Understanding Condo Insurance: What’s Covered and What’s Not?
People in Illinois prefer condos for conveniences like easy access to amenities and low upkeep costs. But with such convenience comes the responsibility of protecting one’s property against unexpected events—starting with comprehensive condo insurance. Getting the right condo insurance coverage, or HO-6 insurance, can be overwhelming as you weigh your options regarding what to include and what to exclude. Don’t worry! This article is here to help you explore your coverage options and make the best choice for your needs. What is Condo Insurance? Condo insurance is a specialized homeowner’s insurance designed exclusively......
Condo Insurance vs. Homeowners Insurance: Key Differences
Protecting your home is crucial, but what type of insurance will do it better? That depends on your property. Homeowners need to cover the entire structure and surrounding property. Condo owners, however, only need to insure the interior of their units, as the exterior is typically covered by the homeowners association’s master policy. When deciding between condo insurance and homeowners insurance, it’s important to understand the key differences so you have your property fully protected. Although both kinds of insurance provide essential coverage- including liability protection and personal property coverage- the scope of......
Common Condo Unit Insurance Mistakes to Avoid
Owning a condo unit comes with unique responsibilities and insurance needs. Condo insurance, also known as HO6 Insurance, can cover all your personal property, the interior walls of the unit, and your liability in case an accident occurs inside. However, condo insurance can be complicated, and if you’re not careful, it can lead to unnecessary stress and financial setbacks. There are some common condo insurance mistakes that you should avoid to get the coverage you expect. From understanding the extent of coverage needs to documenting damages and considerations related to exclusions in policies,......
Factors To Consider Before Buying a Condo
Purchasing a condo is a lifestyle choice. However, buying it is not a simple task as a lot goes into research and analysis before making the final decision. Condos require low maintenance and are typically more affordable as compared to a single-family house. But it’s still an enormous investment, so you need to take your time and look into some factors to consider before buying a condo. Before diving into the factors to consider before buying a condo, let’s understand its benefits. What are the Benefits of Buying a Condominium? Flexible Living- For......
Condo Insurance(HO6) 101
Before we dive deeper into the condo insurance(HO6) 101, it is better to know about the fundamentals in detail. A condo can be a perfect alternative for those who prefer an independent yet luxurious lifestyle. Why do we say so, and how is it different from an apartment? Is the insurance type of a condo is different as well? These are some frequently asked questions about the condo insurance, and in this article will try to clear your doubts as much as possible. What is A Condominium? A condominium, also referred to as......