When you buy a condo, one of the first things that you should do is to get condo insurance. This insurance will protect you in a number of ways now that you own a condo. To find out more about this type of insurance, call us now at NCIB Group Inc. in Chicago, IL.
When you own a condo, there are very specific areas that you do own as well as those that you don’t own. Typically, the outside of the outside walls are owned by the condo board, and that board must insure those areas. Other outdoor and common areas are also owned and insured by the board. However, you own and must insure the inside portions of the condo. Your condo insurance covers those areas in case of an accident, disaster or calamity.
Another type of coverage that you get in your condo policy is a specific amount of liability coverage. This can help you if there is an accident or sudden illness in your home that affects the third party. If you are liable for that incident, your condo insurance will pay for the person’s medical bills so that you won’t have to come up with it.
If there were to be a serious incident such as an accident or disaster that causes damage to your home, your condo may be pronounced uninhabitable until it is effectively fixed. If this occurs, your condo insurance will pay for you to live somewhere else during that time. With this coverage, you don’t have to come up with the money to pay for two residences while the repairs are being done.
Get Condo Insurance
If you need to get your condo insured, contact us today at NCIB Group Inc. in Chicago, IL to talk with an agent.