Best Homeowners Insurance Agencies in Arlington Heights

Frequently Asked Questions

• Introduction

  Homeowners' insurance is a type of property insurance used by private property owners to protect their home and property from a range of risks and liabilities. It is also called home insurance.
  

  
  

  All homeowners' insurance policies cover the primary home on a property, meaning that most damage from weather, accidents, vandalism, and other events will be at least partially paid for by the insurance company. Many policies also include coverage for other structures, personal property, and some premises liability.

  
  

  It is not required by law that a homeowner purchases insurance for their property. However, if you have a mortgage, the lender will usually make purchasing a homeowners' policy a mandatory part of the loan process. Since the mortgage lender is essentially selling you the home, they require you to protect the investment.
  

• What's the difference between replacement cost and actual value in Arlington Heights?

  In a homeowners insurance policy, replacement cost coverage covers the full expense of restoring your home to its original state, while actual value coverage assesses the Arlington Heights property's depreciated value at the time of loss. Do note that actual value plans typically have lower rates than replacement cost policies.

• Will your Arlington Heights homeowners insurance provide coverage for your vehicle in case it gets damaged by fire while parked in your garage?

  Your Arlington Heights homeowners insurance will not provide protection for your vehicle if it gets damaged in a fire while it's parked in your garage. To get coverage for situations like fire or objects falling on your vehicle while it's in the garage, you would need to have comprehensive coverage on your auto insurance policy, not on your homeowners insurance.

• Does your Arlington Heights homeowner' insurance policy come with earthquake coverage as a standard inclusion?

  Your Arlington Heights homeowners insurance doesn't include earthquake coverage by default. You do have the option to include earthquake coverage as an additional endorsement to your policy. While adding earthquake coverage is reasonably priced and is determined by your home's value, the deductible for earthquake insurance is notably higher than the deductible you might have for your standard homeowners insurance.

• What are some recommended extra coverage options for homeowners in Arlington Heights?

  Many Arlington Heights residents opt for additional homeowners insurance coverage beyond their basic policy. Your mortgage lender can require you to buy flood insurance depending on where you reside. You might also consider acquiring extra coverage to assist with storm-related damage. Given Arlington Heights' mining history, there's a possibility of mine subsidence, so if you suspect your property is near a mine, it's advisable to explore this specific type of coverage.

• Does homeowners insurance in Arlington Heights provide coverage for lost jewelry?

  If you lose a valuable piece of jewelry, your homeowners insurance policy in Arlington Heights will typically provide coverage for it. When you have additional insurance floaters or special endorsements for valuable items like jewelry, the deductible you need to pay when making a claim is often lower or even non-existent. Furthermore, in many cases, you may have the option to have the insurance company replace the lost item for you.

• What determines the price of homeowners insurance premium?

  The premium, or monthly cost, of your homeowners' insurance policy depends on several factors, including the value of your home and amount of coverage you choose. Your credit history and whether the property is in a higher risk area also play a role.