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Will Home Insurance Cover Everyone Who Lives With Me?

Suppose you share your Illinois home with others. In that case, you may wonder if your home insurance policy will cover everyone living there. The answer to this question depends on the insurer and your policy type. You’ll need to read the fine print of your policy to understand who is covered and under what circumstances. Here is some general information about who is typically covered by your policy from OnQuote Insurance.

Who is covered by homeowners insurance?

A home insurance policy typically covers the policyholder, their spouse, and any minor children living in the home. Other relatives may also be covered if they live in the house and are listed on the policy. Minors under your full-time care are also covered regardless of their relationship (such as foster children).

Who is not covered?

A few different types of people are not typically covered under a home insurance policy. Unmarried couples, roommates, and friends are all people who would not be covered. This is because home insurance policies are typically only for family members who live in the same household. If you have any other relationship with the people you live with, you will most likely not be covered under their home insurance policy.

How to insure those who are not covered by your home policy

If you want to insure someone who is not covered by your home policy, you can add them to the deed of your house. This will make them the joint owner of the property, and they will be able to benefit from your home insurance policy. You can also add an "Other Members" endorsement to your existing home insurance policy. This will extend coverage to other household members, such as domestic partners or roommates. If you have roommates, they could also purchase their own renter’s insurance policy to be fully insured.

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If you’re a homeowner in Illinois, OnQuote Insurance can help you find the home insurance policy that fits your household’s needs. We work with various insurance companies to find the right coverage at the right price. Contact us today to discover more!

Why is having home insurance a necessity?

The state of Illinois is one of the most populated in the country. It is a great place for someone to invest in their future by acquiring their own home. Those that are property owners in this state always need to carry the right insurance.

There are a few reasons why a home insurance plan is considered a necessity for people here:

Meet Obligations Set by Lender

A reason that having a home insurance plan will be a requirement is that it will be a requirement set by your mortgage lender. Taking out a mortgage is often a good way to ensure you can purchase a home. While it provides you with the ability to own a home, there are requirements that go along with it. A very common one is to require all owners to carry home insurance and escrow for payments each month. 

Protect Your Assets

It is also a good idea to get a home insurance plan to ensure you can protect your assets. The largest asset that most people in this state will ever acquire is their primary residence. With a home insurance plan, you can help ensure this happens. The policy will give coverage to help you repair your property if there is damage. It also gives coverage for personal items, up to limits set under your plan. 

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Owning real estate can be a great long-term option if you live in Illinois. However, it will be very important that you select a quality insurance plan to protect your home. As you are looking for an insurance plan, calling the professionals with OnQuote Insurance is a good place to start. OnQuote Insurance knows how to evaluate your situation and will help you select a plan that meets all of your needs. 

The Top 5 Questions To Ask When Shopping For Home Insurance

While most people don’t enjoy shopping for home insurance the cover can make a difference. It can determine whether you lose everything or have complete coverage during a disaster. When considering home insurance, you will want to ensure that you get the right policy to best fit your needs. 

Consider various factors, including your credit score, your home’s value, and the type of policy you want ( liability only, comprehensive, etc.). Ask your agent or company to acquire the right policy for your needs. In case of an issue, OnQuote Insurance in Illinois can provide you with expert advice. 

Know About Your Policy 

Homeowners’ insurance provides financial protection against unexpected expenses associated with your house. Shop around and understand what each policy covers and what it doesn’t. 

Most standard home policies will not cover flood damage, earthquakes, and disasters. Find out if your policy offers additional coverage for these events if they occur in your area. 

Policies can be "named per occurrence" or "unnamed per occurrence." If you have multiple claims within a specific time, you will lose some or all of your coverage on your policy. 

Shopping around and asking questions will help you find the right policy for your needs. It’s also important to stay informed about changes in the insurance market and keep track of policy changes that shape your insurance. Here’re five top questions: 

  • What’s the replacement cost?
  • Is there cover for working from home?
  • Are discounts available? 
  • Does it cover water damage?
  • What are the insurance limitations?

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When shopping for a home insurance policy, keep these tips in mind to smooth the process. With the right cover, it’s important to ask the right questions to find the coverage that meets your needs. These questions will aid you in acquiring the right policy. For expert advice, call us today at OnQuote Insurance in Illinois.

Home Insurance Policy Guide

OnQuote Insurance helps Illinois residents find coverage. We are an independent agency. This allows us to offer our clients flexible policies that align with their individual needs. We have relationships with multiple carriers throughout the state. Our policies are designed to evolve over time as our client’s needs change.

Home Insurance Policy Guide

Your Illinois residence is one of your most prized possessions. Home insurance helps you protect your asset against potential risks. The foundation of your home insurance policy is property damage coverage. The exterior and interior of your home are covered against potential damages. Perhaps an accident occurs, and your walls suffer damage. Maybe your roof is severely damaged due to the harsh Midwest winter conditions. Home insurance will protect you in these situations. If your home suffers serious damage, you can add coverage to protect you as you search for another place to stay until the necessary repairs are made. 

All of your important possessions inside your home are also covered if they suffer damage. You are also covered if you are the victim of a burglary and your possessions are stolen or vandalized. It’s a good idea to take inventory of your possessions as soon as you move into your home. This makes it easier for you to replace any damaged items. 

Liability coverage is also an important part of your policy. Liability coverage protects you if a guest is injured while they are visiting your property or if you accidentally injure your neighbor’s property. Liability coverage also covers any accidental property damage caused by your children.

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Visit our website to learn more information about home insurance.

Is Home Insurance Mandatory?

Should you only buy insurance if it’s required by law? If you answered yes, you are very wrong. Buying insurance because it’s a legal requirement is getting your financial priorities wrong. Similarly, you are also missing the point if you are not buying insurance because it isn’t required by law.

Back to home insurance. Is it mandatory? No Illinois law requires you to invest in home insurance. However, if a federal-regulated financial institution has financed you, they may require you to purchase basic home insurance. Why? You see, just like you, your lender has a financial interest in your home. As such, it makes sense to secure it until you have paid off your mortgage.

Why should I invest in home insurance?

Asking whether you need home insurance is like asking whether you need a health insurance plan. While both aren’t required by law, you still need them to cushion you when the unthinkable happens. You need to purchase home insurance from OnQuote Insurance because it protects you in the following areas;

  • Liability protection: Home insurance protects you when accused of property damage and bodily injury by others. It also comes to your rescue when sued by third parties.
  • Asset protection: Home insurance protects your building and the contents inside from perils like fire, theft, vandalism and other natural disasters.
  • Loss of use: If your home becomes unlivable due to damage by a covered risk, home insurance puts you in a hotel or a home equivalent to your home until your dwelling becomes habitable once again.
  • Medical payments: Your home insurance pays for medical costs for injuries sustained by third parties while on your premises.

Would you like to protect your Illinois home with homeowner’s insurance? Please get in touch with OnQuote Insurance for an affordable quote.

Home insurance FAQs

Home may be where the heart is, but it is also where lots of risks exist. As a homeowner, you can lose a lot of sleep if you don’t have good home insurance that makes you feel safe and secure. Home insurance has different parts and each one needs to be designed to suit your needs. Having an independent insurance agent who takes the time to get to know you and your finances is important. In Illinois, OnQuote Insurance is the place to come for personalized service. 

How much liability coverage do I need?

In general, it is suggested that you have at least enough liability coverage to protect what assets you have. That should include the value of your home, vehicles, and any savings that you have. The default amount is usually $100,000 and this may not be nearly enough. 

Does my home insurance cover floods?

Unfortunately, no home insurance does not cover floods. If you live in an area where floods are a danger, you should purchase a dedicated flood insurance policy. 

Is my jewelry covered by my home insurance?

Yes, jewelry is covered under contents coverage. There are limits on the coverage. Check your policy and consider adding a rider to give you additional coverage if you need it. 

If my home is damaged will I be reimbursed for living expenses?

Yes, you will be able to collect additional living costs while your home is uninhabitable up to the limit on your policy.

If my laptop is stolen from my car will it be covered by my home insurance?

Yes, it will. It is the contents of your home and even if it travels with you, it is covered. 

Contact OnQuote Insurance in Illinois when you want to make sure your home policy is customized just for you or you have coverage questions.