Insurance
Illinois Homeowners Insurance Calculator: Free Cost Estimator (2024)
Updated: November 21, 2024
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MoneyGeek’s home insurance calculator will give you a ballpark estimate of your cost — it’s free, no personal information required, no spam.
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Dec 23, 2024
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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.
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.
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.
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.
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.
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.
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.
Personal Property Coverage Calculator
When figuring out how much renters insurance you need, experts recommend the standard $100,000 in liability insurance and enough personal property protection to cover your possessions. Use MoneyGeek's calculator to estimate the value of your possessions so you know how much personal property coverage to buy.
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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
| $100,000 | $1,688 |
| $250,000 | $2,238 |
| $500,000 | $5,005 |
| $750,000 | $6,936 |
| $1,000,000 | $8,747 |
| $2,000,000 | $16,552 |
| $3,000,000 | $24,155 |
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?
The average Illinois homeowner pays $2,238 for their insurance per year — that is 7% less than the national average. Of the cheapest states for homeowners insurance, Illinois ranks 31st for homes with a dwelling coverage of $250,000.
How do I know how much dwelling coverage to get?
The average dwelling coverage in Illinois is $250,000, though you may need a higher limit depending on your home's size, age and other characteristics. A professional appraiser or insurer can provide you with an accurate estimate.
Insurance
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 is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He 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.