Multifamily insurance agents in Chicago

[Adam Kraft]

Hello,

I own a 3-unit building in Chicago (Humboldt Park). I'm currently paying $4100/year for insurance, and when it renews in October it will go up to $5500/year. That seems like a lot and I'd like to shop around -- can someone recommend an insurance agent or broker in Chicago?

Thanks,
Adam

[Jonathan Klemm]

Hi There @Adam Kraft - I've got an awesome broker I'd be happy to share with you.  

If it's an owner occupied unit sometimes I've found the big players like state farm to be pretty competitive on price.  Insurance in general and specifically here in Chicago is WAY up across the board.

Who is your current provider?

[Adam Kraft]

Hi @Jonathan Klemm, I'm currently with HomeSite, but they're dropping me because they no longer insure 3-flats. The $5500 quote is the cheapest one from my broker. The building is not owner occupied. If you can share your broker's contact info with me, that would be great!

Thanks,
Adam

[Jonathan Klemm]

I've never heard of HomeSite @Adam Kraft, but maybe it's a good thing!

I will shoot you a PM with my broker's details!  

Out of curiosity, which neighborhood is the property, and how is it performing?

[Adam Kraft]

Thanks! It's in East Humboldt Park, fully rented with good cash flow.

[Tom O.]

Try my guy Joseph Soldner: 

https://www.rockwoodco.com/profile/joseph_soldner

[Tom O.]

Quote from @Jonathan Klemm:

I've never heard of HomeSite @Adam Kraft, but maybe it's a good thing!

I will shoot you a PM with my broker's details!  

Out of curiosity, which neighborhood is the property, and how is it performing?

 can you send it to me as well? thanks

[Jonathan Klemm]

No Problem @Tom O. - will shoot you over his information.

I can't promise the lowest price, but he is fast, responsive, and someone I have a great relationship with!  He is also not local to Chicago anymore, but he lived here before he headed south.

[Gabe R. Gonzalez]

@Adam Kraft - sounds like some folks have recommended brokers. I will recommend Shelter insurance. I've had clients with house fires, pipe bursts, etc. The one insurance company who didn't try to royally screw over their clients was Shelter. Their in-house adjusters are responsive and quick to reply. 

I've seen Allstate and State Farm drag claims and deny claims for the dumbest reasons. 

Good luck! 

[Jarrad Chabria]

@Jonathan Klemm would you mind PM'ing me contact details to me as well? Thank you!

[Jonathan Klemm]

No problem @Jarrad Chabria!  

Another company that may be worth looking into is Steadily. They were one of the sponsors at BPCon2024 and claimed to be a Landlord Insurance provider.  I have not used them personally though.  @Adam Kraft

[Owen Rosen]

Quote from @Jonathan Klemm:

No problem @Jarrad Chabria!  

Another company that may be worth looking into is Steadily. They were one of the sponsors at BPCon2024 and claimed to be a Landlord Insurance provider.  I have not used them personally though.  @Adam Kraft

 We work with Steadily and dozens of other great options

[Adam Kraft]

Thanks for all the responses! I decided to go with @Owen Rosen. He was fantastic to work with -- he found me an insurance plan that was cheaper than my previous one. I highly recommend him! 

[Tom O.]

What insurance company did you get? How many units is this for? I'm having trouble with the larger over five unit buildings

[Adam Kraft]

Quote from @Tom O.:

What insurance company did you get? How many units is this for? I'm having trouble with the larger over five unit buildings

 The company is Zurich and the building is a 3-flat.