Interested in Homeowners Insurance For Illinois Residents
Are you interested in learning more about Illinois homeowners insurance? Take a moment to follow the brief introductory guide on what you need to know.
Do I Need Homeowners Insurance?
There is no law requiring that you have homeowners insurance. However, if you have a mortgage (the loan taken to pay for the home), then there will typically be a stipulation that by accepting the mortgage you get homeowners insurance. As a result, the majority of people get homeowners insurance from somewhere. Even those who do not need homeowners insurance typically get it. This is because homeowners insurance is among the best forms of protection you can get for your financial assets.
What Does My Insurance Cover?
Homeowners insurance for Illinois residents typically includes property damage, medical payment coverage, and liability coverage. Property damage will include a variable amount of protection depending on the particular type of homeowners insurance. Medical payment coverage will cover damage that occurs to people if or when they are on your property. Liability coverage helps to cover anything that you may be found liable for.
Typical Homeowners Insurance For Illinois Residents
Homeowner’s insurance types (also known as HO-#) for short, come in many shapes and sizes. When you get a homeowners insurance plan, it will be listed with the ‘HO’ followed by the number that corresponds to a particular kind of plan. The most common forms of homeowners insurance for Illinois residents are Broad Forms, Special Forms, Comprehensive Forms, Tenants Forms, Condominium Forms, and Modified Coverage Forms. Condominium and Tenant forms cover specific situations. Broad and Special forms are types that list only what is covered while Comprehensive forms list only what is not covered, making them more popular but more expensive as well.
What Is Not Covered Under Illinois Homeowners Insurance
There are certain situations that are typically not covered by any Illinois homeowners insurance. For example, if the problem is not sudden or it is accidental in nature, then it may not be covered. If the damage is covered by other policies, like damage to a car, then the homeowners insurance may not pay out. If the problem is catastrophic in nature, like a nuclear winter or other issue that permanently changes the property and structure then it will not be covered. In the end, the best thing you can do is to carefully review what your options are and carefully decide on the best insurance type for your needs.