Illinois Condo Insurance

How to Find the Best Condo Insurance in Illinois

Experts break down Illinois condo insurance costs, coverage, companies, and more.

Condominiums and Willis Tower from the Chicago River in Chicago, Illinois. Find Illinois condo insurance.

Owning a condominium in Illinois can be an affordable way to live in the sixth most populous state in the US. Condominiums tend to come with less maintenance than a traditional-style family home, but you still need protection for your personal property and any liability risks.

Start shopping for condo insurance options with a local independent insurance agent. Located across the state, agents are familiar with the Illinois housing market and the top-rated carriers to work with for finding the best condo insurance in Illinois.

Is Condo Insurance Required in Illinois?

Condominium owners in Illinois will benefit from the Illinois Condominium Property Act which requires condominium associations to obtain specific insurance coverages. Associations are required to offer the following insurance for tenants and unit owners:

  • Property insurance: Coverage for common elements including ceilings, walls, and floors at the total replacement cost of the insured property.
  • General liability insuranceCoverage for any third-party injuries or liabilities that occur on common elements.

Of course, this coverage is only for the common elements of the entire condominium property and will not provide coverage for your personal property inside of your unit. By law, you are not required to purchase condo insurance, but without this coverage, you are financially responsible for any damage or liability risks that occur within your unit and to your personal property.

What Does Condo Insurance Cover in Illinois?

You'll work with your independent insurance agent to determine the best type of coverage that meets your lifestyle and covers all of your belongings. The most common coverages included in condo insurance provide coverage for your possessions and if you're displaced from your home.

  • Personal property coverage: You'll likely be filling your home with furniture, electronics, jewelry, art, clothes, and other property. All of these items are protected from events like fire, storms, and break-ins with personal property coverage. It will also cover certain elements of the condo that you're responsible for like toilets, sinks, fixtures, and ceiling fans. 
  • Loss of use coverage: If a covered event causes damage to your condo that requires you to temporarily relocate while rebuilding, loss assessment coverage will help pay for the fees associated with finding temporary housing. 

Since severe storms are the biggest threat to homeowners in Illinois, it's important to know that condo insurance does not include flood coverage. If you live in a part of the state that is at high risk of flooding, you may want to consider talking to your agent about purchasing flood insurance. 

Do You Need Liability Insurance for Your Condo in Illinois?

Yes, liability coverage is another common type of insurance policy for condominium owners. Even though the condo association will help pay for any personal injuries or property damage that occurs in common areas, if a visitor falls down the stairs inside your condo and needs medical attention, you could be liable for the costs.

Liability coverage will also help pay for any legal fees if you are taken to court as a result of an event that occurs in your home. 

How Much Does Condo Insurance Cost in Illinois?

Condo insurance premiums are based on several factors, and fortunately are much less expensive than traditional homeowners insurance. This is because you are not responsible for covering the structure of your home, just the property within your personal unit.

  • National average condominium insurance premium: $488
  • Illinois average condominium insurance premiums: $382

Illinois condominium owners save more than $100 annually on condo insurance compared to the national average. Other factors that may impact your premiums include:

  • The amount of coverage you need
  • The type of coverage you choose
  • Deductible
  • Local crime rates
  • The city you live in
  • Whether you rent, own, or lease your condo

The good news is that there are discounts available for bundling condo insurance with other types of coverages that your independent insurance agent can talk over with you.

Who Are the Best Condo Insurance Companies in Illinois?

You'll have a large pool of insurance carriers to choose from when selecting coverage, which is why it's important to shop condo insurance quotes in Illinois. Fortunately, an independent insurance agent is an expert at shopping policies and knows how to find the best condo insurance companies in Illinois.

Your agent will look for things like claim reputation, responsiveness, customer service, and affordability. They're also familiar with the local homeowners' landscape and know exactly the type of coverage you need.

How Can a Local Independent Agent Help Me Find the Best Condo Insurance Policy?

Whether you live in Chicago or Mt. Vernon, a local independent insurance agent is waiting to help you find the best condo insurance in Illinois. Agents will speak with you, free of charge, to learn about the type of coverage you're looking for.

Once they've met with you, they'll reach out to the top-rated carriers in the state, compare costs and coverages, and guide you in selecting a policy that meets your needs. 

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https://www.idfpr.com/ccico/FAQ/CCIC%20Ombudsperson%20-%20FAQ%204%20Insurance%20Requirements%20for%20Associations%20-%2012-20-2016.pdf

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