Illinois Home Insurance

Buying a home is one of the most valuable and worthwhile experiences many of us have. A big home can be a blessing, but can also end up being a very nice cage, allowing one to leave only when going to work.

When you measure the costs of owning the various types of homes, be sure to not only calculate the costs of your time, the monthly payment and maintenance, but also that of your insurance. This is extremely important because insurance costs vary based on the size and location of one's home.

As values are higher, so is the cost to secure it with a policy.

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How to Find the Right Insurance Broker

Finding the right person to help you keep your assets safe should not be taken lightly. It will not have to necessitate a month of interviews with resume reviews and callbacks, but you should have some level of comfort with the company you do business with and the person you deal with.

Consider it in this manner. You are going to have to call your insurance agent at least once a year. It could be because you're wondering how a ticket will affect your auto rate, if being a smoker has anything to with your home insurance premiums, or because of a coming storm.

When that storm hits (and there will be a day when (not if) a storm hits), you will need to speak with your agent several times throughout the month as things come through.

Now, would you prefer to speak with someone you like to talk to who is competent, or do you wish to converse with someone you don't like, don't trust, and is pretty sure looks down on you?

Just as you want an accountant, lawyer and doctor who you are comfortable with, you also need an insurance agent who knows his or her trade, takes the time to know at least a couple things about you, and that he or she is well prepared to take care of your needs, be it because of an incredible foundation of knowledge and experience, or because there is a team at the office that can provide the necessary backup.

When it comes to what your agent knows, there is a way to make sure the person is well informed. After all, you would not want to find out only too late that you're not well covered.

The Key Concepts That the Best Insurance Agents Know

When it comes to insurance, there are three things that every insurance worth his salt knows. They are:

• Insuring for the replacement value
• Ways to reduce your premium
• Why you need flood insurance, not matter where you live

Insuring for the replacement value: When you purchase your coverage you need to make sure you get enough coverage to build a brand new version of the current home you live in.

You might buy a hundred-year-old home for $140,000. It's a great home with good bones and even better character.

The one thing it needs more than that, though, is an insurance policy for a home to the same specs under the price of new construction. If that home brand new would cost $250,000, then that is the level coverage you need. This applies to those who live in a high rise in Chicago, too. It's a principle of the insurance industry that you should know, and if your agent doesn't, then you need to find another one.

Ways to reduce your premium: We linked above to a government site that gives you tips on reducing your premiums. This is a great source for you to have, but you should not be the only one who knows. When you ask your agent about these opportunities, she should at least know the ideas if she isn't aware of the exact amounts of decrease without looking them up. If she does not, it's a red flag.

Why you need flood insurance, not matter where you live: It may feel like an insurance agent just wants to sign another policy when they pitch you on flood insurance, but the truth is that the best agents will push it to the point that they get pushy because they have a responsibility to make sure you are protected. That is, at least to the point that you protect yourself.

Flood insurance is normally thought to be needed by those who live near the Illinois River or Sturgeon Bay. Lake Michigan makes this an easy choice, but the truth is that anyone in Illinois can be flooded. It's so important that we feel the need to expound upon it more fully.

More on Flood Insurance

Floods are often thought of in the classic sense of their definition, a rising tide. It is certainly not something the residents of Kewanee consider to be a risk given that the West Fork Spoon River isn't rushing like the mighty Mississippi, but consider this story, which is not a true tale, but being told only as an example.

Making Your Decisions

The keys to remember are that you need an agent who is knowledgeable. Consider an insurance broker like any other service professional you hire. You wouldn't want a mechanic who can't tell a piston from a pop-cap, and you don't want an insurance person who can't explain why your $200,000 home needs $300,000 worth of coverage.

And when it comes to flood coverage, just get it. Anyone can be flooded per the definition of an insurance company's findings, and it is not very expensive.

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