By: Ramu Garuda July.04, 2019
Data collected by Gavop from the homeowners’ guides of Illinois Department of Insurance and Illinois census data shows that the average home insurance premium in Illinois is $1543. Residents of the state on an average pay 9% less than the national average of $1228. State Farm is the largest insurance provider in Illinois with an 18.6% share of the market, with premiums starting at $1240.
Residents of Mcleansboro pay the highest insurance premium of $2622, while Dekalb residents pay the least: an average annual premium of $1038, which is 33% less than the average state premium.
Citizens residing in the 5 largest cities by population (Chicago, Aurora, Rockford, Joliet and Naperville) on an average pay 13% less than the rest of Illinois. This is due to multiple factors such as lower crime rates, better response times from fire departments, favorable weather conditions, and overall safety. Residents of Aurora pay the highest premiums of these five cities. They shell out 4% more than the rest of Illinois.
Premium paid by homeowners in Aurora can vary drastically depending on the insurance provider. The lowest premium is charged by State Farm at $1,133, and the highest premium is charged by Farmers at $2,034.
Residents of Chicago pay an average of $1,243 per annum, which is 19% lower than the state average of Illinois. Farmers provides homeowners insurance at $915, which is $458 cheaper than the next best option provided by Allstate at $1,373.
The value of the property also plays a major role in deciding the insurance premium. The lower the value of the property , the lower the insurance premium is going to be. See the table below.
There are multiple ways by which residents of Illinois can save on insurance premiums. One of them is by bundling car and home insurance with the same insurance provider. This way homeowners can save about $76 to $114. Installing safety systems can also help a homeowner save up to $133. If the property is less than 10 years old, then one can save up to $152. Senior citizens residing in Illinois can receive a discount of approximately $152.
Ramu is a research analyst with over 7 years of analytics & research experience. Prior to joining the company, he worked with some of the prominent consulting and market research firms in India, including Pride Technology (Supporting consulting projects to PWC), RR Donnelly, and The Hackett Group. His skills include company profiling, benchmarking, data and trend analysis, industry analysis, and report writing across the industries. Ramu holds a Master’s degree in Finance and Marketing. He also has a bachelor’s degree in Biotechnology.