Insurance companies are concerned with loss probability. Homes that are structurally sound with up-to-date heating, wiring, plumbing, and roof are less likely to have claims. In turn, you should not have trouble insuring an updated house that needs cosmetic improvements.

Hundreds of companies sell homeowners insurance. Explore options with several insurers as pricing and eligibility requirements can vary significantly. Be aware that homeowners insurance is based on replacement cost rather than purchase price. Replacement cost refers to rebuilding the home with like materials. Evaluate your personal belongings and liability insurance needs too. Talk with the agent about these issues, and secure adequate coverage before a loss occurs. Choose a financially sound insurer with a good complaint record that is licensed in Illinois.

Ask an agent about the Illinois FAIR Plan if you run out of options. The FAIR Plan provides property insurance to those unable to get it in the regular market. You must make three unsuccessful attempts to buy insurance from traditional companies, an the property must meet basic fire, loss prevention, and safety standards. Coverage is similar to what you can buy from traditional companies, bu the cost is higher. Use the FAIR Plan as a last resort, and look into other possibilities as your situation improves.