Homeowners Insurance

If you’re involved in any real estate transaction in the Chicago area, protect yourself by having all the pertinent documents examined and reviewed by an experienced Chicago real estate lawyer. If you’re purchasing a house, one of those documents will be your homeowners’ insurance policy, and homeowners insurance will also be one of your biggest expenses. When you shop for homeowners insurance, consider these recommendations:

1. Raise your deductible. Your deductible is the amount you have to pay on a loss before your insurance company begins to pay. On homeowners’ policies, deductibles often start at $250. By increasing your deductible, you could save.

2. Insure your house, not the land. The ground isn’t imperiled by theft, fire, wind, and other hazards, so don’t include its value when calculating which insurance to buy.

3. Discounts may be available based on a home’s age, repair history, and construction. Because a new home’s plumbing, electrical, heating, and overall structure will probably be better than an older home’s, insurers may offer you a discount.

4. Upgrade your security. Many insurers offer discounts for burglar alarms, smoke detectors, and dead-bolts. Some will cut your premium if you install a sprinkler system or a fire and alarm system that notifies the police or a monitoring agency.

5. Consider group coverage. Alumni and business associations often arrange insurance plans which include discounts for members. Ask your alumni or business association if there’s an insurer offering a discount on homeowners insurance to you and your fellow graduates or colleagues.

Your real estate lawyer and your agent will probably have some suggestions as well. Whether you are selling or buying a residential property in the Chicago area, it’s imperative to have a good Chicago real estate lawyer guide you through the process, review the pertinent documents, and watch out for your best long-term interests. If you intend to buy or sell a property in or near Chicago, make the call to a Chicago real estate lawyer as quickly as possible.