No matter where you live, you're going to need some type of insurance. For most people, this will include home, auto, and health at minimum.
Located in the heart of the Midwest, Illinois is shielded from many of the disasters that drive up insurance costs in other states, such as hurricanes or earthquakes. It is also ranked the 29th healthiest state in the country, which means health insurance costs remain relatively low as well.
In order to get the best Illinois insurance rates, it's a good idea to familiarize yourself with state requirements, factors that affect insurance, and possible savings.
Illinois auto insurance premiums average $723 a year, not too bad consider that is under the national average. Illinois insurance requirements include, at minimum:
- Bodily Injury Liability. You will need a minimum of $20,000 per person or $40,000 per accident. This covers the medical expenses of the other car(s) in the event you cause an accident.
- Property Damage Liability. State minimums are $15,000 to cover property damage, whether you back into your neighbor's fence or you drive your car through a storefront.
Liability protection doesn't include coverage for your own vehicle, so it's also wise to consider comprehensive coverage so your own car and medical costs are covered. Uninsured/underinsured motorist coverage is also a good idea in case you are hit by someone without insurance.
Mortgage companies will require you to have homeowners insurance if you own your home, but unlike auto insurance, there are no limits set forth on what type of coverage or how much you should have. Most people will end up with an H0-3 policy, which is broad coverage that covers most perils like fire, vandalism, and hail.
When shopping for insurance, keep in mind that most homeowner policies don't cover your personal possessions, just the structure of your home. You will have to purchase separate contents insurance for your home, which will increase your Illinois insurance rates, but costs will be minimal in comparison if you actually have to file a claim.
Most people get insurance through their employers. But in this economy and with a high unemployment rate, many people go without health insurance. Illinois offers a range of programs designed to provide affordable health insurance for residents, including:
- Illinois FamilyCare. This program offers healthcare for parents of children 18 or younger who live with them.
- Illinois All Kids. This program offers affordable health care coverage for children, infants, and expectant mothers. It also helps cover the costs of premiums for insured individuals who can't afford the premiums.
Saving on Illinois Insurance Rates
You can find the best Illinois insurance rates by shopping around and comparing prices from local companies. The easiest way to do this is through LocalInsurance.com. This site provides everything you need to know about Illinois insurance, rates, and requirements.