For most people in Illinois home owners insurance is an essential piece of cover for a number of reasons. The two main reasons for purchasing home owners insurance are to protect your house and assets or to satisfy your mortgage lenders requirements. Of course, mortgage lenders need to know that you are taking care of the property and in the case of any damage to the property whether by accident or due to natural forces their investment is protected. After all, the mortgage company own your property in effect until the loan is completely paid off.
A home owner’s insurance policy can include many different types of cover in Illinois in addition to the usual coverage for loss, theft or damage to your personal property that pretty much all insurance covers. Dwelling coverage can pay for damage to your house and internal issues such as plumbing and electrics. At additional cost you can also get coverage for outhouses and buildings such as sheds and separate garages. If you property becomes uninhabitable then your insurance may also include cover to pay the expenses of using alternative accommodation whilst repairs are carried out.
Illinois home owners insurance can also cover personal / legal and medical issues as well. Of course, as with the coverage options mentioned above most of these will be at additional cost to you but it is worthwhile at least considering whether they might be appropriate for you. Personal coverage will cover you for costs incurred if someone takes legal action against you due to injury, damage of loss they have sustained that they believe is your fault. Medical coverage would pay the medical expenses of people who are injured on your property and require medical attention as a result.
All of these different cover options are usually packaged into a type or Form of homeowners insurance. For example, you may have Basic Form (coverage) or Condominium Unit Owners Form to name just a couple of options. If you are unsure of your insurance requirements your Illinois insurance company or broker will be able to advise you of your options.
It is always wise to request written details of all coverage, terms and conditions, read through them and ask if you are unclear. Most people simply ask for a Form coverage and purchase the insurance straight away. However, it is worth remembering that as long as you were given accurate information during the sales process the insurance company is only bound by the insurance coverage provided. It is your responsibility to check the coverage is appropriate for you.