Condominium Insurance
What to Expect
Your coverage should be as individual as your lifestyle. We provide tailored insurance solutions for condominium unit owners in Chicago, designed to protect your residence, personal property, and personal liability with precision and care. Our approach includes a careful review of your condominium association’s master policy to help identify and address any potential coverage gaps. We evaluate options from multiple highly rated carriers to develop a policy that aligns with your specific needs, so you can be confident your home is properly protected.
Liability
Condominium Personal Liability Coverage helps protect you if you are legally responsible for injuries to others or damage to their property that occur inside your unit or as a result of your personal activities. It may help pay for legal defense costs, settlements, or judgments, providing important financial protection beyond the condominium association’s master policy.
Loss Assessment Coverage
Loss Assessment Coverage helps pay for your share of an assessment charged by a condominium association when a covered loss exceeds the association’s master policy limits or is not fully covered. This may include assessments related to damage to common areas, liability claims against the association, or certain deductibles passed on to unit owners, up to your policy limit.
Additional Living Expense
Additional living expense coverage helps pay for the extra costs of living elsewhere if your home becomes uninhabitable due to a covered loss. This may include temporary housing, meals, and other increased living expenses while your home is being repaired or rebuilt.
Coverage for Other Structures
You may own structures that are separate from your condo unit, such as a carport, detached garage, or storage shed. If these structures are not considered common property, they are typically not covered under the condominium association’s master insurance policy. Coverage for eligible structures may be available under your individual condo insurance policy, subject to the policy's terms and limits.
Medical Expenses
Medical expense coverage helps pay for reasonable medical expenses if a guest is injured on your property or as a result of your personal activities, regardless of fault. It is intended to address minor injuries quickly and may help prevent larger liability claims.
Additions and Alterations
Additions and alterations coverage helps protect improvements made to the interior of your condominium unit that were not part of the original construction. This may include upgraded flooring, cabinetry, countertops, built‑in fixtures, or custom renovations. Coverage applies when damage results from a covered loss and is designed to work alongside the condominium association’s master policy, which typically does not cover individual unit upgrades.
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Condo vs. master association’s policy?
Your condo association’s master policy generally covers the building structure and common areas, while your personal condo insurance covers everything inside your unit, including personal belongings, interior finishes, and personal liability. Understanding both policies is essential to avoid coverage gaps.What does a condo policy cover?
Condo insurance (HO-6 policy) typically covers your personal property, interior unit improvements, personal liability, and additional living expenses if your unit becomes uninhabitable due to a covered loss. It is designed to complement, not replace, your condominium association’s master policy.
How much condo insurance do I need?
The right amount of coverage depends on the value of your personal belongings, the upgrades or improvements inside your unit, and your liability exposure. We review your specific situation and your association’s master policy to help determine appropriate coverage limits and ensure you are fully protected.