Four Key Areas Covered by Condo Insurance

It’s always a good feeling to be covered no matter where you live. If you own a condo, Com-Co Insurance Agency Inc. can provide you with condo insurance that gives you that sense of protection and comfort. Some people, however, believe their condo is entirely covered by the condo owners association (COA) policy. COA only covers damage and liability claims occurring in shared spaces. With that in mind, condo owners should invest in condo insurance. This insurance covers the areas below.

  • Personal liability coverage: Liability coverage covers you financially. If, for example, someone accidentally gets injured in your condo, the insurance will cover the medical expenses. The policy will cover the legal charges even if they decide to sue you.
  • Personal belongings: Condo insurance protects the possessions that are in your house. Your home has things you love, like clothes, electronics, furniture, appliances, and other items. If there is theft, your insurance will bear the cost of replacement.
  • Additional living expenses: Your home may suffer damage that may force you to move out while it’s undergoing repairs. In such cases, your insurance will pay for the additional living expenses like food and hotel.
  • Loss assessment coverage: Loss assessment is an essential feature in condo insurance when losses exceed the limit of the COA. Condo insurance shares responsibility with the COA for the common areas and exterior of your condominium. For example, if a common area gets damaged by floods, you split the cost with the condo association.

Condo Insurance in Illinois

There are enough reasons to purchase condo insurance. The condo association insurance only covers shared property and the building, but for anything else, you are liable. If you live in Mount Prospect, IL, and are searching for the right condo insurance, look no further than Com-Co Insurance Agency Inc. Contact us today for a quote.