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Homeowners Insurance Quotes for Schaumburg, IL
Bundle Your Homeowners Policy with Other Home & Auto Policies & SAVE HUGE!
We will help protect you and your family with our knowledge, experience, a network of 20 homeowners insurance companies, and quote comparison process!
Compass Insurance Agency is the top broker in Schaumburg, IL which means we are dedicated to getting you the best homeowners insurance coverage at the lowest rate because we work for you, not the insurance carriers. Your most valuable asset is your home, and we’ll work hard to get you the protection you need.
In addition to home insurance, we offer auto, business, health, and life insurance as well. You can earn more than 50% in potential discounts when you bundle your policies with us. We promise that our customer service will always be top-notch.
Why Compass Is the Right Choice for Illinois Homeowners
- We are not employed by the insurance company, we are brokers obligated to you
- Excellent customer service with a personal touch
- Servicing Schaumburg and its surrounding areas with a solid reputation of trust
- Managing all of your insurance policies in one place saves you time, confusion, and money
- We compare 20 different homeowner insurance companies on your behalf and present you with your best options
- Deep involvement within our local community benefits everyone involved
Homeowners Insurance Is Personal
At Compass Insurance Agency Schaumburg, we understand that homeowners insurance is personal. Your home is your sanctuary, and it houses your most precious possessions – your family. That’s why we take the time to get to know our clients and their individual needs. We customize each policy to make sure it provides the right coverage for you and your family. If you are in need to file an insurance claim, we’re here to help. We’ll guide you through the process and do everything we can to make it as stress-free as possible. We’re available 24/7, so you can reach us anytime, day or night.
We commit our staff to continued education to ensure they are fully trained in the latest Illinois requirements & laws.
Our Commitment to Schaumburg Homeowners
We are committed to protecting your home. We offer a wide range of homeowners insurance quotes that can be customized to meet your specific personal needs. Our skilled insurance agents will work with you to determine the best coverage for your situation. When you call Compass, you will always speak with a leading agent who can answer any questions you may have. We believe that this personal level of service is essential to providing the best possible experience for our clients.
We Are an Insurance Broker, NOT the Insurance Company
At our independent insurance agency, we work with about 20 different insurance providers. This allows us the ability to present a variety of homeowners insurance quotes and policies to fit your needs. We’re also local to Schaumburg, IL, so we understand the needs of homeowners in our community.
Different Types of Homeowner Coverage
Compass will simplify the homeowner’s insurance quote process for you. The precise level of coverage right for you is as unique as your home. In Schaumburg, IL, premiums have increased an average of 6% over the past year, so it’s more direr than ever to compare rates and find the best deal.
Standard types of homeowner’s coverage include the following:
Dwelling Coverage
Part of a homeowners policy that may help pay to rebuild or repair the physical structure of your home if it’s damaged.
Personal Property Coverage
Homeowner’s insurance protection for the personal items inside of your home that belong to you.
Liability Coverage
Protection for yourself in the event that you are sued by someone who was either hurt on your property or by someone whose property you accidentally damaged.
Guest Medical Coverage
Believe it or not, home insurance can also cover medical expenses for anyone who sustains injuries while on your property.
Additional Homeowners Insurance Options
It’s important to make sure your refuge from the outside world is safe and secure. Unfortunately, accidents can happen anywhere, anytime – even in your own home. Guard yourself, family, and guests by covering all aspects of your property.
- Get coverage for your valuable appraised items at home
- Protect your business-related items stored on your property
- Cover high-ticket sports gear you own
- Cover instruments held in your house
- Protect yourself from identity theft and the legal fees associated with it
- Recover lost data due to an electrical outage
Get 20 Homeowners Insurance Quotes If You Live In Or Near Schaumburg
Please fill out this short online form. It takes less than one minute to get your quote started. Trust me, it won’t be a waste of time and we promise it will hassle-free with no obligation what so ever.
Illinois Homeowner Insurance Requirements
Homeowners insurance is NOT required in Illinois, but most lenders WILL require it if you finance your home. In almost all cases, your mortgage company will require you to purchase coverage for the buildings in order to protect their financial interest in the property.
If you fail to provide proof of coverage, they may purchase a policy themselves and add the cost to your monthly mortgage payments. This is known as “force-placed” insurance. Force-placed insurance can be expensive, so it is wise to get your own quotes and homeowners coverage to avoid this from happening.
Purchasing homeowners insurance is a smart idea for everyone, even if you are not financing your house. Replacing your Schaumburg home and possessions if they suffer damage could be quite costly.
FAQs About Homeowners Insurance in Schaumburg, IL
What affects the premium rate of my homeowner's policy?
The age of your home, construction of roof, and building materials is one of the most influential homeowners insurance factors because they become more susceptible to damage from external and internal conditions. Improvements to your Schaumburg IL home can drive up your premium because they are more expensive for your insurance carrier to replace. The cost of building materials and construction for a home remodeling project will likely get figured into your rates. If you have an old home, you may want to consider updating your wiring and plumbing to bring the home up to the current building code. These improvements will not only make your home safer, but they may also help to lower your insurance rates.
In the insurance world, there are a few things that can increase your rate, such as attractive nuisances (pools, trampolines, etc.), wood-burning stoves, and owning certain breeds of dogs considered to be aggressive. There are a few line items you can check off that you can do to offset these risks, like installing a home security system. While every homeowners insurance policy is different, these are generally some of the key factors that will be taken into consideration when underwriting your homeowner’s insurance premium.
If you have multiple claims within a short period of time, your homeowners insurance premiums could rise, or you could even lose coverage altogether. This is because insurers perceive you as a higher risk if you have a history of claims.
Which home insurance terms should I learn?
- Premium – The rate an insurance company charges for providing coverage and paying claims.
- Deductible – The amount of money you are responsible for paying before the insurance company will cover the remainder of the insurance claim. A high deductible typically means a low premium and vice versa.
- Limit – The maximum dollar amount an insurance policy will pay out on a claim.
- Liability coverage – Covers losses for injury or damage to property suffered by others than yourself while on the homeowner’s property. This includes medical and legal expenses accrued as a result of lawsuits.
- Property coverage – Coverage against damage or loss for not only your property but also your land.
- Dwelling coverage – Protection for the physical building that is your actual home.
- Guest medical coverage – Protection for medical expenses incurred by anyone who sustains injuries while on your property.
How to best compare homeowner insurance quotes?
The absolute most important thing to recognize when comparing homeowner’s insurance quotes is to compare apples to apples. This means comparing the same set of deductibles, coverages, and limitations across every single insurance company you shop. Most insurance policy terms are 1 year long.
While tempted to choose a lower insurance rate, remember that your deductible will be higher. Similarly, a higher insurance rate will result in a lower deductible. Decide which situation is right for you. You’ll need to consider your needs and budget to make the best decision.
Along with the minimum coverage, take into account any additional coverages your situation may require. For example, if you have expensive appraised jewelry at the home, you may want to consider purchasing personal property insurance. This will ensure that your jewelry is adequately protected in the event that it’s lost, stolen, or damaged.
Interesting Statistics & Facts About Schaumburg, IL Homes
- Schaumburg’s average home insurance rate is $1,865, which is lower than the State average of $2,021, according to Nerdwallet.
- Despite being inland, Illinois does see various types of flooding, including flash floods from heavy rain. Most homeowner’s insurance policies generally don’t cover flood damage. If you feel your home is subject to risk, you may need to buy a separate flood insurance policy.
- Illinois averages more than 50 tornadoes annually. Most tornadoes occur late spring. Standard homeowner’s insurance policies typically cover damage caused by a tornado and any additional living expenses you may incur if you’re temporarily displaced from your home because of tornado damage.
- If a heavy snow storm knocks a tree onto your roof or frigid weather causes a pipe to burst, your homeowner’s insurance policy may likely cover the damage. Heavy snow and ice are among the “perils,” or causes of damage, commonly protected by a standard homeowners policy.
