Beginning at the start of this year, insurance company Aon, through a subsidiary known as Affinity Insurance Services, Inc., has been offering an interesting product to landlords known as “Aon Rent Protect“. A representative of Aon Rent Protect who I spoke with indicated that this is an American version of a product that Aon has sold in Europe for many years. While I have not had a client who has had first hand experience with the policy, the suggested protections are intriguing.
Is there an ordinance or law requiring renter’s insurance in Chicago or in Illinois?
Quick hit: mandatory renter’s insurance requirements? No. At this time, there is no ordinance in the City of Chicago that requires that a tenant obtain renter’s insurance. In fact, there is no statute in the State of Illinois that requires a tenant to provide such a policy. Landlords can, as a contractual provision and a … Read more