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