byAlma Abell

If you are new to condominium ownership, you might be surprised at just how much it varies from single-family home ownership. With the latter, you are required by your lender and by the law to carry insurance, but with a condo, it is different. Especially as it relates to condo insurance in Chicago. As an example, you are not generally required by the law to buy condo insurance in Chicago since the structure is often covered through a policy that has been purchased by the condo board.


Of course, that same board may insist that each homeowner has insurance that protects the property. Either way, it is always advisable to have independent condo insurance in Chicago (and anywhere else, for that matter).

Why? Whether or not your property is covered by a master insurance policy purchased by the board, you always want more than just basic protection. HO-6 protection, another name for condo insurance, is going to give you coverage against liability claims and will usually cover costs if your home becomes uninhabitable. This is why it is so frequently described as a “walls-in” policy. While the shared coverage provided by a board will often focus on common areas, it may not include flood insurance.

In fact, there are a variety of these master policies (often broken down into bare walls coverage that is quite limited and covers everything owned by the association; single entity coverage that covers all the bare walls issues as well as fixtures inside condos; or all-in coverage that is comprehensive and quite ideal), but most still leave you in need of condo insurance in Chicago.

When you obtain your own coverage, the interior of the condo along with all of your personal property is covered. It provides you with that loss of use coverage mentioned a bit earlier as well as protecting you from liability. As an example of how both types (the master policy and the coverage you would purchase on your own) work together, consider floors. If the flooring in the hall outside of your condo’s main entry is damaged, the master insurance from the condo board covers it. However, if something damages the floors inside of the condo, your HO-6 coverage would take care of it.Do you think you need to buy some condo coverage in Chicago? If so, get in touch with the experts at Great Northern Insurance Agency, Inc. to learn about your options and address all of your insurance needs.