GITNUX MARKETDATA REPORT 2024

Statistics About The Average Cost Of Homeowners Insurance In Illinois

The average cost of homeowners insurance in Illinois is around $1,000 per year.

Last Updated: June 23, 2024

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In this post, we will explore the average cost of homeowners insurance in Illinois, delving into various statistics and insights across different regions of the state. From the contrasting premiums in Naperville and rural areas to the impact of factors like location, discounts, and common insurance claims, we’ll provide a comprehensive overview of the homeowners insurance landscape in Illinois.

Statistic 1

"The city of Naperville, Illinois has one of the lowest average insurance premiums at around $900 annually."

Statistic 2

"Rural areas of Illinois generally have lower homeowners insurance costs, averaging around $1,200 per year."

Statistic 3

"The average deductible on homeowners insurance policies in Illinois is around $1,000."

Statistic 4

"The average claims payout for homeowners insurance in Illinois is roughly $9,500."

Statistic 5

"The average cost of homeowners insurance in Illinois is $1,322 annually."

Statistic 6

"Chicago area homeowners tend to pay about $1,450 annually on average for their insurance policies."

Statistic 7

"Illinois residents can save an average of 5-10% on insurance by bundling with auto policies."

Statistic 8

"Illinois ranks 23rd in the nation for highest average homeowners insurance rates."

Statistic 9

"There are approximately 3.8 million owner-occupied housing units in Illinois."

Statistic 10

"A large proportion of Illinois homeowners spend between $1,000 and $1,500 annually on insurance."

Statistic 11

"Rates for homeowners insurance in Illinois can vary by over $1,000 depending on the location within the state."

Statistic 12

"Illinois homeowners insurance rates are slightly above the national average which is $1,312 per year."

Statistic 13

"Illinois homeowners who installed home security systems received discounts up to 20% on their insurance premiums."

Statistic 14

"Homeowners insurance premiums in Illinois have increased by approximately 30% over the last decade."

Statistic 15

"Hail and wind damage contribute to more than 50% of homeowners insurance claims in Illinois."

Statistic 16

"Homeowners insurance in Illinois is generally more expensive in flood-prone areas."

Statistic 17

"The average liability coverage on Illinois homeowners insurance plans is $300,000."

Statistic 18

"Fire and lightning damage claims are among the most common in Illinois, affecting over 25% of policyholders."

Statistic 19

"About 60% of Illinois homeowners carry additional flood insurance."

Statistic 20

"In Illinois, the city with the highest average homeowners insurance cost is Harvey, averaging $2,004 per year."

In conclusion, the average cost of homeowners insurance in Illinois varies significantly depending on location, with cities like Naperville and rural areas having lower premiums compared to places like Chicago and Harvey. Residents can save money by bundling policies and installing security systems, but overall, Illinois rates are slightly above the national average due to factors such as hail and wind damage, flood-prone areas, and common claims like fire and lightning damage. Despite the increase in premiums over the last decade, Illinois homeowners continue to invest in insurance coverage, with a majority opting for additional flood insurance to protect their properties.