The Best Condo Insurance in Chicago
Find Cheap Condo Insurance Quotes in Chicago
State Farm has the best cheap condo insurance in Chicago, with an average rate of $49 per month.
The company also has a good reputation for customer satisfaction. Other good choices include Amica for the best customer service and Allstate for coverage extras.
Best condo insurance companies in Chicago
State Farm offers the best combination of cheap costs and good customer service for most condo owners in Chicago.
The company charges an average of $49 per month. That's roughly half the
citywide average.
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Amica stands out for its high level of service. The company scored third for customer satisfaction nationwide, according to a recent J.D. Power survey. Amica also gets roughly two-thirds fewer complaints than an average company its size.
But, Amica charges an average of $118 per month for coverage. That's nearly a quarter more than the citywide average.
Cheapest Chicago condo insurance companies
Company | Annual rate | ||
|---|---|---|---|
| State Farm | $49 | |
| Progressive | $71 | |
| Liberty Mutual | $76 | |
| Amica | $118 | |
| Travelers | $123 | |
Average cost of condo insurance in Chicago
Condo insurance costs an average of $95 per month in Chicago. Keep in mind that the amount you pay for condo insurance depends on factors like your coverage level, your claims history, where you live and the condition of your building.
It's a good idea to shop around and compare quotes. The difference between the cheapest company for condo insurance, State Farm, and the most expensive, Allstate, is $84 per month.
Condo insurance in Illinois costs about a fifth less than the national average. The state's distance from the coasts means it's not in the path of powerful tropical storms, which have driven up the cost of condo insurance in places like Florida and Texas.
What Chicago condo insurance covers
Condo insurance covers the items inside your home, repairs to your condo's interior and injuries that happen inside your house.
The main parts of condo insurance are:
- Dwelling coverage covers your walls, floor, ceiling and permanently installed items like cabinets, countertops and built-in appliances.
- Personal property protection covers the things you own, such as artwork, electronics and clothing.
- Liability coverage covers injuries and some property damage that happens in your condo. Medical payments coverage covers minor injuries that happen in your condo.
- Loss assessment covers damage to your building that your condo association can't cover.
Many condo insurance companies give you the option to get coverage add-ons. Common extras include payment for a hotel or Airbnb if your condo is uninhabitable, called loss of use coverage, and protection against water damage caused by a backed-up drain.
Keep in mind that condo insurance won't normally pay for repairs to the outside of your condo building. It also won't cover damage to shared spaces like hallways, gyms and outdoor areas. Your condo association should have a separate “master policy” that covers those parts of the property.
Do I need condo insurance in Chicago?
The city of Chicago doesn't require that condo owners buy insurance. But, many condo associations and mortgage lenders require that you have coverage.
In addition, many lenders and condo associations require certain types of coverage and specific coverage limits. For example, you may need $100,000 in liability coverage to get approved for a loan from one bank, while another lender might require $300,000 of coverage.
Getting condo insurance is still a good idea even if it's not a requirement. That's because policies can protect you from paying tens or even hundreds of thousands of dollars if someone gets injured in your condo or your unit catches on fire. Plus, condo insurance in Chicago is cheap, averaging less than $100 per month.
Frequently asked questions
What's the best condo insurance company in Chicago?
State Farm has the cheapest condo insurance in Chicago, at an average of $49 per month. Consider Amica if you don't mind paying more for better customer service.
How much is condo insurance in Chicago?
Condo insurance in Chicago costs an average of $95 per month for $70,000 in dwelling coverage and $100,000 in personal liability protection.
Do I need condo insurance in Chicago?
Legally, condo owners in Chicago don't have to buy insurance. But, many condo associations and mortgage lenders require that members and borrowers meet certain coverage requirements.
Methodology
ValuePenguin collected quotes from top companies to find the best condo insurance in Chicago. Rates are for a 30-year-old, single man who lives alone and has no insurance claim history.
Quotes include:
- Dwelling coverage: $70,000
- Personal property protection: $30,000
- Liability coverage: $100,000
- Medical payments: $1,000
- Loss assessment: $25,000 or the highest available
- Deductible: $1,000
Customer service scores are based on data from J.D. Power, the National Association of Insurance Commissioners and ValuePenguin editors' ratings.
Editorial Note: The content of this article is based on the author's opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.