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The Association usually insures all of the building and common areas under a single policy.
The Association policy is generally called a Master Policy.
As a unit owner you need to be well versed in what you, as the unit owner, are responsible for.
Master Policy's vary widely from carrier to carrier.
Coverage's that are available are listed below.
Property Coverage -A unit owners policy insures your property, including building additions and installations which are part of your unit are covered.
Upgrades to your unit, as well as fixtures that you add, may not be covered under the Master Policy.
Personal Property - This insurance coverage protects your personal property in your home.
Good examples of that are clothes, furniture, electronic equipment, dishes, etc.
Anything that if you turned your unit upside down-they would fall out.
Loss of Use - If a loss occurs on your property and you can't live in your unit you could need somewhere else to stay.
Part of the coverage in our policy is the loss of use coverage.
This coverage will cover the necessary expenses to continue living in the style in which you were living.
Coverage may be stated as a maximum dollar amount or a specified period of time.
Loss Assessment - This coverage protects the owners of an association in the event that they are assessed for certain types of losses.
An example is that the Association incurs a major fire loss and their deductible is $25000.
Each unit owner may be assessed a dollar amount to help cover the Master Policy Deductible.
Personal Liability Coverage - Liability coverage protects the unit owner in others make a claim against them for bodily injury or property damage.
This coverage is either in your home or elsewhere.
This coverage also pays for defense costs.
Medical Coverage - This coverage pays for medical expenses for guests of the unit owner if they are on your premises and are injured accidentally.
There are many additional coverage's available.
Check with your insurance agent to discuss your family's needs or click here to get a free Chicago Condo Insurance quote on our website.
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