What To Consider When Choosing Condo Insurance?

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.