Having homeowners insurance- including with a condo- is a necessity. Condo insurance is a bit different, however, as individual policies are more complex than a renters insurance policy or a regular homeowners insurance policy. Having an individual policy, which is referred to as an HO-6 is important when you are purchasing your condo. Not knowing the difference between these types of insurance policies and assuming that the Condo Association covers you can be detrimental.
An HO-6 is an individual policy that is outside what the Condo Association carries for their condo owners. A master policy is referred to as an HOA policy. This policy simply covers the structure of the building, exteriors and shared resources that are used by the tenants, like a laundry room, gym, etc. It also covers basic interior coverage like counter tops, floors, and plumbing, to name a few. Often, in cases where there is damage, there is a rather large deductible that has to be paid out and falls on the tenants to contribute toward. In Illinois, original specification rules are the most frequent type of master policies that are used by condo associations, which covers the points above. An HO-6 personal insurance policy provides a homeowner with a sense of security, as this policy will protect against liability, protect the owner's property against disasters and even offer living expenses in the case of becoming displaced. We can help you decide which HO-6 policy is best for you, based on your living situation and your condo's master policy.
The best way to decide what type of policy to get for your condo can be difficult because of the distinctions between the master policy will cover "just in case." This is why having a professionally trained, knowledgeable insurance agent that has experience in Illinois condo insurance is essential. We will help you choose the proper coverage that will cover your personal property and protect you from liability for injuries because we know that your home is your sanctuary.
Contact the friendly insurance agents at Ralph & Weiner Associates, LLC today for a free quote
Request a QuoteCLICK HERE!
to get a Condo Insurance quote form