Illinois Insurance All Your Needs in One Place

Vehicle owners in Illinois are required to carry car insurance. Your policy must meet or exceed the state’s minimum coverage requirements.

Mandatory Car Insurance Coverage in Illinois

In Illinois, all car insurance policies must include:

• Liability coverage: This pays for other people’s injuries or property damage if you are at fault for an accident. Your policy must provide, at a minimum:
  • Bodily injury liability coverage: $25,000 per person and $50,000 per accident
  • Property damage liability coverage: $20,000 per accident
• Uninsured motorist insurance (UM): This pays for medical treatments for you and your passengers if you are injured in a collision caused by an uninsured driver. Your policy must include, at a minimum:
  • UM bodily injury coverage: $25,000 per person and $50,000 per accident
  • UM property damage coverage: Available but not required

Car Insurance Options in Illinois

In addition to the coverage that is required by law, you can include several coverage options in your car insurance policy. Some of the options you are likely to see offered by insurance companies in Illinois include collision insurance, comprehensive insurance, gap insurance, medical payments, rental car reimbursement insurance, and towing and roadside assistance.

A local independent insurance agent can help you determine which types of optional coverage are a good fit for you.

Commercial insurance products protect the investment you have made in your business by covering against large financial losses when disaster strikes. Many small business owners in Illinois have the option of choosing between a business owners policy or a business insurance policy package.

What a Business Owners Policy Covers in IL

Low-risk businesses that have fewer than 100 employees and less than $1 million in annual revenues are likely to qualify for a business owners policy (BOP). These policies are the most cost-effective option and are the best choice for many small businesses. BOPs include general liability insurance, commercial property insurance, and business interruption insurance only.

What a Business Insurance Policy Package Covers in IL

Medium- and large-sized companies and high-risk small businesses need to get their coverage through a business insurance policy package. This enables business owners to choose from a variety of liability, property, and other commercial insurance products. That way, you can build a policy that is customized to meet your Illinois business’ specific coverage needs.

If you own a company in Illinois, consult a local independent insurance agent for help finding the best and most affordable coverage options.

Workers are sometimes injured on the job or may be diagnosed with occupational illnesses. If this happens, workers’ compensation insurance can shield employers from potential liability lawsuits by providing the injured employee with coverage.

With very few exceptions, workers’ compensation insurance is required for all employers in Illinois.

Policies may be purchased from a commercial insurance provider. Qualified businesses have the option to self-insure, with approval. In Illinois, workers’ compensation insurance can pay for all necessary medical treatments, short- and long-term disability benefits, death and disfigurement benefits, and vocational rehabilitation and training.

Property in Illinois is at risk for damage caused by severe weather, catastrophes, and property crimes. The good news is that residents of this state can purchase insurance products thatare designed to protect against losses related to these hazards.

• Severe weather: Damaging weather events that can impact property owners in this state include:
  • Storms: These can include windstorms, thunderstorms, and derechos.
  • Harsh winters: Heavy snow and freezing temps can cause significant damage.
  • Tornadoes: An average of 54 tornadoes touch down in Illinois every year.
• Falling objects: This includes things like uprooted trees, branches, and hailstones.
• Catastrophic events: Often, certain disasters need to be covered by specialized insurance policies. Residents of Illinois have a risk of:
  • Floods: Around 15% of properties in IL have a significant risk of flood damage.
  • Accidental fires: Most insurance policies cover fire and smoke damage.
  • Wildfires: An estimated 12% of properties in IL are at risk for wildfire damage.
• Property crimes: This includes losses related to burglary, theft, vandalism, and arson.

Independent insurance agents live and work in your neighborhood. Because they are aware of the risks you face as a property or business owner in your Illinois city, these agents can help to ensure that you are suitably covered against all potential perils.

Be aware that nearly all homeowners, renters, and business insurance policies exclude coverage against flood damage. Unfortunately, more than half a million properties in this state have a significant risk of sustaining flood damage over the next thirty years.

To be protected against financial losses related to this hazard, you can supplement your policies with flood insurance. Affordable policies are available through the National Flood Insurance Program (NFIP), a program administered by FEMA in NFIP-participating locations.

If your property is located in a flood zone and you are still paying on a mortgage, your lender will require you to carry flood insurance. Otherwise, this coverage is optional. When deciding whether or not to purchase a policy, consider that the average compensation per flood claim in Illinois is $13,700.

Some landlords and rental agencies require their tenants to carry renters insurance, but more often than not, this coverage is optional.

Renters insurance is designed to shield you from financial losses related to property damage, theft, displacement, and even personal liability lawsuits. And you may be surprised by how affordable this coverage is.

In Illinois, the average renters insurance policy costs just $167 a year, or $14 a month. Talk to a local independent insurance agent to learn more about what a renters policy can do for you.

A large liability lawsuit could cost you a lot of money. If you have a lot of wealth and assets you may want to protect, consider purchasing umbrella insurance. This secondary insurance coverage can significantly boost the liability coverage offered by policies you already have.

Because the coverage offered by an umbrella insurance policy does not kick in unless your primary insurance coverage has been exhausted, these policies are typically very affordable.

Personal umbrella insurance policies are typically sold in million-dollar increments at a cost of about $200 to $300 a year for every million dollars in coverage purchased, while commercial umbrella insurance policies typically cost about $500 a year for every million dollars in coverage purchased.

Several neighborhoods in Illinois are built on old, abandoned mines. While it is not a frequent problem, sometimes these mines collapse and cause damaging earth movement. Unfortunately, most homeowners insurance policies exclude coverage for damage caused by mine subsidence.

Fortunately, all insurance providers in Illinois are required to offer mine subsidence insurance to their policyholders. This insurance can cover damage to your home’s foundation and structure as well as damage to your personal property if mine subsidence occurs beneath your property.

A local independent insurance agent will be aware of whether or not mine subsidence is a risk in your Illinois neighborhood, and, if so, can help you secure mine subsidence coverage. These policies are very affordable. For instance, you can purchase $500,000 in coverage for around $150 a year.  Talk to an independent agent near you to learn more.

When you are shopping for insurance, you need to make a lot choices. Independent insurance agents can help you make informed decisions by answering questions like:

• How much coverage do I need?
• Which insurance company should I purchase from?
• How can I reduce costs without sacrificing important coverage?
• Which coverage options are a good fit for me?

Arrange an obligation-free consultation with one of the nearly 1,200 independent insurance agencies in Illinois to discover how having a local independent insurance agent on your side can save you time and money.

There are many reliable and high-rated insurance companies operating in Illinois. Some of the best include:

• Travelers: Travelers insurance has been offering policyholders trustworthy and reliable coverage since 1863.
• Progressive: The convenience of online services and an award-winning mobile app make this insurance provider a top choice for residents of Illinois.
• The Hanover Insurance Group: The Hanover group has a variety of standard and specialized policies and options to meet your specific coverage needs.
• Central Insurance Companies: Central Insurance has been providing customers with security, protection, and peace of mind since 1876.
• Encova: Ranked one of the top 20 mutual insurance companies in the US, Encova markets its various product offerings through independent agencies in several states.

Independent insurance agents work with these and other top insurance providers. Talk to an agent near you to find out which Illinois insurance company is best for you.