Buying a condo is a big step in your life. Making the move from renter to owner is exciting, but it also brings with it some certain risks and liabilities. However, that risk can be easily managed with a good condo insurance policy.
The agents at Marvin Sledge Insurance Agency, Inc. are proud to assist the homeowners of Chicago, IL with their insurance needs. If you currently own or are looking to purchase a condo, we would be happy to help get you covered.
Is Condo Insurance mandatory?
In the state of Illinois, condominium complexes are required to be insured by the board that oversees its use and maintenance. As an owner of an individual unit, you are not required by law to purchase a policy because there should already be coverage in place for the building.
That being said, it’s advantageous for condo owners to purchase their own policy. There are numerous benefits to having your policy that will protect you in the broader array of circumstances that the building insurance may not cover.
What does condo insurance include?
The property insurance held by the condo board will typically cover damage to the building exterior and the common areas homeowners enjoy. Condo insurance covers the interior of your particular unit. It’s similar to purchasing a homeowner’s policy – it will protect your personal belongings and the structures inside your apartment like walls, floors, light fixtures, sinks, etc.
It’s wise to consult the board of your condominium complex before deciding on a policy. It’s important to know what the overall building policy covers, and what is your responsibility to protect. Condo insurance helps fill in the gaps where the overarching property insurance falls short.
At the Martin Sledge Insurance Agency, Inc., we believe all homeowners should have the coverage they need for their investment. If you live in the Chicago, IL area and are interested in condo insurance, give us a call today!