Items Covered by Condo Insurance

Condo insurance can sometimes be confused with homeowners insurance due to both policies acting as property coverage. While homeowners insurance protects the internal and external structure of homes, condo insurance only protects the interior of a condo unit. To break it down further, Green Family Insurance Inc. discusses what condo insurance within Illinois covers.

Personal Property

Condo insurance covers personal belongings, with examples of these items being clothing, furniture, and electronics. When covered perils such as fire, theft, or vandalism occur, condo insurance helps you cover your repair and replacement costs when these disasters lead to property damage.

Building Property

The interior structure of your unit also falls under condo insurance, with examples of areas protected being your floors, tiling, and walls. In addition to this, fixtures such as sinks, bookcases, and cabinetry are also covered when faulty electrical systems or fires damage them. Condo insurance ensures that you get compensation for fixing these items or when you need replacement costs.

Loss of Use

If your condo is rendered uninhabitable due to significant damage, condo insurance will help you pay for your additional living expenses. These can be your hotel fees, meal costs, and transportation expenses until your condo is fixed.

Personal Liability

Personal liability is another item covered by condo insurance that helps you pay for your lawsuit costs when sued for property damage and bodily injury. In addition to paying for your legal fees and damages, condo insurance ensures that you cover any medical costs arising from guest injuries. It also provides compensation for repair and replacement fees when a guest’s property is damaged.

Loss Assessment

When you are required to contribute to shared losses after perils destroy areas such as swimming pools, condo insurance ensures that you are covered during such events. It helps you offset any loss assessment that condo owners incur, allowing you to reduce your financial setbacks.

To ensure your condo is protected from disasters, consider reaching out to Green Family Insurance Inc. today. We provide condo coverage suited to Illinois property owners.

Do I need condo insurance in Illinois?

If you are in Illinois, it would be very common for you to want to own your own home. A great type of property that you could purchase here is a condo. When you are a condo owner, as opposed to an owner of a single-family home, you will receive many homeownership benefits with fewer maintenance obligations. If you do purchase a condo, you need to assess your insurance needs carefully. You likely will need to have condo insurance coverage. 

Insurance is an Association Requirement

One reason that you will likely need to have condo insurance is that your condo association will require it. Anyone that lives in a condo association is going to have a variety of rules that they need to abide by. One important set of rules is to get condo insurance. The association bylaws will state the type and amount of coverage that you need to have. 

Insurance is a Lender Requirement

You will also need to have condo insurance because your lender could require it. When you want to purchase a condo in this state, you will probably take out a mortgage. Any mortgage lender will want to protect their collateral, and the best way to do this is by escrowing for your monthly condo insurance payments to ensure there are no coverage lapses.

As you are shopping for condo insurance in Illinois, you should call Green Family Insurance Inc. Picking a policy for your condo can seem like a big challenge as many choices need to be made. Fortunately, Green Family Insurance Inc. can make it much easier for you. The team here is able to help you assess all your options and build a policy that is right for you.