Why Compass Insurance Schaumburg Is the Right Choice for Illinois
- We are not employed by the insurance company, we work for 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 and money
- Compare 20 different homeowner insurance companies on your behalf – we do the legwork for you
- Deep involvement within our local community benefits everyone involved
Homeowners Insurance Is Personal
At Compass Insurance 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 homeowners insurance 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 policies 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 knowledgeable staff member 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 homeowners insurance providers. This allows us the ability to present a variety of homeowners insurance rates and policies to fit your needs. We’re also local to Schaumburg, IL, so we understand the homeowner’s insurance needs of our community.
Additional Homeowners Insurance Coverage 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 and your family by ensuring that your home is properly insured. We offer the following coverages:
- Get coverage for your valuable appraised items at home
- Protect your business-related items stored in your home
- Cover high-ticket sports gear you own at home
- Cover instruments held in your home
- Protect yourself from identity theft and the legal fees associated with it
- Recover lost data due to an electrical outage
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. While force-placed insurance can be expensive, it’s still important to have coverage for your home.
Purchasing homeowners insurance is a wise idea for everyone, even if you are not financing your home. Replacing your Schaumburg IL home and possessions if they suffer damage could be quite costly.
FAQs About Homeowners Insurance in Schaumburg, IL
What affects my Schaumburg homeowner's insurance policy rates?
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 a homeowner 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 can you compare homeowner insurance quotes?
The absolute most important thing to recognize when comparing homeowner’s insurance policies, is to compare apples to apples. This means comparing the same set of deductibles, coverages, and limitations across every single insurance company. 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 one example, if you have expensive appraised jewelry at 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.