Condominium Insurance Information
No matter where you live, chances are you need an insurance policy to ensure your property and personal belongings are protected financially. One specific type of residential policy is condo insurance, which helps protect the interior of a condominium unit and the personal belongings of the policyholder.
What Is Covered Under Condo Insurance?
The most common types of coverage included in a condo insurance policy include the following:
- Dwelling coverage pays for repairs or replacements in the unit if the property is damaged due to a covered loss.
- Personal property coverage helps pay for repairs or replacements of your belongings up to a specified limit in the policy. Personal property is anything not attached to the condo, such as clothing, furniture and electronics.
- Loss of use coverage helps cover additional living expenses if you are forced to move out of your condo while the unit is being repaired or rebuilt because of an incident covered by the policy.
- Personal liability coverage helps cover medical and legal fees if you are found responsible for another person’s injury or damage to their property.
- Medical payment coverage helps pay for medical expenses if someone is injured in your condo, no matter who is at fault.
There are also several optional coverages to consider for your condo. Some examples of these include:
- Short-term rental coverage
Before purchasing condo insurance, check with your homeowners or condo association. They may require specific coverages and limits. They most likely also have a master policy to protect the building and shared spaces, which may help determine what you need to include in your condo insurance policy.
How to Buy Condo Insurance in Chicago
If you are looking to buy condo insurance in the Chicago area, contact Hanway Insurance. We specialize in providing low-cost insurance to thousands of Illinois residents and businesses. We’ll make sure you have the coverage you need!