Condo Insurance in Illinois
Many of our Spring Grove Insurance clients are new to Illinois and easing their way into homeownership by purchasing a condo instead of a free-standing house. They like that the maintenance staff will shovel the snow, and the grass will be cut, and the flowers and shrubbery maintained by the gardeners and that the same condo association dues they pay for this service will also go toward insuring their condo. This is where a lot of people get confused when it comes to their HOA insurance and personal condo insurance.
The Difference Between Condo Insurance and Condominium Association Master Policy
The condo association takes out a master policy that only covers the outside of the building or complex. This includes the exterior structure, the grounds, walkways, parking area or garage, and playground and pool, if there is one. Once you enter your unit, you're stepping into the uninsured territory.
If one of the heavy spring rains in Spring Grove, IL floods out the lobby or the community room, the association's master policy will cover the cost of repairs. If you leave a window open and the rain from that same storm blows in and ruins your Persian Rug, the cost of cleaning it comes out of your pocket - unless you have your individual condo insurance. Similarly, if your cousin comes to visit you and slips on the ice in the parking lot, the liability portion of the master policy will pay for his medical expenses. Still, it won't pay a penny if he trips over your dog and breaks his arm. Again, the difference is the former occurred on community property, the latter in your kitchen. If you have an HO-6 policy, another term for condo insurance, it will have a liability clause to reimburse him for his doctor bills.
Knowing you Have the Right Policy
In addition to liability and property protection, HO-6 will also cover theft, vandalism, damage from a burst pipe in your unit. If you cannot live there until it is repaired, it may even pay for your lodging elsewhere. We say maybe because, like auto and medical insurance, there are several flavors of condo insurance. Likewise, some condo association master policies pay for more than others.
So, before you purchase HO-6, you should go over the condo association's policy with a fine-tooth comb lest you be purchasing coverage you already have and are paying for in your share of the master policy. That's where we come in. We'll be glad to go over all the fine print in the master policy and advise you on what you need and don't need. So, grab a copy and come on into Spring Grove Insurance Agency in Spring Grove, IL. Our Illinois team will be happy to help you find a quote.