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Home Insurance in Chicago : Real Estate Advice

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  • Home Buying1K
  • Home Selling259
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Activity 20
Cathryn Brow…, Real Estate Pro in Chicago, IL
Mon Jul 18, 2016
Cathryn Browne answered:
What areas/neighborhoods are you looking in? What's your goal? Owner occupied or passive investment? Chicago is so diverse and each neighborhood has distinct character and pricing. Feel free to contact me to discuss further. ... more
0 votes 2 answers Share Flag
Francesco Bi…, Home Buyer in 60610
Sun Nov 22, 2015
Francesco Bianchi asked:
I am about to buy an investment property in Chicago downtown, with the goal of rent it. I am a foreigner, which means no SSN and no credit rating. Is it easy / possible (and of course, for…
0 votes 0 Answers Share Flag
Kathy Lewis,  in Valdosta, GA
Tue Nov 10, 2015
Kathy Lewis answered:
likely referring to monthly MI. Yes, the USDA loan is lower, by nearly 40%.

USDA Mortgage Hub
100% USDA Rural Housing Loans
Serving all 50 states
Ph: 800-691-8826 (7 days a week)
... more
0 votes 15 answers Share Flag
Carloselliso…, Home Buyer in New York, NY
Wed Aug 12, 2015
Carlosellisonfinance asked:
To whom it may concern,

Loan offer at 3% interest rate for individuals,Corporatives,companies e.t.c Apply today by contacting us via email: for Genuine and…
0 votes 0 Answers Share Flag
Noah Seidenb…, Real Estate Pro in Evanston, IL
Sat Apr 11, 2015
Noah Seidenberg answered:
Do you mean the HOA fee of a listing or who to send your HOA monthly fee too> Let us know and we are glad to help
0 votes 3 answers Share Flag
Matt Laricy, Real Estate Pro in Chicago, IL
Wed Jan 21, 2015
Matt Laricy answered:
Sure. There are plenty of insurance agents everywhere.
0 votes 1 answer Share Flag
Bill J Delig…, Real Estate Pro in Naperville, IL
Wed Feb 19, 2014
Bill J Deligiannis answered:
No not really - it all depends on the rebuild cost. Depending on the coverages that you have, for a single family owner occupied home the cost should be between $600-$1200. Get a few quotes from insurance agents. ... more
0 votes 10 answers Share Flag
Evelyn S. Fr…, Real Estate Pro in Chicago, IL
Thu Jun 27, 2013
Evelyn S. Fred answered:
All good advise here.

Call an attorney ask him/her to order the survey and then follow his/her advise.

Good luck!
0 votes 12 answers Share Flag
Nekesha Burt…, Real Estate Pro in Chicago, IL
Sun Jun 23, 2013
Nekesha Burton answered:
Good afternoon,

If you go through your insurance this counts as a claim against your policy. If the association wants you to use your insurance and you are okay with this, you should have them to pay your deductible for your insurance and also have them to tell you what section or paragrah of the buy laws have the information pertaining to common elements and responsibility. It doesnt make since to put in a claim with your insurance if they are going to deny it due to responsibility.Hope this helps you.

Side Note if it clearly states that its association responsibility then the association has to pay for it through insurance or out of the reserves!
... more
0 votes 7 answers Share Flag
Brian and Dan…, Real Estate Pro in Chicago, IL
Sun Jun 23, 2013
Brian and Dan Merrion answered:
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 5 answers Share Flag
Starrynight1…,  in Chicago, IL
Wed Jun 8, 2011
Starrynight12hk asked:
I am looking for a landlord insurance that includes personal liability ONLY. I don't need other coverages such as personal property, guest medicial, loss of use. I understand the benefit…
0 votes 0 Answers Share Flag
Garcia.daisy1, Home Buyer in Chicago, IL
Tue Apr 5, 2011
Garcia.daisy1 answered:
Robert Lee, Real Estate Pro in Arlington Heights, IL
Tue Mar 8, 2011
Robert Lee answered:
Given the strict underwriting enviroment today it will be hard to obtain financing on a new property if you dont have a current lease. Call several experienced insurance agents who can point you in the right direction.

Good Luck
... more
0 votes 11 answers Share Flag
Jerry Grodes…, Real Estate Pro in LOda, IL
Thu Oct 14, 2010
Jerry Grodesky answered:
I switched all my insurance to AAA, best rates and service on the planet.
They don't do rental or commercial insurance but primary and auto is terrific.
0 votes 7 answers Share Flag
FSBOsuccess, Home Seller in 28590
Thu Jun 17, 2010
FSBOsuccess answered:
Go on the internet and get some quotes from different companies or call an independent agent who can shop around for you to get the best quotes.
0 votes 6 answers Share Flag
Don Tepper, Real Estate Pro in Burke, VA
Thu Jan 21, 2010
Don Tepper answered:
That's a wide price range!

Make sure they're all quoting on the same thing--a condo (the association, as Gerard notes, will have its own policy), not a single-family home or a rental unit. That may account for the price variation.

As Gerard says, also, find a reputable agent. Also, preferably, go with a company you've heard of and recognize. Stay away from Internet-only type companies. (They might be good . . . but they might not be.)

Hope that helps.
... more
0 votes 2 answers Share Flag
Ifeta,  in Chicago, IL
Sat Dec 26, 2009
Ifeta answered:
I think you should contact ins agent to get correct answer. I use ALLSTATE they are the best 773-282-9280
Zlatko or Nerm will be very helpfull. Good luck!

Ifeta Faye Redzovic R E Broker Chicago, Il ... more
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Christopher…, Real Estate Pro in Chicago, IL
Thu May 7, 2009
Christopher Thomas answered:
Dear Samir,

I agree fully and completely with Grace's answer. The only thing that I'd like to add is an emphasis on doing all of this right away. Contact your insurance company (even if you don't yet file a claim with them) regarding the situation and definitely contact the association's insurance company immediately. There are some legal remedies that you can accidentally "give up" simply based on the timeliness of your actions (or lack thereof). Good luck.

Christopher Thomas
Broker Associate, Sudler Sotheby’s International Realty
3934 N. Lincoln Ave. Chicago, IL 60613
773-418-0640 (mobile) 312-577-0985 (fax) 773-293-1200 (off)
... more
0 votes 2 answers Share Flag
Grace Morioka, Real Estate Pro in San Jose, CA
Tue May 5, 2009
Grace Morioka answered:
Hello JMR and thanks for your post!

If you live in a condominium association, legally, you are only the owner of the "box of air" bounded by the walls of your home, so you will need only contents insurance for your unit, sometimes referred to as an "HO-6" policy. The homeowners association, which owns the building, will purchase and have fire and liability insurance for the building, pipes, roof, and foundation.

Here's what you should purchase:

1. Contents insurance for the items in your home (estimate the value of your contents, and take pictures of valuable items, such as pianos, jewelry, televisions, etc.). You should also include an "upgrade" coverage for those items that have been replaced or upgraded by you or the previous homeowners. Typical policies cover "as built" replacements.
2. Theft and fire policy for your interior contents
3. Liability insurance for slip and fall hazards in the home
4. Loss Assessment Coverage to cover the cost of the deductible for a major loss or a special assessment due to an uncovered catastrophy.

Speak with your insurance professional regarding the appropriate coverage for you. Since you do not purchase insurance for the building, the cost should be considerably less than for a single family home of the same size as your condominium.

Good luck!

Grace Morioka, SRES, e-Pro
Area Pro Realty
Co-Author: Homeowners Association: A Guide to Leadership
... more
0 votes 4 answers Share Flag
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