If you live in the state of Illinois and are thinking of becoming a homeowner, you might wonder whether you need homeowner’s insurance. Our team of insurance experts at Green Family Insurance Inc can provide you with a guide. Here we talk about the reasons homeowner’s insurance might be a good idea, and who it would benefit.
What factors determine home insurance?
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Location: Some states require you to have home insurance, but the state of Illinois is not one of those states.
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Construction: This refers to the materials that your house was built out of.
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Age of the house: Is your house newly built, or is it an older house with upgrades?
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Replacement costs: This means how much it will cost to rebuild the same house. This is usually assessed by an appraiser.
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Swimming pool: If you have a swimming pool, costs might be higher because of the extra liability of owning a swimming pool.
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Home-based business: a home-based business usually has more equipment that needs to be covered, so the cost might be higher to cover the extra equipment.
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Coverage: The type of coverage and the policy that you choose will determine how much the homeowner’s insurance will cost.
Even if homeowner’s insurance is not required by the state of Illinois, your lender still might require you to purchase it before you sign with them.
What is covered by standard homeowner’s policies?
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Personal property coverage
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Personal liability and medical payment to others
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Dwelling (property damage to home)
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Wind/ hail
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Hurricane damage
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Additional living expenses/ loss of rent
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Damage from tornados
Give Us A Call
Stop by or contact us here at Green Family Insurance Inc. in Illinois if you have any insurance needs, questions, or concerns.
