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Chicago Condo Insurance

Owning a condo unit in Chicago has many considerations to take into account when choosing an insurance plan. Condominium associations insurance plans vary and require you to be familiar with what they cover and don't cover.   Your condo associations by-laws also pose some considerations when it comes to your condo unit insurance.  Your condo unit insurance needs to cover what your association mandates in its bylaws along with where your associations insurance stops coverage.

You as a unit owner are typically responsible for the interior of your unit.  This typically includes items such as flooring, fixtures, cabinets, paint, wallpaper, tile and appliances, along with any personal property.

Some coverage's to make sure are in place when purchasing condo insurance:

  • Personal Property Amount - Estimate what it would cost to replace all your belongings if they were completely destroyed.
  • Replacement cost - Make sure your property is covered for replacement.  If this option is not selected your belongings value is depreciated.
  • High Value Items - Let your agent know about jewelry, computers, art and other big ticket items.  Special limits exist for many of these and need to be listed separately in a policy.

  • Building Additions - Coverage for the interior of your unit not covered by your associations insurance. Estimate how much would it cost to rebuild the interior of your unit?

  • Personal Liability - Many associations in Chicago require specific limits.  Know the minimum requirement and work up from there.

  • Loss Assessment - Coverage for gaps or inadequacies  in your associations insurance that may result in a special assessment being issued.

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.

 

Chicago Condo Association Insurance