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Chicago Renters & Condo Insurance

Chicago apartment building
Tenant & Unit Owner Protection

Chicago Renters & Condo Insurance

Affordable protection for Tenants (HO-4) and Unit Owners (HO-6). Cover your belongings and liability.

Understanding the Coverage Gap

The Coverage Gap

Your landlord's insurance or your condo association's master policy covers the building structure—but NOT your personal belongings or liability inside your unit. If a fire destroys your furniture or a guest slips and sues you, you're on your own without proper coverage.

MC Chicago Insurance helps renters and condo owners close this gap with affordable HO-4 and HO-6 policies tailored to Chicago living.

What You Need Protected

  • Personal Property (Clothes, Electronics, Furniture)
  • Personal Liability (Dog Bites, Slip & Fall)
  • Loss of Use (Hotel Stays During Repairs)
  • Walls-In Coverage (Condo Specific)
  • Loss Assessment (Condo Specific)
  • Medical Payments to Others
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Compare Your Options

Renters Insurance (HO-4)

Perfect for apartment tenants. Covers your personal belongings against fire, theft, and water damage plus liability if someone is injured in your unit. Often costs less than $20/month—about the price of two coffees a week.

Condo Insurance (HO-6)

Designed for unit owners. Includes "Walls-In" coverage for floors, cabinets, countertops, and fixtures that YOUR association's master policy likely excludes, plus your belongings and personal liability.

Bundle & Save

Combine your Renters or Condo policy with Auto Insurance to unlock multi-policy discounts. As an independent agency, we shop 20+ carriers to find you the best bundle pricing in Chicago.

Renters Insurance Deep Dive

Modern apartment interior

Replacement Cost vs. Actual Cash Value

When choosing coverage, you'll decide between Replacement Cost (pays to replace items with new equivalents) and Actual Cash Value (deducts depreciation). A 5-year-old laptop might only get you $200 with ACV, but Replacement Cost pays for a new one.

Off-Premises Theft
Laptop stolen from your car? Your policy typically covers it.
Liability Protection
Covers legal fees if a guest is injured in your apartment.
Loss of Use
Hotel and meal costs if your unit becomes uninhabitable.
Incredibly Affordable
Most policies cost $15-25/month for solid protection.

Condo Owners: The Master Policy Gap

"Bare Walls" vs. "All-In" Master Policies

Your condo association's master policy comes in two main types. A "Bare Walls" policy covers only the basic structure—studs and drywall—leaving YOU responsible for flooring, cabinets, fixtures, and appliances. An "All-In" policy covers more interior elements, but you still need HO-6 coverage for your belongings and upgrades.

HO-6 Key Coverages

  • Walls-In Dwelling: Flooring, cabinetry, countertops, and built-in appliances.
  • Personal Property: Furniture, electronics, clothing, and valuables.
  • Loss Assessment: Your share if HOA levies special assessments for common area damage.
  • Personal Liability: Protection if someone is injured in your unit.

Why Loss Assessment Matters

Imagine a pipe bursts in a common area and causes $500,000 in damage. Your HOA's master policy has a $50,000 deductible. That deductible gets split among all unit owners—potentially costing you thousands.

Loss Assessment coverage in your HO-6 policy pays your share of these special assessments, protecting your bank account from unexpected HOA bills. We recommend at least $25,000 in Loss Assessment coverage for Chicago condo owners.

Essential Endorsements

Valuable Item Endorsements

  • Jewelry & Watch Floaters
  • Fine Art & Collectibles
  • Musical Instruments
  • Camera & Photography Equipment

Protection Add-Ons

Identity Theft Coverage: Reimburses costs to restore your identity after fraud—legal fees, lost wages, and more.

Sewer/Water Backup: Critical for garden-level units and older Chicago buildings with aging pipes.

Pet Liability: Extra coverage if you own a dog, especially breeds some insurers consider "high risk."

Flood & Water Backup Risk

Garden Units & Ground-Floor Condos

Standard renters and condo policies exclude flood and sewer backup damage. If you live in a garden-level apartment or ground-floor condo, you face elevated risk from Chicago's heavy rains overwhelming aging sewer systems. We help you add essential water backup endorsements or secure separate flood coverage.

Sewer Backup Basement Flooding Storm Drain Overflow

Minimize Your Risk

  • Keep valuables off the floor
  • Ask landlord about backwater valves
  • Document belongings with photos
  • Add water backup endorsement to policy

Personal Umbrella Coverage

Extra Liability

Coverage starting at $1M beyond your renters or condo policy limits.

How It Works

Kicks in when your base policy liability limits are exhausted by a lawsuit.

Who Needs It?

Anyone with savings to protect, dog owners, or hosts who entertain often.

Common Questions

No, renters insurance typically only covers the named policyholder and immediate family members living in the unit. Your roommate needs their own separate renters policy to protect their belongings and provide liability coverage. Some carriers offer the option to add a roommate as a named insured, but we generally recommend separate policies to avoid coverage disputes.

Loss Assessment is a condo-specific coverage that pays your share when your HOA levies special assessments to cover damage to common areas. For example, if a fire damages the building lobby and the master policy deductible is $50,000 split among 50 units, you'd owe $1,000. Loss Assessment coverage in your HO-6 policy pays that bill. We recommend at least $25,000 in coverage for Chicago condo owners.

We recommend doing a quick home inventory: walk through each room and estimate replacement costs for furniture, electronics, clothing, kitchen items, and decor. Most renters underestimate—the average apartment contains $20,000-35,000 worth of belongings. Many carriers offer free inventory apps to help document your items. Choose coverage that matches your inventory total, plus a buffer for items you may have missed.

Yes, most renters and condo policies include "off-premises" coverage. If your laptop is stolen from your car, your bike is taken from a rack, or luggage is stolen during travel, your policy typically covers the loss (minus your deductible). Coverage usually extends worldwide, though some policies limit off-premises claims to 10% of your total personal property coverage.

HO-4 (Renters) covers your personal belongings and liability only—it assumes your landlord insures the building. HO-6 (Condo) includes everything in HO-4 plus "walls-in" dwelling coverage for interior elements like flooring, cabinets, and fixtures that your condo association's master policy likely excludes. HO-6 also includes Loss Assessment coverage for your share of HOA deductibles.

No, renters insurance covers liability if your pet injures someone else, but it won't pay for damage your pet causes to your own rental unit (like scratched floors or chewed doors). That damage typically comes out of your security deposit. However, if your dog bites a visitor, your liability coverage would help pay their medical bills and legal costs.

Many Chicago landlords now require tenants to carry renters insurance and name the landlord as an "interested party" on the policy. Even if not required, we strongly recommend it—for less than $20/month, you protect thousands of dollars in belongings and gain crucial liability coverage. It's one of the best insurance values available.

Request a copy of the master policy's declaration page from your HOA or property manager. Look for whether it's "bare walls," "single entity," or "all-in" coverage. We're happy to review your master policy and help you understand exactly what your HO-6 policy needs to cover. This gap analysis is a free service we provide to Chicago condo owners.

Protect Your Chicago Home

Renters and condo coverage starting under $20/month. Get your personalized quote today.

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Serving Chicago from 3945 W Devon Avenue