Under Illinois law, when must an insurable interest exist for a property insurance policy to be enforceable at the time of loss?

Why this is the answer

Section 229.2 of the Illinois Insurance Code codifies the insurable interest doctrine for property coverage. Unlike life insurance — where insurable interest must exist at policy inception but not necessarily at death — property insurance under Illinois law requires the insured to have an insurable interest at the moment of loss. This rule prevents wagering contracts and aligns insurance with the principle of indemnity: a policyholder can only recover for actual economic harm to a property interest they own at the time the loss occurs.