Obtain Homeowners and Renters Insurance in Illinois

At Oxford Auto Insurance, we have been serving Illinois for more than 65 years. We not only provide cheap car insurance, but also affordable homeowner’s and renter’s insurance as well.

What Is Homeowner’s and Renter’s Insurance?

Homeowners own their homes; renters rent theirs. Likewise, homeowner’s insurance protects the homeowner while renter’s insurance protects the renter. Both of them have similar coverage, with one significant difference: when you own a home, you own both the structure and its contents, which means you need to get a policy that covers both. That is what homeowner’s insurance does. Renters only have to worry about the contents of their rented space, since the landlord is the one who has to handle the structure, and so their insurance only covers the contents of their home.

Both homeowner’s and renter’s insurance come with personal property coverage, personal liability coverage, and loss-of-use coverage. Homeowner’s insurance has an additional coverage for their home’s structure.

Types of Homeowner’s and Renter’s Insurance

There are many types of homeowner’s and renter’s insurance.

  • HO1 – This is the most basic type of coverage and has a very narrow coverage. It is rarely sold today.
  • HO2 – Also known as “broad coverage,” HO-2 is a named-perils policy. It specifically covers perils that are named in the policy, and those perils only.
  • HO3 – This is the most commonly bought policy since it has the minimum coverage required by mortgage providers. HO-3 policies are open peril policies and insure your home against damage from named perils and named perils only.
  • HO4 – Also known as renter’s insurance, this policy is for tenants. It covers the same types of damage as an HO-2 policy.
  • HO6 – This policy is for condominium unit owners. It insures items that are not covered by the policy purchased by the condo association.
  • HO8 – This policy is for homeowners of older homes that have a replacement cost that is higher than its market value.

 

Typical Hazards and Perils Covered

In both homeowner’s and renter’s insurance, the named perils can vary by policy, but the most common hazards and perils are the following:

  • Damage by aircraft
  • Damage by vehicle (not your own)
  • Explosions
  • Falling objects
  • Fire and lightning
  • Freezing of plumbing or HVAC systems
  • Riots
  • Short-circuit damage caused by electrical appliances
  • Smoke damage
  • Theft
  • Vandalism
  • Volcanic eruption
  • Water or steam leakage or overflow
  • Weight of snow, ice, or sleet
  • Windstorm and hail

 

Typical Exclusions

While each plan is unique, here are some perils that are typically excluded from homeowners and renters policies:

  • Acts of war and terrorism
  • Defamation liability
  • Deliberate damage
  • Earthquakes
  • Floods
  • Maintenance issues
  • Mechanical breakdowns
  • Normal wear and tear
  • Nuclear hazards
  • Pet damage

 

Benefits of Homeowner’s and Renter’s Insurance

Homeowner’s and renter’s insurance are a must for every homeowner and renter. Even a basic policy is a wise investment. Both kinds of insurance offer you peace of mind by insuring against financial loss in case your home incurs damage. Additionally, both insurance types protect you from an array of perils, from natural disasters to theft.

Get a Free Quote Today

Get the homeowner’s and renter’s insurance that you need with Oxford Auto Insurance. Contact us today by giving us a call or visiting one of our more than 40 offices located across Illinois. We offer free quotes.