When buying a condo it is probable that you will have some homeowner’s association fees that will include insurance for common areas and other structures. However, if you want your personal property covered in the event that disaster strikes, you will need a condo insurance policy. To get the scoop on what condo insurance is and what it covers Lemont IL Realtor Chris Budz has some helpful info.
A condo insurance policy may cover various aspects of the structure of your condo. This might include the walls, fixtures, cabinets, and the like. In the event that your condo is damaged due to a fire or vandalism, for example, these aspects of your condo will be repaired or replaced.
Loss of Use
At times work needs to be done on a condo that is so extensive that you cannot live in it while the renovations are taking place. This is where “Loss of Use” coverage comes in handy. Your living expenses will be covered while the work ensues.
Your furniture, electronics, entertainment systems, clothing, and other personal items will be covered with this aspect of condo insurance. Check with your provider to verify exactly what you are covered for and what additional riders are available.
This coverage is important when someone gets injured while in your condo. It can also cover some cases of property damage. It will not cover someone that is injured while in a common area, however. IN most cases the homeowner’s association will cover that and you pay for it with your HOA fees.
What Is Not Covered
Like many homeowner’s insurance policies, condo insurance usually does not cover damage done as a result of an earthquake or a flood. If you think that these will be important in your particular area check with your insurance provider about obtaining additional insurance.
Finding Good Condo Insurance
Check with your real estate agent for recommendations regarding condo insurance. You can also find reviews online to compare. Keep in mind that cost will be a factor, but available coverage is as well. Look for a company with a good reputation and customer service. Some discounts may be available as well. For help with all of your home buying needs contact Lemont Illinois real estate agent Chris Budz. Let his expertise work for you.