Condo insurance in Mount Prospect, IL is crucial and is designed so you can help protect your belongings and home after a loss. It’s important to get the right amount of coverage for your needs and there are some questions to ask yourself.
What Does Your HOA Policy Cover?
The first step in determining the condo insurance needed is figuring out what you are responsible for and what is covered by the HOA. There are two types of coverage the HOA may provide. A bare walls-in policy only covers the exterior of the building, so you have to insure everything in the home, including fixtures, flooring, and appliances. An all-in policy includes the interior contents as well, with the exception of your belongings. Speak with an agent at Com-Co Insurance Agency Inc if you are confused about what the master policy covers.
How Much Would It Cost to Repair or Replace the Interior?
Your condo insurance will need to cover what is not included in the master policy and how much it will cost to replace. If you have had upgrades done to your unit, then even an all-in policy won’t cover those and you need to purchase more coverage. Estimating how much it would cost to replace will help you get the right coverage. Get more insurance than you think you need.
How Much Are Your Belongings Worth?
Do a home inventory to get an idea of the value of your belongings. It can be easy to underestimate your property and forget to include things like furniture and clothing. Check to see if your expensive items, such as jewelry or artwork, are covered.
How Much Do You Have in Assets?
You want to have enough liability coverage to protect you if you are sued. Assets, investments, and your future wages could be at risk.
Contact Com-Co Insurance Agency Inc, serving Mount Prospect, IL, to get a quote on condo insurance.