When you own a condo, you have ownership of specific areas of the building and not of other areas. The areas that you own are required to have condo insurance on them. If you have a mortgage loan, your lender will require you to have this type of insurance. Your condo board will also require it. Even in the rare cases when it isn’t required, it’s still an essential way to protect your home and your investment.

If you need a condo insurance policy, call us at Arial Insurance Group in Chicago, IL to get started.

Insuring the Home

Your condo insurance policy will be written so that it protects the precise areas that you own. This doesn’t include the outer walls of the home. In some cases, it doesn’t include the interior of the outer walls either. It also doesn’t cover any common spaces. Your condo policy will protect your home against many different events that can happen to it. From calamities to disasters, it can pay for the damages that need repairs when a damaging event has happened.

Protecting Your Belongings

As with home and renter’s insurance, condo insurance also protects all of the belongings you have inside your home. A damaging event that ruins your things can mean an enormous amount of money is needed to replace it all. Condo insurance pays for those replacements so that you won’t have to.

Liability Protection

Condo insurance also pays for the medical bills of someone who gets injured while they’re in your condo. Medical bills can be sky-high, so this is important coverage to have. It may also pay for other expenses related to the accident.