Unlike a homeowner, as a condo dweller, you do not own the building you live in or the land the building is on. Even though there is a master policy carried by your homeowner’s association that covers common and outside areas, it will not cover your condo unit and personal belongings. Therefore, you need a condo insurance policy to protect your condo and personal stuff inside it. In order to help you make the right decision, Marvin Sledge Insurance Agency, Inc., serving clients from Chicago, IL, and other surrounding towns, has prepared a list of things you should consider when choosing condo insurance:
- The cost of the deductible. Choosing the right deductible is essential when buying condo insurance because the lower deductible is, the more you have to pay for your insurance. Talk to an insurance agent to find out which policies you can afford while keeping your deductible low.
- The terms of the policy. Make sure you review your condo association master policy and discuss it with an insurance company before buying a certain condo insurance policy.
- The amount of coverage. One of the most common mistakes that many condo owners make is getting insufficient coverage for their units. Often, they do not get the coverage for the events that are most likely to occur in their area. Therefore, it is recommended to talk to an insurance agent first and discuss all the options available.
If you are a condo owner, having condo insurance is important because it provides proper protection to your unit and your belongings and gives you peace of mind. If you are looking for a condo insurance policy in Chicago, IL, or any other surrounding areas, Marvin Sledge Insurance Agency, Inc. is ready to assist you. Do not hesitate to give us a call and find out about the options available.
What is Home Insurance?
Home insurance is coverage that helps protect your home and your belongings in the case of damages, theft, or other events. Though it cannot prevent these things from occurring, it can help cover the costs of replacing covered items.
Coverage Options to Choose From
There are many types of home insurance coverage, but the following are some of the ones Chicago, IL residents should consider carefully.
- Personal Property: This coverage helps replace personal property, such as furniture and electronics, due to a covered loss. The amount of coverage you need will depend on the value of the possessions you are looking to insure.
- Dwelling and Other Structures: This coverage can help covers costs incurred due to your physical home, sheds, detached garages, and more.
- Loss of Use: Should the damage to your home make it impossible to use, Loss of Use can help cover the cost of you staying somewhere else, such as a hotel.
- Personal Liability: If you are responsible for damages to another person’s property or an injury they incur, personal liability coverage can help cover any incurred expenses.
- Medical Payments: If someone is on your property and gets injured, this type of coverage will help pay their medical costs.
Your home insurance plan can be completely customizable according to your needs. Marvin Sledge Insurance Agency, Inc. of Chicago, IL can help you determine the best coverage.
Is Home Insurance Required?
Home insurance is not required by law in Chicago, IL. However, there are times when you will need it nonetheless. For instance, if you have a mortgage on your home, your lender will most likely require you to carry home insurance to protect their investment. Once you have the mortgage paid off or down to a specified amount, you will then have the option to continue your coverage or not.
Stop by Marvin Sledge Insurance Agency, Inc. today to let us help you get the home insurance coverage you need for your home and life.