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.