Owning a condo in Mount Prospect, IL, comes with unique insurance needs. While a standard condo owner’s policy is often recommended, additional coverage may be necessary if you rent your condo to others. Com-Co Insurance Agency Inc. can help you determine the right protection for your investment.

Why Association Master Policies Fall Short

Most association master policies cover the building’s exterior, common areas, and structural components. However, these policies typically exclude coverage for your unit’s interior walls, structure, and personal liability as the owner. This is where an HO-6, or condo insurance policy, comes in.

A condo insurance policy bridges the gaps left by the master policy. It typically covers your unit’s walls, floors, appliances, fixtures, and personal belongings, such as furniture and electronics. Additionally, condo insurance includes liability coverage, protecting you if someone is injured in your unit—even if you’re not at fault. Many policies also offer loss assessment coverage, which helps pay your share of damages to common areas if the master policy doesn’t cover them.

Additional Coverage for Landlords

If you’ve purchased a condo as an investment property and plan to rent it out, many mortgage lenders require you to have condo insurance to protect their investment. Acting as a landlord introduces additional responsibilities, and a landlord’s policy can provide an extra layer of protection.

Landlord insurance can safeguard you against loss of income if your unit becomes uninhabitable and tenants are unable to pay rent. It also offers protection against potential perils that may arise from renting your property.

Tailored Coverage for Your Unique Situation

Every condo unit and association has different requirements, so it’s essential to consult with an insurance agent to determine the coverage that fits your specific needs. Schedule an appointment with Com-Co Insurance Agency Inc., serving Mount Prospect, IL, residents, to learn more about protecting your condo investment.