If you own a condo in Illinois Advanced Insurance Solutions has you covered.
Condo insurance (also referred to as an H0-6 policy) covers your condo unit where your condo association insurance stops. Your association typically insures the physical structure/building and other common areas. Association by-laws vary, but condo owners are generally responsible for the interior of their unit, or from the drywall in. Things like your floors, walls, cabinets and fixtures that your association's insurance likely doesn't cover.
Getting a copy of those by-laws is a good idea so you can understand what your responsibilities are in the event of a claim. We can help you understand the fine print.
Condo Insurance for Townhomes
It's also important to understand that some townhomes are insured like condos, and therefore require an H0-6 policy. If you live in a townhome, be sure that you have the correct type of insurance.
These are some common coverages you typically see on a condo policy:
Dwelling — this is the portion of your policy that covers the actual structure where the association policy stops.
Personal Property — this covers all of your personal belongings like clothing, furniture, electronics, and appliances. Basically anything that would fall out of your house if you turned it upside down and shook out the contents.
Loss of Use — this covers your living expenses if you need to live somewhere else temporarily because your primary home is uninhabitable due to a loss.
Medical Expense — this covers medical expenses for guests if they are injured on your property, and in certain cases covers people who are injured off of your property. It does not cover health care costs for you or other members of your household.
Personal Liability — Personal Liability Coverage applies if someone is injured or their property is damaged and you are to blame. The coverage generally applies anywhere in the world. When choosing your liability coverage limits, consider things like how much money you make and the assets you own. Your personal liability coverage should be high enough to protect your assets if you are sued. In some situations, an Umbrella policy may be necessary to provide extra coverage.
Scheduled Personal Property — there are some situations where you might want special coverage for valuables, or collectibles like jewelry, guns, collectibles, rugs, etc..
Advanced Insurance Solutions is here to help you understand the differences between a homeowner's policy and a condo policy.
Call our office today or use our quote form to get started with your condo insurance quotes.