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Illinois Homeowners Insurance Information
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Whether you own a house, condominium or townhouse, for most people their
home is their most important investment. The O'Neal Insurance Group of
Chicago, IL offers Illinois homeowners insurance policies that have flexibility to
meet your individual needs and above all, provide you with the security that
comes only from the knowledge that your home is safe.
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Insurance for your home is one of the most popular and important forms of
personal insurance and the typical Illinois Homeowners Insurance policy has
two main sections:
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Section I - insurance coverage for your property
Section II - personal liability coverage (to cover you in case of lawsuits
arising from things that happen on your property)
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Homeowners insurance is often required by lenders to obtain a mortgage
and nearly everyone, whether you own or lease property, should have the
protection of homeowners insurance.
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Illinois Homeowners Insurance FAQ
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Click on the link below to fill out a secure quote request form for an Illinois
Homeowners Insurance policy that will provide excellent insurance coverage
at an affordable cost. Or you can speak with our Illinois Homeowners
Insurance specialist toll free at 877-808-2900 to discuss the policy features
in more detail.
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We are a Chicago, IL insurance agency offering affordable Illinois homeowners
insurance policy premiums in the following cities and counties: Oak Lawn,
Englewood, Calumet Park, Roseland, Landsing, Dolton, Calumet City, South Holland,
Riverdale, Glenwood, Chicago Heights, South Shore, Burnham, Oak Forest, Bedford
Park, Hazel Crest, Alsip, Palos Hills, South Chicago Heights, Orland Park, St.
Charles, Geneva, Batavia, Lafox, Orland Hills, Elburn, Mooseheart, De Kalb, Virgil,
Maple Park, Burlington, Kaneville, Cortland, Sycamore, Hampshire, Big Rock,
Hinckley, Wasco, Lily Lake, Valley View, South Elgin, Wayne, Aurora, Naperville,
Montgomery, Warrenville, Moecherville, Winfield, Wheaton, Carol Stream, Bartlett,
Streamwood, Glen Ellyn, Lisle, Glendale Heights, Hanover Park, Elgin, Ontarioville,
Keeneyville, Bloomingdale, Medinah, Roselle, Schaumberg, Hoffman Estates,
Carpentersville, Udina, Huntley, Gilberts, West Dundee, Barrington, Cary, Palatine,
Lake Zurich, Libertyville, Wauconda, Inverness, Elk Grove Village, Itasca, Addison,
Lombard, West Chicago, Villa Park, Elmhurst, Oak Brook, Highland Hills, Downers
Grove, Woodridge, Bolingbrook, Darien, Oswego, Yorkville, Sugar Grove, Joliet,
Romeoville, Algonquin, Buffalo Grove, Arlington Heights, Roling Meadows, Mount
Prospect, Des Plaines, Bensenville, Homer Glen, La Grange, Northbrook, Skokie,
Evanston, Cicero, Berwyn, Burbank, East Chicago, Waukegan, Mundelein, Deerfield,
North Chicago, Newark, Sheridan, Morris, Ottawa, Sandwich, Serena, Waterman,
Rochelle, Marengo, Dupage County, Kendall County, Will County, Lake County, Kane
County, and Cook County, IL. We also offer Illinois homeowners insurance services
throughout the prairie state, including in Moline, Rockford, Peoria, Springfield,
Bloomington, Decatur, and Champaign, IL.
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Personal liability in an Illinois homeowners insurance policy is also an important part
of having security from accidents that may occur on your property. We suggest you
choose coverage limits that are not less than those on other liability insurance you
own, such as car insurance.
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Illinois Homeowners Insurance Policy FAQ
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Click on the link below to fill out a secure quote request form for an Illinois
Homeowners Insurance policy that will provide excellent insurance coverage at an
affordable cost. Or you can speak with our Illinois Homeowners Insurance agent
specialist toll free at 877-808-2900 to discuss the policy features.
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Covered losses under an Illinois homeowners insurance policy can be paid on either a
replacement cost basis or on an actual cash value basis. When "actual cash value" is
used, the policy owner is entitled to the depreciated value of the damaged property.
Therefore, the older the item is, the less money you may receive for it. If you choose
the "replacement cost" coverage, the Illinois homeowners insurance policy will
reinburse the amount it costs to replace the property with something of a similar type
and quality at current prices.
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An "All Risks" policy provides the broadest Illinois homeowners insurance protection
because it will cover losses that are due to any peril except those specifically excluded
in the policy. A "Named Perils" policy covers losses that are due to only those perils
listed in the standard Illinois Homeowners Insurance policy and typically include fire, hail,
windstorm, and other physical losses.
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Illinois Homeowners Insurance Policy FAQ
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If your policy limit is less than 80% of the replacement cost of your home, you will
face a "coinsurance penalty," which means you'll have out-of-pocket expenses to
cover costs beyond the policy deductible you chose. For example purposes we will
assume your home's estimated replacement value (RCV) is $100,000. The co
insurance clause requires you carry at least $80,000 (80% of your RCV). If you
chose to purchase only a $40,000 Illinois Homeowners Insurance policy you would
be underinsured by half. Therefore, in the example the insurance company would
pay one-half of a loss less the policy deductible, so if you suffered a $10,000
covered loss to your house, condominium or townhouse and had a $500
deductible, your policy would only pay $4,500.
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Illinois Homeowners Insurance Policy FAQ
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**The information, pictures, and other content in this website about particular insurance
services is only provided for informational purposes. Any decisions regarding your
insurance needs should be discussed with a licensed insurance agent.
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Replacement Cost or Actual Cash Value
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Illinois Homeowners Insurance Policy FAQ
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All Risks or Named Perils
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Coinsurance Penalty
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Personal Liability
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Illinois Homeowners Insurance
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O'NEAL
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Insurance Group
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Insurance Coverages
Insurance Solutions
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Toll Free: 877-808-2900
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Your Chicago Homeowners Insurance Connection
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O'Neal Insurance Group
1637 E. 87th Street #303
Chicago, Illinois 60617
Cook County, IL
Toll Free: 877-808-2900
Local: (773) 358-7168
Fax: (773) 358-7168
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ILLINOIS
PERSONAL INSURANCE
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