Best Condo Insurance in Illinois

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  • Best Condo Insurance in Illinois

Whether looking for a place to call home in Chicago or another more scenic area of Illinois, buying a condo is an affordable and attractive option. 

When you finally find the right place, you shouldn’t leave the protection of your unit up to chance. Condo insurance is a financial safety net no one should overlook.

We created this guide to provide some Illinois condo insurance guidelines for unit owners to follow for help finding the best coverage in the state.

How Much Is Condo Insurance in Illinois?

The average condo insurance cost in Illinois is $404 per year or about $34 every month. Rates at common coverage amounts ranged between $28 and $55 monthly.

The cost of condominium insurance is almost always lower than homeowners insurance. Condos are smaller, and they share the insurance burden of the complex with the condo association. Homeowners, on the other hand, are responsible for protecting their whole home and property.

Nevertheless, the average cost of condo insurance in Illinois varies by provider and desired coverage amounts, among other factors. The table below shows average condo insurance rates in Illinois at typical coverage levels.

Average Cost of Condo Insurance in Illinois

City

$20,000 to $49,999
$50,000 to $74,999
$75,000 to $99,999
$100,000 and over

Avg. Annual Rate

$332
$403
$459
$661

Avg. Monthly Rate

$28
$36
$38
$55

Most people will suffice with $75,000 and below, so you can expect to pay about $40 per month or less. Only individuals with a lot of expensive belongings or very large, extravagant condos will need over $100,000 in coverage.

A Simpler Way to Get Condo Insurance

Protect everything your condo association doesn’t with a custom condo insurance policy at an affordable price.

What Does Condo Insurance in Illinois Cover? 

Condo insurance, officially called HO-6 insurance by carriers, is a type of policy designed explicitly for condo unit owners. It protects against sources of damage called perils. The most common covered perils unit owners encounter include theft, vandalism, fire, water, and wind damage.

Your protection in condo insurance is separated into sections in your policy, as follows:

Personal Property Coverage

Personal property coverage financially protects your belongings in and around your unit, like clothing, electronics, tools, sports equipment, silverware, furniture, and more.

Loss of Use Coverage

Loss of use coverage can cover expenses if you’re forced to move out of your unit after damage from a covered peril renders it uninhabitable. Loss of use coverage can cover lodging, gas, food, and more while you’re displaced.

Liability Coverage

Liability coverage protects you if you’re found liable after an injury or accidental property damage to someone else. It can cover medical expenses, legal fees, and more.

Medical Payments Coverage

Medical payments is like liability coverage in that it covers injuries to others, although the limits are much smaller. It’s designed for minor injuries only.

Loss Assessment Coverage

Loss assessment coverage can protect you if your condo complex assesses you for damages that exceed its insurance policy. Your insurer will help cover such assessments.

Building Property (Dwelling) Coverage

Dwelling coverage in condo insurance guards permanent fixtures in your condo, like the floor and cabinets, from peril damage.

How to Get the Best Condo Insurance in Illinois

The best condo insurance in Illinois will cover your unit and liability at a price you can afford. After diagnosing your coverage needs to know which and how much coverage you need, you should shop around and compare quotes from a few insurance companies to find the best deal.

A crucial step in finding the best condo insurance is to know the coverage limits of your condo association’s master insurance plan. Every condo homeowners association (HOA) has an insurance policy covering common areas, shared amenities, and building structures of condo complexes. 

In some condos, the HOA plan will stop its protection at your doorstep and cover nothing inside your unit. This is known as bare walls or walls-out coverage. Other times, master policies will cover some surfaces and fixtures in your residence, known as walls-in coverage. Unit owners in HOAs with walls-in coverage may be able to bypass dwelling coverage in their personal HO-6 insurance.

The best condo insurance in Illinois will have the appropriate amount of coverage to fully protect you. Ensure you have enough personal property coverage by listing what you own and all it’s worth. Make sure you have enough liability coverage to protect your assets sufficiently.

If you’re concerned about certain exclusions not covered by default, you can consider adding endorsements to your plan. For instance, if you run a business out of your condo unit, consider adding a home business endorsement. 

Items of high value, such as jewelry and art, won’t be fully covered if they exceed a specific dollar amount, typically $5,000. If you have several such items, consider scheduling them. Scheduled personal property coverage fully protects valuable items beyond the sub-limits in your policy so you can be reimbursed for them fully if they’re damaged.

Tips on Getting the Cheapest Condo Insurance in Illinois

Comparing quotes from several providers is the best way to save money on condo insurance. You’ll find that some carriers will be cheaper for you than others. Other than shopping around, here are some more tips on finding cheap condo insurance in Illinois.

Bundling can help you save money. Always ask what discounts you can most easily qualify for—a common one with some of the highest savings in bundling. Most providers discount your premiums if you house multiple insurance policies with them, such as your home and auto insurance.

Adjust your coverage amounts. Determine the appropriate coverage amounts when you get your policy. This can mean making a home inventory list to prevent overpaying for personal property coverage. You can also raise or lower your liability limits depending on your budget, although we recommend having at least $300,000 of liability coverage.

You should also monitor your coverage limits at renewal time. Alter your coverages if you experience a rate increase. Or, you can consider shopping around to lower your premiums at a new company.

Factors That Determine the Average Condo Insurance Cost in Illinois

Average condo owner insurance in Illinois is about $34 per month. Many variables affect this average cost as they increase or decrease the chances of your property suffering property damage.

Factors that raise the average cost of condo insurance in Illinois include:

  • Disaster-prone locations
  • Old building and construction components
  • High coverage limits

Condos in certain parts of Illinois with high property crime rates may see increased premiums due to the greater chances of theft or vandalism. Additionally, condos at particular risk of a tornado or flood damage can experience higher rates.

Unit owners in older condos tend to have higher rates since older buildings either lack modern safety methods and components that can help buildings withstand severe weather or have an accumulation of wear and tear that can lead to damage more easily. 

Having higher coverage limits will raise your premiums. Higher limits mean more insurance coverage, and you’ll pay more for more coverage.

Factors that can lower condo insurance rates in Illinois include:

  • Proximity to fire station/hydrant
  • Home security features
  • Discounts

Many carriers discount rates if your building is within a certain distance to a fire hydrant or station. You may also see lower rates if your condo is equipped with safety features like a burglar alarm, fire sprinklers, or deadbolt locks. Discounts you qualify for will also lower premiums.

A Simpler Way to Get Condo Insurance

Protect everything your condo association doesn’t with a custom condo insurance policy at an affordable price.

Illinois Condo Insurance Laws and Requirements

Condo insurance isn’t required by law in Illinois. But, mortgage lenders and condo associations can require unit owners to have policies. 

If you purchased your condo with the help of a mortgage, you must have HO-6 insurance on your unit. Lenders require loanees to have insurance to protect their investment in the property. If the condo unit gets destroyed, your lender can recoup the money they put down through the insurance policy.

Some condo associations will also require residents to have personal condo insurance regardless of loan status. You’ll likely be notified of this before you move in if it applies.

A 2022 Illinois condo insurance law requires associations to have a minimum of $1,00,000 in liability coverage in their HOA insurance. If your association didn’t already comply with this, you might see some of this cost passed down to you through your HOA dues. 

But, it doesn’t require you to have personal condo insurance if you don’t want it, although we never recommend going without your own coverage.

How to Get Illinois Condo Insurance Quotes

Remember to compare quotes from at least a few insurance companies before buying a policy. Getting multiple condo insurance quotes in Illinois is the best, proven way to guarantee you’re getting the best deal and saving the most money.

We’re Clovered, an independent property insurance agency specializing in home insurance. We’d be happy to help you with your condo insurance quote in Illinois. Our online quoting platform can help you compare policies from some of the top carriers near you in minutes.

Or, if you want help from one of our licensed agents, feel free to call us at 833-255-4117 for help with your quote. You can also email us with any questions at agent@clovered.com

Getting the Best Condo Insurance in Chicago

Chicago is Illinois’s largest city by far and one of the largest cities in the country. Buying a condo is a cheaper alternative than buying a home in the city or one of its many suburbs. Average condo insurance in Chicago is also more affordable than homeowners insurance in the city.

The best condo insurance in Chicago will cover you sufficiently at a price that works for you. The largest home insurance companies in Illinois are:

  • State Farm
  • Country Mutual
  • Farmers
  • Travelers
  • American Family

You can find Chicago condo insurance from any of these companies. You can also ask family, friends, or neighbors for recommendations. When shopping for coverage, note your experience using companies’ websites or talking with their representatives, as you’d rather want a provider with good customer service.

How Much Is Condo Insurance in Chicago?

It’s difficult to give an exact average condo insurance cost in Chicago, but it’ll likely be on the higher end of the state average of $28 to $55 every month. Rates will depend on your location in the city, the features of your building, and more.

Many of the factors that we explained above influence your rates. In Chicago, condos in areas with high crime rates may have higher premiums. Additionally, some older buildings in and around the city may have higher premiums than newer ones. But, new, expensive buildings with high replacement costs could carry high average condo insurance rates in the city, also.

Condo
A Simpler Way to Get Condo Insurance

Protect everything your condo association doesn't with a custom condo insurance policy at an affordable price.

The editorial content on Clovered’s website is meant to be informational material and should not be considered legal advice.

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