Illinois Condo Insurance

Why Illinois Condo Insurance Is Important

Illinois is a great place to live, with living options for every individual and family, including homes in every price range, a vast number of rentals, as well as condominiums and townhomes. Condominium ownership can be an excellent low-maintenance lifestyle. If you live in a condominium here in the Prairie State, you will need Illinois condo insurance to cover your personal property and your liability risks, as well as things like furnishings and interior improvements. To learn more about the options available to you, find a local independent insurance agent in our network. One of these agents can help assess your needs and risks and help you find the right coverage plan for you.

  • In approximately 56% of residential fires in homes with working smokes alarms, the fire can be controlled quickly enough to minimize damages.
  • When used in conjunction with other safety precautions, burglar alarms can reduce your risk of burglary by 66.2%.
  • More than 50% of all home burglaries could have been prevented with a deadbolt lock.
  • Implementing these safety and security measures can result in discounts on your condo insurance.

Illinois Condo Insurance Requirements for Associations

As of 2001, the Illinois Condominium Property Act presented insurance requirements for condominiums throughout the state. Your condo association board must carry property insurance on common areas as well as the units themselves. Your association must also carry general liability insurance to cover injury and property damage claims by residents and their guests.

Even so, you need to carry your own insurance. If you rent your condo, you will need renters insurance to protect your personal belongings and your personal liability. In fact, you may choose to carry optional loss assessment coverage, which you will need to protect your property from assessments that have been levied by the association. If you own your condo or townhome, you’ll need Illinois condo insurance to protect your belongings and your liability for accidents that happen inside your unit.

Illinois Condo Insurance Costs

On average, condo insurance will cost about $200 per year, but there are many factors that can increase or decrease the actual premium you pay. For example, the policies that your condo association carries can affect your coverage needs. Take a close look at your HOA agreement. Are you responsible for window maintenance and replacement or does your condo association cover that? A condo association master insurance policy may have high deductibles and not all master plans cover sewer or drainage backup damage.

Your townhouse insurance rates can vary. It can be difficult to know how much to insure. Pay attention to how much other unit owners are paying for upgrades and renovations (for example, new flooring, cabinetry, kitchens, and bathrooms). You can also calculate half the market value of your townhouse as a good coverage minimum. You’ll also want to consider the worth of your personal belongings, however, your Illinois condo insurance may have limits for high-value items like antiques or art. Talk to your agent about optional riders or endorsements if this is the case.

After you’ve determined how much coverage you need, you will typically be able to choose between two basic categories: cash value and replacement cost. If you have cash value coverage in place, any item you lose will be awarded a dollar amount, including depreciation, that you can use to purchase something similar. Replacement cost coverage does not take into account depreciation and will give you the funds to get a similar model of the item(s) you lost in the current marketplace.

Reducing Your Illinois Condo Insurance Costs

There are several ways you can cut costs on your condo insurance.

  • Get certification from the Leadership in Energy and Environmental Design (LEED) rating system.
  • If your home is eligible, you may be able to get the homeowners association credit, which puts you at a lower risk.
  • You can receive a credit on your policy if you or your spouse is retired. This is referred to as the Matured Insurance Credit.
  • Save money by bundling several insurance policies with the same insurance company.
  • Are you a non-smoker? You may qualify for a reduced premium.
  • Do you have a fire alarm, burglar alarm, special locks or smoke detectors that reduce your risk of damage? You may qualify for the Protective Device Credit.
  • Long-term customers often qualify for the Renewal or Long-Term Customer Credit.

To get the assistance you need, contact a local member agent in our network. One of these agents can help you compare Illinois condo insurance quotes from multiple insurance companies and choose the right coverage to meet your needs. 

Find a member agent in your area to get started today.

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