Illinois Landlord Insurance

Illinois landlord insurance is something that enters the mind of the Illinois landlord often, especially if he or she is not covered. This brings about the question of whether or not landlords need an insurance policy on each rental property. Why are there landlords in Illinois without this coverage?

Sometimes, landlords in Illinois don't have this coverage because they are not aware of the benefits that are available to them. Luckily, the information you need is available to you so that you can obtain the property insurance you need to protect your rental property. When you protect your rental property, you are protecting your income.

And it is important that you know what you can receive reimbursement for from the Illinois landlord insurance company. You may be surprised and those who purchase landlord coverage in Illinois find that they can claim more than they initially thought. This is great because this makes the coverage more or less a financial reward.

What it Pays For

Your Illinois landlord insurance will pay for a number of things. First, you can receive payment for most forms of damage. If your rental property has been destroyed in a fire, the cost of rebuild is covered. However, this is where you need to make sure you have enough coverage to cover the value of the property so that you can rebuild.

Aside from rebuilding, your Illinois landlord insurance will also cover you for standard damage done to the property. For example, a lightning strike may cause damage, but this will be covered. You may also want to ensure you have flood coverage if you live in a flood prone area.

You can also recover lost rental income with your house insurance. If you have a tenant who won't pay their rent, you can make sure you don't lose the income. The whole point of a landlord having this type of protection is to protect against financial loss and unpaid rent is considered a financial loss.

Your Illinois landlord insurance is not going to contain your tenant's belongings, but you can insure your own. If you have anything within the home such as appliances or furniture, you can protect them. As for the belongings that belong to the tenant, they can get their own contents insurance to cover their lost or damaged items.

As long as the damage is not intentional, your Illinois landlord insurance will cover the damages for you. There is a list of perils within your policy and you will want to review these so that you can add coverage if you need to. For instance, floods may not be covered, so you may want to add flood insurance to your policy.

In the case that the damage is intentional, the insurer is going to know this and they will not pay for the damages. In that case, you will be financially liable. What your insurer pays is those damages that happened outside of your control.

Liability and Legal Fees

Liability and legal fees are covered as well. For example, someone may be damaged on the property and you are the one that is held liable. If this is the case and the claim is legitimate, your Illinois landlord insurance will cover it.

As far as the legal fees that may be involved with the injured individual obtaining their settlement, your Illinois landlord property protection will make sure that is paid for you. Keep in mind that you have limits in this area as well. If a settlement amount ever exceeds what your policy will cover, you may then have to pay the cost out of your pocket.

An example of how this works is this: An individual is visiting a friend during a snow and the friend they are visiting is one of your tenants. According to the lease agreement, it states that the landlord is responsible for ensuring the sidewalks are clear. However, you have yet to get to that property yet.

When this friend arrives, they are not aware that there is ice under the snow, so they slip and fall. This slip and fall causes them to break a hip. The end result is a lot of pain and medical expenses that are quite high. They are going to hold you responsible for the damages that the have incurred as a result of the injury. Luckily, your Illinois landlord insurance will cover this for you.

If you don't have Illinois landlord insurance, make sure you buy it. The premium is not too expensive. All you have to do is obtain free insurance quotes in order to see this. You can compare premiums so that you can obtain the best policy for you. You don't want to be a landlord in Illinois without insurance and a disaster occur.

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