Homeowners insurance insures you against financial losses resulting from theft or damage to your home. Other buildings on your property and your personal belongings are also usually covered. A homeowners policy also includes liability coverage if you are found to be legally responsible for causing injury to others or damage to their property.
Illinois homeowners insurance can be purchased from established insurance agencies such as the Illinois Insurance Center.
Most mortgage companies require you to have homeowners insurance. It is possible to buy separate coverage for theft, liability and other specific types of perils but combination plans including these coverages are more common.
Basic Homeowners Coverage Types
Liability Coverage – Pays for bodily injury to third party as well as property damage for which you or members of your household are legally responsible. It may also pay for a lawyer to defend you if you need one.
Medical Payments Coverage – Pays for injuries sustained by some other person who is unfortunate to be accidentally injured while on your property. This also applies if they are injured by you or members of your family. Such coverage pays up to the limit of medical payments coverage you contracted for. This coverage pays no matter who is at fault. It does not cover injuries to yourself or to your family members who live with you.
Property Coverage – Pays for physical damage to your home, personal property, and detached buildings on your property including garages and tool sheds. Property coverage is the most complex part of your policy, and this component should be carefully defined when you take out your policy.
In Illinois, for detailed information about Illinois homeowners insurance contact the Illinois Insurance Center, a customer-focused insurance agency committed to bringing you the best possible service.
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