You deserve the best coverage at the lowest possible price as you protect and grow your rental property portfolio in Illinois.
Landlord insurance is a type of homeowners insurance designed specifically for rental properties. It's a critical component of your risk management framework and a requirement if you are financing your property with a DSCR loan.
A landlord insurance policy is a bundle of the following coverages:
Depending on where your property is located in Chicago, there are coverages that you may want to include:
Insurance premiums may be higher in certain parts of Chicago depending on a host of location-specific data points including:
Landlord insurance in Illinois is considered moderate and stable. Insurance companies have increased their premiums in response to inflation of labor costs, material costs and home prices because this has increased replacement cost in the event of a claim.
DSCR lenders in Illinois follow similar national guidelines for landlord insurance coverage. Here are the min and max coverage requirements:
|Minimum Coverage||Maximum Coverage|
|Dwelling (property)||loan amount||replacement cost|
|General liability||$100,000 per occurrence||$1,000,000 per occurrence / $2,000,000 in the aggregate|
|Loss of rent||6 months rent||12 months actual rent|
Depending on which lender you are working with, your insurance premium may vary considerably, especially if you are required to cary full replacement cost for your dwelling coverage.
OfferMarket Insurance would love to provide you with the best coverage at the lowest possible price. Take a moment to request a quote and a member of our team will be happy to assist you!
Did you know that we also specialize in fix and flip insurance? We serve a fast-growing community of BRRR investors and flippers in Chicago and throughout Illinois and we would love to help you save time and money on your next fix and flip builders risk policy!