If you own a condominium you need the same kind of insurance as any homeowner does. You also own personal property like clothes, guns, electronics and furniture that needs to be insured.
The condo association’s insurance usually covers the common areas you share with others in your building (walls out), like the roof, basement, elevator, boiler and walkways for the association’s liability and physical damage, but not much more. These policies are intended to protect the association owner for direct damage to their property. Condo associations should also have Directors and Officers Insurance to protect against alleged or actual financial losses from third parties including individual condo owners.
That leaves a lot of items to be covered under a condo owner’s property policy. Condo owner insurance typically covers what the condo association’s insurance doesn’t; personal property, liability, the owner’s portion of the building, and loss of use. Condo owners also can purchase added coverage including water backup, flood, earthquake, umbrella, fine arts, and jewelry insurance.
Slevin Insurance Group is located in Plainfield IL (serving Naperville IL, Oswego IL, Romeoville, Lockport, Chicago, etc.) and is independently owned and locally operated to handle your insurance needs. We believe that local insurance agencies can best serve your insurance needs. As your local insurance agency, we will assist you in finding just the right combination of tailored, personalized insurance coverage at just the right price.
815-782-5511
