Condo Insurance

There are accessories for your condo, and there are necessities. Consider condo insurance a necessity.

You insure all the important aspects of life, why not your condo and all that’s inside? You have coverage for your health, your vehicle, even your life and/or the life of a loved one. You should also have insurance for your Chicago condo or suburban Chicago condo.

“But wait,” you might say. “I pay for insurance as part of my assessments. I’m sure of it.” Ah, but are you really covered?

It’s a common misunderstanding that the insurance included as part of the monthly condo assessments will take care of your condo should you suffer a fire, burglary or other calamity. It probably won’t.

The insurance you pay as part of your assessment typically covers only the common elements of the entire property. An example of this type of coverage can include damage to the building if a tree falls on it during a storm.

That insurance also typically protects the condo association in case of an injury or accident on the property, such as a slip-and-fall on the sidewalk or on the stairs.

But that insurance usually stops where the walls, ceilings and floors of your Chicago condo or suburban Chicago condo begin. And that may leave you highly exposed for considerable financial loss should a disastrous situation occur. That’s why you should consider condo insurance for condo protection.

Have you ever considered all that you have to potentially lose if a bad situation strikes? A thief may make off with your TV, some jewelry and the iPod you left on the table, but what happens in case of a fire, for example? Everything inside the walls of your condominium is your responsibility to protect and replace when it is destroyed or damaged.

Cabinets on the walls, tiles on the floor, counters, appliances, furniture, fixtures…the list of expense items to replace is immense. And that’s in addition to the TV, jewelry and iPod and all your other personal possessions, even including your clothes, which might be gone, too. Imagine the stress, difficulty and hardship of losing—and having to replace—virtually everything you own.

The solution is condo insurance. For a reasonable fee per year, condominium insurance protects the important things inside your walls. It helps give you peace of mind, knowing that should a bad situation happen, you’re protected.

OwnACondo.com offers resources for finding a policy that fits your needs. Contact us for a condo insurance quote or call us today at 866-696-2266.

The above scenarios are offered for general illustrative purposes and are not intended to provide a comprehensive explanation of condo insurance or the need thereof. Please be sure to consult with an insurance professional to determine what, if any, coverage would best suit your particular situation.