Is Your Home Insured
for What It Costs to Rebuild?

Your home coverage planHouse · built 1960–1989 · ZIP 60193Built from your answers. Prices come from agents and insurers; this plan tells you what to ask them to quote.Dwelling (the house)RequiredFull rebuild cost  ·  Your lender requires itInsure what it would cost to rebuild, not what the house would sell for. Ask the insurer to show you their rebuild estimate.Extended replacement costSuggestedYes  ·  Not required by lawAdds a cushion above the dwelling limit if building costs jump after a big storm.Other structuresSuggestedCheck the amount  ·  Not required by lawGarage, fence and shed. It is usually a set share of the dwelling limit; make sure it fits what you have.Ordinance or lawSuggestedYes  ·  Not required by lawOlder homes must meet today’s building code when repaired. This pays that extra cost.BelongingsSuggestedReplacement cost  ·  Not required by lawReplacement cost buys new; actual cash value pays what your used things were worth, which is often much less.Personal liabilitySuggested$500k  ·  Not required by lawA dog, pool or trampoline raises the chance of a guest injury claim. Higher limits usually cost little.Sewer and water backupSuggestedYes  ·  Not required by lawA backed-up drain in a finished basement is one of the most common surprise claims. Standard policies usually exclude it.Flood insuranceOptionalCheck your address  ·  Not required by lawRising water from outside is not covered by home policies. Check the FEMA flood map for your address; it is a separate policy.DeductibleSuggested$2,500  ·  Not required by lawA higher deductible lowers the price; you said you could cover $2,500. Ask if wind and hail have a separate deductible set as a percentage.Loss of useOptionalCheck the limit  ·  Not required by lawPays hotel and extra costs while your home is being repaired. It is usually included; check how much and for how long.Illinois law does not require home insurance. “Required” means your mortgage lender requires it.What moves your priceVariesRoof age changes the price.VariesThe home’s age and updates matter.RaisesDogs, pools and trampolines can raise the price.VariesYour claims history and an Illinois credit-based insurance score may be used.VariesDistance to a fire station and hydrant affects the base price.Discounts to ask about✓  Home and car bundle✓  Smoke, burglar and water-leak sensors✓  Claims-free history✓  Paying in full or by autopayQuestions to ask any agent✓  Is my dwelling limit based on a rebuild estimate? Can I see it?✓  Replacement cost or actual cash value, for belongings and for the roof?✓  What is my wind and hail deductible?✓  Is sewer and water backup included, and what is the limit?✓  Do I need flood insurance at my address?

How It Works

01Answer a few questionsYour home, roof, basement and what matters most to you. Taps, not forms.02Read your planEach coverage shows whether it is required, what we suggest for you and one line on why.03Take it anywhereAsk any agent or insurance company to quote these exact coverages, so the prices you compare match.

Common Questions

Is home insurance required in Illinois?

Illinois law does not require it, but almost every mortgage lender does until the loan is paid off. Even without a loan, a fire or a lawsuit can cost far more than the policy.

Should I insure my home for its market value?

No. Insure what it would cost to rebuild, which can be higher or lower than the sale price. The land is not part of it. Ask the insurer to show you their rebuild estimate.

Does home insurance cover a flooded basement?

It depends on the water. A backed-up sewer or drain needs a water backup add-on, which standard policies usually leave out. Rising water from outside needs a separate flood policy.

What does condo insurance cover?

Your unit’s interior, your belongings and your liability. The association’s policy usually covers the building. Loss assessment coverage pays your share if the association bills owners after a big claim.

Does Schaumburg Marketplace sell insurance?

No. We are not an insurance agent and we do not sell insurance, recommend agents or show prices. This plan is general information to help you shop.

This plan is general information, not insurance advice. Coverage, prices and discounts depend on the insurance company and your full situation. Always read the policy before you buy.

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