Average Cost of Homeowners Insurance in Illinois (2024)

The average cost of homeowners insurance in Illinois in 2024 is $2,119. This is $304 less than the national average of $2,423.

Aside from the amount of coverage you get, credit rating has the largest impact on premiums, with Illinois homeowners seeing an average difference of $8,239 between the highest and lowest premiums based on credit score. If you've noticed a recent hike in your rates, our analysis of the cheapest plans in the state can guide you to more affordable options. Remember, the insurance provider you choose also plays a significant role in determining your premium costs.

In Illinois, the average annual homeowners insurance premium for policies with $250K in dwelling coverage, $125K in personal property coverage and $200K liability coverage is $2,119, which is less than the national average of $2,423.

When determining how much coverage you need, it's important to have enough insurance to rebuild your home and replace personal property in case of total loss. For example, a policy with $100K in dwelling coverage averages $1,363 annually. For a larger home requiring $500K in dwelling coverage, the average premium rises to $3,275.

Premiums for homeowners insurance in Illinois show notable variation across providers for comparable coverage. For example, Auto-Owners offers an annual premium significantly lower than the state average, while Travelers' rates are considerably higher.

For those seeking coverage, review the best homeowners insurance in Illinois. Differences in underwriting can lead to a wide range of premium quotes, making it essential to compare options.

Homeowners in Illinois with poor credit pay an average annual premium of $9,452 for homeowners insurance, a stark contrast to the $1,213 paid by those with excellent credit. This demonstrates a substantial difference of $7,333, underscoring the impact credit scores have on insurance rates.

While you may not be able to improve your credit score immediately, you can improve it over time to lower your rates. In the short term, you can compare insurers in less than 15 minutes to see the most affordable Illinois home insurers.

The type of roof on your home influences your homeowners insurance premium in Illinois. Materials like tile, known for durability, can lead to lower insurance costs. Conversely, shake-treated roofs, which may be more susceptible to damage, often result in higher premiums.

Construction materials also play a role in determining insurance rates. Superior construction, which is more resistant to perils such as fire, typically garners lower insurance rates. In contrast, standard frame construction, a common choice, may carry higher premiums due to its relative vulnerability to severe weather events.

Use the drop-downs below to see how premiums change based on your home's materials.

Typically, insuring a new construction home in Illinois costs less than an existing one due to modern materials and adherence to current building codes. The average annual premium for new homes is $1,078, reflecting a $1,041 decrease from the average cost of insuring an existing home at $2,119. The table below illustrates the premium differences for various coverage levels.

In Illinois, homeowners who have maintained a claim-free status for over five years can expect to pay an average annual premium of $2,119 for their homeowners insurance. However, filing even a single claim within the past five years can increase the annual premium to $2,453, which is $334 above the average. Those with two claims within the same period may see their rates rise to an average of $2,711 annually, $592 more than the baseline premium.

For the cities we analyzed, we found premiums ranging from $1,905 to $2,284. In Aurora, homeowners typically pay around $1,905 per year, while Chicago residents face higher rates averaging $2,284. The location impacts insurance costs due to factors like crime rates and weather-related risks. Compared to other factors, city location can notably influence premium prices.

Shopping for home insurance in Illinois doesn't have to be a maze. With the right approach, you can confidently find the best deal that fits your needs. The key lies in understanding the factors that affect your premium and knowing how to navigate them to your advantage. Here's how to find the best deal for you.

In Illinois, homeowners can save an average of 13% on their insurance costs when they bundle home and auto policies. Specifically, the annual savings on the combined cost of both coverages can range from $240 to $627. This multipolicy approach not only simplifies the management of your insurance but also provides a financial benefit. Knowing the best Illinois home and auto bundles can help you maximize multipolicy discounts.

Illinois homeowners can capitalize on various insurance discounts to lower their premiums.

• Loyalty Discount: Stay with the same insurer for several years.
• Protective Devices: Install smoke detectors, burglar alarms, or other security systems.
• Claim-Free History: Maintain a record with no claims for an extended period.

Remember, to unlock maximum savings, inquire about all available discounts when obtaining a quote.

For those navigating homeowners insurance in Illinois, a wealth of resources is available to assist you. These tools can provide valuable guidance if you're seeking to understand regulations, find affordable coverage, or calculate your insurance costs.

• Illinois Department of Insurance: Official state resource for insurance regulations.
• Affordable Home Insurance in Illinois: Find cost-effective options for your home.
• Illinois Homeowners Insurance Calculator: Estimate your potential insurance costs.
• High-Risk Home Insurance Coverage: Understand insurance for homes in high-risk areas.
• Top Home Insurance Options in Illinois: Compare the best insurance providers.
• Personal Property Coverage Essentials: Guide to personal property insurance needs.
• Report Insurance Fraud: Online system for reporting insurance fraud.