(800) 641-7488 
If you are renting out property in Illinois, you might be asking: “Is landlord insurance required, and what does it actually cover?”
While Illinois law does not mandate landlord insurance, most mortgage lenders require it. More importantly, standard homeowners insurance often denies claims related to rental activities. To protect your asset and your income, a landlord insurance policy is essential.
Core Coverages: What Are You Paying For?
Landlord insurance is designed to shield you from the unique risks of property management. A standard policy includes three pillars of protection:
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Property Damage:
Your landlord insurance will pay to repair your building if it is damaged by fire, wind, vandalism, or tenant accidents.
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Liability Protection:
Your landlord policy will also cover the costs associated with the injury of a tenant or guest on your property. This includes legal fees, medical bills, and settlements.
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Loss of Income:
Maintains your cash flow by reimbursing lost rent if your property becomes uninhabitable due to a covered loss.
Customizing Your Policy With Optional Coverage
Every property is different. You may also want to consider adding:
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Contents Coverage:
For appliances and furnishings owned by the landlord.
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Rent Guarantee:
Protects against tenant non-payment.
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Flood Insurance:
Essential for properties in low-lying areas.
Get Protected with Insured ASAP
Finding the right policy doesn’t have to be complicated. At Insured ASAP, we specialize in Illinois rental markets. We will review your property, explain your options clearly, and shop multiple carriers to ensure you get the best value. Ready to rent with confidence? Call us today at (800) 641-7488 or contact us online for a free consultation and quote.
