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!