If you’re considering the purchase of a new condo in Illinois, don’t forget to factor in condo insurance. Your condo association’s master policy is designed to protect your building and surrounding common areas. You’re responsible for your unit. By discussing condo insurance options with your Weer Insurance Group agent in Illinois, you’ll have a better idea of the coverage you need.
Here are some essential facts you should know about condo insurance.
Interior Dwelling and Property Coverage
Condo insurance can protect the interior of your condo and your personal property. Interior dwelling insurance covers such aspects as floors, walls, cabinetry, sinks, and other built-in structures. It also includes any upgrades you make to the interior of your abode.
Property coverage protects your belongings, ranging from clothing to furniture, electronics, or appliances you may have purchased for your condo. A typical condo insurance policy generally covers theft and damage from fire, vandalism, falling objects, and storms. Ideally, your coverage should be enough to fully repair your condo or replace your personal goods in the event of total loss in an unforeseen disaster.
Like most people, you probably have guests over to your condo from time to time. If a guest should have an accident and require medical care, you could be held liable for his medical costs. Liability insurance covers this cost to protect your assets. It also protects you against lawsuits if you are sued for damages.
Loss of Use
There may come a time when you have to leave your condo due to extensive damage from a major disaster. Loss of use coverage will compensate you for additional living expenses you may accrue during your absence. This could include hotel bills, restaurant bills, transportation bills, etc. until you return home.
Condo insurance can take the stress out of condo ownership by preparing you for the unexpected. For quality condo insurance at affordable costs, contact Weer Insurance Group of Illinois.