Three Types of Protection You Get From Condo Insurance

When you own a condo, you need a specific type of policy to make sure you’re protected. A condo policy is made especially for those who own a condo. It takes into account which parts of the structure you actually own versus what the condo board owns. It makes sure that you’re only insuring the parts that are yours. To get your condo insurance in Illinois, call us at Green Family Insurance Inc.

Protection for the Condo

This insurance has coverage for the dwelling itself so that you’re protected in case an event happens that damages your home. It’s essential to have this coverage to protect yourself against the high repair bills that could be due after a serious event causes your home to be damaged. The policy spells out which types of risks you’re covered against such as specific types of accidents and disasters. When one happens, the policy can pay for the repairs instead of you having to come up with an enormous amount of money yourself. 

Belongings Protection

When you have everything you own in your home, it’s extremely important to make sure that all of it is insured. You’ve invested a lot into your belongings, and they need the kind of protection that the condo has. These policies come with that coverage. It can pay for you to replace the items that were lost in the damaging event. 

Protecting Your Liability

You’re liable for the things that happen in your condo, and that includes accidents. If anyone should get injured in an accident there, your condo insurance covers your liability and pays for the medical bills for that person. It’s a type of coverage that can save you a lot with medical bills so high. 

Get Condo Insurance

When you need a condo policy in Illinois, call us at Green Family Insurance Inc.

Is condo insurance required in Illinois?

Whether you are a first-time homebuyer or a seasoned real estate investor, it’s important to understand the type of coverage you need for your condo. Green Family Insurance Inc. is here to explain why condo insurance is required in Illinois and what it covers. 

Why is Condo Insurance Required? 

In the state of Illinois, condo insurance is required by law for all condominium owners. This means that if you own a condo in the state, you must have an insurance policy that covers the structure and your personal belongings. The purpose of having this type of insurance is to protect yourself from any potential financial losses due to damage caused by natural disasters or other events. It also covers any liability claims that may arise from incidents occurring on your property. 

What Does Condo Insurance Cover? 

Condo insurance typically covers three main types of coverage: building coverage, which protects against damage caused by fire, storms, and other weather-related events; contents coverage, which provides protection for your personal property such as furniture and electronics; and liability coverage, which pays for medical expenses or legal fees if someone is injured on your property.

In addition to these main types of coverage, many policies also provide additional protections such as loss assessment coverage and special assessment coverage. These policies can help cover costs associated with significant structural repairs or renovations due to unexpected damage or wear and tear over time. 

Get Condo Insurance Today

Condo insurance is an essential part of owning a condominium in Illinois.  While it may seem like just another expense at first glance, having adequate coverage can save you thousands in the long run should any major damage occur to your property.

Still have questions? Contact Green Family Insurance Inc. today!

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.