Illinois Condo Insurance

Find the Best Condo Insurance Rates & Companies in Illinois 

Owning a condominium in Illinois can be an affordable way to live in one of the most populous states in the U.S. Condos tend to come with less maintenance than a traditional single-family home, but you still need protection for your personal property and any liability risks. Without the proper insurance, you could have to pay out of pocket for lawsuits, property damage, and other incidents.

Luckily, a local independent insurance agent in Illinois can help you find the right condo insurance. These agents are familiar with the housing market and the top-rated carriers to work with to find the best condo insurance in Illinois. But first, here's a deep dive into Illinois condo insurance requirements, costs, and more. 

Best Condo Insurance Companies in Illinois

Many different carriers in Illinois sell condo insurance. But when you're looking for the best Illinois condo insurance, you want to have an idea of just where to find it. That's why we've included a few of our top picks for the best condo insurance companies in Illinois. Start by checking into these top-rated carriers. 

1. Stillwater: This carrier sells condo insurance and many other types of personal and business insurance. Stillwater has superior ratings from AM Best and the Better Business Bureau (BBB) and offers nationwide coverage and 24/7 claims reporting services.
2. Foremost: This carrier sells condo insurance and many other types of personal insurance. Foremost has excellent ratings from both AM Best and the BBB, offers multiple discounts, and provides 24/7 claims reporting.
3. Central Insurance: This carrier sells condo insurance and many other types of personal and business insurance. Central Insurance also has excellent ratings from the BBB and AM Best, offers numerous discounts, and provides 24/7 claims reporting.

An Illinois independent insurance agent can help you compare policies and rates from each of these carriers and others that sell condo insurance in your area.

What's the Difference Between HO3 and HO6 Condo Insurance?

Both HO3 and HO6 insurance can protect homes and personal property. However, an HO3 policy is designed to cover a single-family home, including the structure of the building as well as the contents or your personal property. 

An HO6 policy is designed to cover the contents of a condo, including what's inside the walls, also referred to as its contents. The homeowners association has an insurance policy designed to cover the structure or building of your condo, including its foundation. 

Is Condo Insurance Required in Illinois?

Yes, condo insurance is required of all condominium owners in Illinois. If you own a condo in Illinois, it must have the proper coverage. 

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

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

Note that this coverage is only for the common elements of the condo property and doesn't protect your personal property or your unit's contents. You must obtain your own condo insurance policy to protect your personal property against theft, vandalism, damage, destruction, etc.

What Does Condo Insurance Cover in Illinois?

The most common coverages included in condo insurance cover your personal possessions and potential costs if you get temporarily displaced from your home following a disaster like a fire. Your Illinois condo insurance policy is likely to include the following:

• Liability insurance: This covers expenses related to third-party lawsuits filed against you for claims of bodily injury or personal property damage.
• Contents insurance: This covers your personal property, like clothing, furniture, etc., against damage, theft, or destruction by covered perils, as well as any elements of the condo you're responsible for, like toilets, sinks, fixtures, and ceiling fans. 
• Loss of use insurance: If a covered event causes damage to your condo and requires you to relocate temporarily, this coverage can help pay for the fees associated with finding temporary housing. 

Since severe storms are the biggest threat to homeowners in Illinois, be sure to understand that condo insurance doesn't include flood coverage. If you live in a part of the state at high risk of flooding, talk to your independent insurance agent about adding flood insurance. 

What's Not Covered by Illinois Condo Insurance?

Condo insurance includes a lot of important protection, but it also comes with certain exclusions you must be aware of. In Illinois, condo insurance typically doesn't cover the following:

• Routine maintenance expenses
• Intentional or malicious acts against third parties
• Flood or earthquake damage to your personal property
• Damage caused by water or sewer backups

Knowing what your condo insurance excludes can help you find additional coverage or endorsements if necessary, such as for water and sewer backups or flood damage.

How Much Does Condo Insurance Cost in Illinois?

Condo insurance premiums are based on several factors. They are typically much less expensive than traditional homeowners insurance because you're not responsible for covering most elements of the structure of your home. The current national average cost of condo insurance is $455 per year, while the average in Illinois is $410 per year. However, condo insurance costs can vary based on the following:

• The amount of coverage you need
• The type of coverage you choose
• Your deductible amount
• Your location
• Your personal claims history

You may be able to increase your coverage savings by asking about common condo insurance discounts in Illinois.

Popular Questions about Illinois Condo Insurance