INSURANCE NEWS & INSIGHTS

Illinois law also includes interest requirements for certain larger residential rental properties. The Illinois Attorney General explains that when a landlord holds a security deposit for at least six months and the building or complex contains at least 25 units, state law generally requires payment or credit of applicable security-deposit interest. Local rules may impose…

This is extremely important for Illinois landlords. Illinois statewide law is only part of the picture. Cities and municipalities may have additional rules covering: Rental licensing Building inspections Security deposits Tenant notices Heating Habitability Lead hazards Smoke alarms Carbon monoxide alarms Evictions Landlord disclosures Chicago, for example, has its own landlord-tenant requirements. Always check the…

Illinois law has specific insurance requirements for condominium associations. Under the Illinois Condominium Property Act, qualifying condominium association coverage includes property insurance on common elements and covered portions of the units. The law requires property coverage at not less than the full insurable replacement cost, subject to applicable deductibles and statutory requirements. Condominium associations must…

Illinois condominium law also requires qualifying association property coverage to provide protection sufficient to address certain increased costs of construction caused by building-code requirements after an insured loss. The statute specifically addresses demolition and increased construction cost coverage. Read more:Illinois Condominium Property Act — Insurance Requirements

A condominium association's board may, under its declaration, bylaws, or rules, require unit owners to maintain insurance. This may include coverage for: Personal liability Damage originating from the unit Association or owner deductibles Interior finishes Appliances Floor coverings Improvements Personal property This is why condo owners should review both: Association Master Policy and Individual HO-6…

Illinois condominium law also contains an important requirement for contractors and vendors. Contractors and vendors, other than public utilities, doing business with a condominium association under contracts exceeding: $10,000 per year must provide Certificates of Insurance naming the: Association Board of directors Managing agent as additional insured parties, as required by the statute. Read more:Illinois…

Illinois law also requires certain condominium associations with 30 or more units to obtain and maintain fidelity insurance for people who control or disburse association funds. Management companies responsible for association funds also have fidelity-bond requirements under the Act. Read more:Illinois Condominium Property Act — Association Requirements

Home was converted to a rental Action:Notify your insurance agent immediately. An owner-occupied homeowners policy may need to be replaced with landlord or dwelling coverage. New tenant moved into commercial property Action:Tell your insurance agent what business is occupying the building. Occupancy can affect underwriting and pricing. Tenant changes business operations For example: An office…

Illinois Department of Insurance — Renters Insurance Information explaining renters insurance and why landlord property insurance does not protect a tenant's belongings. Read more:Illinois Renters Insurance Information Illinois Attorney General — Landlord & Tenant Rights Information about: Landlord responsibilities Tenant responsibilities Repairs Security deposits Rental rights Basic Illinois landlord-tenant rules Read more:Illinois Attorney General —…

Insurhaus can help with insurance for: Rental Homes Landlord Properties Apartment Buildings Multi-Family Properties Student Housing Condominium Associations Commercial Buildings Office Buildings Retail Properties Shopping Plazas Restaurants & Cafés Mixed-Use Buildings Warehouses Industrial Properties Medical & Professional Buildings Owner-Occupied Commercial Property Tenant-Occupied Commercial Property Vacant Buildings Coverage options may include: Building Insurance General Liability Loss…