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Homeowners Insurance

Homeowners Insurance Information

A tragedy could impact your home and belongings, potentially leaving you financially responsible. Without the right home insurance, you could find yourself paying for incident-related costs fully out-of-pocket, which can add up quickly. Oak Knoll Insurance has been helping Illinois homeowners with their home insurance needs for more than 55 years, and we can help you get suitable protection for your treasured assets. 

What Is Home Insurance? 

Home insurance gives you a layer of financial protection if there is a disaster, accident or incident involving your home, its belongings, or the covered parties listed on your policy. The typical home insurance policy provides insureds with coverage for their personal property and liability. Every policy is different, but the average home policy typically includes these essential coverages: 

  • Liability protection may help pay for the medical expenses incurred by a third party who becomes injured on your property or as a result of an accident you may have caused. It can also help pay for third-party property damage you or another listed party on your party may have caused. Finally, it can help cover the costs of lawsuits related to these third-party liability claims, including court costs and awards up to your policy’s limit.
  • Personal belongings coverage may help pay for personal items, such as furniture, clothing, sports equipment and other things that are stolen, damaged or destroyed, up to your policy’s limit. You may need a personal property endorsement or floater to insure expensive items for their appraised value.
  • Property structure coverage may help pay to repair or rebuild your home if it’s damaged or destroyed by a covered disaster or loss.
  • Additional living expenses protection may help pay for your living costs (e.g., hotel bills, restaurant meals and other living expenses) if you must live elsewhere due to damage from a covered event.

How Much Home Insurance Coverage Do I Need? 

Standard home insurance offers protection from damage to your home’s structure, including fixtures, plumbing and heating. Many lenders require a minimum amount of home insurance. Your agent can help you navigate how much coverage you may need based on your unique needs and to meet your lender’s requirements. You may need additional coverage for high-risk items such as a swimming pool or luxury belongings and your agent can also assist to ensure you have sufficient protection.  

How Much Home Insurance Do I Need for a Mortgage? 

If you have a mortgage or are applying for one, your lender will usually require proof of insurance before signing off on the loan approval. Your lender may determine how much coverage you will need. They typically want you to have enough coverage to pay for the losses and damages if you need to rebuild your home. We can recommend an amount and make suggestions to ensure you get a suitable policy with the necessary protection. 

How Do Home Insurance Claims Work? 

You need to file a claim with your insurer asking them to compensate you for a covered loss. The claims process may vary depending on the type of claim you file and your specific policy. Generally speaking, liability claims and property damage claims are handled differently. Contact Oak Knoll Insurance today to learn more about the claims filing and approval process.  

Gain Peace of Mind with Home Insurance 

Oak Knoll Insurance in Wilmington, Illinois, can help assess your needs and find a home insurance policy that is right for you. Call us at 815-476-2105 to get started.