Are you in the process of buying a condo? If so, you may be considering condo insurance. The professionals at Com-Co Insurance Agency Inc., serving Mount Prospect, IL, can help. As independent insurance agents, we specialize in condo insurance for condo buyers. We work with multiple carriers to help our customers find the condo insurance policy that best suits their needs.

What Is Condo Insurance?

Condo insurance provides coverage for certain events that cause damage to your condo and belongings. Similar to home insurance, condo insurance can replace items that are damaged or destroyed in covered events.

However, unlike home insurance, condo insurance does not cover the entire structure. It only covers damage to the interior of the condo. Your condo insurance policy will outline what is and is not covered, helping you understand the scope of your protection.

Who Is Required to Have Condo Insurance?

You may be required to have condo insurance if you are obtaining a mortgage to purchase your condo. Even if you are not financing your condo, your condo association may still require you to carry insurance. To determine whether you are required to have condo insurance, consult your mortgage lender and check with your condo association.

Why Get Condo Insurance Even If It’s Not Required?

Even if condo insurance is not mandatory, it is still a wise investment. Condo insurance can provide financial assistance during recovery after a disaster. Without it, repairing your condo or replacing damaged belongings could be prohibitively expensive.

The professionals at Com-Co Insurance Agency Inc., serving Mount Prospect, IL, are here to help. As an independent insurance agency, we can help you find the right condo insurance policy for your needs. Contact us today to speak with one of our insurance experts.