Condos are a great way to break into the housing market in Chicago. Making sure that you have the perfect condo insurance to give you the protection you need is important. At NCIB Group Inc. in Chicago, IL, we have been providing personalized insurance services since 1989. As independent agents, we are dedicated to providing the finest in insurance products and customer service.
Is condo insurance required in Chicago?
No, condo insurance is not required by the city of Chicago or the state of Illinois. But your condo association may require you to show proof of insurance and if you have a mortgage, your lender will require that you have condo insurance.
What does the condo association master policy cover?
The condo association master policy covers the exterior of the building, the walls, and roof. It also covers any common areas like elevators or swimming pools. How far it goes into the walls depends on the policy. It is up to you as the owner to read your covenant and the master policy so that you know what is covered by the master policy and what you as a unit owner need to cover.
What exactly does condo insurance cover?
Condo insurance offers four potential types of coverage; property, contents, liability and loss of use.
Property coverage pays to repair things like your walls and built-ins that you have in your condo.
Content coverage protects your personal property, furniture, electronics, clothing etc.
Liability coverage pays for medical expenses if someone is injured while visiting your condo or by a member of your family. It also covers legal fees and legal action against you.
Loss of use coverage pays for a place for you to stay if your unit is rendered uninhabitable by a covered peril.
Contact NCIB Group Inc. in Chicag,o IL, when you are ready to discuss condo insurance.