Home insurance for a house hack - where to start?

[Fedor Volkov]

Hi Chicagoland BP community! 

Under contract for a 3-flat in Logan square/Avondale that I plan to house hack. Any recommendation on home insurance brokers/ companies that folks have recently used? 

If I understand correctly, I will need a landlord policy that covers the structure and carry renters insurance for my personal belongings. 

Thank you for your help!

[John Warren]

@Fedor Volkov I use an independent broker and do not go through any of the "captive" insurance agencies like state farm, farmers, geico, etc. My broker issued me a policy through Berkshire Hathaway for a four unit here in the burbs that literally cost me half of what I was paying through a big name brand. For a larger commercial deal in Berwyn, he was able to save me $3800 compared to a State Farm quote. It is worth it to find an independent agent in my opinion because they can write policies from so many different companies. 

For liability, look into getting an umbrella policy to back up your building policy. I have found that to be a cheaper way to go than getting higher liability coverage on each individual property. You definitely want to make sure you have adequate coverage, but insurance is a place where a lot of research and time can save you a lot of money in the long run. 

Lastly, consider reaching out to an insurance adjuster to have them review your policies every so often. They will often times do this for free as when you have a claim you will then go to them for their services. They know way more than most of us do about insurance, and they know all the ways insurance companies try to dodge claims as well.