Illinois Vacation Home Insurance

Your Guide to Illinois Vacation Home Insurance

How to connect with a local independent agent

Illinois Vacation Home Insurance

In Illinois, there are approximately 1,200,000 small businesses in operation. When you own a vacation home, you're running a business that needs protection. Vacation home insurance can help save the day. 

An independent insurance agent has coverage and premium options so that you get the best deal in town. They do the shopping for free, saving you money. Connect with a local adviser for custom quotes. 

What Is Vacation Home Insurance?

Your Illinois vacation home insurance will be very similar to your primary home coverage. There are a few differences and more risks with a vacation home than others. Check out what it is below.

  • Vacation home insurance: Provides liability, property damage, and loss of use coverage for a vacation property. This home will be used for renting to others on a short-term basis.

What Does Vacation Home Insurance Cover?

In Illinois, there are several coverages needed for your vacation home. When you have third parties renting out your property, there are added exposures you'll have to take into account. The majority of vacation home policies have the following coverages.

  • Dwelling limit: Pays for the replacement or repair of your home itself when a covered claim occurs.
  • Personal property: Pays for the replacement or repair of your personal belongings.
  • Personal liability: Pays for bodily injury, property damage, and libel or slander claims against a household member.
  • Loss of use: Pays for your lost rental income when a claim shuts down your operation for a period of time. 
  • Medical payments: Pays for the first $1,000 - $10,000 of a medical expense when a third party gets injured on your property.

Perils your vacation home policy will cover

  • Fire
  • Wind
  • Hail
  • Lightning
  • Severe storms
  • Theft and vandalism

How Much Is Vacation Home Insurance in Illinois?

In 2019, Illinois had $16,998,439,000 in commercial insurance claims paid alone. When you're shopping for the best rates for your vacation home, carriers look at losses in the area. There are several other factors they use as well. Take a look at the items insurance companies look for to determine your premiums.

  • Where you live
  • How many claims you've filed
  • How new your house is
  • How close you are to a fire department
  • How close you are to a fire hydrant
  • The materials of your home
  • Your credit score
  • If you have a pool, trampoline, or pet
  • The square footage of your home
  • How much it costs to replace your home

Risk factors you can improve

  • Improving your credit score
  • Filing fewer insurance claims
  • Updating your roof, electrical, plumbing, or heating

Will the Location of My Vacation Home Impact My Rates?

Where your Illinois vacation home is located will have a lot to do with your rates. Carriers use territory factors to figure your premiums. The safer your property, the less you'll pay in coverage. Companies look at the following having to do with your location.

  • Local crime rate
  • Local claims reported and paid 
  • Flood zone

If you're in a high-risk flood zone, you'll pay more in insurance. A separate flood insurance policy is required depending on your zoning. If you are in an A or V zone, you'll be on the hook for more premiums paid out to insurance. 

How an Independent Insurance Agent Can Help

The best way you can protect your investment is by obtaining proper coverage. In Illinois, vacation home insurance can be found through a trusted adviser. There are a variety of options you can review for adequate protection.

An independent insurance agent can help with finding a policy for an affordable price. They have access to multiple markets so that you get the best. Connect with a local expert on TrustedChoice.com in minutes. 

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TrustedChoice.com Article | Reviewed by Jeffrey Green

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