Condo associations are similar to landlords and homeowners’ associations in that they are responsible for maintaining the condo complex grounds and shared spaces. Examples of shared spaces could include a complex gym, parking garage, elevators, pool, and anything else that is used by all residents and does not directly belong to the condo owner. With that said, if you cause severe damage to a shared area, the condo association may decide to hold you responsible for any required reimbursement or deductible payment. Because condo owners have freedom and flexibility in the interior of their unit, the condo association policy ends at your door, and your individual condo insurance policy kicks in.
Prior to purchasing a condominium, be sure to request a copy of the condo association’s master policy so you can learn precisely what is and is not covered. Thus, you’ll then be able to shop for a condo insurance policy that best protects your interests without paying for coverage that you don’t need. Purchasing an individual condo insurance policy will cover the interior of your unit along with your personal belongings such as furniture, clothing, and electronics. Additionally, an individual condo insurance policy will include liability coverage that can protect you should a third party be injured while at your home.
At Arial Insurance Group in Chicago, we have the experience and resources needed to assist condo owners in obtaining the best condo insurance for their needs. To find out more, give us a call today to schedule a no-obligation consultation with one of our friendly, knowledgeable, and professional team members.