Illinois Condo Insurance

Illinois condo insurance is a must have for anyone living in downtown Chicago or anywhere else in the state. From the night life, to cultural entertainment, to amusement parks and museums, Illinois is a wonderful place to live. The attraction of having a true four season climate is just one reason people choose to buy a condo in IL. To give yourself peace of mind and to continue living the dream, find cheap Illinois condo insurance rates quickly and easily.

Condominium Association Master Policy

Before purchasing your own personal Illinois condo insurance, educate yourself about the condo association's coverage. Unlike house insurance, you should not be responsible for the condominium building. Most associations are responsible for the building and common areas shared by all of the tenants. This will include the walls, hallways, exercise rooms and club house areas within the building. In Illinois the master policy will also cover some outdoor areas. This should include the tennis courts and other sport courts, pool area during the summer season, and usually the garage or carport associated with the building. It is your responsibility to look over the declaration page and understand the ins and outs of condominium coverage.

Of course this master policy insurance does not come free. All of the tenants in your building will help pay a portion of the premium. The great thing about living in a condo is not having to take care of the maintenance of the building or shoveling snow in the winter. By sharing the responsibility with other owners in Illinois, you not only save money on insurance, but you also have more time to enjoy the finer things in life. Make sure you understand how much of your condominium fees or HOA dues pay for the master policy and how much coverage you will need for your own personal possessions.

Natural Disaster Condo Coverage

While beautiful, Illinois can also be the destination of different kinds of natural disasters or "acts of God." The main disasters include flooding, tornadoes and winter storms. You need to make sure your Illinois condo insurance covers all of these situations. In the event of a flood, you need to make sure your policy will cover not only your possessions, but also provide coverage if you have to live away from home while the building is being fixed and you are able to replace your items and return home.

Other hazards you need to consider are tornadoes and winter storms. When choosing your condo coverage you need to know that the contents in your home are not covered by the master policy. If you have an outdoor patio or balcony, the furniture or barbeque equipment is not covered either. Find quotes for all kinds of Illinois condo insurance for free online.

What is Covered by My Condominium Insurance

The easy answer to this question is everything inside the walls of your unit. Again, make sure you know what the master policy covers and your individual policy needs to cover everything else. Make a list of all of your belongings or take pictures of the items in your home to begin the process of Illinois condo insurance coverage.

Next decide if you want actual cash value coverage or replacement value insurance. Just like renters insurance, you will need to think about the value of all of your possessions. With an actual cash value policy, in the event you file a claim, will receive a check for the amount the item is worth minus depreciation for use and wear. If you have replacement value coverage you will receive a check for the amount it will cost to replace the items in Illinois.

If you have specific collections, jewelry or fur coats, or expensive audio visual equipment, you will need specific coverage for these items. Make sure you have enough Illinois condo insurance to replace the items in case of a fire, theft or natural disaster. It would be smart to have an appraisal of expensive items and keep this information, along with your list, pictures or video of all the items in your house, in a fire safe box or a lock box away from the condo you live in. That way, is something happens, you can prove you owned the items and will get quick results from your Illinois condo insurance company.

Overall, living in Illinois can be one of the best adventures of your life. There are many attractions, fun cities and beautiful lakes to entice people from everywhere to buy a condominium in IL. Smart home owners will find quick easy quotes on Illinois condo insurance and protect their families and their belongings and give themselves peace of mind that they have the protection they need.

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