Illinois has a population of more than 12 million people. Home to Chicago, incredible scenery, and a fascinating history, Illinois is a unique state that is frequently referred to as a microcosm of America. This is especially true when considering the insurance needs of residents in the state. To get you started, you can shop for Illinois insurance online. With that in mind, let’s take a moment to review the state of Illinois insurance to see what the basic rules cover and what the most popular forms of insurance are.
The Basics of State of Illinois Insurance
Insurance in Illinois is regulated by the state. The Illinois state congress is responsible for setting the standards for what can and cannot be done in terms of insurance. They are responsible for licensing insurance providers. Without a license, an insurance provider cannot legally sell insurance in the state. They are also in charge of creating the rules that govern what insurance agents can and cannot due. These rules help both individuals looking for insurance as well as the insurance companies. Their objective is to create a stable and predictable way of purchasing insurance that is trusted by all parties involved. When it comes to getting licensed, a person or company must hold a license for every type of insurance option they provide.
Popular Forms Of Insurance In Illinois
- Health Insurance
Health insurance is mandated by the state. Every person living in Illinois is required to have some proof of health insurance or otherwise qualify for an exemption. Health insurance is provided by private companies and can be accessed through a government state/federal exchange. The average cost of health insurance is $244 a month or nearly $3,000 a year.
- Car Insurance
Car insurance is mandated by the state for any person who owns and operates their vehicle. Illinois is one of the least expensive states to get car insurance with an annual yearly cost about $500 less than the national average (around $1,000 total for residents every year.) Cost of car insurance is highly variable.
III. Home/Renters Insurance
Home insurance is mandated by most mortgage providers but not required by law. Home insurance covers the liability of the owner in case of an accident on their property as well as their possessions both within and beyond the house. Home insurance is considered the wisest financial move a person can make. It is about $35 a month per $100,000 in value of your home. Average for the state of Illinois insurance is $70.53.