What to know about home insurance
Illinois home insurance can be complicated, some policies cover your home, some your property, and some both. It’s very important to know what your policy covers.
Most policies cover, theft, vandalism, smoke, fire, storm and lightning damage. Some policies have optional coverage terms, like flood and earthquake damage. However, getting the optional coverage adds to your premium.
The amount of coverage you’re getting is extremely important. If you’re only covered for $50,000 dollars and your $100,000 dollar home burns to the ground, you’ll only get $50,000 from your policy.
Every insurance company has a “deductible”, which is an amount you need to pay before your Illinois home insurance company from https://illinois-insurance.website/illinois-home-insurance/ will cover the rest. Having a higher deductible can lower your payments in some cases.
Every time you make a claim with your insurer, there’s a possibility, that you’re payments will rise. There’s no laws in Illinois that can prevent your insurer from raising your payments, they can also cancel your coverage if you file lots of claims. To keep your payments low, it’s best to file only when you need to file.
There are also times when an insurance company won’t cover you. There’s a lot reasons why an insurance company might deny you coverage, like poor credit or old plumbing. Some companies even have a list of high risk objects, like a trampoline, and don’t want to risk costly claims.
However, if you are denied or your coverage cancelled, your insurer must give you a written reason why. If your credit or a CLUE report was a factor, you have the right to get a those reports from them for free.
The CLUE report, is basically a list of all the claims you’ve made on a property. As previously mentioned, if you’ve made a lot of claims, your insurer will have an official record of each one.
If you do need to file a claim because your home was damaged, do so as quickly as possible. Beware of public insurance adjusters, as they will want be a middleman between you and your insurer. Not only will you have to pay them, but they will take part of the settlement. Insurers, often send repairmen to estimate the damages and it’s a good idea to get your own estimate, to make sure they’re in line and the money you get will actually cover the costs of repairs.
Once you get your claim, make sure to hire a reputable and trusted contractor to make the proper repairs to your home.