Protect your investment, your liability, and your rental income with 30+ years of local expertise.
You’ve worked hard to build your real estate portfolio. Whether you own a single-family rental in the suburbs or a multi-unit building in the city, R Hobbs Insurance Agency provides the specialized protection you need to stay profitable. Many new landlords think their standard homeowners insurance covers their rental property. It doesn’t. Once you move out and a tenant moves in, your risk profile changes. Landlord insurance (often called a Dwelling Fire policy) is designed specifically to cover the building, your liability as an owner, and your rental income.
Watch: Why Illinois & Wisconsin Landlords Need Specialized Coverage
Essential Coverage for Smart Landlords
- ???? Property Damage (Replacement Cost): This covers the structure itself against fire, wind, hail, and burst pipes. We focus on Replacement Cost coverage so you aren’t left short-changed after a claim.
- ???? Loss of Rental Income: This is your financial safety net. If a kitchen fire or pipe burst forces your tenants to move out, your policy can replace the lost rent for up to 12–18 months while repairs are made.
- ⚖️ Premises Liability: Protects you if a tenant or guest is injured on the property. With the strict rental ordinances in Chicago and surrounding areas, this is your most important defense against lawsuits.
Navigating Local Risks in Chicagoland and Wisconsin
Owning rental property in the Midwest comes with a unique set of challenges. With over 30 years of local experience, Chris and I understand the specific geographical risks our clients face.
- The Spring Thaw: In areas like Lincolnshire and the surrounding Chicago suburbs, the spring thaw and heavy rains can lead to basement seepage. We can discuss Sewer and Drain Backup endorsements to protect your investment’s foundation and mechanicals.
- Urban vs. Suburban Liability: Managing a multi-unit building in the city requires different liability considerations than a single-family home in Gurnee or Kenosha. We help you navigate local ordinances to ensure your liability limits are sufficient.
- Wisconsin Winter Vacancies: If you have a property in Wisconsin that sits vacant between tenants during the winter, you face a higher risk of frozen pipes. We provide guidance on how to maintain your coverage during these transition periods.
Specialized Options for Serious Investors
- Vandalism & Burglary: Essential protection for properties during tenant transitions or renovations.
- Umbrella Insurance: Extra liability protection that sits over your entire portfolio for total peace of mind.
- Sewer & Drain Backup: A “must-have” for Chicagoland basements during the unpredictable spring weather.
Frequently Asked Questions for Landlords
Q: Do I really need Landlord Insurance if I already have a Homeowners policy? A: Yes. Most homeowners policies exclude coverage if the home is not owner-occupied. If a tenant is living in the home and you haven’t switched to a Landlord (Dwelling Fire) policy, a claim for fire or liability could be denied entirely.
Q: Does Landlord Insurance cover my tenant’s belongings? A: No. Your policy covers the building and the appliances you provide (like the stove and fridge), but it does not cover the tenant’s furniture, clothes, or electronics. We strongly recommend requiring your tenants to carry Renters Insurance to protect their own assets and reduce your liability.
Q: What happens if my rental becomes uninhabitable due to a claim? A: This is where Loss of Rental Income coverage kicks in. If a covered event like a fire or burst pipe makes the home unlivable, your policy can reimburse you for the rent you would have collected while the property is being repaired—often for up to 12 months.
Q: Is the coverage different for my properties in Wisconsin vs. Illinois? A: While the core protections are similar, each state has different rental laws and weather risks. Whether it’s “Lake Effect” snow in Wisconsin or specific “Urban Liability” laws in Chicago, we tailor each policy to the specific local risks your investment faces.
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