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