Illinois Landlord Insurance Quotes

Illinois landlord insurance quotes are available on this site simply by using the quote form provided. It only takes about two minutes, and you stand to save lots of money. That's because we have a network of more than 200 landlord insurance providers that we compare, giving you the lowest prices you're likely to find anywhere.

Who Is Landlord Insurance for?

As you know, being a landlord in Illinois can be very financially rewarding, but it also has its risks. Accidents do happen. Some accidents are caused by natural disasters such as floods, tornadoes, hurricanes and earthquakes. A blizzard or other severe weather events such as lightening could also cause property damage. And then there's vandalism, fires, burst pipes and tenant neglect.

Landlord insurance protects your financial investment from these kinds of losses that would otherwise require large out-of-pocket cash expenditures.
Good landlord insurance policies may also protect you from loss of rental income, in case your Illinois property is damaged enough that your tenants can no longer live in it while it is repaired. If your tenants had to move, you would no longer receive their monthly rental payments.

It's also important to protect yourself from litigation, in case you are drawn into a lawsuit. If someone gets hurt on your property, you need to have bought the right insurance policy to cover you. You need the right kind of insurance to protect your investment, your income and your assets.

Our Illinois Landlord Insurance Quotes Can Help Eliminate Coverage Gaps

Illinois landlord insurance policies may have gaps in coverage. What this means is that some policies won't cover certain incidents, but other policies will. Flood protection is one example. If you live in Cairo or other parts of southern Illinois, flood protection is a must. In other areas such as Charles Mound, where the elevation is higher, coverage for flood damage may be less of a concern, unless you live near a creek or river.

If every landlord insurance policy in Illinois included flood protection, many rental property owners would be overpaying for coverage they don't really need. On the other hand, certain dangers exist in owning any type of Illinois property. These are called “default perils,” and include damage caused by such events as water leaks, lightening, fire, storms and others. Before buying Illinois landlord insurance, weigh carefully what types of coverage you need. If your rental property is located in an area prone to flooding, then you will certainly want to add flood protection to your policy.

How Much Landlord Insurance You Need in Illinois

Sometimes it is tricky to figure out how much landlord insurance you actually need to buy to protect your real estate investment and your rental income. In Illinois, you can receive payment for many types of damages. If your property is completely destroyed by a fire, for example, you can get money from your insurance company to rebuild the property. But the amount of money you will receive to rebuild depends on your particular landlord insurance policy, so make sure you have at least enough coverage to rebuild your rental home or other residential rental property at today's construction prices.
It may be tempting to try to cut back on your landlord insurance costs by underestimating the cost of rebuilding your property. Keep in mind that it's not worth the gamble. Protect your investment correctly so that is something happens, you can repair or rebuild with as little out-of-pocket expenses as possible.

This is especially the case if you own more than one rental property in Illinois. What if something happened that destroyed all of your properties. Would you be able to replace them with your savings? It's better to make sure you're fully covered, whether you're shopping for landlord insurance quotes in Aurora, Champaign, Chicago, Cicero, Aurora, Elgin, Joliet, Naperville, Peoria, Rockford, Springfield, Waukegan, or another city or town in Illinois of any size.

Look for Legal Fee and Liability Coverage

While looking at Illinois landlord insurance quotes, it's a good idea to consider what kind of coverage you need for liability and legal fees. At some point someone may be injured on your property, and you as the owner could very well be held liable for the damages and legal fees – even if the lease says otherwise.

Let's say that a cold winter causes your sidewalk to become uneven and some trips and falls. Or if you are responsible for clearing the sidewalk after a heavy snow, but before you can get there, someone slips, breaks a bone, or even worse. You could be sued for medical expenses, neglect and any number of other issues that could prove quite costly. Make sure when comparing Illinois landlord insurance quotes that you choose a policy will keep you and your assets covered!

Why Get Your Illinois Landlord Insurance Quotes Online from Us?

True, you could call around to various insurance agents in your Illinois town. Each one would give you different prices for policies that aren't even the same. With our online insurance quotes, you will know exactly what you're getting, how it compares to other policies, and then choose the lowest price without suffering through a high-powered sales pitch or endless calling back and forth.
About 95% of property owners save money when they look for landlord insurance policies with us, so do yourself a favor. Get your free, no hassle, no-strings-attached Illinois landlord insurance quote now by filling in the form. It only takes about two minutes, and could save you hundreds of dollars a year!

 

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