Best Condo Insurance In Illinois 2024

After a thorough investigation, we’ve determined that the best condo insurance policy in Illinois is offered by Nationwide.

We’ve saved shoppers an average of $450 per year on their home insurance.

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Written by Bob Phillips
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Welcome to your go-to guide for the best condo insurance in Illinois. With 13 years of experience as a licensed insurance agent, I guarantee you’ve come to the right place for crucial insights. Having the right condo insurance is vital—it not only protects your investment but also ensures your peace of mind.

Failing to act can have dire outcomes. Over my 13 years in the insurance industry, I’ve seen many condo owners suffer major financial losses from inadequate coverage. Don’t let this happen to you. Let’s explore condo insurance in Illinois, review your choices, and ensure you’re well-protected.

Best Condo Insurance Companies In Illinois, 2024

Best Condo Insurance, Illinois 2024

Compare The Best Condo Insurance Companies In Illinois

Best For Overall Rating A.M Best Rating J.D Power Rating Average Monthly Cost Get A Quote
Nationwide

Overall

4.9

A+

816

$886

Instant Quote
Travelers

Discounts

4.6

A

794

$828

Instant Quote
Chubb

High-Value Condos

4.7

A++

809

$1,551

Instant Quote
Amica

Runner-Up

4.8

A+

849

$1,449

Instant Quote
Scroll to see comparisons

Our Methodology

I identified the top condo insurance companies in Illinois using data from AM Best (financial strength) and J.D. Power (customer satisfaction). I also factored in consumer feedback and my experience as a former licensed property and casualty agent selling condo insurance in Illinois.

138

Quotes Analyzed

27

Brands Reviewed

15+

Years Of Experience

30+

Research Hours

Best Condo Insurance Companies In Illinois


Best Overall

Overall Rating
4.9

Key Statistics

9/10 Affordability
10/10 Customer Reviews
10/10 Claim Payouts
9/10 Coverage Level

Why We Like Them

Securing your condo is crucial, and Nationwide excels as a top provider of condo insurance in Illinois. They offer comprehensive coverage specifically tailored to meet the needs of condo owners, ensuring you are well-covered.

From safeguarding your furniture, clothing, and personal items from covered losses to reimbursing additional living expenses when a covered loss makes your home uninhabitable, Nationwide’s condo insurance is extensive.

Nationwide’s standout feature is its top-notch claims service. In times of need, you want an insurer who offers prompt and fair service. Nationwide excels by providing a smooth claims process and a dedicated team ready to support you.

Nationwide’s commitment to customers goes beyond standard coverage. They provide options to insure additions, alterations, fixtures, improvements, and installations, ensuring your investment is protected.

Benefits & Drawbacks

Benefits
  • Extensive protection
  • Reasonable prices
  • Exceptional customer care
Drawbacks
  • Less suitable for low-value homes
  • Possible additional costs
  • Some discounts are less available

Best For High-Value Condos

Overall Rating
4.7

Key Statistics

7/10 Affordability
10/10 Customer Reviews
9/10 Claim Payouts
9/10 Coverage Level

Why We Like Them

Chubb is a premier insurance provider for high-value condo owners in Illinois. It is known for offering exceptional service and specialized coverage for affluent clients, with extensive coverage limits and multiple perks.

The Masterpiece policy is intended for high net-worth families, offering extended replacement cost options to ensure comprehensive coverage for your valuable property.

Chubb’s acclaim extends beyond its comprehensive coverage; it also includes unique services like cyber protection and identity theft coverage. Committed to the unique needs of high-net-worth households, Chubb offers premium insurance solutions for Illinois’s affluent condo owners.

Benefits & Drawbacks

Benefits
  • Outstanding client care
  • Extended coverage choices
  • Minimal customer complaints
Drawbacks
  • Higher costs than average
  • Not recognized by BBB
  • May not be ideal for average-priced condos

Best For Discounts

Overall Rating
4.6

Key Statistics

9/10 Affordability
8/10 Customer Reviews
8/10 Claim Payouts
9/10 Coverage Level

Why We Like Them

Travelers Insurance has emerged as a leading option for condo insurance in Illinois, particularly for those interested in substantial discounts. They provide several opportunities for savings, ensuring their policies remain affordable without compromising on coverage.

Among the most appealing discount choices is the multi-policy option. Homeowners who bundle their condo insurance with a Travelers auto policy can save up to 15%. This method streamlines insurance management and offers substantial savings.

Travelers also presents extra discount possibilities for individuals with compatible smart or connected home technology. This reflects the company’s commitment to fostering and acknowledging proactive initiatives in maintaining and safeguarding homes.

With its comprehensive coverage options and discount opportunities, Travelers proves to be a top-notch choice for Illinois condo owners. Additionally, Travelers has been lauded for providing more budget-friendly home insurance rates compared to many competitors, all while offering similar coverage options.

Benefits & Drawbacks

Benefits
  • Economical premiums
  • Financially stable
  • Bundling packages
Drawbacks
  • Restricted selection
  • Potential for banned dog breeds
  • Higher rate of customer dissatisfaction compared to competitors

Best Runner-Up

Overall Rating
4.8

Key Statistics

8/10 Affordability
9/10 Customer Reviews
9/10 Claim Payouts
10/10 Coverage Level

Why We Like Them

For comprehensive condo insurance in Illinois, Amica is an excellent choice. With a reputation for exceptional customer service and a wide variety of coverage options, Amica guarantees a seamless insurance experience. Bundling condo and car insurance can lead to savings of up to 20%.

Amica’s rates stand out as highly competitive, particularly when compared with Allstate, offering much lower monthly premiums. Additionally, Amica has a low complaint rate, signaling high customer satisfaction. Its Platinum Choice Home Coverage provides robust condo protection by combining multiple coverage types.

Benefits & Drawbacks

Benefits
  • Numerous coverage options offered
  • Customers are very satisfied
  • Insurer has a solid financial foundation
Drawbacks
  • Premiums exceed the average
  • Not a dividend-paying insurer
  • AM Best rating is still strong, but was downgraded in 2017

How Much Is Condo Insurance In Illinois?

To support your informed decision-making, here are various detailed comparison charts:

The Average Cost Of Condo Insurance By City

This table presents an overview of the average annual and monthly condo insurance costs in the ten largest cities in Illinois:

City Average Annual Rate Average Monthly Rate
Chicago $650 $54
Aurora $601 $50
Naperville $550 $45
Joliet $600 $50
Rockford $565 $47
Elgin $570 $48
Springfield $615 $51
Peoria $580 $48
Waukegan $600 $50
Champaign $550 $46

These rates are approximate and can change based on factors like the exact location of your condo, its structural aspects, and the amount of coverage needed.

Average Cost Of Condo Insurance By Building Property Limits

Condo insurance needs vary. The coverage you require depends on the value of your property and belongings. To inform your decision, here’s a comparison chart showing average monthly rates for condo insurance in Illinois according to building property limits:

Building Property Limit Average Annual Rate
$40,000 $755
$60,000 $908
$80,000 $1,115
$100,000 $1,324

These rates are estimates and will vary based on factors like your condo’s location, its structural features, and the amount of coverage you need.

Average Cost Of Condo Insurance By Company

Below is a table showing the average monthly rates from ten top national insurance companies offering condo insurance in Illinois:

Insurance Company Average Annual Rate
State Farm $761
Allstate $812
Liberty Mutual $843
USAA $724
Progressive $925
Nationwide $876
Farmers $907
Travelers $848
Erie $771
American Family $910

Remember, these rates are estimates and may fluctuate based on factors like your condo’s location, structural attributes, and the coverage you need. The cheapest rate isn’t always the best value. Seek a policy that offers affordable rates, comprehensive coverage, top-notch customer service, and financial stability.

How To Find The Best Condo Insurance Company For You

It takes time and effort to find the best condo insurance for your specific needs, but it’s worth it. Your condo is probably your most valuable asset, so protecting it and your belongings is crucial for your family’s long-term financial security.

These five easy steps will guide you to the best policy for your needs:

  1. Search for condo insurers online and select three companies you’re comfortable with.
  2. Decide on the coverage limits you require.
  3. Obtain quotes from the three insurers for the coverage you need.
  4. Choose an insurer based on coverage, customer reviews, financial stability, discounts, and rates.
  5. Complete the application process for your coverage.

The best method to find quality condo insurance in Illinois is to compare multiple quotes side-by-side. Use Insuranceopedia to get multiple quotes now.

How To Get An Online Condo Insurance Quote In Illinois

When looking for an online insurance quote in Illinois, the best strategy is to use a website that can provide multiple quotes simultaneously, allowing you to compare them side-by-side effortlessly, such as Insuranceopedia.

To receive an online quote, you’ll need to furnish specific details:

  • Condo replacement cost: The expenditure required to reconstruct your condominium with similar materials after it gets damaged.
  • Personal property value: The amount of coverage you receive for personal property is determined by the value of your possessions.
  • Personal information: You’ll need to furnish your name, address, insurance details, the number of people residing in your condo, and other pertinent information.
  • Details about your condo: The year of construction, the size in square footage, the materials used for the exterior, any security systems, and more information about your condo.

What Does Condo Insurance Cover In Illinois?

A typical Illinois condo insurance policy, or HO6 insurance, is designed to cover the interior of the condo. It protects fixtures, appliances, and personal belongings, offering coverage for damage to walls, floors, cabinets, and other interior elements.

Besides, it includes personal property coverage, safeguarding your belongings from theft or damage. Most policies also come with loss assessment coverage starting at $1,000, which can be increased through an optional endorsement.

How Much Condo Insurance Is Required In Illinois?

While Illinois law doesn’t demand condo insurance, it’s often required by lenders and condo associations. Coverage generally starts at $100,000 and can be as high as $500,000. Additionally, state law recommends a minimum of $2,000 in loss assessment coverage for common areas.

How Much Condo Insurance Do I Need In Illinois?

Figuring out the amount of condo insurance you need in Illinois depends on the value of your personal belongings, the interior features of your condo, and your HOA’s master insurance policy. Your policy should include a minimum of $2,000 in loss assessment coverage to pay for shared area damages.

How To Save Money On Illinois Condo Insurance

Illinois condo owners can lower their insurance premiums by increasing the deductible. This reduces the premium but requires you to pay more out-of-pocket for claims. Ensure the deductible you choose is manageable for your finances.

Another way to cut insurance costs for your Illinois condo is by making it more catastrophe-resistant. Installing storm shutters and upgrading your security system can protect your property and potentially lower your insurance premiums.

Factors That Impact The Cost Of Your Condo Insurance Policy

These are four crucial factors that impact the cost of condo insurance in Illinois:

Location of Your Condo

The cost of condo insurance is greatly influenced by the location of your condo. In high-risk areas prone to natural disasters like hurricanes, floods, or wildfires, premiums are higher. Illinois, known for frequent hurricanes, typically has higher insurance costs.

Age and Construction Type of Your Condo

The age and construction type of your condo are important factors for insurance pricing. Older condos might feature outdated wiring, plumbing, or heating, raising the risk of damage and insurance costs. Condos built with less damage-resistant materials may also have higher premiums.

Replacement Cost of Your Condo

The cost to rebuild your condo, known as the replacement cost, significantly affects your insurance premium. Higher replacement costs will result in higher insurance rates.

Claims History

Your claims history is a significant factor in determining your condo insurance rates. Multiple claims can make insurers view you as a higher risk, leading to higher premiums. A clean claims record can result in lower insurance costs.

 

FAQs

How much is condo insurance in Illinois?

The average annual cost of condo insurance in Illinois is about $650, or $54 per month. Rates can differ significantly depending on factors like location, the level of coverage, and the insured’s claims history.

How does condo insurance work?

Condo insurance acts as a vital safety net, offering protection for your personal items, unit interiors, and liability claims. It compensates for any gaps in your condo association’s master policy, helping you avoid unexpected financial losses.

Sources

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