ILLINOIS LANDLORD INSURANCE
Illinois Landlord Insurance
Landlord insurance in Illinois is an often-overlooked facet of owning rental properties, but it’s just as important as the routine maintenance you conduct on the properties to keep them clean, safe and updated.
Not having an Illinois landlord insurance policy is like not having insurance on your vehicle. It’s not a wise thing to do. That’s because landlord insurance protects your home from covered perils, such as fires and tornadoes. It helps pay to repair or replace any quintessential belongings you keep on the property.
It can also help to pay for medical bills and legal expenses if someone sustains an injury on the property, from something like a faulty stair, and you’re found liable for the damages. You see, landlord insurance is the last line of protection between you and uncontrollable events that could potentially wreck everything you’ve worked so hard to build.
But those three instances aren’t the only things that are covered with landlord insurance. Let’s take a look at everything that’s covered with your new landlord insurance in Illinois.
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What’s Covered With an Illinois Landlord Insurance Policy?
☘ This covers the actual structure of your home and the components that make it, such as the roof, siding, windows, countertops and flooring. Since you’re not the one living in the home and taking care of it full time, the landlord dwelling coverage should be equal to or a little more than your home’s actual value.
☘ If you rent out a house, this coverage extends to things like fences, sheds, carports and detached garages, and is typically up to 10 percent of the dwelling amount. However, if you’re renting one or a few units in a condo complex, there’s a good chance you won’t own any of these types of coverage and, therefore, don’t truly need it.
☘ If you store on the rental property things like a lawnmower, tools for working on the home or other items that directly help you maintain your rental unit, these items would be covered under the personal belongings portion of your landlord policy. Unfortunately, your tenants’ belongings are not covered.
☘ This coverage helps to pay for medical bills and legal expenses up to your policy’s limits. It’s a good idea to maintain adequate landlord liability protection in the event one of your tenants or their guest is injured on the property and you’re found liable.
What Are Some Extra Illinois Landlord Coverages to Consider?
☘ For those landlords who furnish part or all of their rental properties, there’s an optional landlord contents coverage you’ll want to opt in to. This covers the belongings you keep in the unit, like furniture, electronics and appliances.
☘ If the building codes change or you’re working on renovations, you’ll want to make sure you have coverage for your rental property that’s under construction. This helps mend the money until the home is ready for occupation again.
Loss of Income
☘ If your rental property is hit by a covered peril and your tenants are forced to temporarily move out of the home, you’re not getting a rent payment each month. Luckily, this can help pay you the money you’re losing out on each month until the home is repaired and tenants are able to move back in.
Burglary & Vandalism
☘ If your rental property is broken into and damaged or vandalized, purchasing additional coverage for burglary and vandalism will quickly become your best friend. This can help repair parts of your home that have been damaged or replace your property that was stolen.
How Much Does Landlord Insurance in Illinois Cost?
From small towns in Southern Illinois to the big city life in Chicago, landlords across the state will pay drastically different prices for insurance premiums. But the average cost of Illinois landlord insurance will set you back about $1,700 per year. That’s not bad considering it comes with an average of $200,000 worth of dwelling coverage and a slew of other protections that are vital to your side business.
But, depending on a few factors, you may pay more or less for premiums in your area. That all depends on the type of property you rent out, its location within the state, maximum coverage amounts and many other things. To get the best price, simply get a quote with our online quoting engine and we’ll pair you with the perfect policy at the right price.
- Average Cost of Landlord Insurance in Illinois: $1,700 per year
Compare and Buy the Best Landlord Insurance in Illinois
Getting landlord insurance in Illinois is easier than ever when you use our intuitive, multi-rater online quoting engine. Because we partner with some of the state’s top insurers, we’re able to compare policies and prices from multiple companies and provide you with the best policy at the best price.
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You've worked hard to buy your rental property. Protect it with a custom policy at an affordable price.