Homeowners Insurance in Bourbonnais, IL

Your home is more than just a place to live—it’s where life’s most precious memories are made. At First Community Insurance & Annuity Center, we understand the importance of finding the right coverage to secure your most valuable investment. Our team is dedicated to helping homeowners find insurance solutions that offer both confidence and peace of mind.

What Is Homeowners Insurance?

Home insurance is designed to help cover your property and belongings from damage or loss due to unexpected events. A standard home insurance policy may include the following coverages:

• Dwelling coverage may help pay for repairs or rebuilding if your home is damaged by covered perils such as fire, storms or vandalism.
• Personal property coverage may assist in replacing belongings like furniture, clothing and electronics if they’re stolen or damaged in a covered event.
• Liability coverage may offer financial support if someone is injured on your property and you’re found responsible.
• Additional living expenses coverage may help cover costs if you need to live elsewhere while your home is being repaired after a covered loss.

The 80% Rule in Home Insurance

Let’s explore an important concept every homeowner should know about—the 80% rule. This rule is crucial in how insurance claims are paid out and can significantly impact your coverage.

The 80% rule states that an insurer will only cover the full cost of damage to a house if the owner has purchased insurance coverage equal to at least 80% of the house’s total replacement value.

For example, if your home’s replacement value is $300,000, you should maintain at least $240,000 in coverage to receive full payment on claims.

Falling below this threshold could result in only receiving a portion of your claim, even for partial losses.

Regular value assessment is crucial as home values and construction costs change over time.

Secure Your Bourbonnais Home Today

Don’t leave your home underinsured. Contact First Community Insurance & Annuity Center today to learn more about our tailored home insurance solutions. Our experienced team understands the unique needs of Illinois homeowners and can help ensure you meet the 80% rule while finding competitive rates.