Home Insurance in 60647>Question Details

Sob, Home Owner in 60647

cannot find an insurance co. for my bucktown condo as it is renter occupied

Asked by Sob, 60647 Wed Feb 2, 2011

i own the property, it is/was my primary residence (lease ends in july). by-laws dictate that i am responsible for any damage from the paint in. most require that i live in my 1300 sq ft loft. note that my place has leaked water through the walls and ceiling twice before..

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Since it is a condo, the association should have coverage that covers the outside of your unit. Your should require that your renter carry renters insurance which will cover contents and the inside of the unit. This is what I have suggested to my investor clients. Hope this helps!
1 vote Thank Flag Link Wed Feb 2, 2011
would you sell it? I have a few buyer in Bucktown right now- not sure if it would be the right fit but would be happy to pass along.
0 votes Thank Flag Link Sun Jun 23, 2013
Sob,

Make sure you have coverage in the event that your tenant causes damage to another unit or another units personal property. An example of this is:

Your tenant overflows a bathtub and floods the unit below. Since the damage was not caused by pipes in the wall, who pays for the damage to the unit below?

A good insurance agent can help you understand this.

I recommend Mike Rice at Thomas Ward Insurance Group.

Regards,

Wayne Beals
Keller Williams
312 77BEALS
312 772-3257
wbeals@kw.com
http://www.waynebeals.com
Web Reference: http://WWW.WAYNEBEALS.COM
0 votes Thank Flag Link Thu Feb 3, 2011
What you need is contents insurance coverage. Your tenant is still responsible for his personal items, but your policy will cover the flooring, walls, appliances, cabinets, etc. Call Kristine Kueck with Reihn Insurance, 773.561.4200. She can help you with a quote.
0 votes Thank Flag Link Wed Feb 2, 2011
Had same issue myself, call Laura Deppert, State Farm, Downers Grove... She insured my rental condo ...
0 votes Thank Flag Link Wed Feb 2, 2011
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