Chicago Home Insurance Policies

5 Replies

Good morning BP!

My wife and I are currently under contract for a 3-flat in the Jefferson Park/Portage Park area. I'm trying to get quotes for Home Owner's Insurance policies - anyone have any recommendations or suggestions?

Hi Josh - congrats on the upcoming purchase!  I want to share a few quick tips before you embark on your 3-flat journey.  My wife and I own a 3-flat in Wrigleyville, and have had it as a long-term investment.  The MOST important lesson i can give you is - BEWARE OF GETTING THE WRONG TENANTS!  There are tenants out there who can really cost you a fortune because they are prone to lawsuits.  We have had one particularly bad experience in our 20 years of owning the building.  Fortunately, if you do some basic research on your prospective tenants, you can find out a lot before signing them.  In fact, doing a simple Google Search on their name often reveals some pretty interesting information (you should try it on your own name - it can be fun!).  Anyway, please keep this in mind before entering into any business relationship.  Good Luck!

Joe Cahill

We use REI Guard, never filed claims so I don't know how they pay. You get personalized attention.

Now,  you should consider requesting obligatory Tenant's Insurance as part your lease. You shift the burden to them for many issues. 

Newbie here just beginning to look into investing into 3-flats or other in Chicago, so great to find like-minded folks. Anyone care to start a “pitfalls regarding investing in Chicago!”  thread??

So many great buildings in this very large (area AND population) city, but I’m a bit wary of investing here given all the regulations.

Sorry to be a little off-topic...