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Illinois Landlord Insurance

Illinois Landlord Insurance Protects Your Investment

Find the right landlord insurance policy for you.

Steve Dahl | March 18, 2020

Illinois is the fifth most populated state in America. It also boasts nearly 400 colleges and universities. With a high population density and many college students in residence, there are countless opportunities to profit from an investment in a rental property. To protect your investment, Illinois landlord insurance is a must. While it’s true that renters should carry their own insurance policy for their personal belongings, having landlord insurance is a good way to protect your property assets. Contact an independent insurance agent from our network to make sure you get the coverage that will best meet your needs.

  • Dwelling coverage for damage from named perils such as fire, lightning, and wind
  • Coverage for additional property structures like garages and outbuildings
  • Landlord liability insurance in the event someone is injured while on your property
  • Coverage for property maintenance tools like gardening equipment

This list is not inclusive, but it will give you an idea of what to expect from a basic policy. Your coverage should be tailored to your needs and risks, which is why shopping around for the best Illinois landlord insurance and speaking with a local agent is so advantageous. You can also choose a policy that offers more coverage, especially if your property has additional risk factors, such as a swimming pool or workout facility. An agent can assess your needs and help you compare Illinois landlord insurance quotes from multiple companies. 

Why Landlord Insurance Is so Important

Renting can be rewarding and profitable, but it also involves a degree of risk. Not only are you not in the home or apartment on a regular basis, but you may also live in an entirely different ZIP code. Because of this, you are largely dependent on your renters to tell you when something on the property needs your attention. Unfortunately, renters may not recognize when something is in need of repair. Storm damage, water leaks, roofing problems, and many other issues may go unnoticed by your tenants. Landlord insurance serves as both a valuable safeguard to your investment and offers peace of mind.

Illinois Landlord Insurance Rates

Did you know you can get Illinois landlord insurance for as low as $50 per month? That’s rather inexpensive when you consider the cost of unforeseen problems, such as fire or flood. Your insurance rates and will depend on many factors, such as the size and type of your rental property or the number of properties you own. You may also have additional liability risks like a pool, gym, or playground. For example, if you have only one rental property or you are renting out a single room in your home, you could possibly get landlord liability as an added endorsement to your homeowner policy.

Tips for Reducing Landlord Insurance Premiums

You may qualify for a number of discounts or rate reductions on your landlord insurance policy, such as:

  • Multi-policy discounts for properties and vehicles
  • New customer discounts for establishing a new policy
  • New renovation discounts for upgraded property
  • Property improvements that lower risk

Other discounts may be available, so be sure to discuss all aspects of your rental properties with your agent. You may be surprised to find out just how affordable landlord insurance can be.

How to Compare Illinois Landlord Insurance Quotes

Your rental property is a valuable investment. Take steps to protect it in the event of a natural disaster, intentional damage, or tenant injury. A local agent can help you determine your coverage needs, explain policy options, and compare quotes so you can make an informed choice. 

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