While homeowners insurance is not as important or pressing as car insurance, Illinois residents who own their own homes need to have Illinois homeowners insurance for one of two reasons, if for nothing else.
- To satisfy your lender/mortgager
As a binding agreement between you and your lender, most of them anyway, you will be required to have your home insured. If you choose to buy insurance alongside your mortgager, you will, however, your premium will be much higher and coverage will only go towards damages caused to the structure of the house and nothing else. Your mortgager may put this as a requirement to your loan and you will have to pay the high cost if you do not have personal home owners insurance.
- Asset protection
Next to satisfying a loan, most homeowners opt to get homeowners insurance on the mere basis that they want to protect their assets. These homeowners insurance will normally cover damage to the home and property and legal responsibilities in the event that someone is injured on your property.
Homeowner’s insurance policy coverages:
While each insurance policy will cover different things based on the policy you buy, the basic coverage that all Illinois homeowners insurance covers are:
- Personal Property – if your personal possessions are damaged, then the policy will cover personal items such as: clothing and appliances, electronics and furniture.
- Dwelling – homeowners insurance will pay for any damage caused to your house itself and any other structure that is attached to the property, such as: installed air conditioners, fixtures, such as electrical wiring and plumbing; and heating.
- Loss of use – this coverage will cover additional expenses acquired while you are away from your home when it is being repaired.
- Other structures – this is a coverage that pays for detached garages, tool-sheds, fencing, and guest’s houses that is on the property.
- Personal Liability – is a coverage that will cover financial expenses in the event that someone gets hurt on your property and decides to take the matter to court.
- Medical coverage – will cover medical bills for anyone who gets hurt while on your property or someone who is hurt by your pet.
While most people will opt to avoid getting insurance, it is not something that you should do because Illinois homeowners insurance from illinois-insurance.website is very helpful and can provide you with financial help when you need it the most. Don’t think that because you have never used it before that you will never need to use it.