| Chicago ranks third in the nation in
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| | would cost to replace your belongings
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| terms of condos that are expected to be
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| | with items of like kind and quality. Of
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| completed this year, with 8,533 more
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| | course, this type is more expensive. With
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| units to hit the market. A condominium or
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| | the actual cash value coverage, your
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| condo for short is a legal term
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| | house or property is covered for the
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| describing a type of joint ownership of
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| | depreciated amount, based on the actual
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| real property in which portions of the
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| | value at the time of loss.
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| property are commonly owned and other
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| | The important thing is to make the right
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| portions are individually owned. The
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| | choice between thee two types of
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| condominium consists of units in a
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| | coverage. The idea is to hit the correct
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| multi-unit dwelling where each unit is
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| | balance because don't want to be
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| individually owned and the common areas
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| | under-insured, but at the same time you
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| like hallways and recreational facilities
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| | don't want to pay for insurance you don't
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| are jointly owned by all the unit owners
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| | need. Consult with an insurance company,
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| in the building. Condo insurance
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| | ask them for assistance with determining
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| protects the owner from expenses that may
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| | how much condo insurance you need. Check
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| be incurred because of this
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| | what parts of the interior are covered by
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| joint-ownership aspect, as well as other
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| | your condo association's insurance and
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| common things related to home ownership.
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| | what items are your responsibility.
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| Condo insurance in Chicago is different
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| | Liability coverage is always needed,
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| than any other type of insurance, because
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| | because the master policy does not
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| you have both common and individual
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| | provide any liability coverage for your
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| insurance needs. The condo association is
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| | unit or your personal exposures.
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| responsible for insuring the exterior,
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| | The purpose of condo insurance is to
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| while you have to cover your personal
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| | cover the gap between your condo
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| property and liability damage.
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| | association's master policy (which
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| The responsibilities of your condo
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| | insures property owned by all unit
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| association are described in the master
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| | owners) and your property and personal
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| insurance policy. Usually covered are the
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| | liability protection.
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| outside of the building's structure,
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| | A condo insurance policy can include:
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| including the roof and common areas such
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| | -Personal property coverage-furniture and
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| as pools and sidewalks. The master policy
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| | personal possessions
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| does not insure the inside of your unit
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| | -Optional property coverage-such as
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| or any of your personal belongings. And
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| | special coverage for important items
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| this is exactly why you need condo
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| | -Personal liability protection-in case
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| insurance in Chicago.
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| | you are sued for accidentally causing
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| Chicago condo insurance covers your
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| | other people distress or damaging their
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| personal belongings, personal liability,
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| | property
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| additions, alterations, wall fixtures,
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| | -Additional living expenses-covering the
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| floor and ceiling of your unit. Have in
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| | expense if you have to move out of your
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| mind that all condo insurance policies
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| | condo while it is being repaired.
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| are not alike, so you must have a good
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| | -Additions and Alterations-for changes
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| understanding of the matter.
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| | you have made to the condo
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| Condo insurance provides two types of
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| | -Loss assessment coverage-if commonly
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| coverage-actual cash value and
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| | owned property is damaged
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| replacement cost. With the replacement
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| | -Deductibles-applies to property losses
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| cost coverage the contents of your condo
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| | only.
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| are covered up to the amount that it
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