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