Financing in Chicago>Question Details

Aragorn, Both Buyer and Seller in Chicago, IL

Opinion on Coverages Landlord Insurance

Asked by Aragorn, Chicago, IL Tue Feb 4, 2014

Good morning Sirs.
I would want your expert opinions on a coverage for a landlord insurance.

1) Building property: 50,000$
2) Personl property: 5,000$
3) Loss assestment: 5.000$
4) Medical payment to others: 5,000$
5) Personal libility: 500,000$
6) Back up of sewer and drain pump failure: 5,000$
7) Loss of rent: 0$

I have received some quotes from insurance agencies, but too much different on coverages.
My unit is a condo in Uptown, 700 sq feet, 1 bedroom, 1 bathroom, built in 1917, purchased price 65,000$, rented 850$.

Can you tell me your opinions, please?
Thanks to all

Help the community by answering this question:



Speak to a couple of insurance brokers. Also make sure any company policy you are going to purchase that the insurance company is an A rater company.

I have been doing rentals with sales since the sales market has collapsed. You may also make it mandatory your renters carry their own renters insurance. A good insurance agent will explain to you why.

Best of luck.
1 vote Thank Flag Link Wed Feb 5, 2014
My biggest doubt is know how many $ need for rebuild a unit of 700 sq feet in a condominium. Have you an idea, please?
Flag Wed Feb 5, 2014
We're not insurance experts. Consult several insurance brokers, per our previous advice. They're the experts. Real estate brokers are not.
1 vote Thank Flag Link Tue Feb 4, 2014
I have received some quotes from insurance agencies, but there are enourmous different on their coverages.
Flag Tue Feb 4, 2014
State Farm says that you should carry $100 of coverage per square feet, but I think this is excessive coverage.
1 vote Thank Flag Link Tue Feb 4, 2014
Get some quotes from various Insurance Agents. Keep in mind that the association will have insurance to cover the building should a catastrophic event occur. The association is responsible up to the walls and then you will be responsible for everything else on the inside.
0 votes Thank Flag Link Tue Feb 11, 2014
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