Best Condo Insurance In Illinois 2024
If you’re in Illinois, Nationwide has the best condo insurance plans.
We’ve saved shoppers an average of $450 per year on their home insurance.
In this guide, I’ll help you navigate finding the best condo insurance in Illinois. As a past licensed insurance agent, I can’t stress enough how crucial it is to have the right coverage, not just to protect against financial losses but to ensure peace of mind.
Instead of skipping out on coverage, look for a condo insurance policy that offers broad protection against potential losses, including theft and natural disasters. Read on to learn how to fully protect both you and your condo.
Best Condo Insurance Companies In Illinois, 2024
Compare The Best Condo Insurance Companies In Illinois
| Best For | Overall Rating | A.M Best Rating | J.D Power Rating | Get A Quote | |
|---|---|---|---|---|---|
| Nationwide |
Overall |
|
A+ |
816 |
Instant Quote |
| Travelers |
Discounts |
|
A |
794 |
Instant Quote |
| Amica |
Runner-Up |
|
A+ |
849 |
Instant Quote |
| Chubb |
High-Value Condos |
|
A++ |
809 |
Instant Quote |
Best Condo Insurance Companies In Illinois
Best Overall
Key Statistics
Why We Like Them
⇅For condo owners in Illinois, Nationwide stands out as a top option for insurance, offering broad coverage and useful extras, such as protection for fixtures, installations, improvements, and alterations.
In addition to offering customized protection for your unit and belongings, Nationwide will reimburse you for additional living expenses if your condo is damaged and you can’t live there.
The company is exceptional at providing a fast and easy claims process. Their dedicated support team offers quick, fair resolutions, ensuring a high rate of customer satisfaction.
Benefits & Drawbacks
⇅- Competitive rates
- Very few complaints reported
- Best for extended insurance coverage ✓
- Premiums may increase eventually
- Discount offers may only be available for a limited time
- Not a good fit for lower-value condos ✘
Best For Discounts
Key Statistics
Why We Like Them
⇅Travelers Insurance is a top contender, especially for condo owners interested in saving. With numerous discount options, it delivers more affordable rates without cutting corners on coverage.
One of their notable discounts is the multi-policy discount, which can save you up to 15% on condo insurance when bundled with car insurance or other Travelers policies. This option also streamlines your insurance management.
Travelers Insurance allows you to save on condo insurance by installing safety devices in your home. Customers who take proactive measures to manage risks receive reduced premiums as a reward.
Benefits & Drawbacks
⇅- Financially strong
- Discounts offered for bundled insurance
- Rates are competitive ✓
- Receives more complaints than leading competitors
- Might enforce a restricted dog breed list
- Availability is limited ✘
Best For High-Value Condos
Key Statistics
Why We Like Them
⇅For luxury condos, Chubb’s Masterpiece policy is an excellent choice, providing extended replacement cost coverage. You can also tailor your plan by adding coverages like identity theft and cyber protection.
Chubb stands out as the perfect provider for high-value condo insurance in Illinois, with a range of solutions tailored to the distinct needs of high-net-worth homeowners.
Benefits & Drawbacks
⇅- Very few complaints from clients
- Extended coverage available
- Exceptional customer assistance ✓
- Expensive for lower-cost properties
- Pricier than key competitors
- Lacks BBB accreditation ✘
Best Runner-Up
Key Statistics
Why We Like Them
⇅Amica is recognized for exceptional customer service and a wide range of coverage options, making it a reliable condo insurance provider. They offer broad coverage, and you can bundle your auto and condo insurance for up to 20% savings. Their Platinum policy provides even more protection through extra coverage.
Amica’s pricing is competitive, with lower rates than some of their leading competitors like Allstate. The company’s low complaint rate is a testament to high customer satisfaction.
Benefits & Drawbacks
⇅- Variety of coverage plans available
- Strong financial position
- Positive customer feedback ✓
- AM Best rating was lowered in 2017
- Higher-than-usual rates
- No dividend policies in Illinois ✘
Factors That Impact The Cost Of Your Condo Insurance Policy
The price of condo insurance in Illinois is primarily based on these four factors:
Physical Address
If your condo is located in a high-risk area in Illinois, such as a region with high crime or a history of severe weather, your insurance costs will likely be higher. Additionally, the frequent wildfires make condo insurance more expensive across the state.
Replacement Cost
Replacement cost is the calculated expense of rebuilding your condo after damage. The greater the replacement value, the higher your insurance premiums will be.
Age and Construction Type of Your Condo
As your condominium ages, expect to pay higher premiums, largely because older homes are more susceptible to damage from aging electrical, plumbing, and HVAC systems. Additionally, the type of building materials impacts rates, with fire-resistant materials potentially lowering premiums in Illinois.
Claims History
Having a history of prior claims may cause insurers to label you as a high-risk customer, increasing your condo insurance premiums. On the other hand, a clean claims record might help reduce your rates.
How Much Is Condo Insurance In Illinois?
Because condo insurance is tailored to individual needs, I’ve assembled the following tables to compare costs and help you make an informed selection.
Average Cost Of Condo Insurance By Building Property Limits
The appropriate level of condo insurance relates directly to the value of your condo and belongings. The first table compares the average annual costs for various building property limits in Illinois.
| Building Property Limit | Average Annual Rate |
| $40,000 | $550 |
| $60,000 | $620 |
| $80,000 | $680 |
| $100,000 | $730 |
Average Cost Of Condo Insurance By Company
This table presents a comparison of the average annual condo insurance costs in Illinois from the leading national insurance companies.
| Insurance Company | Average Annual Rate |
| Travelers | $780 |
| County Financial | $472 |
| Auto-Owners | $490 |
| USAA | $750 |
| State Farm | $300 |
| Allstate | $594 |
| Nationwide | $398 |
| Farmers | $798 |
| American Family | $580 |
The Average Cost Of Condo Insurance By City
This table illustrates what residents in Illinois’s most densely populated cities typically pay for condo insurance each month and year.
| City | Average Annual Rate | Average Monthly Rate |
| Chicago | $890 | $74 |
| Aurora | $655 | $54 |
| Naperville | $657 | $47 |
| Joliet | $650 | $54 |
| Rockford | $648 | $54 |
| Elgin | $641 | $53 |
| Springfield | $590 | $49 |
| Peoria | $582 | $48 |
| Waukegan | $600 | $50 |
| Champaign | $590 | $49 |
Note that the costs mentioned in the above tables are estimates and can be influenced by various factors, including the level of insurance you need, your condo’s location, and its construction features.
While cost is a significant factor, it’s not the only one to consider when choosing a policy. Look for affordable insurance that includes comprehensive coverage, alongside an insurer with a good financial strength rating and exceptional customer service.
How Much Condo Insurance Do I Need In Illinois?
The amount of condo insurance you require in Illinois is influenced by factors such as the structure of your condo, the value of your personal assets, and the coverage offered by the condo association’s master policy. Additionally, you can add loss assessment coverage to help cover damages to common areas of the condo complex.
How Much Condo Insurance Is Required In Illinois?
While it’s not a legal requirement for condo owners in Illinois to have insurance, mortgage lenders or condo associations frequently make it a requirement. Most condo insurance policies provide liability coverage starting at $100,000 and can go as high as $500,000.
What Does Condo Insurance Cover In Illinois?
In Illinois, condominium or HO6 insurance generally protects all items inside the unit, including walls, floors, fixtures, cabinets, and personal belongings, from theft and damage. Many policies also cover shared areas of the complex via loss assessment coverage, which typically starts at $1,000 but can often be increased.
How To Find The Best Condo Insurance Company For You
Since your condo might be your most significant investment, obtaining quality coverage is critical to safeguarding against financial loss. However, discovering the right policy tailored to your needs demands time and effort. To facilitate the process, here are five steps you can take to protect yourself, your family, and your belongings:
- Identify the necessary level of coverage for your condo insurance.
- Perform an online search for companies that offer condo insurance and choose three that you trust the most.
- Request pricing information from the three chosen providers.
- Compare the coverage, premiums, financial ratings, customer feedback, and discounts offered by each provider.
- Apply for insurance with the company that best meets your needs.
Our Methodology
My research to find the best condo insurance companies in Illinois was based on customer satisfaction data from J.D. Power, credit ratings by AM Best, reviews from consumer websites, and my prior experience as a licensed property and casualty agent selling condo insurance in Illinois.
Quotes Analyzed
Brands Reviewed
Years Of Experience
Research Hours
FAQs
How much is condo insurance in Illinois?
The average annual cost of condo insurance in Illinois is about $620, or $52 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 helps with the cost of repairing or replacing your unit’s interior and personal items if they’re damaged or stolen. It also provides liability coverage and covers gaps in the master policy, protecting you from financial loss.
Sources
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