Condominium Insurance in Oak Lawn, IL

Living in a condo may provide comfort and convenience, but it also comes with its own responsibilities, especially when safeguarding your space. While you may not be responsible for the building’s exterior or common areas, your unit and personal belongings still face risks from theft, fire or water damage. Condo insurance offers essential financial protection for owners.

Do I Need Condo Insurance?

Lenders usually require condo insurance for those who finance their unit with a mortgage to help safeguard their financial interest in the property. Many condo associations also mandate that owners maintain certain types of coverage, often liability insurance, so residents can take responsibility for accidents or damage within their units. This shared approach helps create financial protection for everyone involved, from individual owners to the broader community.

What Does Condo Insurance Cover?

Your condo association likely holds a master insurance policy that covers shared spaces and the building’s structure. A unit owner’s condo insurance typically includes:

• Personal property coverage may cover the costs of replacing personal items such as electronics, clothing or furniture that are stolen or damaged by fire or vandalism.

• Liability coverage may offer financial support if someone is injured in your condo or you accidentally cause damage to someone else’s property. This may help cover legal fees and medical expenses.

• Loss of use (additional living expenses) may help if your condo becomes unlivable due to a covered incident. It may pay the cost of staying elsewhere while your home is being repaired.

How Much Does Condo Insurance Cost?

Several factors influence the cost of condo insurance, such as location, coverage limits, deductible amount and claims history. Understanding them may help you make informed decisions about your coverage. Contact Hanway Insurance today to get started.