Fitzpatrick has analyzed the property and casualty insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. Currently, he leads P&C insurance content production at MoneyGeek. Fitzpatrick has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.