Condo Insurance in Downers Grove IL & Chicago IL
If you own a condominium or co-op, you have both shared and personal insurance needs. At Primar Insurance Brokers, (Downers Grove’s trusted insurance provider), we have the coverage solutions to help meet your unique homeowner needs as a condo owner.
Give us a call today at 773-665-2315 to talk to an agent about your condo insurance needs, or click here to get a free, no-obligation quote today.
What Is Condo Insurance?
A condominium/co-op insurance policy is designed specifically to meet your unique homeowner needs, including coverage for your personal possessions, structural improvements made to your living space and additional living expenses incurred due to an accident.
When selecting condo/co-op coverage, it’s important to determine what is covered by your association’s master policy and what items are your responsibilities. Typically, your condo/co-op association carries an insurance policy for common areas, such as the lobby, walkways, boiler, basement, etc., but the landlord’s policy may not cover all personal property.
What Is Covered?
A personal condominium/co-op policy will help safeguard you from losses to your personal property and the interior of your unit. As such, you will need to estimate:
We recommend insuring your personal property for its replacement-cost value to help you replace yesterday’s purchases at today’s price tags.
In addition to your belongings, the liability-to-others portion of your policy covers you against lawsuits for bodily injury or property damage that you or a family member—and some cases, pets—cause to other people. It pays for both the cost of litigation and any court awards, up to the limit of your policy, and covers you at home or away.
Additional Coverages to Consider
Unit assessment coverage: This coverage reimburses you for the expense passed on to you by the association as long as the cause of loss was covered by the association’s policy.
Sewer backup: This coverage insures your property for damage by the backup of sewers and drains (does not include flood protection).
Flood or earthquake: These can strike anywhere, so it’s important to understand your risks and check into coverage options.
Get Coverage Today
If you own a condo and you need to get insurance, you can work with us to find the right policy for your needs and your budget. Give the team of experienced agents at Primar Insurance Brokers a call today to get started.