Condos are a popular housing option in Chicago. They are an affordable way to break into the housing market. Condos give the benefits of homeownership and often provide other appealing amenities. When it comes to insurance, condo insurance shares many aspects with home insurance but has its differences. Arial Insurance Group in Chicago, IL offers outstanding service, and our team knows to provide our customers with the answer they are looking for.
Doesn’t my condo association have insurance on my condo?
Yes, the condo association does have a master policy. A master policy covers the common areas owned by all the owners, and it also covers the exterior portions of the building. It provides coverage for the building and also liability coverage for public and common areas. While this is valuable protection, it doesn’t do a lot for you and your personal possessions inside your unit. It is important you make yourself aware of the exact coverage the master policy provides and how deeply the coverage goes into your unit.
What kinds of coverage does condo insurance offer?
The main types of coverage condo insurance provide are:
- Liability coverage
- Loss of use
Liability coverage protects you from legal actions that may be taken against you when someone is injured at your home or by a family member. It will pay for a judgment against you up to the limit of your policy.
Contents coverage pays to replace or repair your possessions. It can be actual cash value or replacement costs.
Loss of use provides the money you need to find a place to stay while your condo is not habitable due to a covered peril.
Am I required to carry condo insurance?
In Chicago, IL, you are not required to have condo insurance unless you have a mortgage, and then your lender will require it.
Contact Arial Insurance Group in Chicago, IL, when you’re in the market for condo insurance.