• Home
• Condo Insurance

Condo Insurance in Illinois

For many Lombard, IL residents, condo living represents an ideal happy medium between apartment living and traditional home ownership. Not only do you get to enjoy the freedom that comes with owning your living space, but you get to do so affordably and while enjoying additional amenities unavailable to most standard homeowners.

However, it's just as crucial for Illinois condo owners to protect their investments as traditional homeowners. The right condo insurance policy is a solid place to start, and the experienced agents of Insurance Xchange would be happy to help you choose the right option.

What Does Condo Insurance Cover in Illinois?

As with homeowner's insurance, Illinois doesn't require condo owners to carry a condo insurance policy. However, most lenders will likely require it before granting you a mortgage or additional funding for improvements.

Your condo association's insurance will cover any liability or damages associated with the outer structure of your condo building and any common areas. However, as the condo owner, you will be responsible for your unit's interior.

That's where condo insurance comes in. Every policy is different, but general policies cover essentials like the following:

• The internal structure of your unit, such as walls, floors, ceiling, etc.
• Any personal possessions and valuables contained within your condo
• Liability costs, should anyone sustain injury or property damage while inside your unit
• Living expenses, should you need to move temporarily so covered issues can be addressed

Choosing the Right Condo Insurance Policy for You

Every condo owner's needs are different, so it's important not to assume one policy option is just as good as any other. There are factors like deductibles and coverage amounts to consider, so it's important to thoroughly discuss your needs with a qualified insurance agent before making a lasting decision.

If you live in or near Lombard, IL, Insurance Xchange can get you covered. Get in touch today, and let us know how we can be of service to you.