Buying a condo is a great way to become a homeowner. A condo is typically less expensive than a single-family home, allowing you to be a homeowner sooner. If you are planning to buy a condo, you are going to need condo insurance. If you have a mortgage on your condo, your lender will require you to have insurance to protect their interests.
If you are ready to purchase your insurance policy, you should understand what your insurance covers.
If your condo is damaged due to a fire, flood, or other covered loss, your HOA's bare-walls policy won't cover the damage. You will need to have your own condo insurance policy to pay for the repairs, which can save you thousands of dollars.
If you cause any damage to your condo's common areas, you will be responsible for the cost. The loss assessment portion of your insurance policy will cover the damage, keeping you from being sued by the HOA.
Health insurance will cover the cost of your personal belongings if they are damaged or destroyed during a covered loss. It will also cover any items that are stolen if your home is robbed. This will ensure that your belongings are protected if the worst should happen.
If a guest in your home is injured and determined that you are at fault, your condo insurance will protect you. It will cover their medical bills and any other bills associated with the accident. This can save you a lot of money if there is a lawsuit.
If your condo is damaged during a covered loss and you cannot live there until the necessary repairs are made, the loss of use coverage in your condo insurance policy is essential. It will cover your lodging, food, and other expenses until you can move back into your condo.
Before you close on your new condo, contact RetireMax Insurance in Orland Park, IL. Our agents can help you purchase a condo insurance policy that offers the protection level you need. When you have condo insurance, you will have peace of mind when living in your Illinois condo.