Homeowners Insurance in Chicago, IL
No matter how diligently you care for your home, some events are simply out of your hands. Considering the substantial financial investment you’ve made in your property, it’s crucial to understand and carry suitable home insurance to safeguard it against unforeseen circumstances.
What Does Homeowners Insurance Cover? 
Homeowners insurance, also referred to as home insurance, offers various levels of financial protection. However, most policies typically include the following:
- Liability coverage may help cover expenses if you are held accountable for another person’s injuries or property damage.
- Dwelling (structural) coverage may provide financial support when you need to repair or rebuild your home’s structure, including the roof, walls and foundation, after a covered incident. However, coverage for high-value possessions such as jewelry or artwork typically falls under personal property coverage and may require additional endorsements or floaters.
- Personal property coverage may pay for expenses if you need to repair or replace furniture, electronics, clothing and other items damaged or stolen.
- Loss of use (additional living expenses) may offer financial assistance for temporary lodging, food and other living costs if a covered event renders your home unlivable. This helps you sustain your usual lifestyle while repairs or rebuilding take place.
How Does Homeowners Insurance Work?
Like other insurance policies, homeowners insurance is a contract between you and your insurance company. Once you pay your premiums, your provider agrees to offer financial assistance up to the policy’s limits, after accounting for any applicable deductibles.
While the specifics of homeowners insurance may differ, it typically covers risks such as fires, theft, burglary, vandalism and falling objects. For added financial protection, you have the option to include various endorsements. Earthquake coverage typically requires a separate policy or endorsement, while hurricane-related wind damage may or may not be included, depending on your policy and location.
How Much Homeowners Insurance Do I Need?
Securing appropriate coverage may help protect you from any financial setbacks when the unexpected happens. At 1st American Insurance Agency, we’re ready to discuss your homeowners insurance needs and develop a policy that’s right for you. Contact us today to learn more about your options.