Condo owners are often unaware of how insurance coverage works in the case of damage to a unit. Your association's insurance policy covers the building's Common Elements. It does not cover all of the contents of your unit. Every condo owner should carry their own insurance policy that covers their own personal property and other parts of their unit that are not covered by the association's policy. 

Unit Owner's Property Insurance Should Include:

  • Floor covering, wall, and ceiling coverings
  • Additions, Alterations, Improvements, and Betterments

Important Points to Consider:

  • Although the association policy includes coverage for water damage to the building, it does not cover water damage to your personal property.
  • "Mandatory Unit Owner Coverage" as defined by the Illinois Property Condominium Act: The board of directors may require condominium unit owners to obtain insurance covering their personal liability and compensatory damages to another unit caused by the negligence of the owner or his/her guests, residents, or invitees, or regardless of any negligence origination from the unit. 

Other Considerations for your Condo Policy Include:

  • Coverage for back up of sewer and drains
  • A "Special Coverage Form" for Improvements and Betterments and Personal Property
  • Extended Replacement Coverage for Improvements and Betterments 

To learn more, click here.

 

 

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