Condo insurance is not required by state laws in Illinois, but it may be required by your condo association and will be required by your lender. Even if you don't have a mortgage, your condo is a significant asset, and not insuring it puts you at risk of losing your home and investment. At FJP Insurance Agency Inc., we will make sure that you have the right condo insurance and will answer any questions you might have.
What is unique about condo insurance?
Condo insurance is similar to home insurance in some ways and very different in others. With condo insurance, you don't insure the exterior of your unit. That is insured by the master policy that the condo association holds. Where your coverage begins depends on the condo association. The common areas are also on the master policy for liability coverage.
Coverage provided by condo insurance
- Property coverage- Property coverage for a condo includes fixtures inside your unit and anything that is a permanent part of your unit.
- Content coverage- Most people own a lot more stuff than they realize. Being able to replace things that are lost to a covered peril can make it a lot less challenging to live with.
- Liability coverage- Being sued can ruin your life; at least with this coverage, you know that your assets are protected from a lawsuit.
- Loss of use coverage- If a covered peril damages your condo, you will need a place to stay. You will still have to pay your mortgage, so paying for another place to stay could be a hardship. This insurance coverage will allow you to stay in a hotel or rent a short-term place to stay and it may even pay some food bills.
When you need information on condo insurance in Illinois, contact FJP Insurance Agency Inc. You can get us on the phone or in person.