Accurate Landlord Insurance Policies for Illinois Homeowners

Whether you own one or several tenant-occupied rentals, you need to know that the insurance you have in place will protect you in the event that something happens to your property, your tenant or your tenant’s guests. Our team of independent insurance agents at Hicks Insurance Group can help you identify the right landlord insurance policy to meet your exact needs, ensuring you have accurate coverage at affordable prices.

What Landlord Insurance Does and Doesn’t Cover

A typical landlord insurance policy, sometimes called a rental property insurance policy, includes coverage for:

  • Property coverage, which includes the dwelling itself and associated structures, like a detached garage or shed
  • Personal belongings you use to service the property, such as a lawnmower, landscaping tools and a snow blower
  • Liability coverage in the event of an accident that occurs on the rental property

Some policies may also include income replacement coverage, which pays out lost rental income. This comes in handy if a covered event causes partial or total loss of your rental property.

Your landlord insurance policy will not protect any damage that occurs to your tenant’s property. Knowing this, most landlords require their tenants to obtain renters insurance before they move in.

Do You Only Occasionally Rent Out a Room, Your Condo or Your Home?

Sometimes, a homeowners policy or condo owners policy is enough to cover the occasional renting of a room or your full home. But most of the time, your insurance company will require you to carry landlord insurance, either full-time or just for the length of the rental agreement.

The best way to know what coverage you require to fit your exact needs, reach out to our team of independent agents. We will speak with you during a free consultation to review your situation, provide our recommendations on types of coverage you should consider, and then seek out free quotes for your consideration.

Request a Free Consultation and Free Landlord Insurance Quote Today

Put our team’s decades of experience to work on locating your best options for homeowners and landlord insurance policies. We will provide you with a free consultation and insurance review before seeking out free quotes for coverage. Call us at 708-532-7474 or contact our Mokena office online to learn more.