Best Homeowners Insurance Agencies in Palatine

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.
  

• Is tornado coverage included in Palatine homeowners' insurance policies?

  Yes, home insurance policies in Palatine frequently cover tornado property damage to your home and personal belongings. This coverage pays for repairs or rebuilding your home if it is damaged by tornado wind. While standard homeowners insurance policies typically include coverage for tornado damage, it is critical to review your policy and confirm the specific coverage details. Because Palatine is in Illinois, tornadoes can cause serious damage to homes on occasion.

• In Palatine, under what conditions can you make an ALE claim on your homeowners' insurance?

  When a covered loss renders your Palatine home inhabitable, you can file an ALE claim. ALE is intended to cover out-of-pocket expenses not covered by basic living expenses. This can include temporary housing, storage fees, increased travel expenses due to a longer commute, and utility connection fees for a temporary residence. The Additional Living Expenses (ALE) benefit only covers additional costs incurred during home repairs.

• Is it advisable to bundle auto and homeowners' insurance in Palatine?

  Yes, bundling your auto and home insurance in Palatine simplifies things by allowing you to deal with a single agent for potential accidents involving both your vehicle and your property. This can save you time and present you as a lower-risk customer, potentially resulting in lower rates. In some cases, bundling can result in a single deductible, lowering costs. Furthermore, it frequently comes with discounts, which can save you up to 16.1%.

• What types of exterior underground service lines are usually not covered by homeowners' insurance policies in Palatine?

  Exterior underground service and utility lines, which can include water and sewer pipes, cable, internet, and electrical wiring, as well as propane and natural gas pipes, are typically not covered by homeowners' insurance policies. Homeowners in Palatine are frequently responsible for these lines, and damage caused by tree roots, animal interference, or corrosion can result in significant repair costs.

• How much does homeowners' insurance increase for homes with swimming pools in Palatine?

  The cost of homeowners' insurance with a swimming pool varies depending on the pool's features. Having a swimming pool may result in a $20 increase, while having a diving board may result in a $51 increase. If your pool has a slide, your homeowners' insurance in Palatine will likely rise by $61.

• 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.