Homeowners in Chicago, IL are no strangers to severe weather. From thunderstorms and tornadoes to floods and wildfires, homeowners need to ensure they have the right insurance coverage in case of storm damage. But what happens when you live in a condo instead of a single-family home? Does condo insurance still protect against storm damage? Let’s look at how condo insurance covers storm damage in Chicago, IL.
Protection Against Wind Damage
Condo owners should not assume that the building owner’s policy covers their structure. Most policies do not cover interior items such as furniture, flooring, and appliances, which means the responsibility would fall on your shoulders. However, if you purchase an HO-6 policy, you should be covered for any wind damage from storms or hail as long as it does not involve flooding or earthquakes.
Protection Against Fire Damage
You may be entitled to compensation for smoke and soot removal and any structural damages due to the fire itself. Most standard condo insurance policies cover this type of loss regarding fire damage caused by storms or other disasters. However, this coverage is often limited in scope, so you should speak with your NCIB Group Inc. representative about what coverage you need before signing a policy.
Protection Against Water Damage
Water damage can come from many sources, including floods and plumbing issues. While most condo insurance policies will cover water damage caused by plumbing problems (such as burst pipes), they usually do not cover flood damage caused by natural disasters like hurricanes or heavy rainfall. If you live in an area prone to flooding, you may need additional coverage for this event.
It’s always best to speak with an experienced agent at NCIB Group Inc who can help answer any questions and determine the best course of action for protecting your home against storm-related damage.