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Chicago Condo Association Insurance

Condo associations in Chicago have various needs.  Associations vary from small 2 unit all the way up to 200+ unit associations. Other considerations include new construction or rehabs of 100+ year old buildings.  

Condo associations typically take care of the structure or common elements of the building.  The individual unit owner is responsible for the interior of their unit and should take out an appropriate Condo Insurance policy.

Some considerations an association should take into account:

  • How much in building coverage? - Ask for a reconstruction cost estimate from the agent.  Underinsuring a building could lead to co-insurance penalties in the event of a claim.

  • What deductible? - Associations should maintain a higher deductible.  We recommend taking a deductible that reflects $500 multiplied by the number of units.  Additionally a high deductible will lower insurance costs and help avoid making small claims which can impact an associations ability to shop their insurance.

  • Directors and Offices Liability - This is a State of Illinois requirement for condo associations. It provides coverage for individuals acting on behalf of the association in which they may be found liable.

  • Are there discounts available? - Discounts are referred to as credits on a commercial policy. These are available for associations who have sprinkler systems, reporting alarm system, certain construction types, along with various others. 

Reviewing you insurance needs with a professional agent is important and should be done yearly or at least every few years. Our agency is ready to assist you.  Schedule your no obligation review today by calling (773)777-8880.

 

Important Info Links for Condo Associations:

Illinois Condominium Property Act

Chicago Condo Insurance