Category: Condo Insurance

When considering insurance for a condominium unit, owners will find two types of coverage – individual condo insurance and the master policy that protects the condominium project (and common areas).  If you own or are considering buying a condo in and around Orland Park, IL, the insurance professionals at RetireMax Insurance can help decipher the difference between a master policy and an individual condo insurance policy.

Understanding the Difference Between a Master Policy and an Individual Condo Policy

Understanding the difference is vital for condo owners to ensure adequate protection.  

The Master Insurance Policy/ Homeowners Association Policy

The HOA’s master insurance policy protects the collective interests of all unit owners. It is bought/managed by the condo association’s board of directors. This commercial policy provides coverage for the association’s common areas, the building’s structural components, plus liability coverage for the association.

Individual Condo Insurance Policy/HO-6 Policy

Each condo unit owner purchases an individual condo insurance policy to protect their belongings and personal effects. This policy specifically offers coverage for the unit’s interior – from the walls inward. Also, it includes coverage for living expenses and liability protection if an injury/accident happens within the condominium unit. Individual policies can be tailored to offer protection against risks not covered by the master policy.

Why Both Policies Are Necessary

Without individual condo insurance, condominium unit owners may have gaps in their coverage regarding their personal belongings (electronics, valuables, furniture, clothing), interior fixtures, and liability protection. Individual condo insurance can help cover additional living costs if the unit is not habitable due to a covered loss.  

Contact a Leading Orland Park, IL Insurance Company

For more information regarding condominium insurance options, contact a staff member of RetireMax Insurance at 708-388-9979.

Did you know condo and homeowners insurance aren’t exactly the same? If not, you’re not the only one! Many Illinois condo owners assume that their homeowner’s policies will cover them in the event of damage or loss when this isn’t always the case. 

While some homeowners insurance policies may cover loss or theft up to the stated coverage limit, not all policies will include this provision. Investing in Illinois condo insurance is the best way to ensure your condo is always protected. 

Talk to one of the insurance experts at RetireMax Insurance in Orland Park, IL to get a free quote!

Benefits of an Illinois Condo Insurance Policy

Following are a few of the benefits available to Illinois condo insurance policyholders:

Get Protection for Your Personal Property 

A condo insurance policy can provide coverage for the contents of your condo. Residents can rest easier at night when they know their valuables, jewelry, electronics, and cash are safe and protected.

Your Homeowners Policy May Not Cover It

Some IL homeowners’ insurance policies won’t cover damage or theft of personal property. (Get condo insurance as a backup!)

Protect You and Your Property from Liability

If one of your guests is injured on your property, you could wind up being sued for thousands (or even millions) of dollars in damages. 

Get Covered for Accidental Damage

Condo insurance covers policyholders who have accidents on their property. It can also work for condo owners who have a mishap and accidentally damage a neighbor’s property. 

Reach Out To Us!

Don’t get caught without condo insurance in Illinois. Contact the insurance experts at RetireMax Insurance and take advantage of a free Orland Park, IL condo insurance quote today! 

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.