Homeowners insurance policy protects you from financial losses that are the result of theft or other types of damage to your home. Other buildings on your property as well as your personal belongings are also usually covered. Homeowners insurance also includes liability coverage if you are legally responsible for bringing about injury to others or damage to their property.
Illinois homeowners insurance can be purchased from established insurance agencies such as the Illinois Insurance Center.
Most mortgage companies make homeowners insurance mandatory. Although you can buy separate policies for theft, liability and other perils, combination plans including these coverages are more typical.
Basic Homeowners Insurance Coverages
Liability Coverage - Pays for bodily injury to another person or damage to property that you or some other member of your household are found to be legally responsible for. Sometimes it will also cover the cost of a lawyer to defend you if you need one.
Medical Payments Coverage - This type of coverage will pay for injuries sustained by some other person who is accidentally injured while on your property. This also covers situations where another person is injured by you or members of your family. Such coverage will cover up to the limit of medical payments coverage you contracted for. It doesn’t matter who is at fault. It does not cover your own injuries or your family members living with you.
Property Coverage - This coverage pays for physical damage to your home, personal property, and detached buildings on your property typically including garages and tool sheds. Property coverage is the most complex part of your policy, and this component should be carefully defined when you take out your policy.
In Illinois, for more information about Illinois homeowners insurance contact the Illinois Insurance Center, a customer-focused insurance agency committed to bringing you the best possible service.