Condominium Insurance

When You Need Quality Condo Insurance - Call Us at 847.264.4644

Condominium insurance is unique. It needs to be designed around the master insurance policy for your condo association or homeowners association (HOA). The association insurance policy typically covers the common areas. You are typically responsible for the inside of your unit, sometimes referred to as "walls-in" coverage.

Your condo unit insurance policy (referred to as HO6 insurance policy) covers your personal property (belongings), liability, and any additions, alterations, and improvements you make to your unit that are your responsibility based on the condo association agreement. Up to the limits you select.

What You Need To Know About Condo Insurance

What You Need To Know About Condo Insurance

Condo insurance(HO6)provides coverage for your personal property and much more.

  • You can elect to carry full value personal property which ensures that you are reimbursed full replacement value without regard for depreciation after a covered loss.
  • If you have upgraded cabinets or put in hardwood floors, your condo coverage can protect these investments. Be sure to consult your HOA agreement to determine what the association insurance policy covers and what you are responsible for.
  • If common areas are damaged or the association is found liable, your association may levy assessments against all the owners. Various limits of loss assessment coverage are available. Be sure to consult the HOA agreement to determine the potential for such assessments.
  • Your condo insurance policy protects you and your family members against bodily injury and property damage liability claims and any litigation that may result subject to the limits you select. Also, you can select medical payments coverage which will pay for medical expenses incurred by a visitor who is injured at your residence regardless of fault. Various limits are available. 

We can help you get the best condo insurance policy you need, whether you live in a high-rise or low-rise condo, townhome, townhouse, or another type of residence.

It’s Insurance Simplified to get condo insurance quotes when you work with Held Insurance Agency. Having a condominium insurance agency near me is simple. Our office is located in Mount Prospect, Illinois. Serving all of Illinois and Wisconsin. Contact Us today to learn more.

<p>A Brief Guide To Condo Insurance</p>

A Brief Guide To Condo Insurance

Important items to consider when purchasing condo insurance.

Recommended Insurance Coverage For Condo Units

  • Dwelling - sometimes referred to as Unit Owners Coverage. This is coverage for the inside of the unit that is not covered by the master associations insurance. Items can include fixtures, flooring, cabinets, appliances, and more.  
  • Personal Property - this is coverage for your belongings or "stuff". Items can include clothing, furniture, electronics, sports equipment, and more.  
  • Liability - provides coverage in the event you are liable for injuries or property damage. This may also include defense costs.
  • Loss Assessment - This can provide coverage in case a special assessment is charged to the unit owner by the association as a result of a covered claim and a lack of insurance coverage in the master associations policy.
  • Loss of Use - Pays additional costs if you can't live in your home after a covered loss.
  • Replacement Cost -  This is a settlement option in which you are paid the replacement value in a claim instead of a depreciated amount(actual cash value).

Frequently Bought Together With Condo Insurance