Best Homeowners Insurance Agencies in Joliet

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.
  

• Are Joliet homeowners required to have homeowners’ insurance policies?

  While there are no state laws requiring homeowners in Joliet to take out homeowners’ insurance policies, it is a common requirement enforced by mortgage lenders. Those who own their homes outright are not obliged to have homeowners’ insurance. However, standard policies provide protection in the event of common risks in Illinois, such as tornadoes, hail, and fire damage.

• What are the types of homeowners’ insurance policies in Joliet?

  The three main types of homeowners’ insurance policies in Joliet are actual cash value, replacement cost, and guaranteed or extended replacement cost policies. While actual cash value policies replace one’s damaged structure and belongings after deducting any depreciation costs, replacement cost value policies make no such deductions. Meanwhile, guaranteed or extended replacement cost policies offer full replacement exceeding one’s policy limits.

• How much does homeowners’ insurance cost in Joliet?

  In Joliet, the average annual homeowners’ insurance premium for a dwelling coverage of $250K is $$1,352. This is significantly lower than the national average cost of $1,428 per year. Meanwhile, cities in Illinois with the most expensive homeowners’ insurance premiums include Hartford, West Liberty, Lerna, South Roxana, and West Union.

• How can Joliet residents lower their homeowners’ insurance premiums?

  Residents of Joliet may be able to obtain lower homeowners’ insurance premiums if they have not made a claim for three to five years. Installing security features such as sprinklers, smoke detectors, and security cameras may also qualify policyholders for discounts. In addition, those with newly purchased or built homes may be offered cheaper premiums.

• How do construction types affect Joliet homeowners’ insurance policies?

  Those in Joliet with fire-resistive or masonry-type homes typically save the most when it comes to homeowners’ insurance policies. The same goes for those with brick-type homes and hail-resistant roofs. Meanwhile, those with features such as a swimming pool tend to pay costlier premiums. Other factors that impact insurance costs include proximity to public safety departments.

• 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.