Property Insurance in Downers Grove IL & Chicago IL
Rental property owners face numerous risks. Adequate insurance can provide essential coverages for property damage, liability exposures or rental interruptions. The knowledgeable team at Primar Insurance Brokers can help you secure a comprehensive policy. We proudly serve Downers Grove, Chicago, Westmont, Naperville, Aurora, Skokie, Evanston and Schaumburg and are ready to help you obtain the insurance you need. Contact us for more information.
What Is Rental Property Insurance?
Rental property insurance or landlord insurance includes a package of coverages that insures against financial losses. Policies may include:
- Property insurance. This coverage may provide protection if the rental building itself (e.g., the apartment building) or other structures (e.g., fences) are damaged by a covered peril (e.g., fire or windstorms).
- Personal property for maintenance coverage. If you use personal property (e.g., lawnmowers) to maintain the rental property and store it at that location, this coverage may pay repair or replacement costs if it is damaged or destroyed by a covered cause of loss.
- Liability insurance. This may provide liability coverage if you are held responsible for the injuries of others. It may help pay for their financial losses (e.g., medical bills) or your legal expenses (e.g., court costs and attorney fees).
- Loss of income insurance. If covered property damage results in a loss of rental income, this coverage may provide payments to help make up the lost payments.
Other endorsements and coverages may be available, including vandalism coverage, equipment breakdown insurance and umbrella liability insurance. Additionally, it may be advisable for your tenants to carry renters insurance to receive personal property coverage for their belongings.
Your Primar Insurance Brokers agent can discuss options, limits and exclusions. Reach out to us for additional information.
How Much Does Rental Property Insurance Cost?
Several factors influence the cost of property insurance for your rental building. The location, size, age, condition and value of the property as well as your selected coverage limits, deductibles and claims history may all influence premiums.
Contact Us Today
The team at Primar Insurance Brokers can help you find the proper insurance for your needs. Contact us today for more information or a quote.