Condo Insurance in Chicago, IL 

Condo owners may assume their association’s master policy covers their entire residence, but it may not extend to their unit’s interior or personal property. As a result, coverage gaps and unexpected costs can arise after a loss. Express-Way Insurance & Tax Services can help Illinois residents choose coverage that fits their needs and budget.

What Does Your Condo Insurance Cover?

A standard condo insurance policy, also known as an HO-6 policy, may include the following coverage options:

• Personal property coverage may help pay to repair or replace belongings like furniture, electronics and clothing after theft, fire or other covered events.
• Liability coverage can offer financial coverage if someone is injured in your condo or if you accidentally damage another person’s property, even away from your building.
• Interior structure coverage may cover elements inside your unit, such as walls, floors and built-in fixtures, that your condo association’s master policy might not cover.
• Loss of use coverage can help cover extra living expenses, like temporary housing and meals, if a covered loss makes your condo uninhabitable.
• Loss assessment coverage may help pay your portion of certain condo association assessments, such as repairs to common areas after a covered event.

How Much Does It Cost?

Premiums may differ based on several factors, including:

• Coverage limits: Higher coverage amounts for your unit and belongings may increase your premium.
• Deductible: Choosing a higher deductible can lower your premium, but it may increase your out-of-pocket costs if you file a claim.
• Location: Local risks, such as severe weather or crime, can affect insurance costs.
• Discounts: Bundling policies, adding qualifying home features or maintaining a claims-free history may help reduce your premium.
• Claims history: Condo owners with a history of making claims against their policies may be considered higher risk and have to pay more for coverage.

Get Started Today

Contact Express-Way Insurance & Tax Services to discuss your condo insurance needs and request a free custom quote.