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Lincolnshire, IL 60069

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Condo Insurance FAQs

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
  • Contents
  • 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.

Why do I need to get Chicago condo insurance?

Anyone that lives in the Chicago, IL area will have plenty of housing options available. One great option to consider is to purchase a condo. With a condo, you will not have as many maintenance obligations and can enjoy property amenities. If you do purchase a condo, you do still need to get proper insurance. There are several reasons why you need to get a condo insurance policy for your Chicago home. 

Insurance is an Association Requirement

You will need to get condo insurance because it could be a requirement to live in your association. Having condo insurance protects you and everyone else in your building. If your property has a leak that causes damage, your condo insurance will step in to pay for damages. Due to this, having this coverage is a requirement for any condo association. 

Insurance is a Lender Requirement

Condo owners in Chicago also need to get condo insurance because it will satisfy lender requirements. Anyone that buys a condo in this area and takes out a mortgage will need to meet their lender requirements. Most of the time, the lender will have specific requirements and could even escrow for your payments to ensure there is no lapse in coverage. 

If you are looking for a condo in the Chicago, IL area, you will need to make sure that you get the right insurance policy. When looking for insurance in the Chicago area, a great company to reach out to is the Arial Insurance Group. The team at the Arial Insurance Group will be able to explain to you what your needs and options are. This will help ensure you can get into a policy that is right for your situation. 

Partner Carriers

  • Aegis
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  • American Strategic Insurance(ASI)
  • Assurant Flood Solutions
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  • Capital Premium Financing
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  • Dovetail
  • Foremost
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  • Met Life and Health
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  • RLI Surety
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