Whether you reside in a traditional household or own a condominium, it’s imperative to have the proper protection against accidents, liability, and unexpected occurrences in your home. If you own a condo in Orland Park, IL you must be aware of condo insurance. But do you comprehend how this insurance functions? Do you know what it covers? For credible and reliable answers to these conflicting questions, keep reading as RetireMax Insurance gives answers to frequently asked questions about condo insurance.
Condo Insurance FAQs
What is condo insurance?
It is an individually designed coverage meant for condo owners that protect the interior of their condos against imminent damage. Depending on your Condo Owners Association(COA) policy, your condo insurance safeguards the interior walls, appliances, and other personal belongings.
Is condo insurance mandatory in Illinois?
Just like homeowners insurance, condo insurance is not mandatory in Illinois. Nonetheless, if you finance your condo through a mortgage, your lender will require you to maintain condo insurance to safeguard the interior of your condo. In addition, even if you have cleared your entire outstanding loan amount, you must still purchase condo insurance since many condominium owners may demand it.
Am I not covered by COA master policy?
Most condo owners get entangled in a state of confusion about why they require condo insurance, yet their condo gets protected by the COA master policy. COA’s master policy get tailored to cushion damage to the exterior of your building, encompassing areas such as the lobby, elevators, and common areas. Additionally, it covers injuries to visitors arising from common areas like swimming pools.
What does condo insurance cover?
Dwelling coverage: Safeguard your interior, including alterations or betterments you have made, including your appliances and fixtures, against perils like theft and vandalism.
Personal property coverage: It shields your assets such as clothing, appliances, and furniture against loss or damage.
Loss of use or additional living expense: Protect you when your condo is unlivable. It caters to other costs like hotel bills after residing elsewhere when your condo is being repaired.
Liability coverage: It provides bodily injury and property damage protection, including legal fees arising from parties who filed lawsuits after injuring or damaging their property.
Contact Us Today
If you are willing to discuss condo insurance coverage options in Orland Park, IL please don’t hesitate to call or visit us at RetireMax Insurance. We handle all the work while you save.
