by Ed Snaneh, Illinois Apartment Building Insurance Rates Specialist in Chicago

Chicago Illinois is one of the major metropolitan areas in the USA where combination of all types of constructions exist in diverse communities with different age and size characteristics. This diversity is really impacting the offerings of apartment building insurance in Chicago Illinois.

Building Age and Apartment Insurance Rates: Age of building has significant impact on apartment building insurance rates. Older buildings tend to suffer greater damages and losses in the event of fire, wind, and other causes of loss.

 InsuranceNavy is a Chicago, Illinois based commercial and personal insurance agency and a leader in the Illinois Commercial Auto Insurance. Property Insurance and Apartment Building Insurance.  The agency represents several commercial and apartment building insurers  in the States of Illinois and Indiana, and is offering its services through several locations in the Chicago and suburban areas.

For quick and free consultation for your apartment insurance coverage, quick quotes please call one of our licensed insurance agents at:

(708) 233-4848
Apartment Building Insurance and Chicago ZIP Codes (Communities)The Chicago and suburban areas in Illinois has different levels of risk. Insurance companies set different territories for different ZIP codes, and they charge different insurance rates for identical risks. Two identical apartment buildings across the streets from each others, one in Chicago and another one in a suburban area adjacent to Chicago, may be charged different insurance rates by the same company.

Diverse Construction Type and Apartment Building Insurance: The Chicago area is known to have diverse range of construction four major construction types, (1) Frame, (2) Brick or joisted masonry, (3) Joisted masonry non combustible, and (4) Fire resistive.  The most expensive to insure is frame, then followed by brick, then noncombustible with fire resistive construction as the least expensive out of all. Construction type has also an impact on replacement cost calculation. This means that two identical building (square footage, etc) with two different construction type will yield different replacement cost figures.

Architecture and Apartment Building Insurance Rates: There are lots of apartment buildings in Chicago and suburban areas that have exotic (and more expensive to replace) architecture. Some older apartment buildings have foundations made out of large rocks and stones that are hard and more expensive to replace. Using simple replacement calculators to insure those buildings may be challenging to Chicago apartment building insurance companies.

Number of Tenants, Use of the Building. Number of tenants will determine the probability of landlord being sued by tenants and other people. More tenants means more use. Also, insurance for apartment buildings with commercial stores - tenants is more expensive than those with no commercial or business use exposure.

Number of Stories and Apartment Building Insurance. Many insurance companies will either not insure or will offer different coverage for apartment buildings more than seven stories in height.

Different companies charge different insurance rates over times for the same coverage/ risk. For that reason shopping for right insurance rate is something that has to be done on regular basis because they may be able to find more competitive rates. Dealing with an independent insurance agent helps in obtaining quotes from multiple insurers offering apartment building insurance quotes in Chicago Illinois.
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