Getting a Condo Insurance Quote in Illinois
Many occupants in Illinois choose the convenience of living in condos. Choosing the correct condo insurance from Illinois can be confusing, so we're here to help you by outlining a few important factors that you need to remember when negotiating the final price of your condo insurance so you get the right coverage for your needs at the right price. There are many aspects that will affect how expensive or cheap your annual condo insurance quote is going to be, thus we've made it our aim to help make the condo insurance purchasing process a cinch.
Illinois Condo Insurance Statistics at a Glance
Given the numerous factors that affect the price of condo insurance, and taking into account that property values are on the rise, Illinois condo insurance policies can be on the costly side. Illinois is ranked the 43rd most expensive country in the nation for condo insurance. Illinois residents pay an average of $69 per month or two $825.00 per year at condo insurance premiums. Even though Illinoisans are paying more on condo insurance, the good thing is that trends demonstrate that rates are getting more affordable. Overall, most cities in Illinois have comparable average monthly rates, but Elmhurst, IL was found to be the cheapest city in $579.00 per year or two $48.25 per month. On the other hand, Chicago, IL gets the maximum condo insurance rates in the state at $836.00 per year or two $69.67 per month. Different insurance companies have important differences in rates so it's important to shop around if you're searching for condo insurance from Illinois.
$469
Average Annual Cost of Condo Insurance in Illinois
The average cost of condo insurance in Illinois on an annual basis is $469.
$39
Average Monthly Cost of Condo Insurance in Illinois
The cost of condo insurance in Illinois is roughly $39 per month.
29%
Percentage of Income on Ownership for Condos in Illinois
Residents of Illinois spend an average of 29% of their income on condo ownership.
33 years
Median Age of a Property Which Requires Illinois Condo Insurance
The average age of a property requiring condo insurance in Illinois is roughly 33 years.
What Affects the Costs of Your Condo Insurance in Illinois
Quite a few factors cause condo insurance policies in Illinois to change in price. Insurance companies use many factors to compute your individual risk and coverage needs and get you an accurate quote for your condo insurance coverage. However, many factors out of your control could affect the price of your condo insurance from Illinois. These factors could include things such as the positioning of the condo, the age of your condo in Illinois, and the construction quality of your condo. It’s important to note that high-risk flood zone condos must have flood insurance to qualify for a mortgage. Fortunately, the National Flood Insurance Program is a federal initiative that offers insurance coverage for losses resulting from floods in participating communities.
Licensed agents may be able to see whether you're eligible for discounts. Some factors within your control that could help or harm the final pricing of your Illinois condo insurance costs could be factors such as your credit history, your claims history with other condo insurance suppliers, your driving record, the sum of personal belongings that you have on your condo, the people who live on your condo, and whether you rent or own the condo. Additionally, a condominium could be eligible for a discount if equipped with safety devices such as fire alarms, backup generators, burglar alarm systems, or other fire or theft protection devices that meet the eligibility criteria. In order to acquire the best possible quote, we strongly advise you to have a lot of this information prepared before obtaining a condo insurance quote for the Illinois property.
Licensed agents may be able to see whether you're eligible for discounts. Some factors within your control that could help or harm the final pricing of your Illinois condo insurance costs could be factors such as your credit history, your claims history with other condo insurance suppliers, your driving record, the sum of personal belongings that you have on your condo, the people who live on your condo, and whether you rent or own the condo. Additionally, a condominium could be eligible for a discount if equipped with safety devices such as fire alarms, backup generators, burglar alarm systems, or other fire or theft protection devices that meet the eligibility criteria. In order to acquire the best possible quote, we strongly advise you to have a lot of this information prepared before obtaining a condo insurance quote for the Illinois property.
Average Cost of Condo Insurance in Illinois by City
The most typical sort of condo insurance in Illinois is the HO6 insurance plan. Whether you're living in a bigger city like Chicago or Aurora or have a condo at a smaller town like Park Ridge, you'll probably need H06 insurance for your condo in Illinois. To give you an notion of how much it will cost to cover your condo, we've supplied a full collection of projected condo insurance quotes for your Illinois city. The following averages are based on all of insurance costs for your individual city or town in Illinois, therefore depending on where your condo is located in your neighborhood, your final price could differ drastically than what's quoted below.
| City in Illinois | Average Monthly Costs for Condo Insurance | Average Annual Costs for Condo Insurance |
|---|---|---|
| Chicago, IL | $70 | $836 |
| Aurora, IL | $52 | $623 |
| Naperville, IL | $52 | $619 |
| Joliet, IL | $55 | $655 |
| Rockford, IL | $54 | $652 |
| Springfield, IL | $56 | $670 |
| Elgin, IL | $51 | $607 |
| Peoria, IL | $56 | $673 |
| Champaign, IL | $50 | $603 |
| Waukegan, IL | $56 | $670 |
| Cicero, IL | $56 | $671 |
| Bloomington, IL | $52 | $624 |
| Arlington Heights, IL | $54 | $644 |
| Bolingbrook, IL | $53 | $639 |
| Evanston, IL | $55 | $663 |
| Schaumburg, IL | $55 | $657 |
| Decatur, IL | $56 | $672 |
| Palatine, IL | $54 | $647 |
| Skokie, IL | $55 | $656 |
| Des Plaines, IL | $54 | $653 |
| Orland Park, IL | $50 | $601 |
| Tinley Park, IL | $51 | $608 |
| Oak Lawn, IL | $54 | $645 |
| Berwyn, IL | $55 | $655 |
| Normal, IL | $53 | $636 |
| Mount Prospect, IL | $53 | $642 |
| Wheaton, IL | $49 | $593 |
| Oak Park, IL | $53 | $640 |
| Hoffman Estates, IL | $56 | $667 |
| Downers Grove, IL | $49 | $591 |
| Glenview, IL | $54 | $644 |
| Elmhurst, IL | $48 | $579 |
| Lombard, IL | $50 | $598 |
| Plainfield, IL | $53 | $635 |
| DeKalb, IL | $49 | $584 |
| Urbana, IL | $50 | $605 |
| Moline, IL | $57 | $686 |
| Belleville, IL | $63 | $761 |
| Bartlett, IL | $52 | $619 |
| Buffalo Grove, IL | $56 | $678 |
| Quincy, IL | $60 | $715 |
| Crystal Lake, IL | $54 | $644 |
| Romeoville, IL | $54 | $649 |
| Carol Stream, IL | $52 | $620 |
| Streamwood, IL | $54 | $653 |
| Wheeling, IL | $54 | $651 |
| Hanover Park, IL | $53 | $634 |
| Carpentersville, IL | $51 | $614 |
| Rock Island, IL | $58 | $702 |
| Park Ridge, IL | $54 | $647 |
Choosing the Best Condo Insurance Company in Illinois for Your Needs
Making certain you put in time and effort to choose the ideal condo insurance provider at Illinois for your needs will provide you peace of mind in the long term. You're insuring your distance yourself, and your valuablesspend that extra time to search for the most extensive insurance that you could find. Don't brief change your Illinois condo and the properties inside of it by settling for the most affordable one on the market. The ideal thing to do would be to shop around and compare several companies before making final decisions and choosing the ideal condo insurance provider at Illinois for your needs. Keep in mind that you will not be forced by a reliable company into making a decision quickly or cover coverage that you don't need. Start looking for condo insurance companies that benefit their long term customers with discounts or also provide package insurance reductions. Be sure that your provider is licensed. Check the Illinois Department of Insurance website to learn the licensing status, financial stability and criticism history of your chosen insurer.
The Top Rated Condo Insurance Companies in Illinois Based off Consumer Ratings
The top place is held by state Farm at being the condo insurance provider in the United States for more than 50 decades. In Illinois, a study done by JD Power revealed that State Farm was scored a 3 out of a 5 (an average rating) from the policy offerings, charging and payment, customer support and claims. In Illinois, State Farm also received a NAIC criticism ratio of 0.2. Like most condo insurance providers in Illinois, they provide premium discounts on condos that have been made or renovated to withstand any natural disasters that might happen from The Prairie State. When considering pure metrics of condo insurance companies in Illinois alone, USAA gets the highest JD Power rating in the country at 5 while Travelers gets the cheapest at 2. The condo insurer in Illinois that has the cheapest NAIC criticism ratio in Illinois is Country Financial in 0.13 while Metropolitan gets the highest NAIC criticism ratio in 0.43.
| Illinois Condo Insurer | JD Power Rating | NAIC Rating |
|---|---|---|
| Country Financial Ratings for Condo Insurance in Illinois | 4/5 | 0.13 |
| State Farm Ratings for Condo Insurance in Illinois | 3/5 | 0.2 |
| USAA Ratings for Condo Insurance in Illinois | 5/5 | 0.24 |
| Travelers Ratings for Condo Insurance in Illinois | 2/5 | 0.3 |
| Allstate Ratings for Condo Insurance in Illinois | 3/5 | 0.31 |
| Auto Club (AAA) Ratings for Condo Insurance in Illinois | N/A | 0.36 |
| Farmers Ratings for Condo Insurance in Illinois | 3/5 | 0.39 |
| Metropolitan Ratings for Condo Insurance in Illinois | 3/5 | 0.43 |
Illinois Condo Insurance Requirements
Under the Condominium and Common Interest Community Ombudsperson Act a condo unit owner in Illinois is permitted to receive insurance for their own benefit, but is not required to do so. The Act says that if in the time of reduction the unit owner has an insurance policy that covers the exact same risk as the institution 's policy, then the associations' policy will take precedence and provide the insurance that is key. Illinois law requires condominium institutions acquire insurance for the condominium construction as a whole. But, condo unit owners may want to consider purchasing insurance policies to cover their accountability, their possessions, any improvements they install, or any reduction or event not covered by the institution 's policy.
What's Covered with Your Condo Insurance in Illinois
While searching for the condo insurance coverage, what you'll notice is that the majority of condo insurance providers in Illinois will provide standard coverage, which can include construction property coverage, private property coverage, loss of use coverage and liability coverage. Building property coverage protects you financially out of damage to the inside of your condo (floors, walls, tiles) and reduction of permanent fixtures caused by a covered event, such as fire. Personal property coverage protects your personal belongings, such as clothing, and furniture, electronics, that are lost due to a covered event. With liability coverage, if you're held accountable for harm or property damage liability coverage offers financial protection for you. Normally a condo insurance policy from Illinois insures $100,000 in liability damages. With lack of use coverage: If your condo in Illinois becomes uninhabitable and you need to reside out of your condo due to a covered event and are paying more than you would live on your condo then this feature will pay you for the higher living expenses.
| Average Costs of Condo Insurance in Illinois by County | Average monthly condo insurance cost | Average annual homeowners insurance cost |
|---|---|---|
| Cook County, IL | $54.57 | $653.95 |
| DuPage County, IL | $50.29 | $603.29 |
| Will County, IL | $53.75 | $644.50 |
| Kane County, IL | $51.00 | $610.50 |
| Winnebago County, IL | $54.00 | $652.00 |
| McLean County, IL | $52.50 | $630.00 |
| Champaign County, IL | $50.00 | $604.00 |
| Lake County, IL | $56.00 | $674.00 |
| Sangamon County, IL | $56.00 | $670.00 |
| Peoria County, IL | $56.00 | $673.00 |
| Rock Island County, IL | $57.50 | $694.00 |
| Macon County, IL | $56.00 | $672.00 |
| DeKalb County, IL | $49.00 | $584.00 |
| St. Clair County, IL | $63.00 | $761.00 |
| Adams County, IL | $60.00 | $715.00 |
| McHenry County, IL | $54.00 | $644.00 |
How to Get Illinois Condo Insurance Discounts
Every insurance provider at Illinois has its own discount or loyalty program. Be certain while you shopping around for a condo insurance quote that you inquire about any discounts that may be available for your family members or you. Normally, there are quite a few discounts available on Illinois condo insurance policies. Couple of those discounts you can ask for are new client discounts, multi-policy and bundled discounts, loyalty discounts and discounts.
| Condo Insurance Deductible | Average Illinois Condo Insurance Costs Based off Deductible |
|---|---|
| $500 | $114 |
| $1,000 | $103 |
| $1,500 | $98 |
| $2,000 | $91 |
| $5,000 | $77 |
Getting the Best Illinois Condo Insurance Rates
Shopping around is key to determining if sufficient savings are available for your Illinois condo insurance policy. All you need to do is call us and determine if any insurers can defeat what you are paying. You might be surprised. You might even ask a friend to refer you to their condo insurance provider, which may produce a referral discount. The higher your deductible, the lower the cost of your insurance. However, be certain your deductible is not too high, as in case of a loss, you're responsible for paying any sum up to the deductible. Seeing as many carriers offer discounts to customers package insurance policies with 25, whether you can package multiple kinds of insurance policies. For example, consult your car insurance supplier and see if they will decrease your premium if you buy condo insurance from them. They may provide reductions for long-time customers if you remain with the same insurer for decades afterward. Some of those discounts can save you around 10 percent on your premiums. Pay attention to your credit rating and keep it high, as insurance providers take that into account when picking your condo insurance premium. Boost it or keep it high to get a reduced insurance premium.
Additionally, staying up to date with information related to insurance policies, regulations, and consumer protection measures is essential for making informed decisions and ensuring fair treatment. Be sure to contact the insurance commissioner at the Illinois Department of Insurance for more information. Insurance commissioners safeguard the interests of consumers by offering aid and knowledge, overseeing the market conduct and financial stability of the insurance industry in an effective manner, and promoting a competitive environment within the insurance marketplace. Taking these steps will help you stay informed about changes in the insurance marketplace, make appropriate decisions, and ensure you receive the best possible service from insurance providers.
Additionally, staying up to date with information related to insurance policies, regulations, and consumer protection measures is essential for making informed decisions and ensuring fair treatment. Be sure to contact the insurance commissioner at the Illinois Department of Insurance for more information. Insurance commissioners safeguard the interests of consumers by offering aid and knowledge, overseeing the market conduct and financial stability of the insurance industry in an effective manner, and promoting a competitive environment within the insurance marketplace. Taking these steps will help you stay informed about changes in the insurance marketplace, make appropriate decisions, and ensure you receive the best possible service from insurance providers.