Living in a condo in Mount Prospect, IL is the way to go. You have all the benefits of home ownership, but less responsibility. But when you were purchasing your condo insurance at Com-Co Insurance Agency Inc, you may have had some questions about what you are responsible for and what the homeowners association is responsible for.
It’s actually a good idea to find out what the HOA insurance policy looks like before purchasing your own. You don’t want to duplicate coverage or find out you’re not covered in the event of a disaster.
"All-in" or "Bare Walls-in"
Most HOA insurance policies are the Bare Walls-in type. They don’t cover anything contained within the walls of your unit. Anything outside the walls is their responsibility. The All-in policy is rare, and it is when the entire physical structure is ensured but none of your personal property.
There may even be a slight mix, as your pipes and plumbing are attached to the rest of the building. Make sure you read the policy, so you are prepared to get the right policy for yourself.
Your Own Policy
Typically, the condo insurance someone buys covers personal possessions, like clothing and furniture. It also protects small and large appliances, carpets, window trim, and furniture. It will also provide liability coverage, in case someone gets hurt while visiting your property.
Some kinds of events, like fire or burglary, could affect your unit and the outside. You may need to file a claim with the HOA insurance for certain occasions like these.
If you want to make sure your condo in Illinois has the protection it needs, call Com-Co Insurance Agency Inc in Mount Prospect, IL today for advice and a free quote.