Frequently Asked Questions about Home Insurance

Buying a house can be stressful, overwhelming, and confusing. There are so many things that you need to do to buy a house. One of those things on the list of things to do when buying a house might include getting home insurance. Many people are confused about what home insurance includes and don’t include. Below is a list of some of the most frequently asked questions about home insurance and answers to those questions.

Frequently asked questions about home insurance.

Is home insurance required in the state of Illinois?

Home insurance is not required by law in most states, including Illinois. However, most lenders require home insurance if you plan to get a loan for your house.

What is not included in a home insurance policy?

Home insurance covers many things, but some things are not covered. Home insurance doesn’t cover maintenance, pests, mold, earthquakes, floods, and acts of war.

What types of home insurance coverage are available?

Most insurance companies offer a variety of similar basic coverage across the board. The basic types of home insurance available include:

  • Dwelling coverage
  • Other structures
  • Liability
  • Additional living expenses
  • Personal property or personal belongings coverage

If you live in high-risk places, you can get add-ons to your policy, such as flood and natural disaster insurance, but you must purchase them separately.

How does home insurance work?

You research what home insurance policies are available in your area. Once you choose a company you like, you purchase your insurance policy. If something happens like a fire, hail damage, or someone gets injured on your property, you file a claim with your insurance company.

Contact NCIB Group Inc.

If you want home insurance in Chicago, IL, contact us at NCIB Group Inc.